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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

DECEMBER 2010
Additional Financial Management Service 

Releases on Federal Finances

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December 2010 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

FFO-5 —Internal Revenue Receipts by State...................................................................................................................... 19 

FFO-6 —Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................ 23

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 29 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 29

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 31 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 32 

FD-2.—Debt Held by the Public ......................................................................................................................................... 33 

FD-3.—Government Account Series................................................................................................................................... 34 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 35 

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

 Private Investors .................................................................................................................................................... 36 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 37 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 38

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 40 

TREASURY FINANCING ................................................................................................................................................. 40 

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 48 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 49 

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-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 52

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 54
December 2010 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 75 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 76 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 78 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 80 

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 82 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 83 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 84 

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

 and Country, during (third quarter)................................................................................................................... 86 

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

 and Country, during (calendar year) ................................................................................................................. 88 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 90 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 91 

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 92

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 93 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 94 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 95 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 96
December 2010 

V

Contents 

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

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 115 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 115

RESEARCH PAPER SERIES........................................................................................................................................... 116

GLOSSARY ...................................................................................................................................................................... 118

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. 
December 2010 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
December 2010 

3

Growth of Real GDP

0.9

3.2

2.32.9

-0.7

-6.8

-0.7

3.7

2.4 3.0

2.0

5.0

-4.0

1.4 1.6

-4.9

0.6

5.4

0.1

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2006 2007 2008 2009 2010

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of November 15, 2010 

Introduction 

The U.S. economy continued to recover in the third 

quarter of 2010, climbing further out of the deepest and 

longest recession since World War II. Despite the 

improvement, activity has yet to rise as quickly as it did in 

the recoveries from previous deep recessions. Consumer 

spending and business investment spending have picked up, 

but some of the increase in spending has been on imports, 

which are up sharply. Housing starts, home sales, and house 

prices are still weak, though generally more stable than a 

year ago. Although the economy has added a significant 

number of private payroll jobs this year, the unemployment 

rate remains just below 10 percent. 

Inflation remains in check, largely due to labor market 

slack and excess capacity in the economy and more recently, 

some slowing in the pace of energy price increases. 

Financial markets have generally been improving for almost 

2 years. Stock market indexes posted double-digit gains last 

year, and are currently about 10 percent higher on a year-todate basis. Treasury bond yields have trended lower since 

this past summer. 

Most economists predict slow to moderate economic 

growth in the remainder of 2010 and a pickup through 2011. 

The economy has been supported by a wide variety of 

measures implemented under the American Recovery and 

Reinvestment Act of 2009 (ARRA, or the “Recovery Act”), 

as well as efforts to restore financial stability and improve 

conditions in housing markets. Some elements of the major 

supports have been temporarily extended and some 

additional spending has also been approved, which is 

providing a further modest boost to the economy. For 

example, unemployment insurance benefits were extended 

and additional spending for State and local governments was 

approved. Most of the fiscal stimulus will have been 

implemented by the end of this year. Pursuing its statutory 

mandate to foster maximum employment and price stability, 

the Federal Reserve continues to bolster liquidity by 

maintaining holdings of securities at current levels and 

rolling over holdings of Treasury securities as they mature. 

In early November, the Federal Reserve announced its 

intention to resume purchases of longer-term Treasury 

securities. 

In early September 2010, the National Bureau of 

Economic Research (NBER) determined that the economy 

emerged from recession in June 2009. The recession that 

began with the business cycle peak in December 2007, 

lasted 19 months, and constituted the deepest and longest 

recession since World War II. In the third quarter of 2010, 

consumer spending, private investment, and hiring have all 

picked up. Financial and credit market conditions continue 

to improve and economic activity continues to broaden; final 

sales have grown for six straight quarters. For example, the 

first-time home buyer tax credit that was instrumental in 

boosting home sales in the fall of 2009, was extended and 

expanded but expired at the end of April 2010. More 

recently, Government policy has focused on restoring longterm fiscal balance. 

Economic Growth 

U.S. real gross domestic product (GDP) has expanded 

for the five consecutive quarters ending in the third quarter 

of 2010. Over that time, GDP growth averaged 2.8 percent at 

annual rate, well above the 3.2 percent average decline over 

the previous five quarters. According to the Advance 

estimate, real GDP rose by 2.0 percent at an annual rate in 

the third quarter of 2010, following increases of 1.7 percent 

in the second quarter and 3.7 percent in the first quarter. 

Solid growth in consumer spending and business investment, 

as well as, a pickup in inventory accumulation drove growth 

in the third quarter. Inventory investment contributed 1.4 

percentage points in the third quarter. Final sales (considered 

a better measure of underlying demand because it subtracts 

out inventory movements) have risen for six quarters and 

rose 0.6 percent in the third quarter. 

Consumer spending–which accounts for about 70 percent 

of GDP–grew 2.6 percent in the third quarter, somewhat 

faster than the 2.2 percent increase of the second quarter. 

After declining by 0.3 percent in 2008, and by 1.2 percent in 

2009, consumer spending has expanded for five straight 

quarters, and in the third quarter of 2010 contributed 1.8 

percentage points to real GDP growth. 
4 PROFILE OF THE ECONOMY 

December 2010 

After rising in the second quarter at its fastest rate since 

1983, residential investment fell very sharply, posting its 

17th decline in the last 18 quarters. Residential investment–

mostly residential homebuilding–now accounts for only 

about 2-1/2 percent of GDP after sharply falling since early 

2006. After several quarters of steep declines, residential 

investment surged by nearly 28 percent in the second quarter 

of 2010, the fastest rate since 1983, but then plunged by 

more than 29 percent in the third quarter, subtracting 0.8 

percentage point from real GDP growth. The surge and 

subsequent decline were partly related to anticipation of the 

expiration of the home buyer’s tax credit. Monthly housing 

measures (starts, sales, inventories, and prices) are still 

weak, but are showing signs of stabilization. Housing starts 

rose 0.3 percent in September, returning to levels seen at the 

start of 2010. In September, new single-family home sales 

increased 6.6 percent, but were still about 78 percent below 

the mid-2005 peak. Existing single-family home sales 

jumped 10 percent in September, but remain 38 percent 

below their 2005 peak. Inventories of unsold new homes 

stood at their lowest level in 42 years, but, relative to the 

depressed sales level were at a relatively high 8-month 

supply in September. Inventories of existing homes–total 

and single-family–stood at a 10.7 month supply in 

September. 

Measures of home prices have been stabilizing. The 

Federal Housing Financing Authority (FHFA) purchase-only 

house price index rose 0.4 percent in August; its year-onyear decline of 2.4 percent was notably smaller than the 

previous year’s 4.0 percent plunge. The Standard & Poor’s 

(S&P)/Case-Shiller composite home price indexes edged 

down in August on a monthly basis: the 20-city index fell 

0.2 percent and the 10-city index fell 0.1 percent. On a 12-

month basis, the 20-city index rose 1.7 percent and the 10-

city index increased 2.6 percent; both of these indexes 

declined by 11 percent in the previous year. 

Nonresidential fixed investment–about 10 percent of 

GDP–advanced 9.7 percent at an annual rate in the third 

quarter, after surging 17.2 percent in the second quarter. 

Business spending on equipment and software grew at a 

double-digit pace for the fourth straight quarter and outlays 

for structures rose for the first time in more than 2 years. 

Outlays for equipment and software grew 12 percent and 

investment in structures rose 3.9 percent in the third quarter. 

Altogether, nonresidential fixed investment added 0.9 

percentage point to real GDP growth in the third quarter. 

Exports account for about 12 percent of GDP, while 

imports, which are subtracted from total domestic spending 

to calculate GDP, account for about 17 percent. Net exports 

have contributed roughly 1 percent to annual growth in each 

of the last 3 years, but in recent quarters the contribution has 

been mixed. In the third quarter of 2010, exports grew by 

about 5 percent and imports grew by more than 17 percent. 

As a result, net exports subtracted 2.0 percentage points 

from real GDP growth in the third quarter. 

Although the U.S. trade balance in goods and services 

and the current account (which also includes investment 

income flows and unilateral transfers) remain in deficit, both 

deficits have narrowed appreciably in recent years as the 

U.S. economy has slowed. The merchandise trade deficit 

reached $839 billion in 2006, but declined to $507 billion in 

2009. The current account balance has been in deficit almost 

continuously since the early 1980s, and in 2006, reached a 

record $803 billion, equivalent to 6.0 percent of GDP. By 

2009, the current account deficit had narrowed to $378 

billion, equivalent to 2.7 percent of GDP. 

Government spending rose for the second straight 

quarter, despite a slight decline in State and local 

Government expenditures, as federal spending continued to 

surge. Public sector purchases–which account for roughly 20 

percent of GDP–jumped 3.9 percent in the second quarter 

and 3.4 percent in the third quarter, adding 0.7 percentage 

point to GDP growth in the third quarter. In the latest 

quarter, federal spending surged 8.8 percent, adding 0.7 

percentage point to GDP growth, while state and local 

spending edged down 0.2 percent, subtracting very slightly 

from GDP growth. 

Labor Markets 

From the beginning of the recession in December 2007 

through its end in June 2009, the economy lost 7.3 million 

jobs. Although job losses continued through much of 2009, 

the economy began adding jobs consistently in January 

2010. Thus far in 2010, roughly 875,000 payroll jobs have 

been added, including temporary Census jobs and more than 

1.1 million private sector jobs. 

Job losses during the recession were spread broadly 

across most sectors; from the start of the recession through 

June 2009, the manufacturing sector lost nearly 2 million 

jobs, and construction payrolls fell by 1.5 million. Over that 

same period, transportation payrolls fell by 325,000, payrolls 

in the leisure/hospitality sector fell by 430,000, and payrolls 

in the finance/insurance/real estate sectors decline by 

485,000. However, some of these same sectors have begun 

to add jobs. For example, payrolls in manufacturing have 

risen by 135,000 thus far in 2010, and payrolls in the leisure 

and hospitality industries have risen by nearly 180,000. 

Employment in professional and business services has 

increased by over 300,000 this year. A few sectors have seen 

job growth throughout the recession and into the recovery: 

since December 2007, the health care and education sectors 

have together added more than 1.1 million payroll jobs, 

including a net gain of more than 800,000 jobs in health 

services. 
PROFILE OF THE ECONOMY 5 

December 2010 

-3

-2

-1

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08 09 10

Excluding food and energy Total

Consumer Prices

(Percent change from a year earlier)

Food

Payroll Employment

-261

-36

-90

87

190

-477

-753

-652

-334

-191

-31

95

179

99

-13

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2007 2010 2008 2009

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

(Percent)

Oct. 2010

9.6%

The unemployment rate peaked at 10.1 percent in 

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

above the March 2007 low of 4.4 percent. The 

unemployment rate has since eased, declining to 9.6 percent 

in October 2010. A measure of unemployment that includes 

workers who are underemployed and those who are only 

marginally attached to the labor force reached a record high 

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

nearly double its level of 8.8 percent in December 2007.This 

broader measure fell to 16.5 percent in June 2010 but has 

since trended higher, and stood at 17.0 percent in October 

2010. And, the percentage of the unemployed who have been 

out of work for 27 weeks or more peaked at a new record of 

46 percent in May, before edging down to 41.8 percent in 

October. 

Inflation 

Headline consumer inflation remains very low, although 

the 12-month increase in consumer prices is well above a 

year earlier, when inflation was negative, reflecting large 

declines in oil prices. Factors including the high level of 

unemployment and the low level of capacity utilization 

continue to restrain underlying inflationary pressures, and 

both headline and core rates of inflation are relatively low. 

Headline consumer prices rose 1.1 percent over the 12 

months ending in September, faster than the 1.3 percent 

decline in the year-earlier period. Energy prices rose 3.8 

percent in the year through September, compared with the 

nearly 22 percent, year-earlier decline. On a 12-month basis 

core consumer prices rose 0.8 percent through September, 

the smallest 12-month increase since 1961 (and roughly half 

the 1.5 percent pace of a year ago). For the most recent 3 

months, headline consumer prices were 0.9 percent higher 

(with energy prices falling 3.1 percent at an annual rate over 

the same period), and the rate of core price inflation was 1.2 

percent. 

Oil prices have risen since late 2008, but are well-below 

the record highs reached in July of that year. The retail price 

of regular gasoline hit a record of $4.11 per gallon in early 

July 2008, then dropped to $1.61 in late December 2008. As 
6 PROFILE OF THE ECONOMY 

December 2010 

of early November, the price had risen to $2.81 per gallon, 

$1.20 higher than the December 2008 low and 11 cents 

higher than a year ago. The front-month futures price for 

West Texas Intermediate (WTI) crude oil rose to a record 

$147 per barrel in July 2008, then dropped to a low of about 

$34 per barrel in December 2008, and has since trended 

higher, averaging just under $82 per barrel in October 2010–

up $6 from a year ago. 

Food prices rose rapidly over much of 2007 and 2008, 

remaining above the overall inflation rate, then trended 

much lower, but have been rising again in recent months. In 

the 12 months through September 2010, consumer food 

prices increased 1.4 percent, much faster than the 0.2 percent 

decline of the previous year. For the most recent 3 months, 

food prices were 1.8 percent higher at an annual rate. 

Federal Budget 

The federal budget deficit narrowed to $1.3 trillion (8.9 

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

fiscal year 2009 (almost 10 percent of GDP). Although the 

fiscal year 2010 deficit was $177 billion lower than 

estimated in the Mid-Session Review (MSR) of fiscal 2011, 

it remained elevated as a result of relatively slow growth and 

high unemployment. 

The MSR projects a significant narrowing of the deficit 

over the next few years, including a shrinking of the deficit 

to 5.6 percent of GDP in fiscal year 2012 and a decline to 

3.8 percent of GDP in fiscal year 2014. Over the long term 

(fiscal years 2015 to 2020), the deficit is expected to average 

3.7 percent of GDP. Nearly 90 percent of the overall deficit 

in the long term is due to interest payments; the primary 

deficit (receipts less spending excluding interest payments) 

is forecast to fall from 8.8 percent of GDP in the current 

fiscal year to 1.1 percent of GDP in fiscal year 2015, and it 

averages 0.4 percent from fiscal year 2015 through fiscal 

year 2020. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have kept the economy from contracting even 

further, and continue to boost the recovery in 2010 and 

beyond. More recently, Federal Government policy has 

focused on setting and achieving goals related to long-run 

fiscal sustainability, and most recently, the Federal Reserve 

has sought to loosen monetary policy further. 

On the fiscal policy side, the ARRA authorized the 

Government to spend $787 billion towards stimulating 

domestic demand. As of late October 2010, about $565 

billion in funds had been paid out. This spending has 

continued to provide an important boost to economic activity 

in 2010. Estimates suggest that the Recovery Act lifted 

employment during the first quarter of 2010 between 2.2 

million and 2.8 million jobs above what it otherwise would 

have been without the stimulus. Late last year, the first-time 

home buyer tax credit was extended and expanded 

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

Business Jobs and Wages Tax Credit was announced to help 

small businesses create jobs. In August, the Government 

approved legislation providing an additional $26 billion for 

State and local Governments to support jobs and medical 

services. 

Further discussion of long-term fiscal sustainability is 

likely late in 2010, when the National Commission on Fiscal 

Responsibility and Reform is scheduled to report on its 

findings concerning potential policies. The Administration 

created the National Commission on Fiscal Responsibility 

and Reform and charged it with identifying policies to 

reduce the primary deficit to zero by fiscal year 2015 and to 

reduce the overall budget deficit to a level consistent with a 

sustainable debt-to-GDP ratio (which includes policies that 

address the growth of federal spending). 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in August 

2007. It continued to cut the Federal funds rate target 

dramatically, reducing it to a target range of 0 percent to 

0.25 percent at the December 2008 Federal Open Market 

Committee (FOMC) meeting, which brought the target to its 

lowest level in history. The target range was maintained at 

the FOMC’s most recent meeting in early November 2010, 

when the Committee observed a slower pace of recovery in 

output and employment and subdued inflation. In late 2008 

and in 2009, the Federal Reserve responded to financial 

market stresses and the weakened economy by significantly 

expanding its tools to increase liquidity in credit markets and 

easing lending terms to sectors that needed a temporary 

injection, including a variety of facilities and funds directed 

at specific financial markets. As of June 30, 2010, all of 

these special facilities had expired. At the August FOMC 

meeting, the Federal Reserve announced that it would 

maintain its holdings of securities at current levels by 

reinvesting principal payments from agency debt and agency 

mortgage-backed securities in longer-term Treasury 

securities and to continue rolling over the Federal Reserve’s 

holdings of Treasury securities as they mature. At its most 

recent meeting in November, the FOMC announced that it 

intended to purchase a further $600 billion of longer-term 

Treasury securities by the end of the second quarter of 2011, 

at a pace of about $75 billion per month.

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, helped 

by a wide range of financial stability measures as well as the 

boost to growth from the ARRA. Credit flows began picking 

up early in 2009 and have since improved substantially, and 

bank lending, though still relatively sluggish, has started to 

show signs of slightly picking up. Measures of risk tolerance 

and volatility have largely returned to pre-crisis levels. 
PROFILE OF THE ECONOMY 7 

December 2010 

Long-Term Interest Rate Spreads

-1.5

-0.5

0.5

1.5

2.5

3.5

4.5

5.5

6.5

7.5

2006 2007 2008 2009 2010

 (Percent)

Corporate Baa to

Treasury Ten-Year Yield Spread

Treasury Two-Year

to Ten-Year Yield Spread

Short-Term Interest Rate Spreads

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009 2010

 (Percent)

TED Spread

Libor-OIS Spread

The S&P 500 index rose 23.5 percent in 2009, 

rebounding from a 38.5 percent plunge in 2008, the sharpest 

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

containing only 90 stocks, dropped 47 percent). Measured 

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

index has risen 80 percent through early November, and 

year-to-date, is about 10 percent higher. The S&P Stock 

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

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

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

to 30 percent for most of 2008. The VIX retreated to roughly 

15 percent in early April, then surged again to a recent peak 

of nearly 46 percent in mid-May. As of early November, the 

index has retraced to about 18 percent. 

A variety of factors have buffeted long-term Treasury 

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

multiple financial market pressures as well as supply 

concerns related to funding of the government’s debt. The 

yield on the 10-year note reached a low of 2.1 percent in late 

December 2008, but then moved higher, closing in early 

April 2010 above the 4 percent mark for the first time since 

October 2008. Since then, the yield has trended substantially 

lower, reflecting concerns about Euro-area sovereign debt 

issues and more recently, mixed U.S. economic data. As of 

early November the yield stood at about 2.6 percent, roughly 

140 basis points below the early April peak. The 3-month 

Treasury bill yield, by contrast, generally trended lower 

throughout 2008 under the relatively steady influence of 

safe-haven demand for short-term liquid assets. The yield 

fell almost to zero–reaching a record low–by the end of 

December 2008, then fluctuated in a range of 0.0 to 0.2 

percent throughout 2009. This year, the yield has moved in a 

narrow range of 0.05 to 0.2 percent, fluctuating at the upper 

end of this range in recent months. The 2- to 10-year 

Treasury yield spread, one measure of the steepness of the 

yield curve, widened (steepened) noticeably starting in mid2007, when it was roughly 20 basis points, to 290 basis 

points in mid-January 2010, and as of November, has since 

narrowed to about 220 basis points. In the current economic 

environment, a generally steepening yield curve may suggest 

a rising probability of economic recovery. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

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

October 2008. However, improvements in short-term credit 

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

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

again to nearly 50 basis points, but as of early November 

had retraced to about 16 basis points. The spread between 

the Baa corporate bond yield and the 10-year Treasury yield 

peaked at nearly 620 basis points in December 2008. After 

narrowing in 2009 and early 2010, the spread widened again 

to about 325 basis points as of early November–still very 

high by historical standards. 
8 PROFILE OF THE ECONOMY 

December 2010 

Rates for conforming mortgages have fallen over the past 

several months, and jumbo mortgage rates have trended 

lower. The interest rate for a 30-year conforming fixed-rate 

mortgage rose to about 5.5 percent at the end of 2009, but 

has since declined noticeably to a historically low 4.3 

percent as of early November. 

Foreign Exchange Rates 

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

seven major trading partners (the euro area countries, Japan, 

Canada, the United Kingdom, Australia, Sweden, and 

Switzerland) has depreciated significantly from its peak in 

February 2002, but in more recent years, has begun to 

stabilize. Between February 2002 and January 2009, the 

exchange value of the dollar compared to an index of these 

currencies fell by about 16 percent. Between October 2007 

and October 2009, however, the dollar appreciated by 

roughly 1.0 percent against these currencies. Over the longer 

timeframe, the dollar depreciated by about 33 percent 

against the yen, and by 34 percent against the euro. Over the 

past 2 years, the dollar has depreciated by about 18 percent 

against the yen and by 5 percent against the euro. The dollar 

appreciated against an index of currencies of 19 other 

important trading partners (including China, India, and 

Mexico). Between February 2002 and January 2009, the 

dollar firmed by about 1 percent against this basket of 

currencies. However, over the past 2 years, the dollar has 

depreciated against this index by almost 5 percent. 
December 2010 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

December 2010 

10 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and 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 

year 2010 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 adequately analyze collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $243.2 billion for the fourth 

quarter of fiscal year 2010. This is an increase of $13.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $18.4 billion and non-withheld receipts 

increased by $0.1 billion during this period. Refunds 

increased by $5.1 billion over the comparable fiscal year 

2009 quarter. There was an increase of $5.0 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2009. 

Corporate income taxes—Net corporate income tax 

receipts were $58.5 billion for the fourth quarter of fiscal 

year 2010. This is an increase of $22.2 billion compared to 

the prior year fourth quarter. The $22.2 billion change is 

comprised of an increase of $21.0 billion in estimated and 

final payments, and a decrease of $1.2 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of fiscal 

year 2010 were $193.9 billion, a decrease of $1.9 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 -$1.9 billion, -$0.3 billion, and -$0.4 billion respectively. 

There was a -$8.4 billion accounting adjustment for prior 

years employment tax liabilities made in the fourth quarter of 

fiscal year 2010, while there was a -$3.4 billion adjustment in 

the fourth quarter of fiscal year 2009. 

Unemployment insurance—Unemployment insurance 

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

2010 were $9.9 billion, an increase of $2.2 billion over the 

comparable quarter of fiscal year 2009. Net State taxes 

deposited in the U.S. Treasury increased by $2.1 billion to 

$8.9 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.1 billion to $1.0 billion. 
FEDERAL FISCAL OPERATIONS 

December 2010 

11

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

fourth quarter of fiscal year 2010. This was a negligible 

change from the comparable quarter of fiscal year 2009. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2010 were $19.6 billion, an increase of 

$3.6 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.1 billion, a 

decrease of $4.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $3.8 billion for the fourth quarter of fiscal year 2010. 

These receipts represent a decrease of $1.2 billion over the 

same quarter in fiscal year 2009. 

Customs duties—Customs duties net of refunds were 

$7.6 billion for the fourth quarter of fiscal year 2010. This is 

an increase of $2.1 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts for 

the fourth quarter of fiscal year 2010 were $27.3 billion, an 

increase of $8.4 billion over the comparable prior year 

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

Federal Reserve banks increasing by $6.9 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 year 2010 

Total on- and off-budget results: 

Total receipts ............................................................... 564,750 2,161,745

On-budget receipts .................................................. 414,977 1,530,058

Off-budget receipts .................................................. 149,773 631,687

Total outlays................................................................. 854,810 3,455,834

On-budget outlays.................................................... 681,562 2,901,150

Off-budget outlays.................................................... 173,249 554,684

Total surplus or deficit (-) ............................................. -290,062 -1,294,090

On-budget surplus or deficit (-)................................ -266,585 -1,371,092

Off-budget surplus or deficit (-)................................ -23,475 77,004

Means of financing: 

Borrowing from the public ............................................ 390,111 1,474,069

Reduction of operating cash........................................ -20,285 -34,566

Other means ................................................................ -79,764 -145,413

Total on- and off-budget financing........................... 290,062 1,294,090

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2010 

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

Source July Aug. Sept. 

Individual income taxes...................................................... 64.1 71.8 107.3 

Corporate income taxes..................................................... 6.8 2.7 49.0 

Employment and general retirement.................................. 63.8 63.8 66.3 

Unemployment insurance .................................................. 2.4 6.8 0.7 

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

Excise taxes ....................................................................... 5.9 5.3 8.4 

Estate and gift taxes .......................................................... 1.4 1.3 1.1 

Customs duties .................................................................. 2.6 2.3 2.6 

Miscellaneous receipts....................................................... 8.2 9.7 9.4

Total budget receipts ..................................................... 155.5 164.0 245.2

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

December 2010 

12 

CHART FFO-A.—

Monthly Receipts and Outlays, 2009-2010

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

SONDJ FMAM J J AS

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

600

700

800

900

1000

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Misc. 

receipts 

Excise

taxes

Custom

duties

Estate/gift

taxes

* Prior-year data are for the comparable year.

2010

2009 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2009-2010

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

December 2010 

13

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from 

the public– 

Federal securities

Public debt 

securities 

(10) 

 

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

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

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

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

2010 ............................ 2,161,745 1,530,058 631,688 3,455,835 2,901,150 554,685 -1,294,090 -1,371,093 77,004 1,652,342 

2010 - Est.................... 2,131,655 1,500,491 631,164 3,602,955 3,045,548 557,407 -1,471,300 -1,545,057 73,757 1,901,690 

2011 - Est.................... 2,425,725 1,763,806 661,919 3,841,920 3,259,207 582,713 -1,416,195 -1,495,401 79,206 1,485,919 

2009 - Sept.................. 218,880 166,660 52,220 264,088 206,652 57,436 -45,207 -39,991 -5,216 97,913 

Oct................... 135,294 88,656 46,638 311,657 258,632 53,025 -176,363 -169,976 -6,387 -13,142 

Nov .................. 133,564 83,287 50,277 253,851 197,775 56,075 -120,287 -114,489 -5,798 219,012 

Dec .................. 218,918 173,093 45,825 310,328 282,890 27,438 -91,410 -109,797 18,387 197,876 

2010 - Jan ................... 205,239 142,046 63,193 247,873 227,488 20,386 -42,634 -85,441 42,807 -33,615 

Feb .................. 107,520 58,467 49,053 328,429 272,296 56,132 -220,909 -213,830 -7,079 160,619 

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

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

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

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

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

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

Sept................. 245,206 194,528 50,678 279,698 216,552 63,147 -34,493 -22,024 -12,468 112,781 

Fiscal year 2010............... 2,161,745 1,530,058 631,688 3,455,835 2,901,150 554,685 -1,294,090 -1,371,093 77,004 1,652,342 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the 

IMF (deduct)

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

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

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

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

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

2010 ...................................... 771 179,044 1,474,069 34,567 -535 4,465 -531 -147,113 100 1,289,090 

2010 - Est.............................. 973 247,901 1,654,763 -5,265 * * * -188,728 * 1,471,300 

2011 - Est.............................. 759 136,631 1,350,046 -200,000 * * * -133,851 * 1,416,195 

2009 - Sept ........................... 865 29,269 69,509 -19,951 2,285 1,251 774 -40,193 -190 44,767 

Oct............................. -43 47,496 -60,681 -238,549 202 160 129 -1,013 - 176,364 

Nov............................ 50 -4,981 224,044 79,481 1,233 -1,106 -2,523 -26,672 - 120,287 

Dec............................ 287 99,795 98,367 77,398 -1,567 -254 309 68,829 100 91,410 

2010 - Jan ............................. 46 18,355 -51,924 -102,085 -498 66 * -7,959 - 42,634 

Feb ............................ -105 -16,217 176,731 -49,722 -791 -349 155 -6,529 - 220,909 

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

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

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

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

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

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

Sept........................... 65 15,474 97,373 32,366 1,744 4,779 832 -28,159 - 29,493 Fiscal year 2010....................... 771 179,044 1,474,069 34,567 -535 4,465 -531 -147,113 100 1,289,090 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on July 23, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

* Less than $500,000. 

- No Transactions 

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

December 2010 

14 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

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

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

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

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

2010 .................. 880,361 278,220 260,033 898,549 279,880 88,443 191,437 1,089,986 813,505 1,748 811,756 

 

2010 - Est.......... 884,776 - - 884,776 180,240 - 180,240 1,065,016 811,194 - 811,194 

2011 - Est.......... 1,031,926 - - 1,031,926 280,396 - 280,396 1,312,322 853,475 - 853,475 

2009 - Sept........ 61,881 41,039 483 102,437 36,996 8,203 28,793 131,230 70,392 2,511 67,881 

Oct......... 62,238 12,176 13,166 61,248 7,819 12,324 -4,505 56,743 61,207 - 61,207 

Nov ........ 60,415 3,509 16,066 47,858 4,275 6,374 -2,099 45,759 66,173 - 66,173 

Dec ........ 93,375 7,449 2,199 98,625 45,500 4,970 40,530 139,155 60,587 - 60,587 

2010 - Jan ......... 65,835 44,782 7,094 103,523 8,989 5,757 3,232 106,755 80,933 - 80,933 

Feb ........ 77,424 3,967 58,642 22,749 14,823 6,589 8,234 30,983 61,789 - 61,789 

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

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

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

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

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

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

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

 

Fiscal year 2010... 880,361 278,220 260,033 898,549 279,880 88,443 191,437 1,089,986 813,505 1,748 811,756 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

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

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

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

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

2010 ............................ 4,142 1 4,140 815,896 44,921 97 44,823 4,040 35 4,076 

 

2010 - Est.................... 4,173 - 4,173 815,367 44,960 - 44,960 4,413 27 4,440 

2011 - Est.................... 4,215 - 4,215 857,690 54,422 - 54,422 4,250 26 4,276 

 - 

2009 - Sept ................. 330 * 330 68,212 467 9 458 325 3 329 

Oct................... 345 * 345 61,552 1,351 5 1,346 387 3 390 

Nov.................. 357 * 357 66,530 3,651 3 3,648 317 3 320 

 Dec. ................. 377 * 377 60,963 457 4 454 408 3 411 

2010 - Jan ................... 347 * 347 81,280 1,283 4 1,279 289 3 291 

Feb.................. 456 * 456 62,245 3,362 1 3,360 313 3 317 

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

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

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

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

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

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

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

 

Fiscal year 2010................ 4,142 1 4,140 815,896 44,921 97 44,823 4,040 35 4,076 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2010 

15

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service 

fund and all

other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget

(46) 

 

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

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

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

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

2010 ....................... 66,909 19,751 865 18,886 26,266 969 25,297 75,845 20,029 95,873 1,530,058 631,687 2010 - Est............... 70,057 18,922 - 18,922 23,461 - 23,461 72,752 17,930 90,682 1,500,491 631,164 

2011 - Est............... 75,799 25,076 - 25,076 26,632 - 26,632 73,351 16,157 89,508 1,763,806 661,919 2010 - Sept ............ 6,978 1,712 75 1,637 2,039 56 1,983 6,524 1,529 8,053 166,660 52,220 

Oct.............. 4,347 1,659 103 1,556 2,230 71 2,159 5,665 1,537 7,201 88,656 46,638 

Nov............. 6,104 1,159 110 1,049 2,030 118 1,912 6,467 1,774 8,242 83,287 50,277 

Dec............. 5,868 1,437 76 1,361 1,950 97 1,853 7,132 1,722 8,853 173,093 45,825 

2010 - Jan .............. 5,625 1,518 33 1,485 2,128 53 2,075 5,265 1,185 6,450 142,046 63,193 

Feb ............. 862 1,145 81 1,064 1,759 67 1,692 5,760 1,237 6,998 58,467 49,053 

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

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

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

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

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

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

Sept............ 8,361 1,161 53 1,108 2,685 59 2,626 7,423 1,966 9,386 194,528 50,678 Fiscal year 2010......... 66,909 19,751 865 18,886 26,266 969 25,297 75,845 20,029 95,873 1,530,058 631,687 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office of 

Management and Budget on July 23, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

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

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

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

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

2010.............................. 864,795 10,631 19 10,613 595 - 595 35,563 569 34,994 27,943 7,233 20,710 2010 - Est ..................... 864,767 10,636 - 10,636 620 - 620 37,042 - 37,042 21,759 - 21,759 

2011 - Est ..................... 916,388 11,196 - 11,196 629 - 629 38,142 - 38,142 25,832 - 25,832 

2009 - Sept ................... 68,999 685 8 677 57 - 57 4,255 135 4,119 3,530 1,405 2,125 

Oct .................... 63,288 178 - 178 10 - 10 597 - 597 3,639 77 3,562 

Nov.................... 70,498 968 - 968 60 - 60 3,266 - 3,266 1,989 178 1,811 

Dec.................... 61,828 886 - 886 55 - 55 2,988 - 2,988 2,147 207 1,940 

2010 - Jan..................... 82,850 868 - 868 54 - 54 2,927 - 2,927 1,834 57 1,777 

Feb.................... 65,922 722 4 718 47 - 47 2,749 342 2,407 781 3,093 -2,312 

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

Apr .................... 97,616 906 - 906 58 - 58 3,025 - 3,025 2,447 115 2,333 

May ................... 81,629 747 5 743 31 - 31 2,702 227 2,475 2,462 1,017 1,444 

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

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

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

Sept................... 67,357 1,807 3 1,804 79 - 79 5,232 - 5,232 1,558 312 1,246 Fiscal year 2010 ................ 864,795 10,631 19 10,613 595 - 595 35,563 569 34,994 27,943 7,233 20,710 

 
FEDERAL FISCAL OPERATIONS 

December 2010 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

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

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

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

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

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,773 854,060 44,455 60,145 13,162 29,558 172,886

 

2010 - Est............... 5,439 7,159 140,209 15,960 686,808 97,388 32,523 863,864 51,790 61,176 12,155 29,866 180,648

2011 - Est............... 5,599 7,512 144,490 11,768 723,703 101,692 45,143 926,236 56,366 51,219 14,382 32,381 109,288 

2009 - Sept............. 370 572 9,160 772 60,349 3,012 3,181 66,698 4,376 3,035 1,006 2,474 14,681

Oct.............. 362 695 15,246 810 67,754 7,588 2,375 85,897 4,114 3,954 1,004 1,642 11,759

Nov ............. 518 542 10,421 1,007 45,602 7,729 2,102 52,485 3,919 3,983 1,160 3,885 13,506

Dec ............. 404 576 12,891 875 63,015 7,771 2,685 70,104 3,907 5,863 1,148 2,304 17,011

2010 - Jan .............. 344 520 11,230 671 48,623 9,657 1,889 68,204 3,172 2,360 1,088 2,310 15,682

Feb ............. 371 531 9,238 834 48,936 11,769 2,022 65,353 3,110 3,804 1,008 2,167 15,134

Mar ............. 399 588 13,117 1,250 61,429 9,001 2,478 75,628 4,042 4,947 1,013 2,373 17,103

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

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

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

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

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

Sept ............ 1,345 759 10,114 859 61,684 11,244 4,088 72,309 4,081 3,498 1,293 2,302 14,098 

Fiscal year 2010........ 5,838 7,185 129,454 13,233 666,717 92,858 30,773 854,060 44,455 60,145 13,162 29,558 172,886

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, other

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 

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

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

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

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

2010 ....................... 23,805 77,751 413,955 30,434 108,276 9,875 54,031 11,007 585 861 20,038 

 

2010 - Est............... 25,779 85,425 419,732 73,621 115,144 9,000 54,002 10,530 715 1,782 21,297 

2011 - Est............... 29,309 86,280 464,706 94,921 134,106 11,540 54,862 11,541 500 2,279 24,659 

 

2009 - Sept ............ 3,682 10,237 15,234 -14,153 8,327 597 4,902 691 56 5 1,124 

Oct.............. 1,535 7,577 22,832 2,677 13,262 661 3,489 806 51 78 2,366 

Nov............. 1,680 6,050 17,928 5,808 4,884 813 4,747 770 40 326 912 

Dec............. 2,892 7,642 104,632 18,687 12,472 995 4,736 443 48 -213 1,476 

2010 - Jan .............. 1,637 4,211 18,857 11,732 4,801 738 4,775 758 28 -192 4,131 

Feb............. 1,438 4,448 16,893 56,266 8,492 682 4,647 843 28 -45 770 

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

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

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

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

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

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

Sept............ 4,200 8,305 18,186 -24,179 9,272 939 4,821 1,178 29 119 1,393 

 

Fiscal year 2010........ 23,805 77,751 413,955 30,434 108,276 9,875 54,031 11,007 585 861 20,038 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

December 2010 

17

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

 Offbudget

 (36) 

 

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

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

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

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

2010 .................. 18,907 6,723 69,917 6,126 754,181 -3,076 -77,043 -185,763 -4,883 -196 2,901,150 554,684 

 

2010 - Est.......... 19,364 7,092 71,528 5,992 768,061 -9,260 -75,321 -189,729 -4,268 7,484 3,045,548 557,407 

2011 - Est.......... 18,732 8,374 73,676 1,465 789,034 47,226 -79,362 -188,784 -6,232 33,309 3,259,207 582,713 

 

2009 - Sept ....... 2,190 531 5,226 114 61,236 -111 -5,124 175 -534 - 206,652 57,436 

Oct......... 1,071 528 6,346 96 65,202 3,598 -20,351 -3,202 -165 * 258,632 53,025 

Nov........ 1,582 527 6,034 122 57,495 3,434 -5,154 -290 -714 * 197,775 56,075 

Dec........ 1,998 480 5,931 121 95,398 -43,845 -5,104 -86,585 -362 -66 282,890 27,438 

2010 - Jan ......... 1,126 497 6,640 119 28,473 -1,001 -4,469 -767 30 - 227,488 20,386 

Feb ........ 1,405 471 5,981 4,782 61,996 955 -5,128 -936 162 - 272,296 56,132 

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

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

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

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

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

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

Sept....... 1,965 657 1,004 119 63,657 6,304 -5,249 -193 -502 - 216,552 63,147 Fiscal year 2010.... 18,907 6,723 69,917 6,126 754,181 -3,076 -77,043 -185,763 -4,883 -196 2,901,150 554,684 

 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office of 

Management and Budget on July 23, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

* Less than $500,000. 

- No transactions. 

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

December 2010 

18 

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

September 2010 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............................................... 898,508 41 - 898,549 915,253 55 - 915,308

Corporation income taxes........................................... 191,434 - 2 191,437 138,229 - * 138,229

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 631,688 631,688 - - 654,010 654,010

Employment and general retirement (on-budget)... - - 184,208 184,208 - - 194,876 194,876

Unemployment insurance ....................................... - - 44,823 44,823 - - 37,889 37,889

Other retirement...................................................... - - 4,076 4,076 - - 4,142 4,142

Excise taxes ................................................................ 17,429 827 48,653 66,909 12,838 1,016 48,630 62,484

Estate and gift taxes ................................................... 18,885 - - 18,885 23,482 - - 23,482

Customs duties ........................................................... 15,636 8,374 1,288 25,298 13,663 7,601 1,189 22,454

Miscellaneous receipts................................................ 78,511 15,985 1,376 95,872 36,561 13,861 1,061 51,483

Total receipts....................................................... 1,220,404 25,226 916,115 2,161,745 1,140,025 22,534 941,799 2,104,358

(On-budget)..................................................... 1,220,404 25,226 284,427 1,530,057 1,140,025 22,534 287,789 1,450,348

(Off-budget)..................................................... - - 631,688 631,688 - - 654,010 654,010

 

Budget outlays: 

Legislative branch ....................................................... 4,715 1,122 1 5,838 4,377 315 11 4,703

Judicial branch ............................................................ 6,992 211 -18 7,185 6,424 235 -15 6,643

Department of Agriculture ........................................... 115,380 13,069 1,005 129,454 96,752 16,628 1,056 114,436

Department of Commerce........................................... 13,356 -121 -1 13,233 9,491 1,229 * 10,720

Department of Defense-military .................................. 664,056 2,548 113 666,717 633,562 3,111 98 636,772

Department of Education ............................................ 93,864 -1,010 3 92,858 54,151 -773 9 53,387

Department of Energy................................................. 31,942 -1,167 * 30,775 25,256 -1,572 - 23,684

Department of Health and Human Services ............... 631,135 9 222,916 854,060 575,513 -134 220,888 796,266

Department of Homeland Security.............................. 47,178 -2,671 -52 44,455 50,402 1,015 297 51,714

Department of Housing and Urban Development....... 62,338 -2,189 -6 60,143 62,473 -1,453 -2 61,018

Department of the Interior........................................... 12,722 33 408 13,163 11,554 -272 496 11,778

Department of Justice ................................................. 27,667 1,879 12 29,558 25,893 1,834 -15 27,713

Department of Labor................................................... 99,159 -1,253 74,980 172,886 42,334 315 95,507 138,156

Department of State.................................................... 23,624 -322 502 23,804 20,986 -123 567 21,430

Department of Transportation..................................... 47,790 -141 30,102 77,751 23,718 -346 49,634 73,006

Department of the Treasury: 

Interest on the public debt....................................... 413,955 - - 413,955 383,073 - - 383,073

Other ....................................................................... 30,576 -2 -140 30,434 320,226 -1,450 -76 318,699

Department of Veterans Affairs .................................. 110,085 -2,861 1,050 108,275 97,182 -2,787 1,060 95,454

Corps of Engineers ..................................................... 9,374 -29 530 9,875 6,142 -220 918 6,840

Other defense civil programs...................................... 68,744 -6,692 -8,021 54,031 61,894 -3,396 -1,222 57,276

Environmental Protection Agency............................... 11,172 -39 -125 11,008 8,478 -31 -376 8,070

Executive Office of the President................................ 583 * * 583 743 * * 743

General Services Administration ................................ 223 636 2 862 307 13 * 320

International Assistance Program............................... 21,244 -833 -373 20,038 18,757 -934 -3,022 14,801

National Aeronautics and Space Administration ........ 18,892 12 2 18,906 19,169 -2 1 19,168

National Science Foundation...................................... 6,607 114 -1 6,720 5,859 96 3 5,958

Office of Personnel Management ............................... 42,781 -6,808 33,944 69,916 40,598 -2,888 34,592 72,302

Small Business Administration ................................... 6,141 -15 * 6,126 2,255 -9 * 2,246

Social Security Administration .................................... 70,741 16 683,422 754,179 78,679 -24 648,894 727,549

Other independent agencies....................................... 11,687 -19,302 4,540 -3,075 10,278 29,724 10,354 50,356

Undistributed offsetting receipts: 

Interest .................................................................... - - -185,764 -185,764 - - -181,561 -181,561

Other ....................................................................... -3,583 -12,592 -65,941 -82,116 -3,992 -28,635 -60,012 -92,638

Total outlays........................................................ 2,701,140 -38,398 793,090 3,455,833 2,692,532 9,467 818,083 3,520,082

(On-budget)..................................................... 2,700,881 -42,840 243,110 2,901,150 2,692,278 9,416 301,369 3,003,064

(Off-budget)..................................................... 259 4,442 549,984 554,684 253 51 516,714 517,018

Surplus or deficit (-)............................................. -1,480,736 63,624 123,025 -1,294,090 -1,552,506 13,067 123,715 -1,415,724

(On-budget)..................................................... -1,480,477 68,066 41,317 -1,371,094 -1,552,253 13,117 -13,581 -1,552,716

(Off-budget)..................................................... -259 -4,442 81,704 77,003 -253 -51 137,296 136,992

- No transactions. 

* Less than $500,000. 

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

December 2010 

19

TABLE FFO-5.—Internal Revenue Receipts by State, 2010 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total 4 ................... 2,345,055,978 277,937,220 2,000,177,865 1,661,323,470 315,361,490

Alabama ........................................ 19,895,499 1,079,545 18,522,008 15,140,717 3,233,316

Alaska............................................ 4,685,206 199,875 4,428,153 3,459,170 919,460

Arizona .......................................... 31,678,131 3,003,916 27,313,530 22,688,794 4,431,162

Arkansas ....................................... 28,249,718 7,181,112 18,842,080 16,678,597 1,913,642

California ....................................... 273,353,106 41,098,422 225,458,099 179,894,141 43,832,275

Colorado........................................ 39,288,418 3,820,855 33,693,319 27,657,739 5,846,086

Connecticut ................................... 43,997,544 5,228,622 38,002,726 29,632,634 8,018,926

Delaware ....................................... 15,327,877 5,747,597 9,511,416 7,948,824 729,280

District of Columbia....................... 18,400,477 456,571 17,859,844 16,074,652 1,337,081

Florida ........................................... 111,364,742 6,616,253 102,452,757 79,477,979 21,521,963

Georgia.......................................... 60,505,759 7,833,155 49,836,518 42,682,638 6,808,364

Hawaii............................................ 6,280,828 494,126 5,585,801 4,357,286 1,178,488

Idaho ............................................. 6,216,877 207,477 5,957,621 4,770,959 1,135,534

Illinois ............................................ 111,038,760 13,522,210 94,632,343 79,087,494 14,118,518

Indiana........................................... 43,319,888 3,965,666 38,926,012 34,348,258 4,341,355

Iowa............................................... 17,576,087 1,744,733 15,649,978 12,975,628 2,577,601

Kansas .......................................... 18,820,984 1,185,244 16,390,479 13,199,307 2,671,849

Kentucky........................................ 23,383,446 1,727,317 21,319,109 18,567,413 2,625,123

Louisiana....................................... 34,562,547 1,692,565 32,453,967 28,035,037 4,246,042

Maine............................................. 5,895,843 220,052 5,527,303 4,583,573 904,156

Maryland........................................ 47,672,215 3,901,916 43,382,315 36,394,210 6,662,025

Massachusetts .............................. 71,418,253 5,575,650 64,783,986 53,969,093 10,208,314

Michigan........................................ 53,797,386 3,037,379 50,295,615 43,524,515 6,277,730

Minnesota...................................... 68,010,129 10,357,349 56,771,750 51,330,248 5,076,296

Mississippi..................................... 9,093,125 509,831 8,274,389 6,511,324 1,707,795

Missouri......................................... 46,099,972 5,710,664 39,062,461 33,698,857 4,948,804

Montana ........................................ 4,000,333 177,296 3,731,986 2,792,650 885,058

Nebraska....................................... 17,641,943 5,343,378 12,049,444 9,338,193 1,665,443

Nevada.......................................... 12,881,374 798,983 11,822,901 8,655,395 2,998,817

New Hampshire............................. 8,377,325 142,498 8,028,735 6,664,967 1,300,462

New Jersey ................................... 118,942,547 30,736,218 86,711,187 73,551,273 12,480,920

New Mexico................................... 7,613,384 208,234 7,228,699 5,846,081 1,317,657

New York....................................... 200,209,720 22,735,905 174,267,918 140,714,027 31,412,611

North Carolina ............................... 57,548,933 5,798,674 51,299,307 44,803,877 6,189,539

North Dakota ................................. 4,283,479 230,949 4,022,098 3,026,795 970,506

Ohio............................................... 106,483,026 9,735,001 93,386,929 85,122,743 7,608,976

Oklahoma...................................... 23,398,453 2,807,022 16,862,015 13,162,227 3,141,476

Oregon .......................................... 21,138,851 1,070,414 19,710,812 16,492,372 3,083,480

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2010 

20 

TABLE FFO-5.—Internal Revenue Receipts by State, 2010, con. 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Pennsylvania................................. 101,858,754 10,235,112 88,655,668 75,800,835 11,389,220

Rhode Island................................. 10,510,440 2,579,849 7,879,411 6,872,956 916,156

South Carolina .............................. 17,360,842 1,012,466 16,004,893 13,201,697 2,693,290

South Dakota ................................ 4,304,997 143,337 4,102,481 2,903,524 997,768

Tennessee .................................... 44,557,310 4,536,386 39,045,508 34,279,407 4,477,853

Texas............................................. 189,142,112 24,991,374 147,748,859 118,588,354 26,478,989

Utah............................................... 13,528,119 918,280 12,216,090 10,088,267 2,040,584

Vermont......................................... 3,208,532 201,278 2,970,123 2,401,125 544,562

Virginia .......................................... 57,954,746 7,047,886 50,434,296 41,193,185 8,372,446

Washington ................................... 48,437,113 4,526,423 43,066,669 35,229,902 7,539,521

West Virginia ................................. 6,000,615 240,635 5,640,094 4,536,000 1,066,955

Wisconsin...................................... 38,212,743 4,109,727 33,504,966 28,474,988 4,739,068

Wyoming ....................................... 3,830,149 725,151 2,971,890 1,997,203 888,999

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 610,642 2,493 595,567 443,840 149,019

Puerto Rico ................................... 3,593,003 116,883 3,474,401 3,124,781 313,672

International .................................. 8,477,705 1,134,886 6,624,919 3,452,191 3,125,050

Undistributed 5............................... 1,015,971 -487,615 1,186,421 1,875,530 697,791

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2010 

21

TABLE FFO-5.—Internal Revenue Receipts by State, 2010, con. 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income and employment taxes-C 

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 

(11) 

United States, total 4 ........................ 6,542,861 4,648,105 12,301,939 16,930,741 2,820,095 47,190,057 

Alabama ............................................. 71,773 17,896 58,306 128,570 39,026 126,349 

Alaska................................................. 14,561 1,797 33,165 7,609 618 48,951 

Arizona ............................................... 114,526 1,418 77,629 147,296 14,251 1,199,139 

Arkansas ............................................ 138,173 1,858 109,811 1,590,303 12,988 623,235 

California ............................................ 720,477 7,403 1,003,804 3,193,195 503,185 3,100,205 

Colorado............................................. 99,720 11,317 78,458 390,521 26,203 1,357,520 

Connecticut ........................................ 77,361 4,607 269,198 150,260 106,624 509,311 

Delaware ............................................ 25,035 22 808,255 42,845 8,469 17,551 

District of Columbia............................ 15,288 410,069 22,754 67,157 5,346 11,559 

Florida ................................................ 363,465 641,168 448,181 1,222,130 265,989 807,614 

Georgia............................................... 212,536 2,220 130,760 268,459 27,575 2,540,052 

Hawaii................................................. 19,347 - 30,680 71,251 10,321 119,330 

Idaho .................................................. 27,526 951 22,652 27,254 6,616 17,908 

Illinois ................................................. 307,091 185,957 933,281 658,813 70,622 2,154,772 

Indiana................................................ 105,421 25,002 105,976 75,589 18,572 334,050 

Iowa.................................................... 57,065 5,004 34,681 48,248 13,226 119,902 

Kansas ............................................... 67,680 406,053 45,590 108,999 15,765 1,120,497 

Kentucky............................................. 72,494 9,808 44,272 99,897 29,469 207,654 

Louisiana............................................ 77,287 3,973 91,629 84,638 14,991 316,386 

Maine.................................................. 20,943 2,703 15,929 25,918 8,342 114,228 

Maryland............................................. 111,561 14,558 199,960 217,431 58,445 112,108 

Massachusetts ................................... 160,841 57,655 388,084 383,614 49,900 625,102 

Michigan............................................. 232,958 65,841 194,571 252,865 64,840 146,687 

Minnesota........................................... 185,238 71,810 108,158 242,047 23,016 615,966 

Mississippi.......................................... 34,646 914 19,711 76,654 5,732 226,519 

Missouri.............................................. 138,115 63,632 213,052 294,535 46,210 986,102 

Montana ............................................. 14,845 18,613 20,820 35,838 4,564 50,649 

Nebraska............................................ 40,948 974,209 30,652 143,142 38,568 67,411 

Nevada............................................... 45,841 105 122,743 146,369 13,677 99,444 

New Hampshire.................................. 23,617 118 39,571 59,276 5,146 141,670 

New Jersey ........................................ 228,466 129,880 320,648 405,404 58,326 1,031,412 

New Mexico........................................ 26,882 300 37,779 96,059 4,770 75,622 

New York............................................ 380,183 340,441 1,420,655 1,610,996 504,185 1,090,716 

North Carolina .................................... 194,893 5,451 105,546 179,289 41,080 230,583 

North Dakota ...................................... 13,321 4,416 7,061 7,855 3,099 19,478 

Ohio.................................................... 281,850 20,747 352,614 464,478 38,314 2,858,303 

Oklahoma........................................... 65,818 2,099 490,394 101,824 22,833 3,604,760 

Oregon ............................................... 72,021 540 62,398 157,999 37,779 161,847 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2010 

22 

TABLE FFO-5.—Internal Revenue Receipts by State, 2010, con. 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income and employment taxes-C 

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 

(11) 

Pennsylvania...................................... 287,746 55,922 1,121,945 667,981 77,607 2,222,387

Rhode Island ...................................... 29,842 4 60,453 37,067 2,306 11,806

South Carolina ................................... 61,939 1,532 46,435 180,862 11,219 151,402

South Dakota ..................................... 14,133 9,821 177,235 35,100 2,086 21,994

Tennessee ......................................... 167,149 1,880 119,220 112,405 10,185 852,827

Texas.................................................. 532,048 473,932 1,675,536 1,210,600 287,181 14,904,099

Utah.................................................... 53,041 3,805 30,393 22,268 12,839 358,642

Vermont.............................................. 10,240 2,349 11,846 16,328 905 19,899

Virginia ............................................... 161,236 575,916 131,513 311,819 17,126 143,619

Washington ........................................ 151,667 5,464 140,115 215,776 93,413 534,832

West Virginia ...................................... 20,024 416 16,699 45,005 1,534 73,346

Wisconsin........................................... 133,430 4,350 153,129 165,175 32,102 400,774

Wyoming ............................................ 8,714 619 76,355 33,907 18,876 80,325

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 2,149 5 554 203 162 12,217

Puerto Rico ....................................... 35,804 -1 145 740 47 931

International ...................................... 5,856 886 40,936 408,671 5,901 303,328

Undistributed 5................................... 8,031 648 3 182,208 27,923 107,035

1 Excludes excise taxes paid to the Alcohol and Tobacco Tax and Trade Bureau. 

2 Includes taxes on corporation income (Form 1120), farmers’ cooperatives (Form 1120–C), 

and “unrelated business income” from tax-exempt organizations (Form 990–T). 

3

 Collections of individual income tax are not reported by taxpayers separately from Old-Age, 

Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and 

wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA). 

4

 Excludes adjustments and credits. 

5

 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. 

Notes: Collection and refund data by State may not be comparable for a given fiscal year, 

because payments made in prior years may be refunded in the current fiscal Year. 

Adjustments to prior years refunds made in Fiscal Year 2010 may result in negative amounts 

when such adjustments exceed current year collections. See Table 8 for refund data. 

Classification by State is based on the individual's address (or, in the case of 

businesses, the location of the principal office or place of business). However, 

some individuals may use the address of a tax attorney or accountant. Sole 

proprietors, partners in a partnership, or shareholders in an S corporation may 

use their business addresses. Such addresses could have been located in a 

State other than the State in which the individual resided. Similarly, taxes 

withheld reported by employers located near a State boundary might include 

substantial amounts withheld from salaries of employees who reside in a 

neighboring State. Also, while taxes of corporations may be paid from the 

principal office, the operations of these corporations may be located in one or 

more other State(s). 

Detail may not add to totals because of rounding 
FEDERAL FISCAL OPERATIONS 

December 2010

23

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

by Districts and Ports 

[Source: U. S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

 

Headquarters: 

Revenue Division ........................................................... $2,488,615,418.37 

 

Portland, Maine: 

Portland, ME .................................. 10101.................... 39,959,846.47 

Bangor, ME .................................... 10102.................... 192,655.83 

Eastport, ME .................................. 10103.................... 38,835.03 

Jackman, ME ................................. 10104.................... 577,035.74 

Vanceboro, ME .............................. 10105.................... 5,025,045.81 

Houlton, ME ................................... 10106.................... 4,024,455.57 

Fort Fairfield, ME............................ 10107.................... 55,518.14 

Van Buren, ME............................... 10108.................... 104,827.56 

Madawaska, ME............................. 10109.................... 43,306.07 

Fort Kent, ME................................. 10110.................... 13,889.39 

Calais, ME...................................... 10115.................... 3,113,109.32 

Limestone, ME ............................... 10118.................... 6,796.32 

Bridgewater, ME............................. 10127.................... 2,009.29 

Portsmouth, NH.............................. 10131.................... 1,582,760.51 

Belfast, ME..................................... 10132.................... 2,480,538.42 

Manchester, NH User Fee Airport.... 10182.................... 278,486.13 

Total District ............................................................. 57,499,115.60 

 

St. Albans, Vermont: 

St. Albans, VT ..................................... 10201.................... 1,386,498.46 

Richford, VT ........................................ 10203.................... 22,399.50 

Beecher Falls, VT ............................... 10206.................... 26,771.77 

Burlington, VT ..................................... 10207.................... 51,882.93 

Derby Line, VT.................................... 10209.................... 6,616,968.67 

Newport, VT ........................................ 10210.................... 2,472.84 

Norton, VT........................................... 10211.................... 673,887.79 

Highgate Springs, VT ......................... 10212.................... 38,495,945.52 

Total District ............................................................. 47,276,827.48 

 

Boston, Massachusetts: 

Boston, MA..................................... 10401.................... 235,743,128.29 

Springfield, MA............................... 10402.................... 37,595.89 

Worchester, MA ............................. 10403.................... 21,623,406.14 

Glouchester, MA ............................ 10404.................... 75,319.79 

New Bedford, MA........................... 10405.................... 3,521,424.25 

Salem, MA...................................... 10408.................... 4,755,145.90 

Bridgeport, CT................................ 10410.................... 2,450,259.06 

Hartford, CT ................................... 10411.................... 4,982,303.89 

New Haven, CT.............................. 10412.................... 10,257,872.50 

New London, CT ............................ 10413.................... 32,176.51 

Lawrence, MA ................................ 10416.................... 8,365.76 

Logan Airport, MA .......................... 10417.................... 71,973,394.71 

Hanscom Field User Fee Airport ... 10481.................... 299,468.53 

Total District ............................................................. 355,759,861.22 

 

Providence, Rhode Island: 

Newport, RI .................................... 10501.................... 45,868.80 

Providence, RI................................ 10502.................... 82,407,822.02 

Total District ............................................................. 82,453,690.82 

 

 

 

Ogdensburg, New York: 

Ogdensburg, NY ............................ 10701.................... 1,988,830.46 

Massena, NY.................................. 10704.................... 1,956,317.97 

Alexandria Bay, NY........................ 10708.................... 25,661,038.05 

Champlain, NY............................... 10712.................... 98,304,602.56 

Trout River, NY .............................. 10715.................... 4,751,714.31 

Total District ............................................................. 132,662,503.35 

 

Buffalo, New York: 

Buffalo, NY ..................................... 10901.................... 333,051,692.23 

Rochester, NY................................ 10903.................... 9,787,131.23 

Oswego, NY ................................... 10904.................... 175,684.67 

Syracuse, NY ................................. 10906.................... 1,857,571.94 

TNT Skypak Buffalo, NY ................ 10971.................... 3,726.46 

Binghamton, NY ............................ 10981.................... 134,644.57 

Total District .............................................................. 345,010,451.10 

 

New York, New York: 

New York, NY................................. 21001.................... 774,138,117.18 

Albany, NY ..................................... 21002.................... 7,409,341.73 

UPS, Newark, NJ ........................... 24670.................... 3,568,082,531.39 

Federal Express, Newark, NJ ........ 24671.................... 7,545,277.91 

Newark, NJ..................................... 24601.................... 16,798,478.12 

Perth Amboy, NJ ............................ 24602.................... 27,167,659.67 

Morristown, NJ User Fee Airport ... 24681.................... 193,691.10 

JFK ................................................. 24701.................... 944,040,503.76 

NYACC, Jamaica, NY .................... 24771.................... 1,841,846.54 

DHL Airways, Jamaica, NY............ 24772.................... 6,747,764.09 

TNT Skypak (JFK).......................... 24778.................... 2,938,658.42 

Total District ............................................................. 5,356,903,869.91 

 

Philadelphia, Pennsylvania: 

Philadelphia, PA............................. 11101.................... 194,676,171.77 

Chester, PA.................................... 11102.................... 52,066,235.12 

Wilmington, DE .............................. 11103.................... 7,986,455.86 

Pittsburgh, PA ................................ 11104.................... 46,003,293.31 

Wilkes-Barre/Scranton, PA ............ 11106.................... 17,196,883.30 

Philadelphia, PA............................. 11107.................... 41,928,849.06 

Philadelphia Int'l. Airport ................ 11108.................... 23,936,999.31 

Harrisburg, PA................................ 11109.................... 7,258,530.46 

Allentown, PA................................. 11119.................... 238.15 

Atlantic City, NJ User Fee 

Airport......................................... 11182.................... 140,311.24 

Trenton/Mercer User Fee Airport... 11183.................... 179,289.36 

UPS (Philadelphia, PA).................. 11195.................... 32,614,799.99 

Total District .............................................................. 423,988,056.93

 

Baltimore, Maryland: 

Baltimore, MD ................................ 11303.................... 606,553,533.58 

BWI Airport..................................... 11305.................... 17,415,660.59 

Total District .............................................................. 623,969,194.17

 
FEDERAL FISCAL OPERATION 

December 2010

24 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

 

Norfolk, Virginia: 

Norfolk, VA .................................. 41401 ........................ 559,285,478.30 

Newport News, VA...................... 41402 ........................ 24,638,144.11 

Norfolk Subport, VA ................... 41403 ........................ 494.23 

Richmond-Petersburg, VA .......... 41404 ........................ 6,586,718.24 

Charleston, WV........................... 41409 ........................ 12,024,510.37 

New River Valley Airport ............. 41412 ........................ 1,924,620.10 

Total District ................................................................ 604,459,965.35 

 

Charlotte, North Carolina: 

Wilmington, NC ........................... 41501 ........................ 132,491,953.26 

Winston Salem, NC..................... 41502 ........................ 18,993,643.03 

Durham, NC ................................ 41503 ........................ 11,918,225.01 

Reidsville, NC.............................. 41506 ........................ 2,207.39 

Beaufort-Morehead, NC.............. 41511 ........................ 799,189.32 

Charlotte, NC .............................. 41512 ........................ 135,433,810.39 

Total District ................................................................ 299,639,028.40

 

Charleston, South Carolina: 

Charleston, SC............................ 41601 ........................ 768,719,561.66 

Georgetown, SC.......................... 41602 ........................ 1,527.70 

Greenville-Spartanburg, SC .......... 41603 ........................ 84,472,165.77 

Columbia, SC .............................. 41604 ........................ 4,748,757.85 

Myrtle Beach User Fee Airport.... 41681 ........................ 125,604.79 

Total District ................................................................ 858,067,617.77

 

Savannah, Georgia: 

Brunswick, GA............................. 41701 ........................ 158,994,306.20 

Savannah, GA............................. 41703 ........................ 1,006,653,156.89 

Atlanta, GA.................................. 41704 ........................ 482,747,192.26 

Total District ................................................................ 1,648,394,655.35 

 

Tampa, Florida: 

Tampa, FL................................... 41801 ........................ 73,600,706.27 

Jacksonville, FL........................... 41803 ........................ 258,030,613.94 

Fernandina, FL............................ 41805 ........................ 159,199.83 

Orlando, FL ................................. 41808 ........................ 12,137,939.32 

Orlando/Sanford, FL ................... 41809 ........................ 83,739.78 

St. Petersburg, FL....................... 41814 ........................ 33,048.30 

Port Canaveral, FL...................... 41816 ........................ 3,513,497.54 

Panama City, FL ......................... 41818 ........................ 65,066,612.22 

Pensacola, FL ............................. 41819 ........................ 81,447.44 

Manatee, FL ................................ 41821 ........................ 14,840,257.16 

Ft. Myers, FL ............................... 41822 ........................ 165,449.09 

Sarasota, FL User Fee Airport.... 41883 ........................ 196,301.59 

Daytona Beach, FL User Fee 

Airport..................................... 41884 ........................ 196,434.35 

Melbourne, FL User Fee 

Airport...................................... 41885 ........................ 188,155.77 

Leesburg Regional User Fee 

Airport ..................................... 41887 ........................ 165,027.07 

Orlando Executive Airport........... 41888 ........................ 141,471.21 

St. Augustine, User Fee 

Airport...................................... 41889 ........................ 165,981.38 

Total District ................................................................ 428,765,882.26 

 

 

Mobile, Alabama: 

Mobile, AL ................................... 51901 ........................ 45,535,278.45 

Gulfport, MS ................................ 51902 ........................ 19,997,089.56 

Pascagoula, MS.......................... 51903 ........................ 2,512,759.10 

Birmingham, AL........................... 51904 ........................ 45,571,315.35 

Huntsville, AL .............................. 51910 ........................ 55,502,425.70 

Total District ................................................................ 169,118,868.16 

 

New Orleans, Louisiana: 

Morgan City, LA .......................... 52001 ........................ 7,836,916.71 

New Orleans, LA......................... 52002 ........................ 166,714,939.84 

Little Rock, AR ............................ 52003 ........................ 1,555,795.04 

Baton Rouge, LA......................... 52004 ........................ 14,716,443.10 

Memphis, TN............................... 52006 ........................ 452,447,131.68 

Nashville, TN............................... 52007 ........................ 56,600,647.35 

Chattanooga, TN......................... 52008 ........................ 351,533.42 

Gramercy, LA .............................. 52010 ........................ 24,099,564.78 

Vicksburg, MS ............................. 52015 ........................ 3,965,598.51 

Knoxville, TN ............................... 52016 ........................ 36,287,457.55 

Lake Charles, LA......................... 52017 ........................ 5,728,389.22 

Shrevesport/Bossler, LA ............. 52018 ........................ 105,350.87 

Fort Smith, AR............................. 52024 ........................ 144,036.72 

Port of Tri-Cities Blountville, TN ..... 52027 ........................ 338,967.26 

Tri-City User Fee Airport ............. 52082 ........................ 150,334.91 

Rogers User Fee Airport ............. 52084 ........................ 162,821.59 

Federal Express (Memphis, TN)..... 52095 ........................ 240,173,708.20 

Total District ................................................................ 1,011,379,636.75 

 

Port Arthur, Texas: 

Port Arthur, TX ............................ 62101 ........................ 20,798,722.90 

Orange, TX.................................. 62103 ........................ 164.16 

Beaumont, TX ............................. 62104 ........................ 7,816,725.29 

Yuma, AZ .................................... 62150 ........................ 4,400.28 

Wellton, AZ.................................. 62153 ........................ -20,280.00 

Total District ................................................................ 28,599,732.63 

 

Laredo BP: 

Laredo Del Mar, TX..................... 62250 ........................ 145,179.54 

Total District ................................................................ 145,179.54 

 

Laredo, Texas: 

Brownsville, TX ........................... 62301 ........................ 29,241,786.97 

Del Rio, TX.................................. 62302 ........................ 2,865,232.38 

Eagle Pass, TX ........................... 62303 ........................ 94,424,635.24 

Laredo, TX .................................. 62304 ........................ 270,154,568.70 

Hidalgo, TX ................................. 62305 ........................ 53,394,416.19 

Rio Grande City, TX.................... 62307 ........................ 380,734.87 

Progresso, TX ............................. 62309 ........................ 1,814,783.30 

Roma, TX .................................... 62310 ........................ 567,501.75 

Border Patrol HQ Del Rio, TX..... 62350 ........................ 4,868.44 

Comstock,TX BP......................... 62351 ........................ 1,425.00 

Carrizo Springs, TX BP............... 62352 ........................ 13,732.34 

Del Rio, TX BP ............................ 62353 ........................ 2,618.77 

Eagle Pass, TX BP...................... 62354 ........................ 13,564.60 

Brackettville, TX BP .................... 62355 ........................ 1,850.00 

Uvalde, TX BP............................. 62356 ........................ 12,617.51 

Abilene Border Patrol, TX .......... 62360 ........................ 31,018.00 

Valley Int'l User Fee Airport ........ 62383 ........................ 171,794.13 

Hidalgo Cartage, TX ................... 62398 ........................ -500.00 

Total District ................................................................ 453,096,648.19 
FEDERAL FISCAL OPERATIONS 

December 2010

25

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

 

El Paso, Texas: 

El Paso, TX .................................... 62402.................... 135,608,873.85 

Presidio, TX.................................... 62403.................... 569,631.23 

Fabens, TX..................................... 62404.................... 30,976.52 

Columbus, TX ................................ 62406.................... 284,757.26 

Albuquerque, NM ........................... 62407.................... 461,850.61 

Santa Teresa, NM.......................... 62408.................... 6,829,718.61 

Total District ............................................................. 143,785,808.08 

 

San Diego, California: 

San Diego, CA ............................... 72501.................... 105,093,962.20 

Andrade, CA................................... 72502.................... 357,493.58 

Calexico, CA .................................. 72503.................... 1,043,414.17 

San Ysidro, CA............................... 72504.................... 3,915,800.21 

Tecate, CA ..................................... 72505.................... 17,179,619.69 

Otay Mesa, CA............................... 72506.................... 84,979,427.23 

Calexico East, CA .......................... 72507.................... 18,356,983.78 

McClellan-Palomar Airport ............ 72581.................... 274,968.50 

Total District ............................................................. 231,201,669.36 

 

Nogales, Arizona: 

Douglas, AZ ................................... 62601.................... 1,986,422.69 

Lukeville, AZ................................... 62602.................... 174,617.99 

Naco, AZ ........................................ 62603.................... 93,464.68 

Nogales, AZ ................................... 62604.................... 61,001,709.19 

Phoenix, AZ.................................... 62605.................... 20,525,968.53 

Sasabe, AZ .................................... 62606.................... 23,211.75 

San Luis, AZ................................... 62608.................... 3,812,395.16 

Tucson, AZ..................................... 62609.................... 4,466,764.92 

Border Patrol HQ Tucson, AZ........ 62650.................... 92,107.51 

Casa Grande, AZ ........................... 62651.................... 7.53 

Nogales, AZ Border Patrol............. 62653.................... 1,657.04 

Scottsdale User Fee Airport........... 62681.................... 159,152.38 

Williams Gateway User Fee 

Airport......................................... 62682.................... 186,325.93 

Total District ......................................................... 92,523,805.30 

 

Los Angeles, California: 

Los Angeles, CA ............................ 72704.................... 7,954,024,283.82 

Santa Ana Orange, CA ................. 72705.................... 873.21 

Port San Luis Harbor, CA ............. 72707.................... 1,206.61 

Long Beach, CA............................. 72709.................... 58,354.74 

Port Hueneme, CA......................... 72713.................... 11,963,069.69 

LAX................................................. 72720.................... 566,099,836.00 

Las Vegas, NV ............................... 72722.................... 24,351,393.09 

DHL (LAX)...................................... 72770.................... 18,125.67 

TNT Express Worldwide ................ 72775.................... 155,844.98 

Int'l Bonded Couriers...................... 72776.................... 342,582.95 

Micom, Ingelwood, CA................... 72777.................... 96,998.23 

Palm Springs User Fee Airport ...... 72781.................... 156,417.30 

San Bernardino U.F. Airport, CA ... 72782.................... 382,871.13 

So. California Logistics Airport, CA.... 72783.................... 1,474,995.25 

Meadows Field Airport ................... 72786.................... 967,417.43 

DHL HUB Los Angeles, CA ........... 72791.................... 12,065,535.74 

DHL Hub Riverside, CA ................. 72792.................... 459.13 

UPS Ontario ................................... 72795.................... 16,315,151.27 

Total District ............................................................. 8,588,475,416.24 

 

 

San Francisco, California: 

San Francisco Int'l Airport.............. 72801.................... 115,101,346.39 

Eureka, CA..................................... 72802.................... 3,762.72 

Fresno, CA ..................................... 72803.................... 8,776,047.61 

San Francisco, CA ......................... 72809.................... 967,394,035.12 

Oakland, CA................................... 72811.................... 5,614.66 

Sacramento, CA............................. 72816.................... 2.00 

Reno, NV........................................ 72833.................... 1,924,732.87 

San Jose, CA ................................. 72834.................... 271,987.29 

Sacramento Int'l Airport, CA .......... 72835.................... 6,636,121.83 

DHL (SFO) ..................................... 72870.................... 1,831,006.02 

Fresno Yosemite User Fee 

Airport......................................... 72882.................... 902,785.51 

Federal Express (SFO).................. 72895.................... 22,455,413.40 

Total District ............................................................. 1,125,302,855.42 

 

Great Falls, Montana: 

Raymond, MT................................. 33301.................... 376,545.21 

Eastport, ID .................................... 33302.................... 7,769,204.30 

Salt Lake City, UT .......................... 33303.................... 38,826,387.40 

Great Falls, MT .............................. 33304.................... 792,434.45 

Butte, MT........................................ 33305.................... 4,985.11 

Turner, MT ..................................... 33306.................... 21,242.32 

Denver, CO .................................... 33307.................... 72,765,462.04 

Porthill, ID....................................... 33308.................... 1,709,155.04 

Scoby, MT ...................................... 33309.................... 1,339.95 

Sweetgrass, MT ............................. 33310.................... 12,851,857.77 

Whitetail, MT .................................. 33312.................... 288.75 

Piegan, MT..................................... 33316.................... 69,950.03 

Ophiem, MT ................................... 33317.................... 3,468.62 

Roosville, MT ................................. 33318.................... 71,698.42 

Morgan, MT.................................... 33319.................... 159,426.45 

Whitlash, MT .................................. 33321.................... 89.87 

Del Bonita, MT ............................... 33322.................... 10,275.43 

Wildhorse, MT ................................ 33323.................... 24,013.18 

Kalispell, MT................................... 33324.................... 528.45 

Willow Creek, MT........................... 33325.................... 239.75 

Jefferson County Airport ................ 33383.................... 170,667.03 

Arapahoe County Airport ............... 33384.................... 162,957.66 

Eagle County User Fee Airport...... 33385.................... 180,112.17 

Total District ............................................................. 135,972,329.40 

 

Pembina, North Dakota: 

Pembina, ND.................................. 33401.................... 15,938,121.16 

Portal, ND....................................... 33403.................... 6,737,354.67 

Neche, ND...................................... 33404.................... 27,032.55 

St. John, ND................................... 33405.................... 4,514.22 

Northgate, ND ................................ 33406.................... 17,016.48 

Walhalla, ND .................................. 33407.................... 34,337.07 

Hannah, ND ................................... 33408.................... 180.75 

Sarles, ND...................................... 33409.................... 2,102.55 

Ambrose, ND.................................. 33410.................... 124.50 

Fargo In’tl Airport, ND .................... 33411.................... 76,548.90 

Antler, ND....................................... 33413.................... 2,468.04 

Sherwood, ND................................ 33414.................... 173,905.53 

Hansboro, ND ................................ 33415.................... 5,880.86 

Maida, ND ...................................... 33416.................... 2,816.00 

Fortuna, ND.................................... 33417.................... 10,480.26 

Westhope, ND................................ 33419.................... 7,479.95 

 
FEDERAL FISCAL OPERATION 

December 2010

26 

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

by Districts and Ports 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

 

Pembina, North Dakota, con.: 

Noonan, ND ................................... 33420.................... 17,440.28 

Carbury, ND ................................... 33421.................... 5,676.39 

Dunseith, ND.................................. 33422.................... 477,274.62 

Warroad, MN.................................. 33423.................... 48,834.91 

Baudette, MN ................................. 33424.................... 84,148.99 

Pinecreek, MN................................ 33425.................... 1,337.75 

Roseau, MN ................................... 33426.................... 121,678.04 

Grand Forks Airport, ND ................ 33427.................... 5,780.05 

Lancaster, MN................................ 33430.................... 30,983.25 

Minot Airport, ND............................ 33434.................... 652.00 

Hector User Fee Airport ................. 33481.................... 9,813.16 

Total District ............................................................. 23,843,982.93 

 

Minneapolis, Minnesota: 

Minneapolis, MN ............................ 33501.................... 143,188,186.77 

Sioux Falls, SD............................... 33502.................... 20,663.36 

Duluth, MN ..................................... 33510.................... 5,694,378.28 

Omaha, NE ................................... 33512.................... 31,878,263.84 

Des Moines, IA............................... 33513.................... 1,478,988.39 

Rochester User Fee Airport ........... 33581.................... 148,148.12 

Total District ............................................................. 182,408,628.76 

 

Duluth, Minnesota: 

Duluth, MN ..................................... 33601.................... 184.96 

Int’l Falls/Ranier, MN...................... 33604.................... 5,682,536.98 

Grand Portage, MN........................ 33613.................... 1,773,597.26 

Total District ............................................................. 7,456,319.20 

 

Milwaukee, Wisconsin: 

Milwaukee, WI................................ 33701.................... 23,292,299.52 

Green Bay, WI................................ 33703.................... 598,051.68 

Racine, WI...................................... 33708.................... 165,729.09 

Total District ............................................................. 24,056,080.29 

 

Portland, Oregon: 

Astoria, OR..................................... 72901.................... 710,661.75 

Newport, OR .................................. 72902.................... 1,492.00 

Coos Bay, OR ................................ 72903.................... 76,375.83 

Portland, OR .................................. 72904.................... 295,362,457.03 

Longview, WA ................................ 72905.................... 7,634,550.27 

Boise, ID......................................... 72907.................... 282,130.09 

Vancouver, WA .............................. 72908.................... 722.82 

Portland Int'l Airport........................ 72910.................... 3,530.29 

Hillsboro Airport.............................. 72983.................... 142,185.69 

Total District ............................................................. 304,214,105.77 

 

Detroit, Michigan: 

Detroit, MI....................................... 33801.................... 366,827,589.90 

Port Huron, MI................................ 33802.................... 76,401,343.31 

Sault St. Marie, MI.......................... 33803.................... 2,566,560.30 

Saginaw/Bay City/Flint, MI............. 33804.................... 43,632.85 

Battle Creek, MI ............................. 33805.................... 10,788,393.33 

Grand Rapids, MI........................... 33806.................... 26,137,463.58 

Detroit Airport, MI........................... 33807.................... 47,982,262.50 

Algonac, MI .................................... 33814.................... 7,981.75 

Oakland County User Fee Airport ..... 33881.................... 278,349.45 

Willow Run User Fee Airport.......... 33882.................... 469,086.50 

Capital City Airport UFA 

Lansing, MI................................. 33883.................... 377,598.26 

Total District ......................................................... 531,880,261.73 

 

Chicago, Illinois: 

Chicago, IL ..................................... 33901.................... 1,555,031,418.01 

Peoria, IL........................................ 33902.................... 14,891,976.36 

Omaha, NE .................................... 33903.................... 31,353.22 

O’Hare In’tl Airport.......................... 33906.................... 138.33 

Davenport/Rock Island/Moline, IL.... 33908.................... 5,143,217.09 

Rockford Airport, IL ........................ 33909.................... 29,282,216.79 

Midway Int'l Airport......................... 33910.................... 103,112.20 

Waukegan User Fee Airport .......... 33981.................... 149,045.56 

Pal-waukee User Fee Airport......... 33983.................... 197,000.91 

Dupage User Fee Airport............... 33984.................... 168,558.36 

Decatur User Fee Airport ............... 33985.................... 161,238.78 

Total District ............................................................. 1,605,159,275.61 

 

Cleveland, Ohio: 

Cleveland, OH................................ 34101.................... 133,452,974.18 

Cincinnati, OH /Lawrenceburg, IN ... 34102.................... 126,792,528.18 

Columbus, OH................................ 34103.................... 606,800,866.17 

Dayton, OH .................................... 34104.................... 1,978,039.05 

Toledo/Sandusky, OH.................... 34105.................... 4,499,892.33 

Erie, PA .......................................... 34106.................... 414,666.89 

Indianapolis, IN .............................. 34110.................... 101,532,525.02 

Louisville, KY.................................. 34115.................... 234,149,386.80 

Owensboro, KY.............................. 34116.................... 12,423,921.74 

Ashtabula/Conneaut, OH............... 34122.................... 251,824.54 

Airbourne Airpark User Fee Airport ... 34181.................... 659.40 

Ft. Wayne User Fee Airport ........... 34183.................... 202,410.27 

Bluegrass User Fee Airport............ 34184.................... 454,901.41 

BAX Global Emery Worldwide ....... 34192.................... 4,137,632.29 

DHL Express .................................. 34194.................... 804,706.17 

Emery Courier ................................ 34195.................... 13,670.91 

UPS ................................................ 34196.................... 207,089,284.02 

DHL (Cincinnati)............................. 34197.................... 49,272,037.62 

Federal Express (Indianapolis) ...... 34198.................... 10,236,138.51 

Total District ............................................................. 1,494,508,065.50 

 

St. Louis, Missouri: 

Kansas City, MO ............................ 34501.................... 135,096,513.19 

St. Louis, MO ................................. 34503.................... 126,789,147.17 

Wichita, KS..................................... 34504.................... 43,403,780.86 

Springfield, MO .............................. 34505.................... 2,362,387.68 

Spirit of St. Louis Airport, MO ........ 34506.................... 3,307.47 

MidAmerica Airport......................... 34581.................... 160,141.97 

Total District ............................................................. 307,815,278.34 

 

Preclearance: 

Vancouver, Canada Preclearance .... 37922.................... 779,841.68 

Calgary, Canada Preclearance...... 37923.................... 1,081,536.37 

Edmondton, Canada Preclearance... 37924.................... 489,532.49 

Montreal, Canada Preclearance .... 37925.................... 622,284.83 

Toronto, Canada Preclearance...... 37926.................... 2,366,776.53 

Winnipeg, Canada Preclearance ... 37928.................... 265,100.12 

Ottawa, Canada Preclearance....... 37929.................... 194,996.00 

Victoria, Canada Preclearance ...... 37930.................... 52,845.00 

Halifax, Canada Preclearance ....... 37931.................... 88,565.00 

Preclearance-Christiansted, VI ...... 47401.................... 609,781.57 

Preclearance-St. Croix, VI ............. 47404.................... 5,156.83 

Kindley Field, Bermuda.................. 47421.................... 33,254.00 

Freeport, Bahamas ........................ 47422.................... 11,284.57 

Nassau, Bahamas.......................... 47423.................... 64,006.85 

Aruba.............................................. 47424.................... 76,134.16 
FEDERAL FISCAL OPERATIONS 

December 2010

27

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

by Districts and Ports 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

 

Preclearance, con.: 

Dublin, IE Preclearance ................. 57541.................... 16,120.00 

Shannon, IE Preclearance............. 57542.................... 29,033.12 

Total District ............................................................. 6,786,249.12

 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901.................... 1,026,425.11 

Fajardo, PR .................................... 44904.................... 2,559,991.34 

Mayaguez, PR................................ 44907.................... 867,657.36 

Ponce, PR ...................................... 44908.................... 7,600,377.22 

San Juan, PR ................................. 44909.................... 84,988,084.93 

Old San Juan Int'l Airport ............... 44913.................... 7,440,876.17 

Total District ............................................................. 104,483,412.13 

 

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101.................... 8,750,160.98 

Cruz Bay, VI ................................... 45102.................... 187,618.88 

Christiansted, VI............................. 45104.................... 7,448,549.43 

Total District ............................................................. 16,386,329.29 

 

Miami, Florida: 

Miami, FL........................................ 45201.................... 387,430,789.25 

Key West, FL.................................. 45202.................... 79,754.74 

Port Everglades, FL ....................... 45203.................... 116,284,597.60 

West Palm Beach, FL .................... 45204.................... 8,046,511.39 

Fort Pierce, FL ............................... 45205.................... 85,513.61 

Miami Int'l Airport ........................... 45206.................... 94,334,737.28 

Fort Lauderdale Int'l Airport ........... 45210.................... 285,034.38 

DHL Worldwide Express ................ 45271.................... 1,107,708.56 

MIA/CFS ECCF.............................. 45272.................... 2,619.72 

UPS (Miami Int'l Airport)................. 45273.................... 7,551.99 

UPS Courier Hub ........................... 45295.................... 155,525.77 

FED EX Courier Hub...................... 45297.................... 975,278.09 

IBC Courier Hub............................. 45298.................... 210,713.90 

Miami Seaport ................................ 45299.................... 2,549,950.57 

Total District ............................................................. 611,556,286.85 

 

Washington, DC: 

Dulles Int'l Airport ........................... 45401.................... 32,889,412.49 

Alexandria, VA ............................... 45402.................... 212.00 

Total District ............................................................. 32,889,624.49 

 

Houston, Texas: 

Houston, TX ................................... 65301.................... 641,376,556.73 

Houston Intercontinental................ 65309.................... 49,295,590.53 

Galveston, TX ................................ 65310.................... 14,977,164.91 

Freeport, TX................................... 65311.................... 14,190,333.71 

Corpus Christi, TX.......................... 65312.................... 17,084,215.33 

Port Lavaca, TX ............................. 65313.................... 968,871.64 

McAllen, TX.................................... 65350.................... 41.92 

Sugarland User Fee Airport ........... 65381.................... 149,657.18 

Total District ............................................................. 738,042,431.95 

 

Dallas-Ft. Worth, Texas: 

Dallas/Ft. Worth, TX....................... 65501.................... 410,069,206.37 

Amarillo, TX.................................... 65502.................... 2,939.26 

Lubbock, TX................................... 65503.................... 11,137.38 

Oklahoma City, TX......................... 65504.................... 1,583,422.39 

Tulsa, OK ....................................... 65505.................... 5,092,275.55 

Austin, TX....................................... 65506.................... 3,199,250.64 

San Antonio, TX............................. 65507.................... 14,153,210.80 

 

Dallas-Ft. Worth, Texas, con.: 

Marfa Headquarters, TX ................ 65550.................... 5,967.00 

Lubbock, TX................................... 65551.................... 700.00 

Amarillo, TX.................................... 65552.................... 500.00 

Presidio, TX.................................... 65553.................... 1,440.00 

Marfa, TX BC ................................. 65554.................... 3,080.00 

Pecos, TX....................................... 65555.................... 200.00 

Fort Stockton, TX ........................... 65556.................... 3,165.00 

Sanderson, TX ............................... 65557.................... 520.00 

Alpine, TX....................................... 65558.................... 1,983.75 

Sierra Blanca, TX BC..................... 65560.................... 5,372.31 

Midland User Fee Airport ............... 65562.................... 2,050.00 

Midland User Fee Airport User 

Fee ............................................. 65582.................... 138,087.55 

Fort Worth Alliance User Fee 

Airport......................................... 65583.................... 170,940.18 

Addison User Fee Airport............... 65584.................... 200,624.83 

McKinney User Fee Airport............ 65585.................... 127,750.40 

Kelly Field Annex San Antonio, TX.... 65587.................... 137,045.90 

Total District ............................................................. 434,910,869.31 

 

Seattle, Washington: 

Seattle, WA .................................... 73001.................... 668,224,793.85 

Tacoma, WA .................................. 73002.................... 383,373,945.74 

Aberdeen, WA................................ 73003.................... 466,414.77 

Blaine, WA ..................................... 73004.................... 38,218,246.54 

Bellingham, WA.............................. 73005.................... 992,489.83 

Everett, WA .................................... 73006.................... 4,124,394.39 

Port Angeles, WA........................... 73007.................... 81,975.53 

Port Townsend, WA ....................... 73008.................... 5,829.32 

Sumas, WA .................................... 73009.................... 4,943,214.31 

Anacortes, WA ............................... 73010.................... 1,955,154.13 

Nighthawk, WA............................... 73011.................... 636.50 

Danville, WA................................... 73012.................... 7,816.88 

Ferry, WA ....................................... 73013.................... 1,226.11 

Friday Harbor, WA ......................... 73014.................... 29,943.53 

Boundary, WA ................................ 73015.................... 18,387.70 

Laurier, WA .................................... 73016.................... 15,465.55 

Point Roberts, WA.......................... 73017.................... 128,923.85 

Oroville, WA ................................... 73019.................... 1,296,947.21 

Frontier, WA ................................... 73020.................... 23,741.79 

Spokane, WA ................................. 73022.................... 222,514.54 

Lynden, WA.................................... 73023.................... 279,408.84 

Metaline Falls, WA ......................... 73025.................... 18,089.10 

Olympia, WA .................................. 73026.................... 31,078.22 

Seattle-Tacoma Airport .................. 73029.................... 41,295,152.26 

UPS (SEATAC).............................. 73071.................... 1,792,837.57 

Moses Lake Grant County User 

Fee Airport ................................. 73082.................... 165,391.19 

Total District ............................................................. 1,147,714,019.25 

 

Anchorage, Alaska: 

Juneau, AK..................................... 73101.................... 78,605.63 

Ketchikan, AK................................. 73102.................... 225,765.64 

Skagway, AK.................................. 73103.................... 49,154.63 

Alcan, AK........................................ 73104.................... 398,381.04 

Wrangell, AK .................................. 73105.................... 2,452.00 

Dalton Cache, AK........................... 73106.................... 58,159.92 

Valdez, AK ..................................... 73107.................... 5,991.84 

Fairbanks, AK................................. 73111.................... 16,646.87 

Sitka, AK......................................... 73115.................... 7,379.54 
FEDERAL FISCAL OPERATION 

December 2010

28 

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

by Districts and Ports 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2010

 

Anchorage, Alaska, con.: 

Anchorage, AK............................... 73126.................... 7,229,157.67 

Kodiak, AK ..................................... 73127.................... 529.22 

Federal Express............................. 73195.................... 117,674,472.04 

UPS ................................................ 73196.................... 341,897.24 

Total District ............................................................. 126,088,593.28 

 

Honolulu, Hawaii: 

Honolulu, HI ................................... 73201.................... 27,192,545.39 

Hilo, HI............................................ 73202.................... 110,429.26 

Kahului, HI...................................... 73203.................... 70,273.70 

 

 

Honolulu, Hawaii, con.: 

Honolulu Int'l Airport....................... 73205.................... 5,637,675.03 

Kailua-Kona, HI.............................. 73206.................... 163,318.89 

Guam.............................................. 73207.................... 1,564.90 

Total District ............................................................. 33,175,807.17 

 

Total Customs and Border Protection Collections 

for fiscal year 2010..................................................... $33,466,443,708.12 
December 2010 

29

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

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

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

 2009 - Sept...................................... 808,315 42,353 870,664 118,991 118,946 

Oct....................................... 767,671 34,033 1,040,254 94,595 94,594 

Nov ...................................... 902,202 35,042 857,729 93,531 93,565 

Dec ...................................... 1,080,487 51,067 1,054,156 147,388 147,388 

2010 - Jan ....................................... 581,195 42,986 726,278 103,985 103,973 

Feb ...................................... 778,758 40,786 869,304 109,631 109,593 

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

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

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

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

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

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

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

 

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

December 2010 

30 

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

and Tax and Loan Note Account Balances, con. 1

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

Balances 

 During period 

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

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

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

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

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

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

 

2009 - Sept............. 108,324 164,945 1,996 108,324 199,932 2,168 4,500 164,945 284 35,050 191,602 1,894 

Oct.............. 19,721 14,999 1,997 89,598 129,956 2,010 15,570 14,999 1,805 45,107 50,145 1,954 

Nov ............. 99,236 14,999 1,962 107,219 14,999 2,630 11,236 14,999 1,880 52,320 9,499 1,999 

Dec ............. 186,632 5,001 1,962 186,632 15,000 2,026 18,152 - 1,715 82,660 9,516 1,959 

2010 - Jan .............. 84,536 5,001 1,973 186,632 5,001 2,061 84,536 5,001 1,816 139,271 3,065 1,951 

Feb ............. 14,779 24,997 2,012 149,909 24,997 2,014 12,922 5,000 1,876 57,078 4,821 1,961 

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

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

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

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

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

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

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

 

 

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

2

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

other than Government account series, and taxes. 

3

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

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

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

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

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

and employees under the Federal Insurance Contributions Act beginning January 1950 

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

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

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

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

1988. 
December 2010 

31

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2010

32 

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

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

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

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

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

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

 

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

Oct ..................... 11,916,251 11,893,090 23,160 4,401,771 4,401,769 2 7,514,480 7,491,321 23,158 

Nov..................... 12,136,257 12,113,047 23,210 4,397,288 4,397,286 2 7,738,969 7,715,761 23,208 

Dec..................... 12,334,846 12,311,349 23,497 4,496,990 4,496,990 2 7,837,857 7,814,359 23,494 

2010 - Jan...................... 12,302,178 12,278,636 23,543 4,515,255 4,515,252 3 7,786,923 7,763,383 23,540 

Feb..................... 12,463,506 12,440,068 23,438 4,499,337 4,499,335 3 7,964,169 7,940,733 23,435 

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

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

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

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

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

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

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

 

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

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

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

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

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

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

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

 

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

Oct...................... 11,916,251 55,623 11,860,628 4,401,771 24,450 4,377,321 7,514,480 31,173 7,483,306 

Nov..................... 12,136,257 56,860 12,079,397 4,397,288 24,948 4,372,340 7,738,969 31,912 7,707,057 

Dec..................... 12,334,846 57,286 12,277,560 4,496,990 24,854 4,472,136 7,837,857 32,432 7,805,424 

2010 - Jan ...................... 12,302,178 58,187 12,243,991 4,515,255 24,765 4,490,491 7,786,923 33,422 7,753,500 

Feb ..................... 12,463,506 59,000 12,404,505 4,499,337 25,064 4,474,273 7,964,169 33,936 7,930,232 

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

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

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

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

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

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

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

 
FEDERAL DEBT 

December 2010 

33

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

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

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

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

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

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

 

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

Oct.............................. 192,172 - 4,386 119,127 215,785 29,995 1,492 

Nov............................. 191,799 - 4,386 119,919 212,891 29,995 1,501 

Dec............................. 191,298 - 4,386 119,932 214,138 29,995 1,411 

2010 - Jan .............................. 190,901 - 5,386 120,792 207,658 29,995 1,458 

Feb ............................. 190,661 - 5,386 122,135 204,133 29,995 1,181 

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

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

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

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

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

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

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

 

 

TABLE FD-2.—Debt Held by the Public

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

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

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

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

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

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

 

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

Oct......................... 7,487,887 6,924,930 1,852,331 3,816,792 689,021 566,786 562,957 

Nov........................ 7,712,387 7,151,894 1,844,698 4,038,278 701,634 567,285 560,493 

Dec........................ 7,811,009 7,249,848 1,787,913 4,179,412 714,672 567,851 561,161 

2010 - Jan ......................... 7,759,490 7,203,299 1,683,757 4,227,723 727,749 564,070 556,191 

Feb ........................ 7,936,671 7,383,179 1,731,093 4,335,457 745,400 571,228 553,492 

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

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

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

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

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

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

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

December 2010

34 

End of fiscal 

year or month 

Federal 

Savings and 

Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance Trust 

Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life

Insurance 

Fund 

(14) 

Postal 

Service Fund

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

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

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

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

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

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

 

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

 Oct............ 3,311 55,813 8,001 8,652 1,000 467 - 17,476 762,719 

 Nov........... 3,331 61,254 8,501 8,580 1,000 355 - 17,298 661,011 

 Dec........... 3,330 75,946 7,559 8,727 1,000 577 - 16,235 761,521 

2010 - Jan ............ 3,330 63,554 7,952 8,648 748 511 - 14,843 760,366 

 Feb ........... 3,330 66,578 7,626 8,574 750 458 - 15,107 761,102 

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

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

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

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

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

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

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

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

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

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

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

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

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

 

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

 Oct......... 4,501,135 7,804 15,661 36,235 18,816 205,094 754,133 300,242 10,726 2,294,985 

 Nov........ 4,497,408 7,457 14,205 36,661 19,241 302,653 750,372 302,653 10,979 2,291,857 

 Dec........ 4,597,132 6,710 59,460 36,726 19,241 199,760 765,793 304,612 11,155 2,318,780 

2010 - Jan ......... 4,616,193 6,740 58,424 36,792 19,235 203,545 761,891 306,817 11,350 2,351,447 

 Feb ........ 4,601,837 6,324 56,756 36,964 19,235 200,678 758,231 301,576 11,692 2,346,856 

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

 Apr......... 4,611,722 6,391 53,679 36,991 20,436 197,521 750,971 293,967 12,091 2,360,705 

 May ....... 4,598,742 6,525 39,531 37,046 20,439 195,004 747,212 293,057 3,100 2,358,555 

 June ...... 4,669,888 6,712 38,060 37,120 20,435 196,596 764,006 298,892 3,334 2,408,634 

 July........ 4,638,636 7,300 37,221 37,167 20,438 193,704 760,169 282,962 3,544 2,408,711 

 Aug........ 4,627,455 7,578 38,311 37,603 20,440 190,257 756,380 282,496 3,911 2,403,046 

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

 
FEDERAL DEBT 

December 2010 

35

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Federal 

Communications 

Commission 

(6) 

 

2006 ............................ 23,392 112 156 22,899 225 * 

2007 ............................ 22,959 85 152 22,506 215 -1 

2008 ............................ 23,104 69 150 22,680 204 * 

2009 ............................ 23,203 33 144 22,834 193 * 

2010 ............................ 23,974 29 139 23,627 180 * 

 

2009 - Sept ................. 23,203 33 144 22,834 193 * 

Oct................... 23,160 33 145 22,790 193 * 

Nov.................. 23,210 33 146 22,839 193 * 

Dec.................. 23,497 33 147 23,125 193 * 

2010 - Jan ................... 23,543 33 148 23,170 193 * 

Feb .................. 23,438 33 140 23,079 186 * 

Mar .................. 23,584 33 141 23,224 186 * 

Apr................... 23,652 33 142 23,291 186 * 

May ................. 23,839 10 143 23,499 186 * 

June ................ 23,854 55 144 23,468 186 * 

July.................. 23,970 42 145 23,596 186 * 

Aug.................. 23,909 42 138 23,549 180 * 

Aug.................. 23,974 29 139 23,627 180 * 

 

 

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

December 2010

36 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

10-20 

years 

(5) 

20 years 

or more 

(6) 

Average length 

(months) 

(7) 

 

2006 ............................... 3,496,395 1,140,555 1,295,598 589,764 290,738 179,740 59 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 58 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49 

2009 ............................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 49 

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57 

 

2009 - Sept..................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 49 

Oct...................... 6,138,150 2,481,258 2,073,374 1,019,112 349,067 215,339 51 

Nov ..................... 6,386,026 2,462,190 2,259,073 1,084,264 349,156 231,343 51 

Dec ..................... 6,483,901 2,415,461 2,337,392 1,137,420 349,280 244,348 52 

2010 - Jan ...................... 6,412,950 2,324,876 2,334,181 1,147,167 349,373 257,353 54 

Feb ..................... 6,591,769 2,372,965 2,420,971 1,173,496 342,995 281,343 54 

Mar ..................... 6,968,331 2,492,450 2,579,109 1,258,977 343,413 294,382 54 

Apr...................... 7,112,555 2,496,967 2,644,691 1,320,051 343,461 307,386 54 

May..................... 7,139,749 2,493,407 2,659,186 1,324,667 353,259 309,231 55 

June.................... 7,315,097 2,432,122 2,800,261 1,406,962 353,497 322,256 55 

July ..................... 7,360,528 2,453,077 2,797,309 1,421,267 353,608 335,267 56 

Aug ..................... 7,607,853 2,504,906 2,922,651 1,481,051 341,136 358,109 56 

Sept.................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57 

 

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

December 2010 

37

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 Securities 

 not subject

 to limit 

 (7) 

 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 

 

2009 - Sept...................................... 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

Oct....................................... 12,104,000 11,836,629 11,836,615 14 11,893,091 14 56,475 

Nov ...................................... 12,104,000 12,057,363 12,057,348 14 12,113,048 14 55,699 

Dec ...................................... 12,394,000 12,254,530 12,254,506 24 12,311,350 24 56,843 

2010 - Jan ....................................... 12,394,000 12,222,507 12,222,470 37 12,278,636 37 56,165 

Feb ...................................... 14,294,000 12,383,717 12,383,680 37 12,440,068 37 56,387 

Mar ...................................... 14,294,000 12,716,511 12,716,474 37 12,773,123 37 56,649 

Apr....................................... 14,294,000 12,892,729 12,892,692 37 12,948,739 37 56,047 

May...................................... 14,294,000 12,937,208 12,937,171 37 12,992,539 37 55,368 

June..................................... 14,294,000 13,149,560 13,149,523 37 13,201,792 37 52,268 

July ...................................... 14,294,000 13,185,208 13,185,184 24 13,237,727 24 52,543 

Aug ...................................... 14,294,000 13,398,794 13,398,770 24 13,449,653 24 50,882 

Sept..................................... 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 

 

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

December 2010

38 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448 

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456 

2009 ................................................ 747,566 11,617 26,074 16,675 481 778 

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160 

 

2009 - Sept ..................................... 747,566 11,617 26,074 16,675 481 778 

Oct....................................... 817,593 17,361 26,255 16,872 485 778 

Nov...................................... 845,306 18,619 26,388 17,088 488 778 

Dec...................................... 876,706 22,264 26,536 17,491 495 778 

2010 - Jan ....................................... 890,894 23,858 26,832 17,618 497 778 

Feb ...................................... 876,949 10,792 26,958 17,770 501 778 

Mar ...................................... 915,813 11,262 27,033 17,881 501 778 

Apr....................................... 929,950 10,938 27,107 17,971 500 778 

May ..................................... 926,599 11,292 27,206 18,208 506 778 

June .................................... 969,159 11,910 27,008 18,349 500 1,109 

July...................................... 972,397 11,303 27,008 18,348 500 1,109 

Aug...................................... 923,416 11,120 26,640 18,370 510 1,109 

Sept..................................... 881,890 11,284 25,098 18,534 522 1,160 

 

 Department 

 of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

 Bonneville Power 

 Administration 

 (8) 

 Federal Housing 

 Administration 

 (9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

2007 ................................................ 103,973 2,241 4,573 - 17,609 

2008 ................................................ 128,331 2,186 4,832 - 21,957 

2009 ................................................ 234,918 2,130 4,420 - 47,107 

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

 

2009 - Sept ..................................... 234,918 2,130 4,420 - 47,107 

Oct ...................................... 253,449 2,240 4,420 - 46,207 

Nov...................................... 257,758 2,262 4,420 - 46,789 

Dec...................................... 265,070 2,314 4,420 - 46,364 

2010 - Jan....................................... 279,735 2,219 4,420 - 41,748 

Feb...................................... 280,349 2,264 4,420 - 39,089 

Mar...................................... 291,824 2,279 4,420 - 38,488 

Apr ...................................... 304,459 2,339 4,420 - 39,679 

May ..................................... 306,461 2,376 4,420 - 39,940 

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

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

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

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

 
FEDERAL DEBT 

December 2010 

39

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2006 ...................................... 4,911 2,958 9,303 22,249 

2007 ...................................... 4,364 2,945 11,366 22,872 

2008 ...................................... 2,929 3,096 9,463 28,793 

2009 ...................................... 3,805 3,359 10,873 385,328 

2010 ...................................... 7,254 3,481 11,752 375,018 

 

2009 - Sept ........................... 3,805 3,359 10,873 385,328 

Oct............................. 4,003 3,693 10,873 430,956 

Nov............................ 4,021 3,998 11,554 451,142 

Dec............................ 4,701 4,337 11,554 470,382 

2010 - Jan ............................. 4,731 4,680 12,094 471,683 

Feb ............................ 5,337 4,953 12,218 471,521 

Mar ............................ 5,337 5,269 11,543 499,196 

Apr............................. 5,337 5,582 11,543 499,297 

May ........................... 5,370 5,877 11,543 492,622 

June .......................... 7,499 2,524 11,543 493,685 

July............................ 7,499 2,857 11,543 493,727 

Aug............................ 7,499 3,152 11,749 430,597 

Sept........................... 7,254 3,481 11,752 375,018 

 

Note.—Detail may not add to totals due to rounding. 
40 

December 2010 

INTRODUCTION: Public Debt Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 

4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 26-

week bills. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: Cash management bills identified below are issued 

as part of the Supplementary Financing Program (SFP). For 

more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: JULY-SEPTEMBER 

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

J U L Y 

Cash Management Bills 

On June 28, 2010, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued July 1 and 

matured August 26. The issue was part of the SFP. Treasury 

auctioned the bills on June 30. Tenders totaled $112,524 

million; Treasury accepted $25,001 million. The high bank 

discount rate was 0.180 percent. 

On July 6, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued July 8 and matured 

September 2. The issue was part of the SFP. Treasury 

auctioned the bills on July 7. Tenders totaled $109,881 

million; Treasury accepted $25,001 million. The high bank 

discount rate was 0.165 percent. 

On July 12, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued July 15 and 

matured September 9. The issue was part of the SFP. Treasury 

auctioned the bills on July 14. Tenders totaled $115,265 

million; Treasury accepted $25,000 million. The high bank 

discount rate was 0.160 percent. 

On July 19, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued July 22 and 

matured September 16. The issue was part of the SFP. 

Treasury auctioned the bills on July 21. Tenders totaled 

$115,758 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.160 percent. 

On July 26, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued July 29 and 

matured September 23. The issue was part of the SFP. 

Treasury auctioned the bills on July 28. Tenders totaled 

$110,887 million; Treasury accepted $25,000 million. The 

high bank discount rate was 0.155 percent. 

52-Week Bills 

On June 24, 2010, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

July 1 and will mature June 30, 2011. The issue was to refund 

$140,009 million of all maturing bills and raise new cash of 

approximately $1,991 million. Treasury auctioned the bills on 

June 29. Tenders totaled $104,795 million; Treasury accepted 

$25,000 million. That included $209 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.320 percent. 

Auction of 3-Year Notes 

On July 8, 2010, Treasury announced it would auction 

$35,000 million of 3-year notes. The issue was to refund 

$12,978 million of securities maturing July 15 and to raise 

new cash of approximately $68,022 million. 

The 3-year notes of Series AA-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 set 

an interest rate of 1 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on July 12. Tenders totaled 

$111,830 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.055 percent with the 

equivalent price of $99.838004. Treasury accepted in full all 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2010 

41

competitive tenders at yields lower than 1.055 percent. 

Tenders at the high yield were allotted 72.43 percent. The 

median yield was 1.019 percent, and the low yield was 0.947 

percent. Noncompetitive tenders totaled $60 million. 

Competitive tenders accepted from private investors totaled 

$34,940 million. 

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

the auction process, Treasury accepted $10 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AA-2013 is $100. 

Auction of 9-Year 10-Month 3-1/2 Percent Notes 

On July 8, 2010, Treasury announced it would auction 

$21,000 million of 9-year 10-month 3-1/2 percent notes. The 

issue was to refund $12,978 million of securities maturing 

July 15 and to raise new cash of approximately $68,022 

million. 

The 9-year 10-month notes of Series C-2020 were dated 

May 15 and issued July 15. They are due May 15, 2020, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 13. Tenders totaled $64,993 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.119 percent with an 

equivalent price of $103.199671. Treasury accepted in full all 

competitive tenders at yields lower than 3.119 percent. 

Tenders at the high yield were allotted 77.69 percent. The 

median yield was 3.071 percent, and the low yield was 2.970 

percent. Noncompetitive tenders totaled $49 million. 

Competitive tenders accepted from private investors totaled 

$20,951 million. Accrued interest of $5.80163 per $1,000 

must be paid for the period from May 15 to July 15. 

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

the auction process, Treasury accepted $6 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series C-2020 is $100. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On July 1, 2010, Treasury announced it would auction 

$12,000 million of 10-year 1-1/4 percent TIPS. The issue was 

to refund $12,978 million of securities maturing July 15 and 

to raise new cash of approximately $68,022 million. 

The 10-year TIPS of Series D-2020 were dated and 

issued July 15. They are due July 15, 2020, with interest 

payable on January 15 and July 15 until maturity. Treasury set 

an interest rate of 1-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on July 8. Tenders totaled $34,572 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.295 percent with an 

equivalent adjusted price of $99.579194. Treasury accepted in 

full all competitive tenders at yields lower than 1.295. Tenders 

at the high yield were allotted 43.46 percent. The median yield 

was 1.250 percent, and the low yield was 1.163 percent. 

Noncompetitive tenders totaled $148 million. Competitive 

tenders accepted from private investors totaled $11,852 

million. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $3 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of TIPS of Series D-2020 is $100. 

Auction of 29-Year 10-Month 4-3/8 Percent Bonds 

On July 8, 2010, Treasury announced it would auction 

$13,000 million of 29-year 10-month 4-3/8 percent bonds. 

The issue was to refund $12,978 million of securities 

maturing July 15 and to raise new cash of approximately 

$68,022 million. 

The 29-year 10-month bonds of May 2040 were dated 

May 15 and issued July 15. They are due May 15, 2040, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 

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

for competitive tenders on July 14. Tenders totaled $37,635 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.080 percent with an 

equivalent price of $105.053815. Treasury accepted in full all 

competitive tenders at yields lower than 4.080 percent. 

Tenders at the high yield were allotted 39.23 percent. The 

median yield was 4.039 percent, and the low yield was 3.970 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$12,985 million. Accrued interest of $7.25204 per $1,000 

must be paid for the period from May 15 to July 15. 

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

the auction process, Treasury accepted $4 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of bonds of May 2040 is $100. 

52-Week Bills 

On July 22, 2010, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

July 29, and will mature July 28, 2011. The issue was to 

refund $137,005 million of all maturing bills and raise new 

cash of approximately $3,995 million. Treasury auctioned the 

bills on July 27. Tenders totaled $98,536 million; Treasury 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2010 

42 

accepted $25,000 million, which included $234 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.295 percent. 

A U G U S T 

Cash Management Bills 

On August 2, 2010, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued August 5 

and matured September 30. The issue was part of the SFP. 

Treasury auctioned the bills on August 4. Tenders totaled 

$115,928 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.160 percent. 

On August 9, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued August 12 

and matured October 7. The issue was part of the SFP. 

Treasury auctioned the bills on August 11. Tenders totaled 

$123,820 million; Treasury accepted $25,000 million. The 

high bank discount rate was 0.135 percent. 

On August 16, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued August 19 

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

Treasury auctioned the bills on August 18. Tenders totaled 

$124,060 million; Treasury accepted $25,000 million. The 

high bank discount rate was 0.145 percent. 

On August 23, Treasury announced it would auction 

$35,000 million of 21-day bills. They were issued August 26 

and matured September 16. The issue was to raise new cash. 

Treasury auctioned the bills on August 25. Tenders totaled 

$132,492 million; Treasury accepted $35,002 million. The 

high bank discount rate was 0.170 percent. 

On August 23, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued August 26 

and matured October 21. The issue was part of the SFP. 

Treasury auctioned the bills on August 25. Tenders totaled 

$116,226 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.140 percent. 

Auction of 2-Year Notes 

On July 22, 2010, Treasury announced it would auction 

$38,000 million of 2-year notes. The issue was to refund 

$31,006 million of securities maturing July 31 and to raise 

new cash of approximately $72,994 million. 

The 2-year notes of Series AN-2012 were dated July 31 

and issued August 2. They are due July 31, 2012, with interest 

payable on January 31 and July 31 until maturity. Treasury set 

an interest rate of 0-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 27. Tenders totaled $126,467 

million; Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.665 percent with an 

equivalent price of $99.920863. Treasury accepted in full all 

competitive tenders at yields lower than 0.665 percent. 

Tenders at the high yield were allotted 88.09 percent. The 

median yield was 0.639 percent, and the low yield was 0.570 

percent. Noncompetitive tenders totaled $522 million. 

Competitive tenders accepted from private investors totaled 

$37,478 million. Accrued interest of $0.03397 per $1,000 

must be paid for the period from July 31 to August 2. 

In addition to the $38,000 million of tenders accepted in 

the auction process, Treasury accepted $1,248 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AN-2012 is $100. 

Auction of 5-Year Notes 

On July 22 2010, Treasury announced it would auction 

$37,000 million of 5-year notes. The issue was to refund 

$31,006 million of securities maturing July 31 and to raise 

new cash of approximately $72,994 million. 

The 5-year notes of Series P-2015 were dated July 31 and 

issued August 2. They are due July 31, 2015, with interest 

payable on January 31 and July 31 until maturity. Treasury set 

an interest rate of 1-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 28. Tenders totaled $113,075 

million; Treasury accepted $37,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.796 percent with an 

equivalent price of $99.781106. Treasury accepted in full all 

competitive tenders at yields lower than 1.796 percent. 

Tenders at the high yield were allotted 26.55 percent. The 

median yield was 1.750 percent, and the low yield was 1.690 

percent. Noncompetitive tenders totaled $103 million. 

Competitive tenders accepted from private investors totaled 

$26,897 million. Accrued interest of $0.09511 per $1,000 

must be paid for the period from July 31 to August 2. 

In addition to the $37,000 million of tenders accepted in 

the auction process, Treasury accepted $1,215 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2015 is $100. 

Auction of 7-Year Notes 

On July 22, 2010, Treasury announced it would auction 

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

$31,006 million of securities maturing July 31 and to raise 

new cash of approximately $72,994 million. 

The 7-year notes of Series N-2017 were dated July 31 

and issued August 2. They are due July 31, 2017, with interest 

payable on January 31 and July 31 until maturity. Treasury set 

an interest rate of 2-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 
PUBLIC DEBT OPERATIONS 

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December 2010 

43

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 29. Tenders totaled $80,492 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.394 percent with an 

equivalent price of $99.878150. Treasury accepted in full all 

competitive tenders at yields lower than 2.394 percent. 

Tenders at the high yield were allotted 25.57 percent. The 

median yield was 2.330 percent, and the low yield was 2.268 

percent. Noncompetitive tenders totaled $57 million. 

Competitive tenders accepted from private investors totaled 

$28,918 million. Accrued interest of $0.12908 per $1,000 

must be paid for the period from July 31 to August 2. 

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

the auction process, Treasury accepted $952 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2017 is $100. 

August Quarterly Financing 

On August 4, 2010, Treasury announced it would auction 

$34,000 million of 3-year notes, $24,000 million of 10-year 

notes and $16,000 million of 30-year bonds to refund $32,970 

million of securities maturing on August 15 and to raise new 

cash of approximately $41,030 million. 

The 3-year notes of Series AB-2013 were dated August 

15 and issued August 16. They are due August 15, 2013, with 

interest payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 0-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 10. Tenders totaled $112,515 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.844 percent with an 

equivalent price of $99.722358. Treasury accepted in full all 

competitive tenders at yields lower than 0.844. Tenders at the 

high yield were allotted 53.42 percent. The median yield was 

0.815 percent, and the low yield was 0.738 percent. 

Noncompetitive tenders totaled $92 million. Competitive 

tenders accepted from private investors totaled $33,908 

million. Accrued interest of $0.02038 per $1,000 must be paid 

for the period from August 15 to August 16. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $2,036 million from 

FRBs for their own accounts. The minimum par amount 

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

The 10-year notes of Series E-2020 were dated August 15 

and issued August 16. They are due August 15, 2020, with 

interest payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 2-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 11. Tenders totaled $72,996 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.730 percent with an 

equivalent price of $99.086655. Treasury accepted in full all 

competitive tenders at yields lower than 2.730. Tenders at the 

high yield were allotted 10.57 percent. The median yield was 

2.669 percent, and the low yield was 2.600 percent. 

Noncompetitive tenders totaled $126 million. Competitive 

tenders accepted from private investors totaled $23,824 

million. Accrued interest of $0.07133 per $1,000 must be paid 

for the period from August 15 to August 16. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $1,437 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2020 is $100. 

The 30-year bonds were dated August 15 and issued 

August 16. They are due August 15, 2040, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 3-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 

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

for competitive tenders on August 12. Tenders totaled 

$44,274 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.954 percent with an 

equivalent price of $98.619129. Treasury accepted in full all 

competitive tenders at yields lower than 3.954. Tenders at the 

high yield were allotted 55.98 percent. The median yield was 

3.890 percent, and the low yield was 3.800 percent. 

Noncompetitive tenders totaled $53 million. Competitive 

tenders accepted from private investors totaled $15,947 

million. Accrued interest of $0.10530 per $1,000 must be paid 

for the period from August 15 to August 16. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $958 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of August 2040 is $100. 

52-Week Bills 

On August 19, 2010, Treasury announced it would 

auction $25,000 million of 364-day Treasury bills. They were 

issued August 26 and will mature August 25, 2011. The issue 

was to refund $163,004 million of all maturing bills and raise 

new cash of approximately $15,996 million. Treasury 

auctioned the bills on August 24. Tenders totaled $107,436 

million; Treasury accepted $25,000 million. That included 

$239 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.260 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2010 

44 

Auction of 2-Year Notes 

On August 19, 2010, Treasury announced it would 

auction $37,000 million of 2-year notes. The issue was to 

refund $31,984 million of securities maturing August 31 and 

to raise new cash of approximately $77,016 million. 

The 2-year notes of Series AP-2012 were dated and 

issued August 31. They are due August 31, 2012, with interest 

payable on the last calendar day of February and August 31 

until maturity. Treasury set an interest rate of 0-3/8 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 24. Tenders totaled $115,547 

million; Treasury accepted $37,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.498 percent with an 

equivalent price of $99.755524. Treasury accepted in full all 

competitive tenders at yields lower than 0.498 percent. 

Tenders at the high yield were allotted 95.59 percent. The 

median yield was 0.480 percent, and the low yield was 0.396 

percent. Noncompetitive tenders totaled $456 million. 

Competitive tenders accepted from private investors totaled 

$36,544 million. 

In addition to the $37,000 million of tenders accepted in 

the auction process, Treasury accepted $906 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AP-2012 is $100. 

Auction of 5-Year Notes 

On August 19, 2010, Treasury announced it would 

auction $36,000 million of 5-year notes. The issue was to 

refund $31,984 million of securities maturing August 31 and 

to raise new cash of approximately $77,016 million. 

The 5-year notes of Series Q-2015 were dated and issued 

August 31. They are due August 31, 2015, with interest 

payable on the last calendar day of February and August 31 

until maturity. Treasury set an interest rate of 1-1/4 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 25. Tenders totaled $101,886 

million; Treasury accepted $36,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.374 percent with an 

equivalent price of $99.402797. Treasury accepted in full all 

competitive tenders at yields lower than 1.374 percent. 

Tenders at the high yield were allotted 58.31 percent. The 

median yield was 1.310 percent, and the low yield was 1.250 

percent. Noncompetitive tenders totaled $110 million. 

Competitive tenders accepted from private investors totaled 

$35,840 million. 

In addition to the $36,000 million of tenders accepted in 

the auction process, Treasury accepted $881 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2015 is $100. 

Auction of 7-Year Notes 

On August 19, 2010, Treasury announced it would 

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

refund $31,984 million of securities maturing August 31 and 

to raise new cash of approximately $77,016 million. 

The 7-year notes of Series P-2017 were dated and issued 

August 31. They are due August 31, 2017, with interest 

payable on the last calendar day of February and August 31 

until maturity. Treasury set an interest rate of 1-7/8 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the note before 12:00 noon 

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

competitive tenders on August 26. Tenders totaled $86,536 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.989 percent with an 

equivalent price of $99.258493. Treasury accepted in full all 

competitive tenders at yields lower than 1.989 percent. 

Tenders at the high yield were allotted 49.76 percent. The 

median yield was 1.950 percent, and the low yield was 1.900 

percent. Noncompetitive tenders totaled $36 million. 

Competitive tenders accepted from private investors totaled 

$28,864 million. 

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

the auction process, Treasury accepted $710 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2017 is $100. 

Auction of 29-Year 6-Month 2-1/8 TIPS 

On August 19, 2010, Treasury announced that it would 

auction $7,000 million of 29-year 6-month 2-1/8 percent 

TIPS. The issue was to refund $31,984 million of securities 

maturing August 31 and to raise new cash of approximately 

$77,016 million. 

The 29-year 6-month TIPS of February 2040 were dated 

August 15 and issued August 31. They are due February 15, 

2040, with interest payable on February 15 and August 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on August 23. Tenders totaled $19,475 

million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.768 percent with an 

equivalent adjusted price of $109.086149. Treasury accepted 

in full all competitive tenders at yields lower than 1.768. 

Tenders at the high yield were allotted 37.32 percent. The 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2010 

45

median yield was 1.715 percent, and the low yield was 1.600 

percent. Noncompetitive tenders totaled $38 million. 

Competitive tenders accepted from private investors totaled 

$6,962 million. Accrued interest of $0.93174 per $1,000 must 

be paid for the period from August 15 to August 31. Both the 

unadjusted price of 108.168877 and the unadjusted accrued 

interest of 0.92391 were adjusted by an index ratio of 1.00848 

from the period of August 15 to August 31. 

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

the auction process, Treasury accepted $171 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of February 2040 is $100. 

S E P T E M B E R 

Cash Management Bills 

On August 30, 2010, Treasury announced it would 

auction $25,000 million of 56-day bills. They were issued 

September 2 and matured October 28. The issue was part of 

the SFP. Treasury auctioned the bills on September 1. Tenders 

totaled $123,014 million; Treasury accepted $25,000 million. 

The high bank discount rate was 0.125 percent. 

On September 7, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued September 

9 and will mature November 4. The issue was part of the SFP. 

Treasury auctioned the bills on September 8. Tenders totaled 

$108,097 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.120 percent. 

On September 13, Treasury announced it would auction 

$25,000 million of 57-day bills. They were issued September 

16 and will mature November 12. The issue was part of the 

SFP. Treasury auctioned the bills on September 15. Tenders 

totaled $114,317 million; Treasury accepted $25,001 million. 

The high bank discount rate was 0.145 percent. 

On September 20, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued September 

23 and will mature November 18. The issue was part of the 

SFP. Treasury auctioned the bills on September 22. Tenders 

totaled $111,013 million; Treasury accepted $25,001 million. 

The high bank discount rate was 0.145 percent. 

On September 27, Treasury announced it would auction 

$25,000 million of 57-day bills. They were issued September 

30 and will mature November 26. The issue was part of the 

SFP. Treasury auctioned the bills on September 29. Tenders 

totaled $114,168 million; Treasury accepted $25,000 million. 

The high bank discount rate was 0.130 percent. 

Auction of 3-Year Notes 

On September 2, 2010, Treasury announced it would 

auction $33,000 million of 3-year notes. The issue was to 

refund $12,168 million of securities maturing September 15 

and to refund approximately $64,832 million. 

The 3-year note of Series AC-2013 were dated and issued 

September 15. They are due September 15, 2013, with interest 

payable on March 15 and September 15 until maturity. 

Treasury set an interest rate of 0-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 7. Tenders totaled $106,042 

million; Treasury accepted $33,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.790 percent with an 

equivalent price of $99.881642. Treasury accepted in full all 

competitive tenders at yields lower than 0.790 percent. 

Tenders at the high yield were allotted 25.34 percent. The 

median yield was 0.746 percent, and the low yield was 0.691 

percent. Noncompetitive tenders totaled $39 million. 

Competitive tenders accepted from private investors totaled 

$32,961 million. 

In addition to the $33,000 million of tenders accepted in 

the auction process, Treasury accepted $357 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 9-Year 10-Month 1-1/4 Percent TIPS 

On August 30, 2010, Treasury announced that it would 

auction $10,000 million of 9-year 10-month 1-1/4 percent 

TIPS. The issue was to refund $12,168 million of securities 

maturing September 15 and to refund approximately $64,832 

million. 

The 9-year 10-month TIPS of Series D-2020 were dated 

July 15 and issued September 15. They are due July 15, 2020, 

with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on September 2. Tenders totaled $27,962 

million; Treasury accepted $10,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.019 percent with an 

equivalent adjusted price of $102.109188. Treasury accepted 

in full all competitive tenders at yields lower than 1.019. 

Tenders at the high yield were allotted 24.86 percent. The 

median yield was 0.940 percent, and the low yield was 0.845 

percent. Noncompetitive tenders totaled $62 million. 

Competitive tenders accepted from private investors totaled 

$9,938 million. Adjusted accrued interest of $2.10503 per 

$1,000 must be paid for the period from July 15 to September 

15. Both the unadjusted price of 102.155158 and the 

unadjusted accrued interest of 2.10598 were adjusted by an 

index ratio of 0.99955 from the period of July 15 to 

September 15. 

In addition to the $10,000 million of tenders accepted in 

the auction process, Treasury accepted $108 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2020 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2010 

46 

Auction of 9-Year 11-Month 2-5/8 Notes 

On September 2, 2010, Treasury announced it would 

auction $21,000 million of 9-year 11-month 2-5/8 notes. The 

issue was to refund $12,168 million of securities maturing 

September 15 and to refund approximately $64,832 million. 

The 9-year 11-month 2-5/8 notes of Series E-2020 were 

dated August 15 and issued September 15. They are due 

August 15, 2020, with interest payable on February 15 and 

August 15 until maturity. Treasury set an interest rate of 2-5/8 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the note before 12:00 noon 

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

competitive tenders on September 8. Tenders totaled $67,438 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.670 percent with an 

equivalent price of $99.607796. Treasury accepted in full all 

competitive tenders at yields lower than 2.670 percent. 

Tenders at the high yield were allotted 54.70 percent. The 

median yield was 2.630 percent, and the low yield was 2.538 

percent. Noncompetitive tenders totaled $40 million. 

Competitive tenders accepted from private investors totaled 

$20,960 million. Accrued interest of $2.21128 per $1,000 

must be paid for the period from August 15 to September 15. 

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

the auction process, Treasury accepted $227 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2020 is $100. 

Auction of 29-Year 11-Month 3-7/8 Percent Bonds 

On September 2, 2010, Treasury announced it would 

auction $13,000 million of 29-year 11-month 3-7/8 percent 

bonds. The issue was to refund $12,168 million of securities 

maturing September 15 and to refund approximately $64,832 

million. 

The 29-year 11-month bonds of August 2040 were dated 

August 15 and issued September 15. They are due August 15, 

2040, with interest payable on February 15 and August 15 

until maturity. 

Treasury received tenders for the bonds before 12:00 

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

for competitive tenders on September 9. Tenders totaled 

$35,460 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.820 percent with an 

equivalent price of $100.970530. Treasury accepted in full all 

competitive tenders at yields lower than 3.820 percent. 

Tenders at the high yield were allotted 59.64 percent. The 

median yield was 3.755 percent, and the low yield was 3.690 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$12,986 million. Accrued interest of $3.26427 per $1,000 

must be paid for the period from August 15 to September 15. 

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

the auction process, Treasury accepted $141 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of August 2040 is $100. 

52-Week Bills 

On September 16, 2010, Treasury announced it would 

auction $25,000 million of 364-day Treasury bills. They were 

issued September 23 and will mature September 22, 2011. 

The issue was to refund $142,010 million of securities 

maturing September 23 and to refund approximately $9,010 

million. Treasury auctioned the bills on September 21. 

Tenders totaled $106,149 million; Treasury accepted $25,000 

million, which included $215 million of noncompetitive 

tenders from the public. The high bank discount rate was 

0.265 percent. 

Auction of 2-Year Notes 

On September 23, 2010, Treasury announced it would 

auction $36,000 million of 2-year notes. The issue was to 

refund $33,998 million of securities maturing September 30 

and to raise new cash of approximately $66,002 million. 

The 2-year notes of Series AQ-2012 were dated and 

issued September 30. They are due September 30, 2012, with 

interest payable on March 31 and September 30 until 

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

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 noon 

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

competitive tenders on September 27. Tenders totaled 

$136,247 million; Treasury accepted $36,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.441 percent with an 

equivalent price of $99.868724. Treasury accepted in full all 

competitive tenders at yields lower than 0.441 percent. 

Tenders at the high yield were allotted 25.35 percent. The 

median yield was 0.418 percent, and the low yield was 0.350 

percent. Noncompetitive tenders totaled $420 million. 

Competitive tenders accepted from private investors totaled 

$35,570 million. 

In addition to the $36,000 million of tenders accepted in 

the auction process, Treasury accepted $1,134 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AQ-2012 is $100. 

Auction of 5-Year Notes 

On September 23, 2010, Treasury announced it would 

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

refund $33,998 million of securities maturing September 30 

and to raise new cash of approximately $66,002 million. 
PUBLIC DEBT OPERATIONS 

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December 2010 

47

The 5-year notes of Series R-2015 were dated and issued 

September 30. They are due September 30, 2015, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 1-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 28. Tenders totaled 

$103,438 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.260 percent with an 

equivalent price of $99.951690. Treasury accepted in full all 

competitive tenders at yields lower than 1.260 percent. 

Tenders at the high yield were allotted 64.15 percent. The 

median yield was 1.219 percent, and the low yield was 1.171 

percent. Noncompetitive tenders totaled $87 million. 

Competitive tenders accepted from private investors totaled 

$34,863 million. 

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

the auction process, Treasury accepted $1,103 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series R-2015 is $100. 

Auction of 7-Year Notes 

On September 23, 2010, Treasury announced it would 

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

refund $33,998 million of securities maturing September 30 

and to raise new cash of approximately $66,002 million. 

The 7-year notes of Series Q-2017 were dated and issued 

September 30. They are due September 30, 2017, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 1-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 29. Tenders totaled $88,238 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.890 percent with an 

equivalent price of $99.902081. Treasury accepted in full all 

competitive tenders at yields lower than 1.890 percent. 

Tenders at the high yield were allotted 40.21 percent. The 

median yield was 1.850 percent, and the low yield was 1.790 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$28,985 million. 

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

the auction process, Treasury accepted $914 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2017 is $100.
PUBLIC DEBT OPERATIONS 

December 2010

48 

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

On

 competitive

 basis 

 (5) 

On 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) 

 

 2010 - July 01............. 2010 - July 29 28 130,969.9 41,938.9 34,707.7 293.2 99.988333 0.150 0.152

 Sept. 30 91 110,499.6 28,000.1 25,835.5 1,164.7 99.959556 0.160 0.162

Dec. 30 182 118,687.8 28,000.1 26,281.4 718.8 99.891306 0.215 0.218

July 08............. Aug. 05 28 132,473.7 39,782.0 35,733.4 267.0 99.987167 0.165 0.167

Oct. 07 91 126,988.5 30,000.6 28,641.1 1,203.7 99.958292 0.165 0.167

2011 - Jan. 06 182 124,508.3 30,000.1 28,719.9 880.2 99.896361 0.205 0.208

July 15............ 2010 - Aug. 12 28 139,284.3 38,285.6 31,587.6 213.0 99.988333 0.150 0.152

Oct. 14 91 139,137.5 30,000.1 28,556.6 1,093.6 99.962083 0.150 0.152

2011 - Jan. 13 182 117,065.8 30,000.6 28,625.2 875.5 99.898889 0.200 0.203

July 22............. 2010 - Aug. 19 28 144,014.7 34,419.8 31,727.9 273.9 99.987944 0.155 0.157

Oct. 21 91 128,644.5 30,000.3 28,559.8 1,190.5 99.960819 0.155 0.157

2011 - Jan. 20 182 125,588.4 30,000.4 28,530.4 970.0 99.901417 0.195 0.198

July 29............. 2010 - Aug. 26 28 139,388.2 36,938.0 29,779.5 260.8 99.987944 0.155 0.157

Oct. 28 91 130,137.8 30,000.2 27,846.5 1,153.7 99.962083 0.150 0.152

2011 - Jan. 27 182 129,742.7 30,000.5 28,082.8 917.7 99.898889 0.200 0.203

Aug. 05............ 2010 - Sept. 02 28 143,535.9 34,783.1 30,728.7 272.9 99.988333 0.150 0.152

Nov. 04 91 131,188.8 30,001.9 28,616.8 1,085.1 99.960819 0.155 0.157

2011 - Feb. 03 182 126,835.0 30,000.2 28,685.8 901.9 99.901417 0.195 0.198

Aug. 12............ 2010 - Sept. 09 28 142,187.0 37,285.6 30,714.8 285.8 99.988722 0.145 0.147

Nov. 12 92 118,721.1 30,000.0 28,466.8 1,233.2 99.961667 0.150 0.152

2011 - Feb. 10 182 119,807.6 30,001.0 28,516.7 871.8 99.903944 0.190 0.193

Aug. 19............. 2010 - Sept. 16 28 146,366.9 36,419.4 33,714.0 287.5 99.987944 0.155 0.157

Nov. 18 91 136,184.9 30,000.6 28,350.1 1,300.5 99.960819 0.155 0.157

2011 - Feb. 17 182 131,576.4 30,000.4 28,551.0 996.9 99.906472 0.185 0.188

Aug. 26............. 2010 - Sept. 23 28 148,264.4 39,938.2 32,774.3 283.9 99.987944 0.155 0.157

Nov. 26 92 127,430.3 30,000.7 27,881.5 1,127.9 99.960389 0.155 0.157

2011 - Feb. 24 182 127,404.4 30,000.7 28,274.5 739.3 99.906472 0.185 0.188

Sept. 02............. 2010 - Sept. 30 28 140,590.4 37,781.7 33,535.9 264.2 99.987556 0.160 0.162

Dec. 02 91 148,402.9 30,000.3 28,439.1 1,111.2 99.963347 0.145 0.147

2011 - Mar. 03 182 125,478.3 30,001.5 28,687.6 848.9 99.903944 0.190 0.193

Sept. 09............. 2010 - Oct. 07 28 151,716.7 41,285.3 34,606.9 293.3 99.993000 0.090 0.091

Dec. 09 91 132,644.0 30,000.8 28,418.4 1,182.4 99.965875 0.135 0.137

2011 - Mar. 10 182 133,646.1 30,000.6 28,798.5 752.1 99.909000 0.180 0.183

Sept. 16............. 2010 - Oct. 14 28 119,713.9 32,418.1 29,594.6 305.5 99.992222 0.100 0.101

 Dec. 16 91 126,124.6 29,002.1 27,772.3 1,129.8 99.964611 0.140 0.142

 2011 - Mar. 17 182 132,479.6 29,001.3 27,622.8 838.5 99.903944 0.190 0.193

Sept. 23............ 2010 - Oct. 21 28 123,979.5 30,938.4 24,637.8 262.6 99.991056 0.115 0.117

 Dec. 23 91 126,361.4 29,000.4 26,934.4 1,173.6 99.959556 0.160 0.162

 2011 - Mar. 24 182 125,733.5 29,000.7 27,296.3 764.4 99.901417 0.195 0.198

Sept. 30 ............... 2010 - Oct. 28 28 132,776.9 28,781.9 24,193.3 270.0 99.993778 0.080 0.081

 Dec. 30 91 125,119.2 29,000.6 26,865.9 1,137.6 99.960819 0.155 0.157

 2011 - Mar. 31 182 131,254.7 29,000.5 27,140.1 866.5 99.903944 0.190 0.193

 

1

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

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

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

December 2010 

49

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

06/29/10 07/01/10 0.320% bill—06/30/11 364d 104,795 25,000 

06/30/10 07/01/10 0.180% bill—08/26/10 56d 112,524 25,001 

07/07/10 07/08/10 0.165% bill—09/02/10 56d 109,881 25,001 

07/08/10 07/15/10 1.250% TIPS—07/15/20-D 10y 34,575 12,003 1.295 - 99.579194 

07/12/10 07/15/10 1.000% note—07/15/13-AA 3y 111,840 35,010 1.055 - 99.838004 

07/13/10 07/15/10 3.500% note—05/15/20-C 9y 10m 64,999 21,006 3.119 - 103.199671 

07/14/10 07/15/10 0.160% bill—09/09/10 56d 115,265 25,000 

07/14/10 07/15/10 4.375% bond—05/15/40 29y 10m 37,638 13,004 4.080 - 105.053815 

07/21/10 07/22/10 0.160% bill—09/16/10 56d 115,758 25,001 

07/27/10 07/29/10 0.295% bill—07/28/11 364d 98,536 25,000 

07/28/10 07/29/10 0.155% bill—09/23/10 56d 110,887 25,000 

07/27/10 08/02/10 0.625% note—07/31/12-AN 2y 127,715 39,248 0.665 - 99.920863 

07/28/10 08/02/10 1.750% note—07/31/15-P 5y 114,289 38,215 1.796 - 99.781106 

07/29/10 08/02/10 2.375% note—07/31/17-N 7y 81,444 29,952 2.394 - 99.878150 

08/04/10 08/05/10 0.160% bill—09/30/10 56d 115,928 25,001 

08/11/10 08/12/10 0.135% bill—10/07/10 56d 123,820 25,000 

08/10/10 08/16/10 0.750% note—08/15/13-AB 3y 114,551 36,036 0.844 - 99.722358 

08/11/10 08/16/10 2.625% note—08/15/20-E 10y 74,433 25,437 2.730 - 99.086655 

08/12/10 08/16/10 3.875% bond—08/15/40 30y 45,232 16,958 3.954 - 98.619129 

08/18/10 08/19/10 0.145% bill—10/14/10 56d 124,060 25,000 

08/24/10 08/26/10 0.260% bill—08/25/11 364d 107,436 25,000 

08/25/10 08/26/10 0.170% bill—09/16/10 21d 132,492 35,002 

08/25/10 08/26/10 0.140% bill—10/21/10 56d 116,226 25,001 

08/23/10 08/31/10 2.125% TIPS—02/15/40 29y 6m 19,646 7,171 1.768 - 109.086149 

08/24/10 08/31/10 0.375% note—08/31/12-AP 2y 116,453 37,906 0.498 - 99.755524 

08/25/10 08/31/10 1.250% note—08/31/15-Q 5y 102,768 36,881 1.374 - 99.402797 

08/26/10 08/31/10 1.875% note—08/31/17-P 7y 87,246 29,710 1.989 - 99.258493 

09/01/10 09/02/10 0.125% bill—10/28/10 56d 123,014 25,000 

09/08/10 09/09/10 0.120% bill—11/04/10 56d 108,097 25,001 

09/02/10 09/15/10 1.250% TIPS—07/15/20-D 9y 10m 28,070 10,108 1.019 - 102.109188 

09/07/10 09/15/10 0.750% note—09/15/13-AC 3y 106,399 33,357 0.790 - 99.881642 

09/08/10 09/15/10 2.625% note—08/15/20-E 9y 11m 67,666 21,227 2.670 - 99.607796 

09/09/10 09/15/10 3.875% bond—08/15/40 29y 11m 35,600 13,141 3.820 - 100.970530 

09/15/10 09/16/10 0.145% bill—11/12/10 57d 114,317 25,001 

09/21/10 09/23/10 0.265% bill—09/22/11 364d 106,149 25,000 

09/22/10 09/23/10 0.145% bill—11/18/10 56d 111,013 25,001 

09/27/10 09/30/10 0.375% note—09/30/12-AQ 2y 137,381 37,134 0.441 - 99.868724 

09/28/10 09/30/10 1.250% note—09/30/15-R 5y 104,541 36,103 1.260 - 99.951690 

09/29/10 09/30/10 0.130% bill—11/26/10 57d 114,168 25,000 

09/29/10 09/30/10 1.875% note—09/30/17-Q 7y 89,152 29,914 1.890 - 99.902081 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
December 2010 

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 ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

December 2010 

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) 

 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 964,894 

 

2009 - Sept...................................... 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

Oct....................................... 11,916,251 11,893,090 4,401,771 - 4,401,771 917,673 

Nov ...................................... 12,136,257 12,113,047 4,397,288 - 4,397,288 925,780 

Dec ...................................... 12,334,846 12,311,349 4,496,990 - 4,496,990 930,593 

2010 - Jan ....................................... 12,302,178 12,278,636 4,515,255 - 4,515,255 934,745 

Feb ...................................... 12,463,506 12,440,068 4,499,337 - 4,499,337 938,583 

Mar ...................................... 12,796,707 12,773,123 4,478,875 - 4,478,875 940,059 

Apr....................................... 12,972,391 12,948,739 4,509,918 - 4,509,918 939,683 

May...................................... 13,016,378 12,992,539 4,493,694 - 4,493,694 938,286 

June..................................... 13,225,646 13,201,792 4,562,576 - 4,562,576 936,333 

July ...................................... 13,261,698 13,237,727 4,530,315 - 4,530,315 919,285 

Aug ...................................... 13,473,561 13,449,652 4,518,902 - 4,518,902 913,077 

Sept..................................... 13,585,596 13,561,622 4,534,014 - 4,534,014 964,894 

 

 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) 

 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

2009 .................................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

2010 .................................................................... 8,062,715 7,533,431 529,284 23,974 23,974 

 

2009 - Sept.......................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

Oct........................................................... 6,573,647 6,029,960 543,687 23,160 23,160 

Nov .......................................................... 6,789,980 6,248,793 541,187 23,210 23,210 

Dec .......................................................... 6,883,767 6,341,903 541,863 23,496 23,496 

2010 - Jan ........................................................... 6,828,636 6,291,806 536,830 23,543 23,543 

Feb .......................................................... 7,002,148 6,467,798 534,350 23,438 23,438 

Mar .......................................................... 7,354,189 6,816,982 537,207 23,584 23,584 

Apr........................................................... 7,499,138 6,961,595 537,543 23,652 23,652 

May.......................................................... 7,560,559 7,020,103 540,456 23,839 23,839 

June......................................................... 7,702,883 7,166,075 536,807 23,854 23,854 

July .......................................................... 7,788,127 7,259,567 528,560 23,970 23,970 

Aug .......................................................... 8,017,674 7,491,387 526,287 23,909 23,909 

Sept......................................................... 8,062,715 7,533,431 529,284 23,974 23,974 

 
OWNERSHIP OF FEDERAL SECURITIES 

December 2010 

52 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

 Other 

 investors 9

 (12) 

 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,085.0 679.1 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,060.7 544.8 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,038.8 529.9 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,015.2 509.0 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,012.5 525.5 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 983.3 380.3 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 992.2 433.1 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 145.8 155.1 105.7 261.9 328.4 1,040.1 410.7 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,123.1 313.8 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 297.0 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4 

2003 - Mar......... 6,460.8 3,390.8 3,070.0 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.2 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.2 170.2 161.3 138.7 302.3 347.9 1,371.9 327.8 

 Sept........ 6,783.2 3,515.3 3,267.9 146.8 201.6 167.7 155.5 137.4 287.1 357.7 1,443.3 371.0 

 Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.9 172.2 148.6 136.5 280.9 364.2 1,523.1 395.4 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.5 169.8 143.6 172.4 280.8 374.1 1,670.0 324.8 

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 174.6 258.7 381.2 1,735.4 310.1 

 Sept........ 7,379.1 3,772.0 3,607.1 138.5 204.2 174.0 140.8 182.9 255.0 381.7 1,794.5 335.5 

 Dec......... 7,596.1 3,905.6 3,690.5 125.0 204.5 173.7 151.0 188.5 254.1 389.1 1,849.3 355.4 

2005 - Mar......... 7,776.9 3,921.6 3,855.3 141.8 204.2 177.3 158.0 193.3 261.1 412.0 1,952.2 355.5 

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 195.0 248.7 444.0 1,877.5 354.4 

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 200.7 244.7 467.6 1,929.6 344.3 

 Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.2 184.9 153.8 202.3 251.3 481.4 2,033.9 340.6 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.7 153.0 200.3 248.7 486.1 2,082.1 438.1 

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 192.1 150.9 196.1 244.2 499.4 1,977.8 445.6 

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.9 154.7 196.8 235.7 502.1 2,025.3 440.3 

 Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.5 156.2 197.9 250.7 516.9 2,103.1 372.5 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 221.7 158.3 185.4 264.5 535.0 2,194.8 393.2 

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 159.3 168.9 267.7 580.3 2,192.0 242.7 

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 246.7 138.9 155.1 306.3 538.5 2,235.3 332.0 

 Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 257.6 141.6 141.9 362.9 537.6 2,353.2 274.6 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 125.3 195.4 270.5 142.0 152.1 484.4 531.0 2,505.8 336.3 

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 276.7 141.8 159.4 477.2 519.9 2,587.2 336.3 

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 292.5 143.9 163.4 656.1 503.2 2,799.5 449.1 

 Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 297.2 146.4 171.4 768.8 485.5 3,075.9 649.2 

2009 - Mar......... 11,126.9 4,785.2 6,341.7 129.1 194.0 330.9 150.2 210.6 716.0 516.9 3,264.6 829.5 

 June ....... 11,545.3 5,026.8 6,518.5 140.7 193.6 353.4 159.9 221.1 695.7 514.4 3,460.8 778.9 

 Sept........ 11,909.8 5,127.1 6,782.7 199.3 192.5 398.1 167.3 244.7 644.9 504.3 3,575.5 856.1 

 Dec......... 12,311.3 5,276.9 7,034.4 206.4 191.3 429.8 174.5 258.5 666.3 505.9 3,691.7 910.1 

2010 - Mar......... 12,773.1 5,259.8 7,513.3 274.4 190.2 462.2 174.7 255.5 649.7 506.1 3,885.2 1,115.4 

 June ....... 13,201.8 5,345.1 7,856.7 269.8 189.6 531.9 174.5 261.8 637.7 511.8 4,010.1 1,269.4 

 Sept........ 13,561.6 5,350.5 8,211.1 n.a. 188.7 n.a. n.a. n.a. n.a. n.a. 4,200.0 n.a. 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information see: 

http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
December 2010 

53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2010 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,176,945,790,355 $1,134,017,310,236 $1,133,533,213,323 $240,740,266 $243,356,647

Less amounts held by: 

The Treasury....................................... 261,964,354 24,464,558 24,250,594 7,505 206,459

FRBs ................................................... 221,964,421,647 219,844,754,559 219,844,731,066 - 23,493

Amounts in circulation............................. $954,719,404,354 $914,148,091,119 $913,664,231,663 $240,732,761 $243,126,695

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $42,928,480,119 $5,977,563,008 $36,950,917,111 

Less amounts held by: 

The Treasury....................................... 237,499,796 180,606,035 56,893,761 

FRBs ................................................... 2,119,667,088 1,073,809,815 1,045,857,273 

Amounts in circulation............................. $40,571,313,235 $4,723,147,158 $35,848,166,077 

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

December 2010

54 

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2010 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $9,552,186,746 $9,409,909,343 $143,503 $142,133,900 

$2 ................................................................................ 1,756,704,748 1,624,667,560 132,024,618 12,570 

$5 ................................................................................ 11,096,624,505 10,961,967,590 108,543,410 26,113,505 

$10 .............................................................................. 15,873,727,330 15,852,952,970 6,300 20,768,060 

$20 .............................................................................. 126,305,417,840 126,285,311,500 3,840 20,102,500 

$50 .............................................................................. 64,421,417,250 64,409,923,400 500 11,493,350 

$100 ............................................................................ 684,829,061,600 684,807,084,300 - 5 21,977,300 

$500 ............................................................................ 142,209,500 142,022,000 5,500 182,000 

$1,000 ......................................................................... 165,526,000 165,323,000 5,000 198,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,360,000 - 90,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $914,148,091,119 $913,664,231,663 $240,732,761 $243,126,695 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

 

Sept. 30, 2010...................................................................................... 954,719 $3,074 

Aug. 31, 2010....................................................................................... 949,262 3,059 

July 31, 2010........................................................................................ 943,753 3,044 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

June 30, 1960 ...................................................................................... 32,064 177 

June 30, 1955 ...................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 Represents current FRB adjustment. 

6

 Based on Bureau of the Census’ estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
December 2010 

57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5

(5) 

 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683 

 

2009 - Oct .......................................................................... 134,690 11,041 58,147 51,903 13,599 

Nov ......................................................................... 135,020 11,041 59,381 53,525 11,073 

Dec ......................................................................... 130,760 11,041 57,814 50,520 11,385 

2010 - Jan .......................................................................... 129,960 11,041 57,316 50,217 11,386 

Feb ......................................................................... 129,293 11,041 56,525 50,185 11,541 

Mar ......................................................................... 127,521 11,041 55,996 48,885 11,598 

Apr.......................................................................... 126,481 11,041 55,733 48,270 11,437 

May......................................................................... 124,174 11,041 54,383 47,129 11,621 

June........................................................................ 124,514 11,041 54,551 47,557 11,365 

July ......................................................................... 129,127 11,041 56,013 49,743 12,330 

Aug ......................................................................... 128,447 11,041 55,666 49,634 12,106 

Sept........................................................................ 133,099 11,041 57,410 51,709 12,938 

Oct.......................................................................... 135,392 11,041 57,986 53,241 13,124 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. Excludes 

outstanding reciprocal currency swaps with foreign central banks. As of end-October 

2010, swaps outstanding were $60 million with the European Central Bank. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2010 

58 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break........... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8.......... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break .......... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ....................... 5,371,673 2,012,633 498,510 1,102,333 948 410,842 1,895,904 1,415,705 769,564 646,141 47,431 

2006 - June 8.......... 6,067,930 2,070,222 493,689 1,112,617 986 462,930 2,189,218 1,747,557 1,041,558 705,999 60,933 

Series Break .......... 6,056,640 2,275,684 493,689 1,211,819 986 569,190 2,189,218 1,537,251 1,041,558 495,693 54,487 

2006 ....................... 6,500,815 2,372,319 461,829 1,271,174 1,026 638,290 2,415,205 1,663,099 1,102,189 560,910 50,192 

2007 - June 8.......... 7,098,730 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,926,307 1,261,391 664,916 50,129 

Series Break .......... 7,210,387 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,759,699 1,261,391 498,308 47,563 

2007 ....................... 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776 

2008 - June 8.......... 8,049,052 3,108,890 583,829 1,523,888 1,155 1,000,017 2,583,285 2,314,685 1,598,663 716,022 42,192 

Series Break .......... 8,074,631 3,340,105 583,829 1,683,160 1,155 1,071,960 2,583,285 2,107,622 1,598,663 508,959 43,619 

2008 ....................... 8,194,149 3,386,589 711,622 1,679,181 1,203 994,583 2,773,384 1,980,221 1,357,856 622,365 53,955 

2009 - June 8.......... 8,035,627 3,473,629 779,889 1,722,168 1,251 970,321 2,566,045 1,959,293 1,171,468 787,825 36,659 

Series Break .......... 8,043,646 3,734,843 779,889 2,052,329 1,251 901,375 2,566,045 1,695,535 1,171,468 524,067 47,223 

2009 - Sept. r ............ 8,245,805 3,756,476 772,101 2,100,199 1,276 882,900 2,664,809 1,781,164 1,201,617 579,547 43,356 

Oct. r.............. 8,229,275 3,783,065 784,611 2,115,242 1,285 881,928 2,644,382 1,758,938 1,155,646 603,292 42,890 

Nov. r............. 8,309,758 3,789,240 757,451 2,146,426 1,293 884,071 2,624,379 1,852,820 1,162,895 689,925 43,319 

Dec. r............. 8,318,509 3,772,652 720,197 2,170,748 1,302 880,406 2,625,669 1,876,543 1,141,030 735,513 43,645 

2010 - Jan. r. ............. 8,314,930 3,745,246 695,788 2,171,306 1,311 876,842 2,607,436 1,918,918 1,122,694 796,224 43,330 

Feb. r............. 8,372,040 3,728,892 680,939 2,172,434 1,319 874,201 2,616,267 1,981,975 1,138,518 843,457 44,906 

Mar. r ............. 8,559,423 3,758,968 678,596 2,200,722 1,328 878,323 2,664,903 2,089,394 1,166,247 923,147 46,158 

Apr. r.............. 8,625,541 3,786,062 688,815 2,215,264 1,336 880,647 2,630,922 2,162,269 1,176,515 985,754 46,288 

May................ 8,605,964 3,760,330 652,900 2,222,500 1,345 883,585 2,597,886 2,193,036 1,199,830 993,206 54,712 

June............... 8,678,911 3,753,624 629,280 2,234,580 1,354 888,411 2,673,912 2,199,130 1,185,262 1,013,868 52,245 

July ................ 8,694,549 3,784,453 655,685 2,243,293 1,363 884,112 2,653,710 2,205,070 1,169,791 1,035,279 51,317 

Aug. p............ 8,799,938 3,826,629 674,771 2,274,772 1,372 875,714 2,649,899 2,270,691 1,149,874 1,120,817 52,719 

Sept. p........... 8,979,825 3,849,579 689,343 2,314,231 1,381 844,624 2,737,120 2,340,971 1,180,960 1,160,011 52,155 

 1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid 

off in full in January 2004); Venezuela, beginning December 1990, 30-year maturity issue; 

Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, 

end-June 2007, end-June 2008, and end-June 2009 respectively, and are comparable to 

those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2010 

59

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

 

2005 .............................................................................. 948 948 77 871 

2006 .............................................................................. 1,026 1,026 82 944 

2007 .............................................................................. 1,111 1,111 88 1,022 

2008 .............................................................................. 1,203 1,203 95 1,108 

 

2009 - Sept.................................................................... 1,276 1,276 100 1,176 

Oct ..................................................................... 1,285 1,285 101 1,184 

Nov .................................................................... 1,293 1,293 101 1,192 

Dec .................................................................... 1,302 1,302 102 1,200 

2010 - Jan ..................................................................... 1,311 1,311 103 1,208 

Feb..................................................................... 1,319 1,319 103 1,215 

Mar..................................................................... 1,328 1,328 104 1,224 

Apr ..................................................................... 1,336 1,336 105 1,232 

May .................................................................... 1,345 1,345 105 1,240 

June................................................................... 1,354 1,354 106 1,248 

July .................................................................... 1,363 1,363 106 1,257 

Aug .................................................................... 1,372 1,372 107 1,265 

Sept ................................................................... 1,381 1,381 108 1,274 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning 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. 
 

December 2010 

60 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

December 2010 

61

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 
CAPITAL MOVEMENTS 

December 2010 

62 

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 issued by foreigners. Further, the foreigner 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

December 2010 

63

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2010 

Type of Liability 

 Calendar 

 Year 

 2009 r Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners............................... 4,503,475 4,527,825 4,514,480 4,477,077 4,511,934 4,501,887 4,498,523 4,631,192 

Payable in dollars 4,282,199 4,327,599 4,314,254 4,276,851 4,302,530 4,292,483 4,289,119 4,421,788 

Foreign official institutions 720,197 678,596 688,815 652,900 629,280 655,685 674,771 689,343 

Deposits, excluding negotiable CDs............. 50,746 49,234 57,907 52,231 52,015 47,814 49,633 48,478 

U.S. Treasury bills and certificates ............... 534,295 507,320 504,972 473,381 454,400 481,848 495,611 504,411 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ....................................................... 24,629 25,497 30,503 30,170 30,092 30,911 35,493 36,565 

Other liabilities............................................ 110,527 96,545 95,433 97,118 92,773 95,112 94,034 99,889 

Foreign banks (including own foreign 

offices) and other foreigners .................... 3,546,372 3,631,897 3,608,184 3,598,463 3,650,836 3,615,163 3,591,435 3,709,742 

Deposits, excluding negotiable CDs.......... 1,687,619 1,751,552 1,679,809 1,678,897 1,731,760 1,696,622 1,711,700 1,746,289 

U.S. Treasury bills and certificates ............ 219,466 220,433 218,925 239,873 267,448 271,770 285,419 251,833 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 445,899 418,406 419,137 411,860 412,117 420,041 386,354 385,095 

Other liabilities............................................ 1,193,388 1,241,506 1,290,313 1,267,833 1,239,511 1,226,730 1,207,962 1,326,525 

International and regional organizations 1 ..... 15,630 17,106 17,255 25,488 22,414 21,635 22,913 22,703 

Deposits, excluding negotiable CDs.......... 7,888 9,642 9,165 11,677 11,319 11,388 10,388 10,158 

U.S. Treasury bills and certificates ............ 3,176 4,213 4,585 7,311 4,912 6,991 8,451 8,624 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 1,412 1,352 1,142 853 810 1,268 1,347 1,222 

Other liabilities............................................ 3,154 1,899 2,363 5,647 5,373 1,988 2,727 2,699 

Payable in foreign currencies 2 .......................... 221,276 200,226 200,226 200,226 209,404 209,404 209,404 209,404 

Sector: Banks and other foreigners........................ 220,327 199,253 199,253 199,253 208,338 208,338 208,338 208,338 

International and regional organizations 1 ...... 949 973 973 973 1,066 1,066 1,066 1,066 

Major currencies: 

Canadian dollars ........................................ 17,437 17,033 17,033 17,033 17,906 17,906 17,906 17,906 

Euro............................................................ 99,102 90,139 90,139 90,139 90,201 90,201 90,201 90,201 

United Kingdom pounds sterling................ 10,342 12,498 12,498 12,498 11,432 11,432 11,432 11,432 

Japanese yen............................................. 55,394 44,294 44,294 44,294 51,000 51,000 51,000 51,000 

Memoranda: 

Respondents’ own liabilities payable in 

dollars........................................................ 3,053,322 3,150,378 3,134,990 3,113,403 3,132,751 3,079,654 3,076,444 3,234,038 

Liabilities to own foreign offices..................... 2,073,678 2,170,623 2,139,672 2,108,791 2,168,051 2,128,048 2,127,169 2,198,032 

Liabilities collaterized by repurchase 

agreements ............................................ 560,630 595,331 635,089 636,489 573,914 559,516 570,639 634,099 

Foreign official institutions ..................... 96,592 85,003 85,368 87,789 85,376 87,692 86,458 91,922 

Foreign banks and other foreigners....... 461,983 509,167 548,271 544,048 484,215 470,551 482,214 539,999 

International and regional organizations 1..... 2,055 1,161 1,450 4,652 4,323 1,273 1,967 2,178 

Reported by IBFs ....................................... 563,771 591,569 515,134 515,555 537,763 509,909 503,847 548,468 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 214,979 193,385 193,385 193,385 202,303 202,303 202,303 202,303 

Reported by IBFs ....................................... 49,194 37,584 37,584 37,584 42,768 42,768 42,768 42,768 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,235,174 1,184,062 1,186,105 1,170,289 1,176,880 1,219,930 1,219,776 1,194,851 

Payable in dollars....................................... 1,228,877 1,177,221 1,179,264 1,163,448 1,169,779 1,212,829 1,212,675 1,187,750 

of which: other short-term negotiable 

securities and negotiable CDs............ 229,110 213,191 217,231 211,935 217,154 225,340 229,653 227,477 

 of which: short-term U.S. Government 

agency securities ................................ 53,342 49,539 49,430 54,067 60,598 59,698 61,073 60,602 

 of which: negotiable CDs ...................... 66,045 59,947 66,966 57,964 63,217 67,790 68,348 62,952 

Payable in foreign currencies 2 .................. 6,297 6,841 6,841 6,841 7,101 7,101 7,101 7,101 

 

 1

 Principally the Bank for International Settlements, the International Bank for 

Reconstruction and Development (World Bank), and the Inter-American Development 

Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

December 2010 

64 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2010 

Country 2007 2008 r 2009 r May r June July Aug. Sept. p 

Europe: 

Austria ............................................... 3,575 2,567 1,954 2,257 2,023 2,024 1,817 2,227

Belgium ............................................ 22,437 16,275 14,676 13,142 15,920 15,378 32,921 18,970

Bulgaria ............................................. 148 125 148 130 136 188 145 172

Cyprus............................................... 1,068 789 1,780 920 545 771 861 961

Czech Republic................................. 1,433 681 881 711 755 767 731 925

Denmark............................................ 791 4,534 3,339 5,069 4,987 5,145 5,446 5,161

Finland............................................... 1,456 1,612 1,657 1,453 945 1,272 1,232 1,421

France ............................................... 73,355 59,445 60,888 67,264 65,468 70,167 64,738 61,484

Germany............................................ 145,955 159,459 112,133 132,587 118,214 121,706 119,058 119,166

Greece............................................... 1,357 2,004 1,071 1,318 1,255 1,155 1,151 1,186

Hungary............................................. 1,219 781 575 593 696 586 774 623

Iceland .............................................. 667 1,096 815 911 937 962 873 791

Ireland ............................................... 123,913 182,268 147,732 140,919 147,040 140,203 143,630 140,155

Italy.................................................... 10,421 8,805 8,692 9,633 8,501 8,133 8,419 8,048

Kazakhstan ....................................... 5,945 13,765 10,425 10,402 9,660 11,852 11,941 11,704

Luxembourg ..................................... 108,463 130,549 101,469 87,072 103,562 112,891 89,889 98,679

Monaco.............................................. 206 314 177 181 181 177 199 176

Netherlands....................................... 26,125 36,126 17,883 17,347 18,323 15,392 17,716 16,815

Norway .............................................. 48,309 17,996 2,438 2,958 2,787 2,325 2,465 2,429

Poland ............................................... 19,651 4,730 4,786 7,744 7,795 8,106 8,713 9,839

Portugal............................................. 2,999 2,166 1,787 2,549 3,177 2,709 2,392 2,624

Romania............................................ 581 647 590 5,997 3,447 8,037 6,922 5,500

Russia .............................................. 104,741 73,139 74,671 55,636 56,156 67,246 63,448 67,410

Serbia and Montenegro .................... 532 182 300 296 393 400 371 545

Spain ................................................. 13,022 17,411 14,345 14,592 14,355 13,023 12,253 13,147

Sweden ............................................. 7,723 3,931 5,847 11,373 16,390 13,299 13,124 12,699

Switzerland........................................ 58,468 57,496 57,128 41,184 41,523 43,623 42,602 66,333

Turkey ............................................... 12,139 20,281 22,377 20,568 19,661 21,382 24,089 24,422

Ukraine.............................................. 1,392 4,071 3,167 2,897 2,928 3,668 2,781 4,424

United Kingdom................................. 1,051,764 774,082 781,921 904,376 885,770 857,279 878,612 928,710

Channel Islands ................................ 25,391 12,211 14,902 10,502 9,617 10,999 14,538 14,198

All other Europe ................................ 4,897 7,959 9,176 8,859 8,494 8,465 8,570 8,661

Total Europe.................................. 1,880,143 1,617,498 1,479,731 1,581,443 1,571,643 1,569,331 1,582,421 1,649,603

Memo: Euro Area 1 .......................... 533,078 619,805 486,563 491,694 499,824 505,342 496,699 485,466

Memo: European Union 2 ................. 1,619,013 1,410,244 1,285,461 1,428,104 1,420,331 1,399,185 1,411,797 1,449,651

Canada.................................................. 68,274 78,177 93,873 95,708 104,671 102,589 102,388 102,563

Latin America: 

Argentina........................................... 12,090 12,927 12,636 12,999 12,834 12,818 13,095 13,665

Belize................................................. 307 299 323 314 341 325 287 281

Bolivia................................................ 2,559 4,544 2,939 2,602 1,879 1,894 1,756 1,889

Brazil ................................................. 24,887 18,586 62,338 52,111 49,026 50,985 53,767 54,623

Chile .................................................. 15,731 15,907 11,704 13,644 12,832 13,619 15,246 14,224

Colombia ........................................... 11,038 10,396 17,624 18,448 18,746 19,072 19,324 19,246

Costa Rica......................................... 2,502 2,005 1,952 1,755 1,871 1,475 1,229 1,457

Ecuador............................................. 3,296 3,600 3,869 3,719 3,523 3,652 3,548 3,649

El Salvador........................................ 2,352 2,945 2,823 2,420 2,444 2,371 2,187 1,964

Guatemala......................................... 1,851 1,871 2,129 1,974 2,002 1,800 1,765 1,787

Guyana.............................................. 141 276 204 285 333 308 366 389

Honduras........................................... 2,162 1,570 1,401 1,452 1,588 1,507 1,498 1,394

Mexico............................................... 53,234 71,038 51,610 54,283 54,312 54,711 57,998 57,924

Nicaragua.......................................... 215 301 488 806 829 770 757 771

Panama............................................. 7,062 10,887 9,783 8,422 8,688 8,130 8,115 8,441

Paraguay........................................... 693 667 715 773 707 742 709 758

Peru................................................... 5,286 4,712 4,889 5,423 6,547 7,300 8,735 6,588

Suriname........................................... 128 157 278 320 248 203 232 212

Uruguay............................................. 6,503 8,221 8,766 10,357 10,006 9,892 9,647 9,557

Venezuela ......................................... 23,588 26,816 25,014 22,429 22,836 22,209 21,942 22,005

All other Latin America...................... 15 48 59 56 57 54 52 53

Total Latin America ....................... 175,640 197,773 221,544 214,592 211,649 213,837 222,255 220,877

Caribbean: 

Anguilla.............................................. 13,065 13,027 11,515 10,744 11,038 11,694 11,954 11,812

Antigua and Barbuda ........................ 217 115 114 100 95 94 84 82

Aruba................................................. 265 737 579 681 534 460 526 512

Bahamas ........................................... 286,669 337,852 290,213 260,689 270,567 252,376 250,751 267,955

Barbados........................................... 21,602 17,056 10,405 9,493 12,452 12,768 12,553 12,876

Bermuda............................................ 49,865 52,870 39,951 46,045 44,486 40,802 42,881 39,551

British Virgin Islands ......................... 35,092 44,427 33,887 38,937 40,951 38,700 40,542 38,898

Cayman Islands ................................ 1,488,182 1,540,273 1,494,259 1,450,191 1,487,422 1,498,697 1,466,258 1,480,577

Cuba.................................................. 80 89 83 85 84 79 78 80

Dominican Republic .......................... 3,813 3,089 3,226 3,044 3,092 3,016 2,739 2,687

French West Indies ........................... 35 26 36 34 38 32 30 33

Haiti ................................................... 555 540 679 1,168 1,172 1,273 1,347 1,260

Jamaica............................................. 1,358 1,023 989 918 1,022 1,011 1,296 1,330

Netherlands Antilles .......................... 10,131 6,674 6,942 9,233 10,216 10,078 8,664 7,802

See footnotes at end of table.
CAPITAL MOVEMENTS 

December 2010 

65

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2010 

Country 2007 2008 r 2009 r May r June July Aug. Sept. p

 

Caribbean, con. 

St. Kitts and Nevis.......................... 122 138 143 168 172 190 225 164

Trinidad and Tobago...................... 3,389 3,944 3,988 3,402 3,539 3,244 3,355 3,278

Turks and Caicos Islands............... 213 227 107 121 98 94 92 124

All other Caribbean ........................ 189 170 127 383 134 129 126 131

Total Caribbean.......................... 1,914,842 2,022,277 1,897,243 1,835,436 1,887,112 1,874,737 1,843,501 1,869,152

Asia: 

Bangladesh .................................... 889 3,479 4,506 3,775 4,677 4,540 4,719 3,922

China, Mainland ............................. 94,369 226,168 105,849 32,031 27,303 32,964 43,650 54,984

Hong Kong ..................................... 47,133 54,524 129,909 123,921 119,969 110,221 113,681 118,969

India................................................ 18,257 28,834 26,421 16,378 23,857 26,670 24,814 28,946

Indonesia........................................ 5,223 10,005 21,671 28,357 29,594 26,951 28,112 27,819

Israel............................................... 7,812 20,860 16,815 19,521 17,888 16,962 16,503 16,040

Japan.............................................. 190,122 247,141 185,527 167,728 171,813 167,784 160,978 171,212

Jordan ............................................ 1,179 2,247 2,527 2,504 2,236 2,421 2,527 2,811

Korea, South .................................. 35,215 16,078 12,457 15,904 15,983 16,201 13,398 12,904

Laos................................................ 380 66 74 62 68 102 60 57

Lebanon ......................................... 1,032 1,434 1,420 1,493 1,529 1,501 1,540 1,551

Malaysia ......................................... 2,852 2,297 2,297 3,544 3,778 3,821 4,501 3,960

Pakistan.......................................... 1,464 4,186 3,805 3,685 5,480 6,631 6,571 7,223

Philippines...................................... 4,927 9,561 5,363 4,993 5,197 3,871 4,378 4,425

Singapore....................................... 38,704 45,189 28,373 30,944 31,514 31,534 31,401 32,203

Syria ............................................... 24 65 34 38 40 95 37 40

Taiwan............................................ 25,952 30,702 29,800 29,036 26,474 26,778 25,871 26,650

Thailand.......................................... 14,189 18,748 17,028 28,399 26,573 31,200 35,812 35,561

Yemen............................................ 202 212 336 265 234 272 303 324

Oil exporting countries 3 ................. 80,593 121,755 111,953 121,367 106,341 112,215 111,541 113,021

All other Asia .................................. 5,052 7,133 7,563 5,336 6,833 5,852 5,748 6,118

Total Asia ................................... 575,570 850,684 713,728 639,281 627,381 628,586 636,145 668,740

Africa: 

Botswana........................................ 925 376 307 398 353 258 370 425

Egypt .............................................. 3,683 9,401 17,481 25,907 26,832 27,829 30,844 32,178

Ghana............................................. 346 316 284 261 487 386 371 425

Kenya ............................................. 612 342 476 474 412 425 394 396

Liberia............................................. 422 465 626 558 579 511 614 622

Mauritius......................................... 6,436 1,081 1,665 1,736 1,788 1,752 1,686 2,172

Morocco.......................................... 180 379 339 266 286 379 440 355

Mozambique................................... 126 141 232 84 205 142 134 119

South Africa.................................... 1,649 3,469 3,005 2,076 2,095 1,830 2,114 3,709

Tanzania......................................... 407 682 482 383 459 432 463 451

Uganda........................................... 1,233 329 441 275 491 591 592 495

Zambia ........................................... 190 141 235 225 318 384 321 613

Zimbabwe....................................... 105 88 276 337 257 260 259 221

Oil exporting countries 4 ................. 6,131 4,380 7,103 6,073 5,704 5,923 6,254 5,779

All other Africa................................ 3,443 6,605 8,239 8,429 7,211 5,418 3,544 4,706

Total Africa ................................. 25,888 28,195 41,191 47,482 47,477 46,520 48,400 52,666

Other countries: 

Australia ......................................... 14,891 33,421 26,831 24,067 25,232 28,065 23,856 27,397

New Zealand .................................. 3,190 3,837 5,480 4,722 5,244 5,002 4,911 5,949

French Polynesia ........................... 83 143 164 160 145 162 161 157

All other .......................................... 19,455 10,857 7,111 7,725 7,900 10,357 10,506 10,319

Total other ................................. 37,619 48,258 39,586 36,674 38,521 43,586 39,434 43,822

All countries........................................ 4,677,976 4,842,862 4,486,896 4,450,616 4,488,454 4,479,186 4,474,544 4,607,423

International and regional orgs: 

International organizations............ 24,236 32,837 13,453 21,975 18,384 17,566 18,926 17,965

Regional organizations 5 ............... 4,098 4,692 3,126 4,486 5,096 5,135 5,053 5,804

Total international and 

 regional organizations............. 28,334 37,529 16,579 26,461 23,480 22,701 23,979 23,769

Grand total ............................. 4,706,310 4,880,391 4,503,475 4,477,077 4,511,934 4,501,887 4,498,523 4,631,192

 

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2010 

66 

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2010, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 2,227 2,196 1,491 705 855 284 543 4 7 369 134 31

Belgium............................. 18,970 18,447 8,310 10,137 5,914 705 3,577 1,369 5,191 1,604 87 523

Cyprus .............................. 961 959 949 11 554 384 11 - - 3 8 2

Czech Republic................. 925 913 313 600 37 72 600 - - 203 1 12

Denmark........................... 5,161 5,139 1,078 4,061 355 211 3,952 11 21 576 13 22

Finland.............................. 1,421 1,326 437 889 161 109 303 75 511 57 110 95

France .............................. 61,484 54,059 47,709 6,350 16,704 1,787 6,032 119 73 16,091 13,253 7,425

Germany........................... 119,166 94,502 84,526 9,976 30,585 2,814 7,137 1,235 600 51,544 587 24,664

Greece.............................. 1,186 1,185 1,023 162 177 726 141 6 15 102 18 1

Hungary............................ 623 577 194 383 47 89 367 - 16 57 1 46

Ireland............................... 140,155 137,166 32,839 104,326 10,415 3,766 22,866 54,666 23,597 5,510 16,345 2,989

Italy................................... 8,048 7,121 5,697 1,424 2,669 1,023 1,219 9 12 2,139 50 927

Kazakhstan....................... 11,704 11,696 3,193 8,503 3,151 21 8,303 200 - - 21 8

Luxembourg...................... 98,679 97,729 20,932 76,796 4,693 2,425 41,856 16,404 16,455 1,329 14,566 950

Monaco............................. 176 175 73 102 18 55 101 - 1 - - 1

Netherlands ...................... 16,815 16,131 9,838 6,293 3,876 4,539 2,118 2,914 180 1,225 1,279 684

Norway ............................. 2,429 2,396 1,183 1,213 329 410 1,007 176 30 406 38 33

Poland .............................. 9,839 9,822 2,443 7,379 349 174 5,162 2,216 1 1,920 - 17

Portugal ............................ 2,624 2,601 2,472 129 1,965 242 126 1 2 262 3 23

Romania ........................... 5,500 5,499 619 4,880 23 63 4,880 - - 522 11 1

Russia............................... 67,410 67,288 8,682 58,606 6,927 767 56,451 2,152 3 884 104 122

Spain ................................ 13,147 11,930 9,127 2,803 4,168 2,279 2,698 31 61 2,608 84 1,217

Sweden............................. 12,699 12,523 10,890 1,633 116 256 242 970 47 9,066 1,826 176

Switzerland ....................... 66,333 63,982 38,907 25,075 30,228 1,880 18,040 6,642 385 5,892 915 2,351

Turkey............................... 24,422 24,337 4,569 19,768 2,460 266 19,731 31 2 1,842 5 85

Ukraine ............................. 4,424 4,409 4,360 49 3,705 109 49 - - 539 7 15

United Kingdom ................ 928,710 867,251 838,594 28,657 323,254 21,610 22,698 1,168 2,371 253,974 242,176 61,459

Channel Islands................ 14,198 13,934 7,902 6,032 3,742 2,069 5,201 243 510 81 2,088 264

All other Europe.................. 10,169 10,150 8,364 1,786 2,069 883 1,661 116 7 5,286 128 19

Total Europe .................. 1,649,603 1,545,441 1,156,714 388,727 459,547 50,018 237,071 90,758 50,098 364,091 293,858 104,162

Memo: Euro Area 4 ........ 485,466 445,925 225,737 220,188 82,829 21,304 88,716 76,929 46,706 82,914 46,527 39,541

Canada ................................... 102,563 95,835 85,315 10,520 10,454 7,807 6,068 3,004 563 52,289 15,650 6,728

Latin America: 

Argentina............................ 13,665 13,500 12,634 866 1,120 11,051 617 57 192 289 174 165

Belize.................................. 281 281 262 19 63 185 7 3 9 13 1 -

Bolivia................................. 1,889 1,876 1,424 452 372 1,051 376 56 17 - 4 13

Brazil................................... 54,623 54,424 17,707 36,717 3,426 7,850 36,371 146 165 3,914 2,552 199

Chile ................................... 14,224 13,937 8,016 5,921 3,593 3,010 2,726 2,790 384 1,390 44 287

Colombia ............................ 19,246 19,148 6,528 12,620 1,092 5,047 11,849 496 267 361 36 98

Costa Rica.......................... 1,457 1,445 1,372 73 512 553 22 29 21 304 4 12

Ecuador.............................. 3,649 3,617 3,297 320 817 2,318 106 135 47 111 83 32

El Salvador......................... 1,964 1,955 1,128 827 327 589 176 410 241 195 17 9

Guatemala.......................... 1,787 1,759 1,570 189 240 1,133 135 33 21 183 14 28

Honduras............................ 1,394 1,394 1,355 39 689 653 8 1 30 13 - -

Mexico................................ 57,924 55,281 49,588 5,693 20,314 23,399 3,973 1,224 484 5,217 670 2,643

Panama.............................. 8,441 8,206 6,970 1,236 3,101 3,532 919 170 146 273 65 235

Paraguay............................ 758 757 738 19 131 595 2 14 3 5 7 1

Peru.................................... 6,588 6,557 5,894 663 3,527 1,408 30 610 19 956 7 31

Uruguay.............................. 9,557 9,525 7,643 1,882 1,630 3,497 1,346 385 149 2,101 417 32

Venezuela .......................... 22,005 21,850 20,518 1,332 2,597 16,975 69 851 411 607 340 155

All other Latin America....... 1,425 1,425 1,243 182 409 463 10 125 47 370 1 -

Total Latin America........ 220,877 216,937 147,887 69,050 43,960 83,309 58,742 7,535 2,653 16,302 4,436 3,940

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2010 

67

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2010, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean: 

Aruba........................................ 512 512 496 16 82 284 - 8 8 28 102 -

Bahamas.................................. 267,955 267,514 265,425 2,089 215,172 7,414 1,335 340 119 38,797 4,337 441

Barbados.................................. 12,876 12,848 2,743 10,105 1,212 375 5,864 2,153 2,079 1,008 157 28

Bermuda .................................. 39,551 37,520 13,820 23,700 453 10,917 16,523 5,949 1,023 46 2,609 2,031

British Virgin Islands ................ 38,898 37,961 23,168 14,793 135 20,564 12,579 1,410 429 - 2,844 937

Cayman Islands....................... 1,480,577 1,451,267 1,206,135 245,132 523,795 153,537 49,206 14,239 1,661 593,350 115,479 29,310

Dominican Republic................. 2,687 2,635 2,576 59 551 1,841 28 22 9 176 8 52

Haiti 7........................................ 1,260 1,260 1,194 66 514 305 40 10 16 372 3 -

Jamaica.................................... 1,330 1,205 1,165 40 271 369 20 15 5 518 7 125

Netherlands Antilles................. 7,802 7,763 5,303 2,460 1,649 2,881 1,854 574 32 357 416 39

Trinidad and Tobago................ 3,278 3,087 1,968 1,119 1,227 345 997 49 3 390 76 191

All other Caribbean.................. 12,426 11,128 11,015 113 117 9,368 88 7 18 7 1,523 1,298

Total Caribbean.................. 1,869,152 1,834,700 1,535,008 299,692 745,178 208,200 88,534 24,776 5,402 635,049 127,561 34,452

Asia: 

China, Mainland....................... 54,984 54,896 33,501 21,395 19,268 3,085 20,508 743 89 10,710 493 88

Hong Kong............................... 118,969 115,359 27,429 87,930 15,930 3,197 72,656 14,824 325 7,752 675 3,610

India ......................................... 28,946 28,877 9,735 19,142 3,781 1,822 16,146 2,880 7 3,950 291 69

Indonesia ................................. 27,819 27,816 5,033 22,783 3,564 345 19,013 3,761 9 1,043 81 3

Israel ........................................ 16,040 16,018 6,497 9,521 1,519 1,818 9,348 59 113 3,138 23 22

Japan ....................................... 171,212 128,745 58,492 70,253 28,815 7,873 64,286 4,470 225 21,520 1,556 42,467

Jordan ...................................... 2,811 2,811 1,902 909 1,216 57 800 - 109 624 5 -

Korea, South............................ 12,904 12,584 6,687 5,897 2,982 718 2,340 2,753 407 3,093 291 320

Malaysia................................... 3,960 3,954 2,951 1,003 2,213 241 813 185 2 482 18 6

Pakistan ................................... 7,223 7,223 5,636 1,587 579 214 1,535 27 1 4,837 30 -

Philippines................................ 4,425 4,415 4,138 277 1,628 601 220 15 27 1,625 299 10

Singapore................................. 32,203 31,522 24,319 7,203 20,162 2,532 5,833 1,003 343 1,529 120 681

Taiwan...................................... 26,650 26,511 23,270 3,241 9,078 6,793 2,807 78 335 7,132 288 139

Thailand ................................... 35,561 35,556 2,446 33,110 919 475 33,057 39 7 1,047 12 5

All other Asia............................ 125,033 125,020 41,066 83,954 11,683 2,144 76,154 6,272 1,503 26,588 676 13

Total Asia............................. 668,740 621,307 253,102 368,205 123,337 31,915 325,516 37,109 3,502 95,070 4,858 47,433

Africa: 

Egypt........................................ 32,178 32,177 2,827 29,350 1,212 163 29,308 - 42 1,449 3 1

Ghana ...................................... 425 425 425 - 185 65 - - - 175 - -

Kenya....................................... 396 396 364 32 258 87 32 - - 18 1 -

Liberia ...................................... 622 610 440 170 14 309 62 93 14 101 17 12

Morocco ................................... 355 355 346 9 186 140 4 2 - 20 3 -

South Africa ............................. 3,709 3,417 3,156 261 2,275 503 251 - 10 291 87 292

All other Africa.......................... 14,981 14,754 12,757 1,997 7,856 1,598 1,995 2 - 2,900 403 227

Total Africa........................... 52,666 52,134 20,315 31,819 11,986 2,865 31,652 97 66 4,954 514 532

Other countries: 

Australia ................................... 27,397 23,477 16,139 7,338 11,436 1,633 6,162 602 36 3,021 587 3,920

New Zealand............................ 5,949 5,910 3,457 2,453 210 295 2,410 37 6 2,908 44 39

All other.................................... 10,476 3,344 3,244 100 336 2,281 89 2 9 315 312 7,132

Total other........................... 43,822 32,731 22,840 9,891 11,982 4,209 8,661 641 51 6,244 943 11,091

All countries.................................. 4,607,423 4,399,085 3,221,181 1,177,904 1,406,444 388,323 756,244 163,920 62,335 1,173,999 447,820 208,338

International and regional orgs: 

International organizations....... 17,965 16,943 9,022 7,921 - 7,266 7,457 129 335 - 1,756 1,022

Regional organizations 5.......... 5,804 5,760 3,835 1,925 - 2,892 1,167 476 282 - 943 44

Total International and 

 regional organizations ........ 23,769 22,703 12,857 9,846 - 10,158 8,624 605 617 - 2,699 1,066

Grand total ...................... 4,631,192 4,421,788 3,234,038 1,187,750 1,406,444 398,481 764,868 164,525 62,952 1,173,999 450,519 209,404

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2010 

68 

0

500

1000

1500

2000

2500

2006 2007 2008 2009 Sept. 2010

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 2006 2007 2008 2009 Sept. 2010 

 

United Kingdom....................... 926,069 1,051,764 774,082 781,921 928,710

All other Europe ...................... 648,551 828,379 843,416 697,810 720,893

Caribbean banking centers 1 .... 1,666,987 1,877,001 1,992,983 1,875,035 1,843,224

Japan....................................... 141,655 190,122 247,141 185,527 171,212

All other Asia ........................... 299,495 385,448 603,543 528,201 497,528

Subtotal ................................. 3,682,757 4,332,714 4,461,165 4,068,494 4,161,567

All other countries ................... 327,602 373,596 419,226 434,981 469,625

Grand total ............................ 4,010,359 4,706,310 4,880,391 4,503,475 4,631,192

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $4.6 trillion in 

September 2010, an increase of 

$128 billion from yearend 2009. 

U.S. banking liabilities include 

foreign holdings of U.S. shortterm securities but exclude 

foreign holdings of U.S. longterm securities. U.S. banking 

liabilities decreased about $377 

billion in 2009 but increased 

about $174 billion in 2008 and 

about $696 billion in 2007. 

However, the 2008 increase is 

primarily attributable to the 

addition of several new bank 

holding companies to the reporter 

panel. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on this 

page show that approximately 60 

percent of U.S. banking liabilities 

is currently recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers recorded most of 

the decline in banking liabilities 

from 2007 through 2009 and most 

of the growth through September 

2010. A different pattern emerged 

in Asia (including Japan), as 

liabilities increased rapidly from 

2006 to 2008 but fell in 2009 and 

2010. Longer-term trends toward 

global financial development have 

led to an increasing role for 

residual countries (those outside 

Europe, the Caribbean banking 

centers, and Asia), as U.S. 

banking liabilities to such 

countries have grown steadily 

since 2006. 
 CAPITAL MOVEMENTS 

December 2010 

69

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2009 2010 

Type of Claim 

Calendar 

Year 

2008 r June r Sept. r Dec. r Mar. June p 

 

Total claims.............................................................. 3,682,788 3,811,639 4,051,698 3,969,392 4,177,443 4,233,232 

Payable in dollars.................................................. 3,352,749 3,460,217 3,689,877 3,589,867 3,833,260 3,871,848 

Own claims on foreigners................................... 2,593,510 2,712,523 2,846,035 2,804,431 3,003,686 3,059,847 

Foreign official institutions............................... 51,657 34,120 42,803 47,033 55,281 67,096 

Foreign banks, including own foreign 

offices........................................................... 1,996,215 2,083,946 2,158,822 2,151,959 2,294,935 2,323,658 

All other foreigners .......................................... 545,638 594,457 644,410 605,439 653,470 669,093 

Claims of domestic customers.............................. 759,239 747,694 843,842 785,436 829,574 812,001 

Payable in foreign currencies .................................. 330,039 351,422 361,821 379,525 344,183 361,384 

Own claims on foreigners ..................................... 287,320 306,455 316,841 331,978 295,074 310,637 

of which: 

Canadian dollars.............................................. 22,877 33,234 45,610 43,504 42,451 36,546 

Euros................................................................ 160,622 154,649 168,972 181,382 141,205 168,898 

United Kingdom pounds sterling...................... 19,018 38,763 35,334 32,930 37,294 33,511 

Japanese yen................................................... 51,796 43,584 32,825 37,455 35,058 35,714 

Claims of domestic customers.............................. 42,719 44,967 44,980 47,547 49,109 50,747 

of which: 

Canadian dollars.............................................. 4,597 5,227 6,989 6,950 7,473 11,370 

Euros................................................................ 31,132 31,331 29,314 28,305 30,805 26,435 

United Kingdom pounds sterling...................... 1,137 3,186 4,244 3,721 3,817 4,308 

Japanese yen................................................... 2,655 2,006 2,036 3,697 2,299 2,025 

Memoranda: 

Total own claims on foreigners ............................. 2,880,830 3,018,978 3,162,876 3,136,409 3,298,760 3,370,484 

Non-negotiable deposits .................................... 1,224,677 1,424,955 1,440,458 1,479,505 1,584,382 1,536,636 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 14,068 14,929 18,715 12,890 14,274 13,365 

Resale agreements ............................................ 508,372 553,448 604,954 530,542 625,377 696,114 

Other................................................................... 1,133,713 1,025,646 1,098,749 1,113,472 1,074,727 1,124,369 

Claims on own foreign offices............................... 1,771,613 1,863,816 1,947,461 2,055,086 2,209,687 2,195,979 

Claims reported by IBFs ....................................... 514,225 560,941 598,969 669,710 706,250 586,407 

Payable in dollars............................................... 468,962 524,301 561,880 627,476 669,541 541,801 

Payable in foreign currencies............................. 45,263 36,640 37,089 42,234 36,709 44,606 

Total claims held for domestic customers ............ 801,958 792,661 888,822 832,983 878,683 862,748 

Non-negotiable deposits .................................... 485,165 380,809 388,292 375,487 372,184 405,044 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 286,752 375,805 456,339 417,093 464,917 406,098 

Other ..................................................................... 30,041 36,047 44,191 40,403 41,582 51,606 

 

 
CAPITAL MOVEMENTS 

December 2010 

70 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 2010 

Country 

 Calendar 

 year 

 2007 r Dec. r Mar. r June r Sept. r Dec. r Mar. June p

 

Europe: 

Austria .................................................... 8,083 5,294 4,826 5,761 4,464 3,299 3,600 3,119

Belgium................................................... 26,646 14,649 16,832 14,469 20,346 14,021 13,505 17,702

Bulgaria .................................................. 30 43 18 29 17 23 18 17

Czech Republic ...................................... 4,049 226 107 156 143 514 469 114

Denmark................................................. 10,314 9,840 9,821 12,361 11,118 6,004 4,410 3,237

Finland.................................................... 30,533 25,299 26,425 23,943 24,977 43,717 26,151 27,998

France .................................................... 204,433 191,256 188,685 197,037 204,471 196,230 206,769 164,313

Germany................................................. 81,120 77,363 100,391 126,529 116,005 87,749 74,842 89,006

Greece.................................................... 1,658 1,227 952 1,201 1,010 970 1,246 602

Hungary.................................................. 378 413 268 302 1,281 1,370 1,304 1,060

Ireland..................................................... 80,906 87,768 70,032 61,053 75,046 75,893 60,079 54,342

Italy ......................................................... 51,856 52,648 52,239 53,150 55,231 51,029 56,965 29,783

Kazakhstan ............................................ 688 590 593 420 400 377 262 223

Luxembourg ........................................... 27,017 25,703 30,623 26,252 31,857 31,124 25,243 26,691

Netherlands ............................................ 63,710 73,807 79,086 83,580 82,257 66,784 58,046 47,009

Norway ................................................... 29,105 19,919 15,541 15,472 18,423 21,433 18,123 20,626

Poland .................................................... 8,242 1,712 1,543 2,246 709 495 1,270 1,229

Portugal .................................................. 3,113 1,885 4,206 4,016 2,163 2,319 1,534 1,191

Romania ................................................. 195 154 148 127 138 183 128 119

Russia..................................................... 1,869 2,269 1,971 1,691 1,874 1,822 1,548 1,219

Spain ...................................................... 32,753 61,325 50,547 48,977 49,597 46,946 46,042 27,752

Sweden................................................... 34,964 17,512 17,976 21,617 26,800 15,605 24,061 33,573

Switzerland............................................. 201,003 112,791 111,698 91,124 91,430 79,259 73,895 66,768

Turkey..................................................... 3,735 3,695 3,869 4,366 4,212 4,165 4,417 4,884

United Kingdom...................................... 1,111,135 998,322 1,074,398 1,095,050 1,193,610 1,156,460 1,240,130 1,238,382

Channel Islands...................................... 35,468 19,671 19,744 20,635 21,473 19,546 19,273 13,678

All other Europe ..................................... 3,632 2,876 2,940 3,104 3,888 5,227 6,926 6,993

Total Europe ........................................ 2,056,635 1,808,257 1,885,478 1,914,668 2,042,938 1,932,563 1,970,257 1,881,628

Memo: Euro Area 1 .............................. 611,828 618,879 625,819 647,278 669,637 623,949 577,396 492,979

Memo: European Union 2 .................... 1,782,799 1,647,193 1,730,109 1,779,175 1,903,470 1,804,615 1,849,197 1,770,721

Canada...................................................... 140,166 157,246 148,383 148,700 171,727 170,076 202,353 190,342

Latin America: 

Argentina ................................................ 4,251 4,276 3,895 6,502 3,961 3,585 3,552 3,866

Bolivia .................................................... 169 157 139 148 197 516 411 387

Brazil....................................................... 31,500 34,555 29,436 31,722 35,886 32,869 36,686 41,892

Chile ....................................................... 9,829 10,172 9,945 11,222 11,889 14,446 14,004 14,359

Colombia ................................................ 4,972 4,248 3,426 3,119 2,893 3,535 3,843 4,336

Costa Rica ............................................. 1,028 1,339 1,259 1,069 1,055 1,013 950 1,034

Ecuador.................................................. 993 826 714 627 573 492 491 479

El Salvador ............................................ 831 928 876 772 634 558 422 356

Guatemala.............................................. 1,348 1,275 1,332 1,177 1,114 1,094 1,102 1,051

Honduras ............................................... 494 533 561 465 412 388 314 342

Mexico .................................................... 24,582 27,875 27,556 25,927 24,189 24,638 26,118 29,764

Nicaragua ............................................... 83 134 112 92 72 73 77 68

Panama .................................................. 4,118 4,781 3,833 3,385 3,734 3,200 2,982 3,020

Paraguay ............................................... 108 153 122 114 89 136 151 147

Peru ........................................................ 3,092 4,594 3,688 3,351 2,944 3,115 3,602 3,703

Uruguay.................................................. 415 696 766 1,685 1,063 715 538 693

Venezuela .............................................. 2,580 1,625 1,545 1,521 1,628 1,742 1,573 1,544

All other Latin America .......................... 70 92 103 75 72 35 32 31

Total Latin America.............................. 90,463 98,259 89,308 92,973 92,405 92,150 96,848 107,072

Caribbean: 

Anguilla .................................................. 6,493 12,149 9,498 8,711 8,960 10,715 11,545 13,168

Bahamas ................................................ 238,924 283,017 246,522 199,841 240,018 267,761 352,329 355,339

Barbados ............................................... 445 1,324 903 801 777 468 417 541

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2010 

71

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 2010 

Country 

Calendar 

year 

2007 r Dec. r Mar. r June r Sept. r Dec. r Mar. June p

 

Caribbean, con. 

Bermuda...................................... 12,378 16,028 16,475 10,960 11,289 11,176 10,535 10,756

British Virgin Islands.................... 4,857 5,640 6,963 8,203 7,990 6,961 9,258 11,766

Cayman Islands........................... 974,778 1,069,300 1,098,397 1,108,885 1,110,036 1,064,681 1,075,562 1,149,839

Dominican Republic .................... 686 813 799 774 691 735 678 804

Haiti ............................................. 46 92 58 53 69 48 42 40

Jamaica ....................................... 687 808 480 464 452 451 434 394

Netherlands Antilles .................... 4,624 4,836 7,390 7,568 4,623 7,208 7,124 8,024

Trinidad and Tobago ................... 673 713 594 702 520 540 611 419

All other Caribbean...................... 770 496 516 474 649 796 677 573

Total Caribbean........................ 1,245,361 1,395,216 1,388,595 1,347,436 1,386,074 1,371,540 1,469,212 1,551,663

Asia: 

China, Mainland. ......................... 19,359 3,305 4,250 5,107 4,460 4,242 12,457 20,251

Hong Kong .................................. 10,263 12,920 6,761 7,488 13,354 21,503 30,099 36,603

India............................................. 4,588 6,215 6,484 6,894 7,615 7,585 9,754 11,406

Indonesia..................................... 1,030 1,121 1,099 990 946 816 746 719

Israel............................................ 5,031 2,621 2,143 1,830 3,728 3,373 3,971 5,578

Japan........................................... 97,856 99,871 137,101 173,135 203,188 185,823 196,475 225,846

Jordan ......................................... 54 23 32 23 36 17 24 19

Korea, South ............................... 28,247 13,809 12,604 12,834 12,802 15,648 22,278 25,656

Lebanon....................................... 51 56 67 60 58 67 69 96

Malaysia ...................................... 1,989 561 640 470 506 344 479 1,361

Pakistan....................................... 164 76 51 44 19 21 49 29

Philippines ................................... 1,271 1,083 758 802 1,226 905 1,158 1,064

Singapore .................................... 6,662 10,030 9,032 9,816 8,850 16,192 20,234 22,569

Taiwan......................................... 1,641 1,367 1,484 2,071 1,404 3,019 2,618 3,587

Thailand....................................... 5,978 181 142 282 231 236 296 335

Asian oil exporters 3 .................... 23,932 11,862 13,071 11,977 17,104 22,707 13,391 15,278

All other Asia ............................... 799 801 2,535 694 630 602 654 822

Total Asia.................................. 208,915 165,902 198,254 234,517 276,157 283,100 314,752 371,219

Africa: 

Cameroon.................................... 11 10 997 867

Egypt ........................................... 1,488 1,288 855 1,043 1,042 646 2,391 3,089

Ghana.......................................... 30 18 59 80 97 186 194 218

Liberia.......................................... 331 360 393 394 415 449 605 675

Morocco....................................... 50 33 9 21 7 12 36 108

South Africa................................. 730 741 868 662 1,067 1,506 887 696

African oil exporters 4 .................. 453 1,333 421 378 307 288 272 342

All other Africa ............................. 6,570 3,367 3,671 6,905 5,776 5,691 5,643 5,595

Total Africa ............................... 9,663 7,150 6,285 9,492 8,718 8,786 10,034 10,730

Other countries: 

Australia....................................... 43,465 35,811 41,289 51,355 55,187 84,192 84,127 90,733

New Zealand ............................... 4,541 6,022 6,707 6,417 8,160 10,658 10,530 9,839

All other ....................................... 316 599 596 550 563 573 608 707

Total other countries................. 48,322 42,432 48,592 58,322 63,910 95,423 95,265 101,279

Total foreign countries ........... 3,799,525 3,674,462 3,764,895 3,806,108 4,041,929 3,953,638 4,158,721 4,213,933

International and regional orgs: 

International organizations.......... 13,581 5,119 6,545 4,732 7,769 14,328 17,604 15,182

Regional organizations 5 ............. 1,202 3,207 2,375 799 2,000 1,426 1,118 4,117

Total international 

 and regional organizations ......... 14,783 8,326 8,920 5,531 9,769 15,754 18,722 19,299

 Grand total ............................ 3,814,308 3,682,788 3,773,815 3,811,639 4,051,698 3,969,392 4,177,443 4,233,232

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain and Sweden. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Emirates 

 (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2010 

72 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2010 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable 

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,119 2,128 2,057 417 1,640 71 991 482 509

Belgium.............................................. 17,702 12,775 11,853 10,779 1,074 922 4,927 4,213 714

Czech Republic ................................. 114 110 82 82 - 28 4 1 3

Denmark............................................ 3,237 852 352 87 265 500 2,385 2,215 170

Finland............................................... 27,998 26,065 25,822 25,642 180 243 1,933 1,500 433

France ............................................... 164,313 133,844 120,743 93,284 27,459 13,101 30,469 25,149 5,320

Germany............................................ 89,006 61,124 44,404 39,683 4,721 16,720 27,882 21,780 6,102

Greece............................................... 602 82 68 37 31 14 520 - 520

Hungary............................................. 1,060 1,057 1,020 196 824 37 3 - 3

Ireland................................................ 54,342 43,642 37,520 23,497 14,023 6,122 10,700 10,161 539

Italy .................................................... 29,783 25,443 23,998 23,824 174 1,445 4,340 1,070 3,270

Kazakhstan........................................ 223 222 222 108 114 - 1 - 1

Luxembourg ...................................... 26,691 18,559 16,875 2,703 14,172 1,684 8,132 7,781 351

Netherlands ....................................... 47,009 35,774 32,486 11,314 21,172 3,288 11,235 9,230 2,005

Norway .............................................. 20,626 8,407 8,343 7,680 663 64 12,219 11,671 548

Poland ............................................... 1,229 1,192 1,167 1,165 2 25 37 - 37

Portugal ............................................. 1,191 732 725 357 368 7 459 - 459

Romania ............................................ 119 119 104 1 103 15 - - -

Russia................................................ 1,219 1,163 1,151 937 214 12 56 56 -

Spain ................................................. 27,752 23,951 21,625 20,796 829 2,326 3,801 1,545 2,256

Sweden.............................................. 33,573 6,817 3,375 1,959 1,416 3,442 26,756 26,484 272

Switzerland........................................ 66,768 64,462 60,822 54,298 6,524 3,640 2,306 2,264 42

Turkey................................................ 4,884 4,796 3,773 2,931 842 1,023 88 13 75

United Kingdom................................. 1,238,382 1,076,680 916,863 669,051 247,812 159,817 161,702 154,034 7,668

Channel Islands .................................. 13,678 8,031 7,754 2,434 5,320 277 5,647 5,422 225

All other Europe ................................ 7,010 3,951 3,475 848 2,627 476 3,059 2,726 333

Total Europe ................................... 1,881,628 1,561,978 1,346,679 994,110 352,569 215,299 319,650 287,797 31,853

Memo: Euro Area 1 ............................... 492,979 384,701 338,600 252,703 85,897 46,101 108,278 85,483 22,795

Canada................................................. 190,342 142,399 115,030 92,154 22,876 27,369 47,943 36,713 11,230

Latin America: 

Argentina ........................................... 3,866 3,846 3,736 1,002 2,734 110 20 20 -

Bolivia................................................ 387 387 375 8 367 12 - - -

Brazil.................................................. 41,892 41,379 39,351 23,492 15,859 2,028 513 429 84

Chile .................................................. 14,359 14,332 13,976 7,870 6,106 356 27 6 21

Colombia ........................................... 4,336 4,336 3,645 1,773 1,872 691 - - -

Costa Rica ........................................ 1,034 1,034 1,018 373 645 16 - - -

Ecuador............................................. 479 479 479 59 420 - - - -

El Salvador ....................................... 356 356 355 158 197 1 - - -

Guatemala......................................... 1,051 1,051 992 481 511 59 - - -

Honduras .......................................... 342 333 332 207 125 1 9 9 -

Mexico ............................................... 29,764 29,706 28,705 7,552 21,153 1,001 58 4 54

Panama ............................................. 3,020 2,975 2,874 1,569 1,305 101 45 45 -

Peru ................................................... 3,703 3,690 3,644 1,462 2,182 46 13 13 -

Uruguay............................................. 693 692 671 64 607 21 1 1 -

Venezuela ......................................... 1,544 1,383 1,296 200 1,096 87 161 161 -

All other Latin America ..................... 246 246 246 92 154 - - - -

Total Latin America......................... 107,072 106,225 101,695 46,362 55,333 4,530 847 688 159

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2010 

73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2010, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in

foreign 

currencies

(6) 

Total 

customer

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 355,339 266,554 265,939 258,122 7,817 615 88,785 88,763 22 

Bermuda............................................ 10,756 10,356 8,213 1 8,212 2,143 400 400 - 

British Virgin Islands.......................... 11,766 11,720 9,735 112 9,623 1,985 46 46 - 

Cayman Islands................................. 1,149,839 849,536 822,229 694,498 127,731 27,307 300,303 299,619 684 

Dominican Republic .......................... 804 804 799 303 496 5 - - - 

Jamaica ............................................. 394 394 378 151 227 16 - - - 

Netherlands Antilles .......................... 8,024 8,024 7,911 330 7,581 113 - - - 

Trinidad and Tobago ......................... 419 419 416 50 366 3 - - - 

All other Caribbean ........................... 14,322 14,322 12,326 165 12,161 1,996 - - - 

Total Caribbean.............................. 1,551,663 1,162,129 1,127,946 953,732 174,214 34,183 389,534 388,828 706 

Asia: 

China, Mainland ................................ 20,251 19,543 19,359 18,477 882 184 708 633 75 

Hong Kong ........................................ 36,603 36,460 34,323 32,483 1,840 2,137 143 43 100 

India................................................... 11,406 10,665 10,507 8,391 2,116 158 741 707 34 

Indonesia........................................... 719 583 551 505 46 32 136 32 104 

Israel.................................................. 5,578 3,822 3,763 3,476 287 59 1,756 369 1,387 

Japan................................................. 225,846 201,971 181,838 147,193 34,645 20,133 23,875 22,543 1,332 

Korea, South ..................................... 25,656 25,308 24,418 23,433 985 890 348 277 71 

Malaysia ............................................ 1,361 449 391 120 271 58 912 3 909 

Pakistan............................................. 29 28 25 21 4 3 1 - 1 

Philippines ......................................... 1,064 1,052 1,033 951 82 19 12 4 8 

Singapore .......................................... 22,569 22,492 21,676 20,446 1,230 816 77 18 59 

Taiwan............................................... 3,587 3,439 3,138 2,656 482 301 148 8 140 

Thailand............................................. 335 313 277 254 23 36 22 7 15 

All other Asia ..................................... 16,215 16,103 15,870 13,838 2,032 233 112 102 10 

Total Asia........................................ 371,219 342,228 317,169 272,244 44,925 25,059 28,991 24,746 4,245 

Africa: 

Egypt ................................................. 3,089 797 773 566 207 24 2,292 6 2,286 

Ghana................................................ 218 215 214 205 9 1 3 3 - 

Liberia................................................ 675 675 630 1 629 45 - - - 

Morocco............................................. 108 103 98 97 1 5 5 4 1 

South Africa....................................... 696 678 567 516 51 111 18 1 17 

All other Africa ................................... 5,944 5,889 5,597 464 5,133 292 55 40 15 

Total Africa ..................................... 10,730 8,357 7,879 1,849 6,030 478 2,373 54 2,319 

Other countries: 

Australia............................................. 90,733 34,813 32,655 28,869 3,786 2,158 55,920 55,711 209 

New Zealand ..................................... 9,839 3,399 1,840 1,431 409 1,559 6,440 6,425 15 

All other ............................................. 707 706 705 3 702 1 1 1 - 

Total other countries....................... 101,279 38,918 35,200 30,303 4,897 3,718 62,361 62,137 224 

Total foreign countries ................. 4,213,933 3,362,234 3,051,598 2,390,754 660,844 310,636 851,699 800,963 50,736 

International and regional orgs: 

International organizations................ 15,182 7,644 7,643 - 7,643 1 7,538 7,538 - 

Regional organizations 2.................... 4,117 606 606 - 606 - 3,511 3,500 11 

Total international and regional 

 organizations ................................ 19,299 8,250 8,249 - 8,249 1 11,049 11,038 11 

 Grand total .................................. 4,233,232 3,370,484 3,059,847 2,390,754 669,093 310,637 862,748 812,001 50,747 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2010 

74 

-100

100

300

500

700

900

1100

1300

1500

1700

2006 2007 2008 2009 June 2010

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2006 2007 2008 2009 June 2010 

United Kingdom............................... 938,123 1,111,135 998,322 1,156,460 1,238,382

All other Europe............................... 672,126 945,500 809,935 776,103 643,246

Caribbean banking centers 1 ........... 1,061,389 1,239,679 1,383,602 1,360,987 1,538,744

Japan............................................... 157,671 97,856 99,871 185,823 225,846

All other Asia ................................... 89,770 111,059 66,031 97,277 145,373

Subtotal ......................................... 2,919,079 3,505,229 3,357,761 3,576,650 3,791,591

All other countries............................ 221,485 309,079 325,027 392,742 441,641

Grand total..................................... 3,140,564 3,814,308 3,682,788 3,969,392 4,233,232

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In June 2010, U.S. claims on 

foreigners reported by U.S. 

banks amounted to about $4.2 

trillion, an increase of $264 

billion from that recorded at 

yearend 2009. U.S. banking 

claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign 

long-term securities. U.S. 

banking claims increased $287 

billion in 2009 and $674 billion 

in 2007. However, they 

decreased $132 billion during 

the global financial crisis in 

2008, despite an increase from 

the addition of several new 

bank holding companies to the 

reporter panel. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

Over 65 percent of these claims 

are reported opposite the United 

Kingdom and banking centers 

in the Caribbean. These 

financial centers recorded much 

of the growth in U.S. banking 

claims through 2007. The 

financial crisis had mixed 

effects on the U.S. banking 

claims reported with these 

financial centers, as claims 

against Caribbean centers 

continued to grow during 2008 

while claims fell against the 

United Kingdom. In 2009, 

claims on the United Kingdom 

increased and claims on the 

Caribbean stayed flat. Claims 

on all reported regions were 

growing again during the first 

half of 2010, except for claims 

on all other Europe, which were 

down 17 percent compared with 

their 2009 levels and more than 

30 percent compared with their 

peak levels in 2007. 
CAPITAL MOVEMENTS 

December 2010 

75

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Type of liability or claim 2006 2007 2008 June Sept. Dec. Mar. June p 

Total liabilities ................................................... 89,217 103,835 87,630 80,648 80,717 75,858 75,998 79,558 

Payable in dollars.......................................... 72,331 79,161 69,124 62,810 62,212 55,681 55,578 60,614 

Financial.................................................... 35,033 26,474 18,650 13,927 12,715 12,828 13,458 13,339 

Short-term negotiable securities........... 8,266 1,983 2,740 2,233 940 1,221 764 923 

Other ..................................................... 26,767 24,491 15,910 11,694 11,775 11,607 12,694 12,416 

Commercial............................................... 37,298 52,687 50,474 48,883 49,497 42,853 42,120 47,275 

Trade payables ..................................... 24,101 26,261 18,811 23,234 23,735 19,475 18,787 23,970 

Advance receipts and other.................. 13,197 26,426 31,663 25,649 25,762 23,378 23,333 23,305 

Payable in foreign currencies ....................... 16,886 24,674 18,506 17,838 18,505 20,177 20,420 18,944 

By major foreign currency: 

Canadian dollars................................... 3,536 2,162 2,235 3,455 3,305 3,291 4,335 4,501 

Euros..................................................... 5,239 9,075 6,487 4,506 5,249 5,234 5,436 5,116 

United Kingdom pounds sterling........... 4,494 4,267 1,361 1,474 1,639 1,420 1,791 1,744 

Japanese yen........................................ 1,770 3,908 962 891 772 919 1,451 741 

Other ..................................................... 1,847 5,262 7,461 7,512 7,540 9,313 7,407 6,842 

By type of liability: 

Financial................................................ 13,679 21,445 15,632 14,728 15,217 16,910 16,637 15,318 

Short-term negotiable securities....... 3,351 2,940 2,108 1,218 1,283 1,260 1,261 559 

Other ................................................. 10,328 18,505 13,524 13,510 13,934 15,650 15,376 14,759 

Commercial........................................... 3,207 3,229 2,874 3,110 3,288 3,267 3,783 3,626 

Trade payables ................................. 1,572 1,605 1,334 1,238 1,219 1,135 1,645 1,189 

Advance receipts and other.............. 1,635 1,624 1,540 1,872 2,069 2,132 2,138 2,437 

Total claims....................................................... 126,032 136,416 107,476 103,955 95,801 93,052 86,339 87,413 

Payable in dollars.......................................... 100,031 110,070 83,810 81,708 76,747 75,225 71,695 72,577 

Financial.................................................... 66,871 66,726 43,223 39,585 37,504 37,996 37,588 35,171 

Non-negotiable deposits ....................... 28,380 28,393 12,539 12,763 14,077 13,651 12,711 14,267 

Negotiable CDs and short-term 

negotiable instruments.......................... 2,624 1,168 1,133 905 558 61 18 17 

Other ..................................................... 35,867 37,165 29,551 25,917 22,869 24,284 24,859 20,887 

Commercial............................................... 33,160 43,344 40,587 42,123 39,243 37,229 34,107 37,406 

Trade receivables ................................. 29,388 37,108 31,161 30,405 28,323 25,224 23,246 25,755 

Advance payments and other............... 3,772 6,236 9,426 11,718 10,920 12,005 10,861 11,651 

Payable in foreign currencies ....................... 26,001 26,346 23,666 22,247 19,054 17,827 14,644 14,836 

By major foreign currency: 

Canadian dollars................................... 9,194 5,371 2,409 2,398 2,470 2,582 2,335 2,328 

Euros..................................................... 6,951 10,833 5,140 5,264 3,207 3,366 2,208 2,676 

United Kingdom pounds sterling........... 4,675 4,210 1,922 1,754 1,707 1,650 1,462 1,197 

Japanese yen........................................ 1,027 1,378 451 669 580 627 627 729 

Other ..................................................... 4,154 4,554 13,744 12,162 11,090 9,602 8,012 7,906 

By type of claim: 

Financial................................................ 21,775 21,305 19,851 18,661 15,912 14,364 12,644 11,569 

Non-negotiable deposits ................... 3,529 1,498 1,968 2,002 2,168 2,124 1,985 2,598 

Short-term negotiable securities....... 120 77 86 133 371 436 494 572 

Other ................................................. 18,126 19,730 17,797 16,526 13,373 11,804 10,165 8,399 

Commercial........................................... 4,226 5,041 3,815 3,586 3,142 3,463 2,000 3,267 

Trade receivables ............................. 3,414 4,684 3,595 3,404 2,945 3,248 1,797 3,058 

Advance payments and other........... 812 357 220 182 197 215 203 209 
CAPITAL MOVEMENTS 

December 2010 

76 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2005 2006 2007 2008 June Sept. Dec. Mar. June p

Europe: 

Austria................................... 68 91 230 95 83 87 77 80 175

Belgium ................................. 73 181 492 427 373 191 196 216 397

Bulgaria................................. - 44 36 1 4 - - -1

Czech Republic..................... 17 14 25 45 41 50 44 26 14

Denmark................................ 78 132 937 161 149 105 140 92 111

Finland .................................. 20 140 63 79 108 103 518 457 52

France................................... 2,631 2,562 3,165 4,801 3,289 3,461 2,998 2,852 2,956

Germany ............................... 3,646 12,391 4,977 3,746 4,543 5,673 5,351 5,855 5,396

Greece .................................. 401 182 187 241 220 236 232 285 263

Hungary................................. 12 18 46 30 25 22 16 20 21

Ireland ................................... 1,636 316 1,569 2,067 1,433 1,323 2,662 2,079 1,899

Italy........................................ 1,174 1,040 1,196 509 539 553 465 477 506

Luxembourg .......................... 378 977 235 837 655 610 503 377 403

Netherlands........................... 895 1,709 1,194 1,728 1,120 1,445 879 802 830

Norway.................................. 3,537 545 721 385 543 677 472 617 634

Poland................................... 229 330 385 269 239 202 201 159 149

Portugal................................. 39 27 205 35 46 26 22 30 16

Romania................................ 4 9 6 71 84 83 11 9 10

Russia ................................... 64 110 306 524 337 439 297 199 286

Serbia and Montenegro 

(formerly Yugoslavia)........ 4 1 3 6 4 5 - 4 3

Spain..................................... 399 269 533 816 552 599 490 388 356

Sweden ................................. 747 952 438 274 241 223 446 411 222

Switzerland ........................... 1,237 1,070 1,705 2,333 1,996 2,139 2,436 1,914 2,481

Turkey ................................... 137 261 754 709 908 1,321 1,485 1,733 1,794

United Kingdom .................... 15,093 17,339 23,350 14,916 10,922 10,360 10,152 8,038 10,219

Channel Islands and 

Isle of Man ........................ 501 15 208 95 95 126 84 85 75

Other Europe ........................ 250 421 539 435 598 825 524 650 1,117

Total Europe ..................... 33,271 41,146 43,505 35,635 29,147 30,884 30,701 27,855 30,386

Canada...................................... 4,905 7,694 7,767 5,960 7,103 6,973 5,410 7,135 8,682

Latin America: 

Argentina............................... 148 138 156 89 158 99 66 82 49

Brazil ..................................... 288 264 940 626 600 624 566 517 575

Chile ...................................... 387 406 546 353 390 299 314 396 346

Colombia............................... 106 208 356 332 601 435 379 508 590

Ecuador................................. 10 89 33 30 40 85 12 52 194

Guatemala ............................ 23 25 10 8 10 12 6 7 6

Mexico................................... 2,234 2,150 2,848 1,579 2,096 2,096 2,019 2,193 2,540

Panama................................. 56 57 85 166 216 379 328 205 208

Peru....................................... 8 6 36 34 42 35 29 50 120

Uruguay................................. 2 13 20 12 10 9 13 1 21

Venezuela ............................. 681 353 575 413 860 666 181 401 426

Other Latin America.............. 105 24 106 50 64 71 71 116 109

Total Latin America............... 4,048 3,733 5,711 3,692 5,087 4,810 3,984 4,528 5,184

Caribbean: 

Bahamas............................... 70 70 89 52 127 44 81 127 34

Bermuda..................................... 1,704 777 707 723 1,633 1,253 878 1,011 1,104

Cayman Islands .................... 6,522 12,804 15,969 10,354 8,668 7,724 8,348 7,939 5,748

Cuba...................................... - - - - - -8 - -

Jamaica................................. 14 20 18 37 29 19 15 16 12

Netherlands Antilles.............. 13 2 4 6 10 3 3 5 2

Trinidad and Tobago............. 44 25 74 60 59 41 45 19 19

Other Caribbean ................... 936 761 803 444 889 814 346 452 1,295

Total Caribbean ................ 9,303 14,459 17,664 11,676 11,415 9,898 9,724 9,569 8,214

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2010 

77

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2005 2006 2007 2008 June Sept. Dec. Mar. June p

Asia: 

China, Mainland. ....................... 3,825 1,297 857 4,769 4,513 4,475 3,936 3,733 4,048

Hong Kong ................................ 746 564 981 593 706 886 685 637 586

India........................................... 158 418 1,447 1,082 1,091 951 754 896 843

Indonesia................................... 89 57 172 366 377 413 381 359 368

Israel.......................................... 613 385 293 292 216 236 322 114 123

Japan......................................... 7,354 7,210 6,888 6,190 6,275 6,323 5,955 6,729 6,458

Korea, South ............................. 1,743 1,350 1,213 1,314 813 873 864 940 982

Lebanon .................................... 42 11 9 15 8 8 8 6 9

Malaysia .................................... 335 471 562 363 477 428 311 295 355

Pakistan..................................... 230 171 172 28 25 28 25 66 58

Philippines................................. 109 95 89 107 81 67 82 67 73

Singapore.................................. 1,823 2,839 4,255 3,767 1,912 1,785 1,870 1,912 1,588

Syria .......................................... 4 8 8 3 3 116 - 1 2

Taiwan....................................... 1,010 1,093 1,019 722 800 877 477 411 330

Thailand..................................... 212 599 380 295 301 414 422 456 964

Oil-exporting countries 1............ 4,159 3,955 7,158 6,378 6,713 6,547 6,360 6,769 6,285

Other Asia ................................. 298 156 377 460 371 275 302 257 380

Total Asia .............................. 22,750 20,679 25,880 26,744 24,682 24,702 22,754 23,648 23,452

Africa: 

Congo (formerly Zaire).............. - - - - - - 8 - -

Egypt ......................................... 119 132 280 293 338 273 94 86 127

Ghana........................................ 1 6 12 5 3 3 3 4 4

Liberia........................................ 1 3 6 64 67 62 61 58 54

Morocco..................................... 42 42 190 112 81 96 118 95 76

South Africa............................... 950 35 52 256 273 290 283 93 101

Oil-exporting countries 2............ 590 283 655 764 784 993 773 902 1,082

Other Africa ............................... 210 379 294 341 263 386 541 672 508

Total Africa ............................ 1,913 880 1,489 1,835 1,809 2,103 1,881 1,910 1,952

Other countries: 

Australia .................................... 397 560 1,658 1,925 1,246 1,139 1,099 1,009 1,223

New Zealand ............................. 38 36 91 92 126 157 178 208 247

All other ..................................... 83 15 25 30 31 25 25 24 76

Total other countries ............. 518 611 1,774 2,047 1,403 1,321 1,302 1,241 1,546

Total foreign countries ...... 76,708 89,202 103,790 87,589 80,646 80,691 75,756 75,886 79,416

International and regional orgs: 

International organizations........ - - 2 7 - - 71 82 112

Regional organizations 3 ........... 2 15 43 34 2 26 31 30 30

Total international and 

regional organizations....... 2 15 45 41 2 26 102 112 142

Grand total ........................ 76,710 89,217 103,835 87,630 80,648 80,717 75,858 75,998 79,558

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2010 

78 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2005 2006 2007 2008 June Sept. Dec. Mar. June p

Europe: 

Austria.......................................... 2,159 2,031 2,039 1,951 1,854 1,829 1,812 1,827 1,795

Belgium ........................................ 1,822 419 807 393 466 346 313 306 309

Bulgaria........................................ 29 3 6 6 4 7 6 4 3

Czech Republic............................ 49 50 134 85 106 84 75 77 68

Denmark....................................... 341 149 184 74 80 82 80 96 89

Finland ......................................... 336 591 805 541 595 603 1,803 314 312

France.......................................... 5,063 3,420 6,061 2,736 2,169 2,303 2,376 2,038 2,126

Germany ...................................... 4,238 10,148 4,926 8,621 4,603 3,820 3,407 3,494 3,644

Greece ......................................... 380 163 250 192 210 195 191 161 146

Hungary........................................ 57 45 153 95 87 65 193 38 33

Ireland .......................................... 795 858 968 1,814 2,126 1,183 1,248 1,346 1,041

Italy............................................... 3,702 2,337 2,515 1,195 1,897 1,724 1,932 1,930 2,275

Luxembourg ................................. 391 352 919 183 220 155 187 222 257

Netherlands.................................. 3,387 3,570 3,989 2,092 2,030 2,333 2,481 1,777 2,200

Norway......................................... 402 366 325 271 300 230 251 271 151

Poland.......................................... 58 99 153 132 151 159 201 259 242

Portugal........................................ 60 64 89 76 68 57 60 46 33

Romania....................................... 22 36 60 54 66 85 90 102 123

Russia .......................................... 359 774 1,326 694 672 654 522 511 536

Serbia and Montenegro 

(formerly Yugoslavia)............... 17 10 15 14 17 14 17 13 12

Spain............................................ 2,032 1,425 1,625 1,072 996 996 925 974 660

Sweden ........................................ 503 652 689 450 439 444 300 453 400

Switzerland .................................. 1,876 1,424 2,143 1,788 1,677 1,582 1,687 1,267 1,092

Turkey .......................................... 638 420 732 593 612 657 656 676 585

United Kingdom ........................... 24,772 17,483 23,662 17,983 17,513 15,113 14,374 13,025 14,158

Channel Islands and 

Isle of Man ............................... 16 19 109 419 507 438 547 114 114

Other Europe ............................... 1,315 1,267 1,465 1,107 472 431 415 392 602

Total Europe ............................ 54,820 48,175 56,149 44,631 39,937 35,589 36,149 31,733 33,006

Canada............................................. 16,122 17,520 16,418 10,551 10,371 10,172 9,658 8,987 8,345

Latin America: 

Argentina...................................... 350 470 463 473 431 432 420 409 447

Brazil ............................................ 2,972 2,927 2,682 2,365 2,066 2,107 1,929 1,776 1,744

Chile ............................................. 303 299 404 540 474 362 332 390 513

Colombia...................................... 299 349 449 429 380 417 389 387 396

Ecuador........................................ 95 119 160 173 105 93 138 136 118

Guatemala ................................... 100 116 200 180 162 158 133 88 93

Mexico.......................................... 4,108 3,242 3,505 3,089 2,992 2,882 2,917 2,965 3,170

Panama........................................ 198 266 323 408 373 352 336 348 363

Peru.............................................. 117 164 196 270 185 166 162 165 154

Uruguay........................................ 5 12 33 106 89 87 29 22 31

Venezuela .................................... 539 481 669 657 683 627 466 378 413

Other Latin America..................... 485 376 431 435 372 392 325 277 313

Total Latin America...................... 9,571 8,821 9,515 9,125 8,312 8,075 7,576 7,341 7,755

Caribbean: 

Bahamas...................................... 1,631 3,949 2,200 353 400 477 301 215 120

Bermuda............................................ 2,238 1,734 1,704 1,722 2,843 2,774 2,607 2,290 1,592

Cayman Islands ........................... 36,416 26,051 16,987 19,513 18,624 16,885 16,641 16,793 16,226

Cuba............................................. 12 2 10 - - - -3 -

Jamaica........................................ 70 60 106 79 58 91 63 70 52

Netherlands Antilles..................... 42 30 118 112 88 104 6 25 22

Trinidad and Tobago.................... 119 125 172 111 82 88 82 118 47

Other Caribbean .......................... 1,721 1,264 1,518 1,013 1,042 1,029 986 653 946

Total Caribbean ....................... 42,249 33,215 22,815 22,903 23,137 21,448 20,686 20,167 19,005

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2010 

79

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2005 2006 2007 2008 June Sept. Dec. Mar. June p

Asia: 

China, Mainland........................ 4,958 1,772 1,913 1,455 1,530 1,542 1,388 1,327 1,408

Hong Kong ................................ 941 1,009 8,762 809 963 938 802 931 832

India .......................................... 413 654 812 695 695 764 627 580 743

Indonesia................................... 445 231 206 273 290 287 327 345 361

Israel ......................................... 403 360 601 635 327 398 445 270 233

Japan ........................................ 2,696 3,349 5,518 4,578 3,454 2,277 2,171 2,144 2,317

Korea, South ............................. 1,244 1,143 1,272 980 2,439 2,283 2,143 2,545 2,374

Lebanon .................................... 22 19 19 44 22 13 19 8 11

Malaysia.................................... 536 270 362 275 236 221 189 142 131

Pakistan .................................... 57 86 115 33 30 64 37 24 21

Philippines................................. 275 109 109 63 61 77 73 90 92

Singapore.................................. 1,944 1,811 2,809 1,448 3,551 3,451 2,691 2,623 2,647

Syria .......................................... 6 10 1 12 14 10 11 1 10

Taiwan....................................... 853 972 1,240 976 1,019 1,075 706 659 688

Thailand .................................... 295 312 416 330 351 345 318 295 189

Oil-exporting countries 1............ 1,800 1,814 2,552 3,392 3,065 2,437 2,502 2,340 3,388

Other Asia ................................. 408 328 513 179 170 208 222 214 214

Total Asia .............................. 17,296 14,249 27,220 16,177 18,217 16,390 14,671 14,538 15,659

Africa: 

Congo (formerly Zaire).............. 1 11 6 5 -1 15 - -

Egypt......................................... 194 165 296 362 217 173 221 188 222

Ghana ....................................... 16 3 8 7 6 6 6 9 8

Liberia ....................................... 98 73 54 54 49 49 55 53 52

Morocco .................................... 23 21 21 24 23 31 10 7 8

South Africa .............................. 1,075 221 254 356 327 346 371 319 317

Oil-exporting countries 2............ 295 332 350 300 370 313 257 189 268

Other Africa............................... 419 411 400 495 505 489 484 446 402

Total Africa............................ 2,121 1,237 1,389 1,603 1,497 1,408 1,419 1,211 1,277

Other countries: 

Australia .................................... 2,144 2,365 2,467 2,194 2,269 2,527 2,724 2,159 2,210

New Zealand............................. 420 351 145 72 90 76 93 117 83

All other..................................... 207 76 37 13 12 6 2 22 22

Total other countries ............. 2,771 2,792 2,649 2,279 2,371 2,609 2,819 2,298 2,315

Total foreign countries ...... 144,950 126,009 136,155 107,269 103,842 95,691 92,978 86,275 87,362

International and regional orgs: 

International organizations........ - 4 150 21 38 40 48 52 46

Regional organizations 3 ........... - 19 111 186 75 70 26 12 5

Total international and 

regional organizations... - 23 261 207 113 110 74 64 51

Grand total .................... 144,950 126,032 136,416 107,476 103,955 95,801 93,052 86,339 87,413

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2010 

80 

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

Country, June 30, 2010, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial 

(6) 

 

Europe: 

Austria ............................................... 175 59 116 1,795 1,744 51 

Belgium ............................................ 397 193 204 309 170 139 

Bulgaria ............................................ 1 - 1 3 - 3 

Czech Republic................................ 14 - 14 68 3 65 

Denmark........................................... 111 1 110 89 9 80 

Finland.............................................. 52 26 26 312 4 308 

France .............................................. 2,956 1,915 1,041 2,126 773 1,353 

Germany........................................... 5,396 4,465 931 3,644 2,377 1,267 

Greece.............................................. 263 10 253 146 90 56 

Hungary............................................ 21 6 15 33 7 26 

Ireland .............................................. 1,899 909 990 1,041 782 259 

Italy................................................... 506 2 504 2,275 79 2,196 

Luxembourg ..................................... 403 225 178 257 58 199 

Netherlands...................................... 830 402 428 2,200 1,263 937 

Norway ............................................. 634 92 542 151 62 89 

Poland .............................................. 149 2 147 242 31 211 

Portugal............................................ 16 4 12 33 4 29 

Romania........................................... 10 - 10 123 10 113 

Russia .............................................. 286 31 255 536 236 300 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 3 2 1 12 - 12 

Spain ................................................ 356 112 244 660 166 494 

Sweden ............................................ 222 3 219 400 196 204 

Switzerland....................................... 2,481 377 2,104 1,092 506 586 

Turkey .............................................. 1,794 36 1,758 585 448 137 

United Kingdom................................ 10,219 6,736 3,483 14,158 8,874 5,284 

Channel Islands and 

Isle of Man.................................... 75 70 5 114 101 13 

Other Europe.................................... 1,117 762 355 602 438 164 

Total Europe................................. 30,386 16,440 13,946 33,006 18,431 14,575 

Canada................................................. 8,682 3,400 5,282 8,345 4,517 3,828 

Latin America: 

Argentina.......................................... 49 4 45 447 34 413 

Brazil ................................................ 575 17 558 1,744 868 876 

Chile ................................................. 346 21 325 513 92 421 

Colombia .......................................... 590 74 516 396 16 380 

Ecuador............................................ 194 1 193 118 31 87 

Guatemala........................................ 6 - 6 93 32 61 

Mexico.............................................. 2,540 252 2,288 3,170 1,114 2,056 

Panama............................................ 208 25 183 363 192 171 

Peru.................................................. 120 - 120 154 17 137 

Uruguay............................................ 21 5 16 31 2 29 

Venezuela ........................................ 426 8 418 413 125 288 

Other Latin America ......................... 109 13 96 313 72 241 

Total Latin America........................... 5,184 420 4,764 7,755 2,595 5,160 

Caribbean: 

Bahamas .......................................... 34 - 34 120 106 14 

Bermuda................................................. 1,104 241 863 1,592 752 840 

Cayman Islands................................... 5,748 5,109 639 16,226 15,862 364 

Cuba................................................. - - - - - - 

Jamaica............................................ 12 - 12 52 33 19 

Netherlands Antilles ......................... 2 - 2 22 18 4 

Trinidad and Tobago........................ 19 3 16 47 - 47 

Other Caribbean............................... 1,295 156 1,139 946 341 605 

Total Caribbean............................ 8,214 5,509 2,705 19,005 17,112 1,893 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2010 

81

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

Country, June 30, 2010, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China, Mainland ................................ 4,048 47 4,001 1,408 98 1,310 

Hong Kong ........................................ 586 40 546 832 243 589 

India................................................... 843 184 659 743 60 683 

Indonesia........................................... 368 21 347 361 233 128 

Israel.................................................. 123 2 121 233 23 210 

Japan................................................. 6,458 1,833 4,625 2,317 452 1,865 

Korea, South ..................................... 982 58 924 2,374 294 2,080 

Lebanon ............................................ 9 - 9 11 2 9 

Malaysia ............................................ 355 2 353 131 32 99 

Pakistan............................................. 58 3 55 21 - 21 

Philippines......................................... 73 2 71 92 21 71 

Singapore.......................................... 1,588 9 1,579 2,647 109 2,538 

Syria .................................................. 2 - 2 10 - 10 

Taiwan............................................... 330 3 327 688 13 675 

Thailand............................................. 964 4 960 189 33 156 

Other Asia ......................................... 380 64 316 214 70 144 

Total Asia ........................................ 23,452 2,650 20,802 15,659 2,129 13,530 

Africa: 

Congo (formerly Zaire)...................... - - - - - - 

Egypt ................................................. 127 - 127 222 40 182 

Ghana................................................ 41 3 8 4 4 

Liberia................................................ 54 51 3 52 47 5 

Morocco............................................. 76 1 75 8 1 7 

South Africa....................................... 101 27 74 317 212 105 

Other Africa ....................................... 508 22 486 402 192 210 

Total Africa .................................... 1,952 102 1,850 1,277 552 725 

Other countries: 

Australia ............................................ 1,223 132 1,091 2,210 1,386 824 

New Zealand ..................................... 247 2 245 83 11 72 

All other ............................................. 76 2 74 22 7 15 

Total other countries ..................... 1,546 136 1,410 2,315 1,404 911 

Total foreign countries .............. 79,416 28,657 50,759 87,362 46,740 40,622 

International and regional orgs: 

International organizations................ 112 - 112 46 - 46 

 Regional organizations 1 .................. 30 - 30 5 - 5 

Total international and 

regional organizations............... 142 - 142 51 - 51 

Grand total ................................ 79,558 28,657 50,901 87,413 46,740 40,673 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2010 

82

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International

and regional

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 ........................................ 314,880 76,218 239,105 -443 14,629,213 14,314,333 -38,664 2,590,262 2,628,926 

2009 r ....................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669 

2010 - Jan. - Sept. p ................ 569,301 143,483 424,498 1,320 11,686,909 11,117,608 93,022 750,287 657,265 

 

2009 - Sept............................... 44,685 18,966 25,120 599 1,108,117 1,063,432 -1,627 73,910 75,537 

Oct................................ 38,910 15,043 23,745 122 1,215,277 1,176,367 -5,358 73,649 79,007 

Nov. r............................ 117,875 31,184 86,633 58 1,194,188 1,076,313 5,908 66,894 60,986 

Dec. r............................ 69,817 24,322 45,588 -93 1,062,050 992,233 51 61,619 61,568 

2010 - Jan. r. ............................ 61,394 558 60,711 125 1,042,742 981,348 -5,042 55,876 60,918 

Feb. r............................ 48,355 1,128 47,233 -6 1,212,260 1,163,905 2,394 64,358 61,964 

Mar. r............................ 108,872 28,288 79,690 894 1,543,938 1,435,066 21,932 80,850 58,918 

Apr. r............................. 77,130 14,542 62,607 -19 1,248,105 1,170,975 14,294 76,190 61,896 

May............................... 14,879 7,236 7,452 191 1,426,342 1,411,463 27,432 84,895 57,463 

June.............................. 33,256 12,080 20,662 514 1,317,482 1,284,226 18,239 100,213 81,974 

July ............................... 29,975 8,713 21,411 -149 1,013,079 983,104 17,338 86,339 69,001 

Aug. p........................... 117,141 31,479 85,538 124 1,463,762 1,346,621 4,638 89,505 84,867 

Sept. p.......................... 78,299 39,459 39,194 -354 1,419,199 1,340,900 -8,203 112,061 120,264 

Corporate and other securities 

Bonds * Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 .............................................................................. 93,877 1,467,469 1,373,592 44,796 12,037,928 11,993,132 

2009 r ............................................................................ -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223 

2010 - Jan. - Sept. p ..................................................... -8,357 738,101 746,458 73,204 5,078,960 5,005,756 

 

2009 - Sept.................................................................... -2,515 94,617 97,132 15,672 538,439 522,767 

Oct..................................................................... -844 100,306 101,150 10,298 603,120 592,822 

Nov. r................................................................. -4,604 82,222 86,826 9,723 550,989 541,266 

Dec. r................................................................. -7,932 77,437 85,369 19,984 556,738 536,754 

2010 - Jan. r .................................................................. -24,601 66,577 91,178 4,520 542,689 538,169 

Feb. r................................................................. -11,990 63,727 75,717 12,955 558,284 545,329 

Mar. r ................................................................. 16,045 102,996 86,951 12,097 578,113 566,016 

Apr. r.................................................................. 10,083 86,986 76,903 9,671 584,525 574,854 

May.................................................................... -8,939 71,164 80,103 -46 734,251 734,297 

June .................................................................. -13,464 69,837 83,301 -4,103 592,890 596,993 

July .................................................................... 13,936 79,708 65,772 12,545 512,814 500,269 

Aug. p................................................................ 9,995 84,241 74,246 4,840 481,920 477,080 

Sept. p............................................................... 578 112,865 112,287 20,725 493,474 472,749 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

December 2010 

83

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from

U.S. 

(2) 

Gross foreign 

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 ..................................................... -229,205 -133,905 2,973,330 3,107,235 -95,300 5,215,764 5,311,064 

2008 ..................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021 

2009 r ................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861 

2010 - Jan. - Sept. p ............................ -88,606 -55,124 2,896,108 2,951,232 -33,482 2,655,955 2,689,437 

 

2009 - Sept........................................... -15,000 -15,530 202,912 218,442 530 287,316 286,786 

Oct............................................ -23,691 -19,364 232,592 251,956 -4,327 322,827 327,154 

Nov. r........................................ -2,486 -5,098 198,798 203,896 2,612 283,196 280,584 

Dec. r........................................ -8,199 -6,622 182,108 188,730 -1,577 270,430 272,007 

2010 - Jan. r......................................... -19,758 -14,390 307,897 322,287 -5,368 281,446 286,814 

Feb. r........................................ -4,416 -2,946 352,200 355,146 -1,470 266,167 267,637 

Mar. r ........................................ -17,451 -14,588 465,262 479,850 -2,863 304,639 307,502 

Apr. r......................................... -28,930 -15,253 403,111 418,364 -13,677 308,717 322,394 

May........................................... 2,430 12,505 321,323 308,818 -10,075 352,651 362,726 

June.......................................... 10,426 6,038 278,960 272,922 4,388 303,170 298,782 

July ........................................... -12,591 -6,485 242,598 249,083 -6,106 269,558 275,664 

Aug. p....................................... -7,892 -14,981 215,780 230,761 7,089 271,028 263,939 

Sept. p...................................... -10,424 -5,024 308,977 314,001 -5,400 298,579 303,979 

 
CAPITAL MOVEMENTS 

December 2010 

84

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2010 2010 2010 2010 

Country 

 Calendar 

 year 

 2009 r 

 (1) 

 Jan. 

 through

 Sept. 

(2) 

 July 

 through 

 Sept. p 

 (3) 

Calendar

year 

2009 r 

(4) 

Jan. 

 through

 Sept.

 (5) 

July 

 through

 Sept. p 

 (6) 

 Calendar 

 year 

 2009 r 

 (7) 

 Jan.

 through

 Sept.

 (8) 

July 

 through 

 Sept. p 

 (9) 

Calendar 

year 

2009 r 

(10) 

 Jan. 

 through

 Sept.

(11) 

July 

 through

 Sept. p 

(12) 

Europe: 

Austria............................. -756 -257 -134 -184 86 88 252 299 61 179 -19 42

Belgium........................... -752 -1,835 -1,141 2,379 2,386 697 -13,807 -12,655 -3,684 2,466 -51 95

Bulgaria........................... -4 138 120 - - - - - - -5 9 16

Cyprus 1 .......................... -244 -199 60 -73 19 27 1 -115 -27 58 3 -16

Czech Republic............... 74 -105 -91 -147 -88 - -11 - - 244 -71 -94

Denmark ......................... 1,526 2,425 63 -47 -2,017 -37 37 -3 506 445 337 -353

Finland............................ 805 482 -39 -52 -119 -114 319 -274 27 623 1,004 6

France............................. 17,791 1,069 -343 12,963 11,900 6,181 -3,897 -4,237 -3,575 168 15,160 17,284

Germany ......................... -1,324 11,987 4,918 -838 823 557 -1,651 -225 1,246 756 37 -1,616

Greece............................ 124 17 -5 -150 -7 -3 -24 -8 - 66 43 -7

Hungary .......................... 86 -689 -15 -141 -217 -66 35 12 -1 233 -206 12

Ireland............................. -3,046 2,476 1,438 -4,487 -3,051 -1,024 -12,067 -2,656 379 1,610 465 443

Italy ................................. 2,780 1,193 1,770 87 -95 16 148 186 104 -319 -2,419 168

Kazakhstan 1................... 250 1,890 804 142 -154 -100 28 99 - 13 - -

Luxembourg.................... 7,669 -7,742 -4,094 6,679 3,501 4,351 -2,710 1,572 2,356 1,875 -195 -1,122

Monaco 1......................... -360 595 42 72 202 50 106 -6 -85 51 - -69

Netherlands .................... 1,419 -912 -791 -739 108 -76 -1,746 -1,024 -419 3,284 -5,624 -3,093

Norway............................ 10,803 6,531 2,757 -2,984 51 -457 -1,445 -974 -358 9,056 3,409 828

Poland............................. 2,123 736 2,258 104 755 - 2 -27 -13 -27 24 29

Portugal .......................... 48 -317 -121 -203 -15 -1 -9 -104 -34 398 -115 -84

Romania ......................... -629 -46 -133 -2 9 5 3 -1 -1 -6 -18 -12

Russia............................. -16,479 -8,517 -4,422 -965 -3 -3 60 -234 -211 -15 -107 -36

Serbia and Montenegro 2... -96 -422 -45 - 12 1 - 2 - 1 -1 1

Spain............................... 409 -4,883 -2,592 -49 -17 -44 -37 -1,655 42 156 1,057 274

Sweden........................... 4,594 1,005 979 -1,202 -423 85 -1,836 -1,505 -539 3,468 938 164

Switzerland ..................... 15,811 20,907 5,013 -4,580 -1,921 -161 -1,540 547 596 8,664 4,324 3,148

Turkey............................. -4,415 -1,991 -971 - 1 1 319 52 52 11 90 4

Ukraine 1 ......................... -758 3,666 1,143 -49 -111 -58 -2 35 50 -2 36 2

United Kingdom .............. 171,027 266,502 88,190 20,291 23,153 1,098 -12,275 2,131 15,537 33,700 5,848 8,854

Channel Islands .............. -1,011 -426 46 9 154 428 -325 -1,049 -470 1,144 1,186 395

All other Europe 1 ............ -958 -762 -331 -2,052 -699 -84 -362 21 47 127 167 15

Total Europe ............... 206,507 292,517 94,332 23,782 34,222 11,359 -52,434 -21,796 11,586 68,422 25,311 25,278

Memo: Euro Area 3.............. 24,930 995 -1,104 15,067 15,550 10,666 -35,252 -20,978 -3,541 11,460 9,462 12,402

Memo: European Union 4 .... 203,364 271,100 90,330 33,848 36,672 11,767 -49,539 -20,313 11,979 49,515 16,356 21,021

Canada ............................... 41,237 63,054 23,458 2,214 4,795 153 6,776 -1,586 -979 -1,647 4,959 3,442

Latin America: 

Argentina ........................ -353 14 -38 54 25 1 538 203 166 622 183 31

Brazil............................... -7,335 11,951 12,477 575 642 -686 975 -155 -136 21 -413 -272

Chile ............................... -2,077 -143 1,074 184 3 7 18 254 128 112 970 19

Colombia......................... -2,707 -1,121 167 -524 595 -44 352 172 17 634 313 70

Ecuador .......................... -310 397 216 -82 -10 -21 71 -5 -4 -33 -4 -24

Costa Rica 5 .................... 170 -54 -42 285 598 226 115 86 18 219 585 645

Guatemala ...................... 261 -111 -144 16 4 -1 -53 37 7 11 14 -5

Mexico ............................ 9,701 -62 2,117 -11,169 2,575 1,279 3,721 922 263 2,120 2,129 -76

Panama .......................... 79 -70 131 764 456 160 559 754 31 582 353 15

Peru ................................ -430 181 1,330 -1,024 357 334 102 151 36 386 -303 -266

Uruguay .......................... -1,017 938 218 -143 -277 -105 616 297 155 379 176 24

Venezuela....................... -167 103 84 353 109 -6 174 80 136 374 171 31

All other Latin America 5 ... 351 -14 115 -203 185 106 339 35 -70 52 82 20

Total Latin America..... -3,834 12,009 17,705 -10,914 5,262 1,250 7,527 2,831 747 5,479 4,256 212

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2010 

85

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2010 2010 2010 2010 

Country 

Calendar 

year 

2009 r 

(1) 

 Jan. 

 through 

 Sept. 

(2) 

 July 

 through

 Sept. p 

 (3) 

Calendar

year 

2009 r

(4) 

Jan. 

 through

 Sept. 

 (5) 

July 

 through

Sept. p 

(6) 

Calendar 

year 

2009 r 

(7) 

 Jan.

 through

 Sept.

 (8) 

July 

 through 

 Sept. p 

 (9) 

Calendar 

year 

2009 r 

(10) 

 Jan. 

 through

 Sept. 

(11) 

July 

 through

 Sept. p 

(12) 

Caribbean: 

Anguilla 6.................................... -2,359 -357 23 -658 -129 - 260 638 94 923 759 -401

Bahamas.................................... -6 -14,106 -1,395 -680 -484 -959 1,420 -848 4 -658 442 1,184

Barbados 6 ................................. 581 -7 180 527 762 -12 1,125 -694 30 -55 17 4

Bermuda .................................... 5,789 462 -932 3,002 4,197 2,226 3,271 2,553 1,546 -2,536 4,894 1,611

British Virgin Islands 6 ................ -5,332 6,357 -3,915 -163 167 208 37 -460 -224 9,256 763 1,215

Cayman Islands ......................... 2,419 12,556 -3,337 -22,961 7,557 7,639 -3,610 5,701 6,859 26,685 10,574 -50

Cuba .......................................... - - - - - - - - - - - -

Jamaica ..................................... 35 5 -9 21 -76 -88 46 27 14 -13 -8 -14

Netherlands Antilles ................... 4,582 3,376 -2,256 -270 1 -11 203 1,248 445 1,527 121 1,235

Trinidad and Tobago.................. 810 469 204 -122 9 -26 -181 -98 -95 225 139 40

All other Caribbean 6 .................. 68 113 72 884 466 306 244 392 298 162 183 56

Total Caribbean ..................... 6,587 8,868 -11,365 -20,420 12,470 9,283 2,815 8,459 8,971 35,516 17,884 4,880

Asia: 

China, Mainland. ........................ 123,454 37,888 23,309 -24,671 -22,778 -31,347 -4,050 -458 -326 4,040 3,623 93

Hong Kong................................. -929 6,954 -1,178 10,242 4,764 1,197 2,867 -2,228 -324 6,334 6,902 1,941

India........................................... 5,487 -167 2,436 1 -4 -3 -27 32 2 -1,758 -384 -139

Indonesia ................................... -3,608 1,436 2,417 -63 35 120 217 -36 81 28 -15 1

Israel.......................................... 441 2,817 280 176 405 -80 -223 203 -43 1,541 291 7

Japan......................................... 129,526 106,636 59,736 -13,462 47,534 15,315 -1,598 3,084 2,137 13,753 4,813 1,778

Korea, South.............................. 7,738 -1,367 1,922 14,657 3,899 1,989 -228 1,265 -172 1,707 420 21

Lebanon..................................... 35 23 -4 3 -1 - 100 165 121 49 33 -3

Malaysia..................................... 1,990 -253 408 -951 1,179 1,799 485 312 179 212 302 102

Pakistan ..................................... -47 41 - -4 - - 9 8 -6 -39 2 -1

Philippines.................................. -15 2,170 -723 -188 -8 4 -152 71 35 39 56 -34

Singapore................................... 5,196 12,225 4,195 -2,868 -1,064 352 -3,054 4,754 2,204 12,005 -483 -2,461

Syria........................................... - - - - - - 3 - - 38 -25 -

Taiwan ....................................... 7,825 12,899 1,433 15,083 8,752 4,241 4,981 3,179 1,376 1,244 465 569

Thailand ..................................... 4,819 12,751 5,818 -885 -1,543 -1,570 1 99 -26 -7 103 44

Oil exporting countries 7 ............. -520 -4,548 1,395 1,483 -2,163 -371 -4,041 -4,735 -150 3,534 2,444 1,279

All other Asia.............................. -957 375 614 -675 -30 2 -526 32 6 83 123 21

Total Asia............................... 280,435 189,880 102,058 -2,122 38,977 -8,352 -5,236 5,747 5,094 42,803 18,670 3,218

Africa: 

Egypt.......................................... -894 429 -18 -189 -42 -4 80 -12 -2 -34 17 6

Liberia........................................ -189 48 2 -35 2 -1 108 -2 18 -22 21 17

Morocco ..................................... 5 -117 -110 -1,710 -933 -292 111 2 - -4 -8 -4

South Africa ............................... -111 -2,048 -1,593 -448 8 50 -88 144 163 99 -49 -26

Oil exporting countries 8 ............. 5,225 5,708 2,802 -108 9 1 114 43 49 5 -21 -2

All other Africa............................ 492 653 386 -50 -41 -18 94 54 9 -733 -152 -23

Total Africa............................. 4,528 4,673 1,469 -2,540 -997 -264 419 229 237 -689 -192 -32

Other countries: 

Australia..................................... 2,628 -3,025 -1,911 158 -439 61 434 -2,081 -2,307 3,015 2,172 1,071

New Zealand.............................. 225 1 48 -76 -48 -25 16 1,123 1,219 610 158 34

All other countries ...................... -1 4 - 50 -7 -1 21 34 -11 -778 2 11

Total other countries .............. 2,852 -3,020 -1,863 132 -494 35 471 -924 -1,099 2,847 2,332 1,116

Total foreign countries ....... 538,312 567,981 225,794 -9,868 94,235 13,464 -39,662 -7,040 24,557 152,731 73,220 38,114

International and regional orgs: 

International organizations ......... -6 1,404 -357 -1,198 -1,228 76 -999 -1,186 -61 -4 -12 -2

Regional organizations 9 ............ 82 -84 -22 -425 15 233 -113 -131 13 7 -4 -2

Total international and 

 regional organizations............... 76 1,320 -379 -1,623 -1,213 309 -1,112 -1,317 -48 3 -16 -4

Grand total......................... 538,388 569,301 225,415 -11,491 93,022 13,773 -40,774 -8,357 24,509 152,734 73,204 38,110

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 

2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in 

“All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2010 

86

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2010, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Total

 sales

 (8) 

 Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank 

bonds 

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 2,341 663 217 113 526 516 307 2,025 796 129 52 484 238 326

Belgium................................... 9,520 718 1,053 1,465 3,192 1,998 1,093 22,448 1,859 356 5,149 3,097 10,917 1,070

Bulgaria .................................. 810 536 - - 267 1 6 672 416 - - 251 - 5

Cyprus 1 .................................. 1,707 486 33 306 131 308 442 1,788 426 6 333 147 462 414

Czech Republic ...................... 951 312 - - 214 273 152 886 403 - - 308 96 79

Denmark................................. 9,288 1,854 18 837 1,136 4,060 1,383 6,753 1,791 55 331 1,489 1,723 1,364

Finland.................................... 3,365 662 70 147 862 1,101 523 4,162 701 184 120 856 1,780 520

France .................................... 900,622 649,735 13,654 3,397 195,822 15,474 22,539 875,851 650,078 7,473 6,972 178,538 10,623 22,167

Germany................................. 84,819 30,615 1,006 3,960 24,524 15,946 8,768 70,232 25,697 449 2,714 26,140 8,307 6,926

Greece.................................... 623 145 13 7 298 56 104 759 150 16 7 305 66 215

Hungary.................................. 799 191 45 - 309 144 110 720 206 111 1 297 67 38

Ireland..................................... 70,048 31,219 6,886 5,448 7,430 8,495 10,569 68,998 29,782 7,909 5,069 6,987 8,999 10,252

Italy ......................................... 28,793 5,441 209 305 15,416 3,887 3,535 24,683 3,671 193 201 15,248 1,988 3,381

Kazakhstan 1 .......................... 1,681 1,655 - - 7 17 2 1,277 851 100 - 7 316 3

Luxembourg ........................... 48,539 5,961 10,661 7,737 11,782 5,261 7,136 58,457 10,055 6,310 5,381 12,904 16,703 7,104

Monaco 1 ................................ 697 141 50 111 297 47 51 745 99 - 196 366 23 61

Netherlands ............................ 35,626 5,016 775 1,608 9,333 8,565 10,329 38,201 5,807 851 2,027 12,426 7,176 9,913

Norway ................................... 29,901 14,420 2,257 1,033 7,693 2,224 2,274 26,864 11,663 2,714 1,391 6,865 1,792 2,439

Poland .................................... 13,419 13,070 - 1 70 121 157 11,114 10,812 - 14 41 134 113

Portugal .................................. 1,680 149 3 28 654 602 245 1,836 269 4 62 738 242 521

Romania ................................. 299 253 5 - 29 10 2 432 386 - 1 41 1 3

Russia..................................... 13,930 13,396 - 7 206 127 194 18,488 17,818 3 218 242 59 148

Serbia and Montenegro 2 ....... 78 50 6 - 18 - 4 121 95 5 - 17 - 4

Spain ...................................... 15,195 6,260 83 323 1,957 2,851 3,722 16,752 8,852 126 281 1,683 656 5,154

Sweden................................... 15,981 5,213 339 216 3,687 2,964 3,562 14,263 4,234 254 755 3,523 2,028 3,469

Switzerland............................. 69,738 15,741 827 8,016 24,150 3,473 17,531 62,943 10,728 988 7,420 21,002 6,403 16,402

Turkey..................................... 1,172 551 1 52 145 6 417 2,876 1,522 - - 141 1,014 199

Ukraine 1 ................................. 1,942 1,828 - 50 14 45 5 856 685 58 - 12 81 20

United Kingdom...................... 2,706,300 1,840,751 61,996 109,360 189,867 245,440 258,886 2,597,702 1,752,561 60,898 93,823 181,013 254,261 255,146

Channel Islands...................... 21,695 1,336 539 1,040 14,390 845 3,545 21,278 1,290 111 1,510 13,995 1,220 3,152

All other Europe 1 ................... 4,211 718 664 263 1,467 355 744 4,953 1,049 748 216 1,452 745 742

Total Europe....................... 4,095,769 2,649,086 101,412 145,830 515,893 325,211 358,337 3,959,136 2,554,754 90,053 134,244 490,615 338,119 351,351

Memo: Euro Area 3 ..................... 1,203,506 737,107 34,697 24,863 272,352 65,104 69,383 1,186,884 738,211 24,031 28,404 259,950 68,267 68,021

Canada....................................... 421,098 173,476 11,819 13,049 92,180 74,447 56,127 405,778 150,018 11,666 14,028 88,738 85,310 56,018

Latin America: 

Argentina ................................ 4,589 213 44 331 1,623 1,623 755 4,156 251 43 165 1,592 1,193 912

Brazil....................................... 67,917 42,285 1,316 1,051 3,413 8,591 11,261 69,178 29,808 2,002 1,187 3,685 10,810 21,686

Chile ....................................... 10,612 3,538 682 326 1,988 1,874 2,204 12,090 2,464 675 198 1,969 5,048 1,736

Colombia ................................ 8,815 2,905 712 236 1,682 2,701 579 8,645 2,738 756 219 1,612 2,690 630

Costa Rica 4............................ 1,183 627 8 35 348 90 75 981 411 29 39 372 81 49

Ecuador.................................. 2,307 26 1,122 136 871 101 51 1,389 68 896 118 226 37 44

Guatemala.............................. 412 281 6 10 76 27 12 595 425 7 3 81 68 11

Mexico .................................... 37,395 12,486 2,663 1,069 5,466 8,704 7,007 35,074 10,369 1,384 806 5,542 10,146 6,827

Panama .................................. 6,618 434 338 866 1,670 2,681 629 6,323 303 178 835 1,655 2,644 708

Peru ........................................ 7,343 3,438 597 171 1,417 807 913 7,584 2,108 263 135 1,683 2,241 1,154

Uruguay.................................. 5,794 1,681 81 382 981 2,180 489 5,278 1,463 186 227 957 1,958 487

Venezuela .............................. 4,903 196 130 434 975 2,932 236 5,984 112 136 298 944 4,293 201

All other Latin America 4......... 1,335 312 138 127 395 298 65 1,686 197 32 197 375 817 68

Total Latin America ............ 159,223 68,422 7,837 5,174 20,905 32,609 24,276 158,963 50,717 6,587 4,427 20,693 42,026 34,513

Caribbean: 

Anguilla 5 ................................ 139,555 4,829 - 172 113,889 276 20,389 139,358 4,806 - 78 114,290 202 19,982

Bahamas ................................ 131,118 56,843 1,017 13,001 38,925 6,659 14,673 130,605 58,238 1,976 12,997 37,741 6,837 12,816

Barbados 5.............................. 1,678 599 179 96 221 397 186 1,522 419 191 66 217 557 72

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2010 

87

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2010, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks

(7) 

Total

 sales

(8) 

Marketable

Treasury 

and 

Federal 

 Financing

Bank bonds

 and notes

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda................................ 243,239 23,520 13,614 9,548 104,387 71,661 20,509 241,081 24,452 11,388 8,002 102,776 72,518 21,945

British Virgin Islands 5............ 154,143 71,251 847 4,482 49,321 6,698 21,544 155,156 75,166 639 4,706 48,106 7,349 19,190

Cayman Islands..................... 1,271,616 361,688 37,310 56,640 478,814 188,261 148,903 1,254,498 365,025 29,671 49,781 478,864 185,298 145,859

Cuba...................................... ---------- ----

Jamaica................................. 749 559 82 24 44 38 2 850 568 170 10 58 40 4

Netherlands Antilles............... 29,804 10,649 1,132 743 10,201 2,322 4,757 28,490 12,905 1,143 298 8,966 2,099 3,079

Trinidad and Tobago ............. 1,526 1,022 48 58 197 149 52 1,334 818 74 153 157 102 30

All other Caribbean 5 ............. 2,187 188 431 348 767 239 214 1,321 116 125 50 711 134 185

Total Caribbean................. 1,975,615 531,148 54,660 85,112 796,766 276,700 231,229 1,954,215 542,513 45,377 76,141 791,886 275,136 223,162

Asia: 

China, Mainland. ................... 64,972 46,432 9,862 921 4,284 451 3,022 73,128 23,123 41,209 1,247 4,191 772 2,586

Hong Kong ............................ 113,749 18,313 5,095 2,274 8,693 9,723 69,651 113,321 19,491 3,898 2,598 6,752 7,497 73,085

India ...................................... 9,236 4,995 - 11 253 38 3,939 10,738 2,559 3 9 392 1,096 6,679

Indonesia............................... 5,999 3,911 234 83 147 385 1,239 4,318 1,494 114 2 146 592 1,970

Israel ..................................... 33,024 27,909 179 468 2,524 353 1,591 32,233 27,629 259 511 2,517 204 1,113

Japan .................................... 390,129 243,488 64,663 9,081 16,153 16,219 40,525 311,010 183,752 49,348 6,944 14,375 13,689 42,902

Korea, South ......................... 32,527 11,263 9,524 1,499 753 3,422 6,066 30,858 9,341 7,535 1,671 732 4,014 7,565

Lebanon ................................ 708 19 - 210 406 20 53 622 23 - 89 409 23 78

Malaysia ................................ 6,899 922 3,388 380 361 712 1,136 5,411 514 1,589 201 259 859 1,989

Pakistan ................................ 72 - - - 24 6 42 75 - - 6 25 4 40

Philippines............................. 7,157 5,444 32 86 351 999 245 8,063 6,167 28 51 385 1,008 424

Singapore.............................. 85,835 54,833 3,338 4,892 7,527 4,091 11,154 78,305 50,638 2,986 2,688 9,988 2,214 9,791

Syria...................................... ---------- ----

Taiwan................................... 30,810 9,799 6,488 2,254 4,483 1,055 6,731 22,574 8,366 2,247 878 3,914 604 6,565

Thailand ................................ 11,420 9,189 69 8 316 728 1,110 7,676 3,371 1,639 34 272 540 1,820

All other Asia ......................... 28,958 12,439 3,883 1,248 7,236 2,275 1,877 26,515 10,430 4,252 1,392 5,936 2,722 1,783

Total Asia .......................... 821,495 448,956 106,755 23,415 53,511 40,477 148,381 724,847 346,898 115,107 18,321 50,293 35,838 158,390

Africa: 

Egypt..................................... 546 85 3 2 195 146 115 667 103 7 4 189 158 206

Liberia ................................... 576 23 1 68 430 8 46 583 21 2 50 413 15 82

Morocco ................................ 39 25 - 5 2 2 5 473 135 292 5 6 17 18

South Africa........................... 6,490 4,632 239 226 369 156 868 8,142 6,225 189 63 395 320 950

All other Africa....................... 7,242 4,756 76 71 337 195 1,807 4,029 1,568 93 13 362 355 1,638

Total Africa........................ 14,893 9,521 319 372 1,333 507 2,841 13,894 8,052 583 135 1,365 865 2,894

Other countries: 

Australia ................................ 51,330 13,052 2,906 2,335 7,113 8,520 17,404 58,155 14,963 2,845 4,642 6,042 13,081 16,582

New Zealand ......................... 2,509 319 138 1,254 441 175 182 2,205 271 163 35 407 1,133 196

All other................................. 158 4 7 25 58 6 58 331 4 8 36 47 29 207

Total other countries.......... 53,997 13,375 3,051 3,614 7,612 8,701 17,644 60,691 15,238 3,016 4,713 6,496 14,243 16,985

Total foreign countries... 7,542,090 3,893,984 285,853 276,566 1,488,200 758,652 838,835 7,277,524 3,668,190 272,389 252,009 1,450,086 791,537 843,313

International and regional orgs: 

International organizations..... 3,364 1,911 1,090 26 4 292 41 4,802 2,268 1,014 87 6 1,389 38

Regional organizations 6........ 10,033 145 962 222 4 8,411 289 2,261 167 729 209 6 919 231

Total international and 

 regional organizations .... 13,397 2,056 2,052 248 8 8,703 330 7,063 2,435 1,743 296 12 2,308 269

Grand total .................... 7,555,487 3,896,040 287,905 276,814 1,488,208 767,355 839,165 7,284,587 3,670,625 274,132 252,305 1,450,098 793,845 843,582

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, 

Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of 

January 2009, also includes Slovakia. 

4Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All 

other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2010 

88

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2009 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

 Total

 sales

 (8) 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria................................ 12,816 2,944 910 1,077 2,466 3,204 2,216 11,716 3,701 1,093 825 2,287 1,273 2,536

Belgium .............................. 51,005 5,479 5,577 2,344 17,658 7,530 12,418 104,289 6,230 3,198 16,151 15,192 50,310 13,207

Bulgaria .............................. 127 45 - - 57 24 1 115 49 - - 62 4 -

Cyprus 1 ............................. 3,824 124 123 11 426 1,421 1,719 4,745 369 195 10 368 1,671 2,132

Czech Republic .................. 6,364 4,682 1 3 1,093 145 440 6,193 4,608 148 14 849 42 532

Denmark............................. 31,171 5,695 382 2,200 6,004 12,515 4,375 30,851 4,169 429 2,163 5,559 14,119 4,412

Finland ............................... 10,895 2,954 160 1,106 2,197 1,528 2,950 13,597 2,149 212 787 1,574 5,986 2,889

France................................ 3,409,160 2,087,322 36,392 12,306 1,090,583 71,405 111,152 3,366,058 2,069,531 23,429 16,203 1,090,415 62,364 104,117

Germany ............................ 267,230 86,460 12,341 10,814 52,382 70,673 34,561 252,493 87,784 13,179 12,465 51,626 54,767 32,672

Greece ............................... 6,669 745 96 68 2,042 2,522 1,197 4,973 621 246 92 1,976 618 1,420

Hungary.............................. 3,722 819 171 86 1,769 453 424 3,018 733 312 51 1,536 133 253

Ireland ................................ 235,773 91,895 38,861 13,279 44,140 21,256 26,340 257,028 94,942 43,348 25,346 42,530 26,582 24,280

Italy..................................... 75,664 18,961 1,762 1,008 27,862 10,639 15,432 67,535 16,181 1,674 860 28,181 4,441 16,196

Kazakhstan 1 ..................... 8,684 7,358 156 55 77 965 73 8,397 7,108 14 27 64 1,106 78

Luxembourg ....................... 126,619 19,796 26,337 13,715 35,411 14,414 16,946 153,635 12,126 19,658 16,425 33,536 55,757 16,133

Monaco 1 .......................... 2,933 180 98 302 1,879 191 283 3,008 540 26 196 1,828 173 245

Netherlands........................ 162,961 20,457 8,296 6,699 46,414 29,639 51,456 160,359 19,038 9,034 8,445 43,130 30,327 50,385

Norway ............................... 145,001 41,755 48,605 4,710 30,517 7,360 12,054 129,707 30,952 51,589 6,155 21,461 10,220 9,330

Poland................................ 24,637 22,113 200 15 485 949 875 23,483 19,990 96 13 512 1,981 891

Portugal.............................. 8,135 911 41 156 4,480 1,815 732 8,392 863 244 165 4,082 1,977 1,061

Romania............................. 3,951 3,667 24 3 227 1 29 4,605 4,296 26 - 233 43 7

Russia ................................ 23,983 21,183 11 81 1,183 265 1,260 41,308 37,662 976 21 1,198 200 1,251

Serbia and Montenegro 2 ... 553 340 8 - 163 19 23 613 436 8 - 162 - 7

Spain.................................. 68,306 18,680 953 8,524 6,898 19,431 13,820 54,392 18,271 1,002 8,561 6,742 5,896 13,920

Sweden .............................. 81,573 19,281 1,092 852 22,068 15,943 22,337 74,663 14,687 2,294 2,688 18,600 15,696 20,698

Switzerland......................... 221,171 40,309 4,125 23,531 92,419 11,560 49,227 208,560 24,498 8,705 25,071 83,755 18,089 48,442

Turkey ................................ 11,685 8,420 2 330 574 1,281 1,078 16,802 12,835 2 11 563 2,212 1,179

Ukraine 1 ............................ 1,699 568 30 2 159 648 292 2,095 1,326 79 4 161 248 277

United Kingdom.................. 8,696,956 5,373,312 241,139 551,070 891,646 655,708 984,081 8,506,560 5,202,285 220,848 563,345 857,946 654,077 1,008,059

Channel Islands.................. 47,308 2,274 758 3,887 26,147 3,783 10,459 46,584 3,285 749 4,212 25,003 2,806 10,529

All other Europe 1 ............... 12,105 3,371 1,842 755 2,552 1,218 2,365 15,134 4,329 3,895 1,117 2,425 1,917 1,451

Total Europe................... 13,762,681 7,912,101 430,491 658,989 2,411,978 968,506 1,380,616 13,580,906 7,705,594 406,709 711,423 2,343,556 1,025,034 1,388,590

Memo: Euro Area 3 ................. 4,441,270 2,357,184 131,917 71,474 1,333,878 255,609 291,208 4,461,754 2,332,254 116,850 106,726 1,322,418 302,322 281,184

Canada................................... 1,185,717 411,204 31,336 46,251 308,702 178,873 209,351 1,178,775 369,967 29,122 39,475 310,349 213,325 216,537

Latin America: 

Argentina............................ 16,983 880 296 1,085 7,552 4,232 2,938 14,534 1,233 242 547 6,930 2,883 2,699

Brazil .................................. 226,365 153,609 5,065 2,356 15,829 17,719 31,787 259,757 160,944 4,490 1,381 15,808 27,585 49,549

Chile................................... 42,287 17,813 2,302 1,065 8,934 7,535 4,638 41,518 19,890 2,118 1,047 8,822 5,056 4,585

Colombia ............................ 29,274 13,139 2,090 1,053 4,586 7,010 1,396 33,698 15,846 2,614 701 3,952 9,511 1,074

Costa Rica 4 ...................... 5,267 3,399 38 186 846 598 200 5,437 3,709 120 115 879 441 173

Ecuador.............................. 2,432 474 348 215 1,121 199 75 1,565 304 63 100 902 131 65

Guatemala.......................... 2,656 1,981 23 45 422 153 32 2,584 1,720 7 98 411 320 28

Mexico................................ 127,872 55,344 6,989 6,925 24,441 14,032 20,141 128,289 45,643 18,158 3,204 22,321 17,492 21,471

Panama.............................. 19,128 1,735 1,325 2,033 7,531 4,185 2,319 16,918 1,656 561 1,474 6,949 3,824 2,454

Peru.................................... 15,297 2,960 708 606 5,074 2,293 3,656 16,761 3,390 1,732 504 4,688 3,822 2,625

Uruguay.............................. 18,370 5,808 317 1,372 4,501 4,584 1,788 18,156 6,825 460 756 4,122 4,353 1,640

Venezuela .......................... 11,688 633 565 717 5,412 3,497 864 13,356 800 212 543 5,038 5,984 779

All other Latin America 4 .... 4,979 1,702 488 523 1,155 897 214 4,381 1,351 691 184 1,103 874 178

Total Latin America ........ 522,598 259,477 20,554 18,181 87,404 66,934 70,048 556,954 263,311 31,468 10,654 81,925 82,276 87,320

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2010 

89

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2009, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds

(6) 

 Stocks 

 (7) 

Total

sales

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla 5 ............................... 381,993 14,747 51 1,136 310,089 390 55,579 383,352 17,106 709 876 309,166 407 55,087

Bahamas............................... 493,771 194,820 3,549 65,602 155,821 31,568 42,411 492,664 194,826 4,229 64,182 156,479 28,511 44,437

Barbados 5............................. 9,073 2,146 1,380 1,611 2,781 794 361 7,382 1,565 853 486 2,836 1,239 403

Bermuda................................ 811,490 58,284 40,834 39,070 451,279 131,617 90,406 809,875 52,495 37,832 35,799 453,815 137,422 92,512

British Virgin Islands 5............ 504,658 85,184 1,736 19,843 304,181 14,561 79,153 499,264 90,516 1,899 19,806 294,925 11,326 80,792

Cayman Islands..................... 4,804,954 1,161,323 193,294 245,241 2,315,535 319,999 569,562 4,788,751 1,158,904 216,255 248,851 2,288,850 305,020 570,871

Cuba ..................................... 4 - - -4 - -4 - - -4 - -

Jamaica................................. 3,726 3,061 320 69 137 119 20 3,654 3,026 299 23 150 131 25

Netherlands Antilles .............. 89,726 33,725 1,410 1,811 22,944 20,163 9,673 80,328 29,143 1,680 1,608 21,417 16,752 9,728

Trinidad and Tobago ............. 5,267 2,229 964 230 731 855 258 5,212 1,419 1,086 411 506 1,470 320

All other Caribbean 5 ............. 7,768 949 1,478 434 3,061 1,290 556 5,267 881 594 190 2,899 219 484

Total Caribbean ................ 7,112,429 1,556,468 245,016 375,047 3,566,563 521,356 847,979 7,075,752 1,549,881 265,436 372,232 3,531,047 502,497 854,659

Asia: 

China, Mainland................ 299,732 229,127 23,382 4,230 19,263 12,746 10,984 188,238 105,673 48,053 8,280 15,223 2,462 8,547

Hong Kong ........................ 396,022 56,236 26,890 8,962 35,130 19,275 249,529 385,161 57,165 16,648 6,095 28,796 17,470 258,987

India................................... 31,160 13,986 7 119 1,295 743 15,010 29,997 8,499 6 146 3,053 1,639 16,654

Indonesia........................... 11,274 4,590 539 241 1,308 940 3,656 15,501 8,198 602 24 1,280 1,558 3,839

Israel.................................. 231,937 204,822 1,638 2,020 15,442 2,013 6,002 231,311 204,381 1,462 2,243 13,901 2,629 6,695

Japan................................. 1,079,847 608,292 121,239 33,832 70,641 63,811 182,032 949,757 478,766 134,701 35,430 56,888 59,478 184,494

Korea, South...................... 109,000 37,086 30,420 4,207 3,821 10,012 23,454 97,647 29,348 15,763 4,435 2,114 19,069 26,918

Lebanon ............................ 2,950 286 9 196 2,112 101 246 2,702 251 6 96 2,063 22 264

Malaysia ............................ 20,289 4,953 5,339 1,283 1,100 3,602 4,012 19,306 2,963 6,290 798 888 3,475 4,892

Pakistan............................. 706 70 - 37 261 75 263 604 117 4 28 300 4 151

Philippines ......................... 11,718 6,109 115 157 1,266 2,668 1,403 13,507 6,124 303 309 1,227 4,399 1,145

Singapore .......................... 226,910 92,084 19,167 10,865 45,336 16,057 43,401 206,008 86,888 22,035 13,919 33,331 7,259 42,576

Syria .................................. 141 - - 3 126 - 12 98 - - - 88 - 10

Taiwan............................... 114,542 32,513 30,140 7,176 19,208 3,762 21,743 86,196 24,688 15,057 2,195 17,964 2,253 24,039

Thailand............................. 25,517 20,129 118 52 799 644 3,775 21,763 15,310 1,003 51 806 880 3,713

All other Asia ..................... 134,113 50,293 32,891 3,491 29,882 11,005 6,551 134,871 51,770 32,083 8,058 26,265 11,129 5,566

Total Asia ...................... 2,695,858 1,360,576 291,894 76,871 246,990 147,454 572,073 2,382,667 1,080,141 294,016 82,107 204,187 133,726 588,490

Africa: 

Egypt ................................. 5,072 2,499 32 120 583 89 1,749 5,996 3,393 221 40 617 86 1,639

Liberia................................ 3,102 109 14 213 2,127 83 556 3,374 298 49 105 2,149 190 583

Morocco............................. 728 402 19 114 85 21 87 2,319 397 1,729 3 89 18 83

South Africa....................... 13,314 7,284 274 32 1,151 814 3,759 14,134 7,395 722 120 1,052 1,510 3,335

All other Africa ................... 22,100 11,322 270 326 1,828 3,051 5,303 13,386 5,605 428 118 2,556 1,132 3,547

Total Africa .................... 44,316 21,616 609 805 5,774 4,058 11,454 39,209 17,088 3,149 386 6,463 2,936 9,187

Other countries: 

Australia ............................ 233,322 61,345 17,166 10,729 24,242 44,080 75,760 281,555 58,717 17,008 10,295 21,227 92,680 81,628

New Zealand ..................... 7,485 790 1,037 288 1,787 2,704 879 9,239 565 1,113 272 1,177 5,345 767

All other ............................. 855 35 100 65 422 34 199 2,144 36 50 44 1,200 53 761

Total other countries...... 241,662 62,170 18,303 11,082 26,451 46,818 76,838 292,938 59,318 18,171 10,611 23,604 98,078 83,156

Total foreign 

 countries................ 25,565,261 11,583,612 1,038,203 1,187,226 6,653,862 1,933,999 3,168,359 25,107,201 11,045,300 1,048,071 1,226,888 6,501,131 2,057,872 3,227,939

International and regional orgs: 

International organizations ... 21,204 8,899 3,401 1,637 58 6,918 291 32,274 8,905 4,599 2,636 62 15,893 179

Regional organizations 6 ..... 14,704 692 1,574 528 37 11,022 851 9,671 610 1,999 641 30 5,648 743

Total international and 

 regional organizations ....... 35,908 9,591 4,975 2,165 95 17,940 1,142 41,945 9,515 6,598 3,277 92 21,541 922

Grand total..................... 25,601,169 11,593,203 1,043,178 1,189,391 6,653,957 1,951,939 3,169,501 25,149,146 11,054,815 1,054,669 1,230,165 6,501,223 2,079,413 3,228,861

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, 

Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of 

January 2009, also includes Slovakia. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
90 CAPITAL MOVEMENTS

December 2010 

-200

-100

0

100

200

300

400

500

600

700

800

900

2007 2008 2009 2010 

Jan. - Sept.

2010 

July - Sept.

United Kindom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net

purchases during 2010 w ith those in prior

years, the chart design depicts data for all periods

at an annualized rate.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2007 2008 2009

 2010

Jan. - Sept.

 2010

 July - Sept. 

United Kingdom.................................. 546,592 328,706 212,743 297,634 113,679 

All other Europe ................................. 5,310 -105,325 33,534 32,620 28,876 

Caribbean banking centers 1.............. 74,788 -74,524 23,959 46,564 11,430 

Japan.................................................. -303 57,276 128,219 162,067 78,966 

All other Asia ...................................... 234,778 193,377 187,661 91,207 23,052 

Subtotal .......................................... 861,165 399,510 586,116 630,092 256,003 

All other countries .............................. 144,657 15,379 52,741 97,078 45,804 

Grand total...................................... 1,005,822 414,889 638,857 727,170 301,807 

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

The data on this page represent foreign 

investors’ purchases and sales of longterm U.S. securities (that is, U.S. 

Treasury and Government agency 

bonds and notes, and U.S. corporate 

bonds and stocks) as reported in the 

TIC reporting system. Foreign investors 

have also acquired U.S. equities 

through mergers and reincorporations 

that involve stock swaps, but these 

acquisitions have been relatively small 

in recent years, totaling $11 billion in 

2007, no acquisitions in 2008, and 

acquisitions of less than $1 billion in 

2009. Stock swap acquisitions picked 

up to nearly $9 billion in the first half 

of 2010, but there were no recorded 

acquisitions in the third quarter of 2010. 

(Stock swaps data for the most recent 

quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) These 

stock swaps are not reported under the 

TIC reporting system, but are available 

on the TIC Website. The TIC Website 

also provides estimates from the 

Federal Reserve Bank of New York on 

principal repayment flows of foreign 

holdings of U.S. government agency 

and corporate asset-backed securities 

(ABS). These repayments are estimated 

to have reduced foreign net purchases 

of U.S. securities by $234 billion in 

2007, $191 billion in 2008, $203 billion 

in 2009, and $165 billion in the first 

three quarters of 2010. 

After including stock swaps and 

accounting for ABS repayment flows, 

net foreign acquisitions of U.S. 

securities totaled $782 billion in 2007. 

Net acquisitions slowed dramatically in 

2008 to $224 billion, as foreign 

investors continued to acquire U.S. 

securities in the first half of the year, 

but on net sold U.S. securities in the 

second half of the year. Foreign net 

purchases recovered to $436 billion in 

2009. The pace of acquisition picked up 

further in the first three quarters of 

2010, when foreign net purchases were 

recorded at nearly $571 billion, already 

surpassing 2009 levels and close to the 

pace recorded in 2007.
 CAPITAL MOVEMENTS 

December 2010 

91

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. U.S. 

investors also have acquired foreign 

stocks through mergers that involve 

stock swaps. Net acquisitions through 

stock swaps amounted to $19 billion in 

2006, $12 billion in 2007, $7 billion in 

2008, and $2 billion in 2009. No stock 

swaps were recorded during the first 

quarter of 2010; however, stocks swaps 

accounted for a cumulative $3.8 billion 

of net acquisitions in the second and 

third quarters of 2010. (Stock swaps 

data for the most recent quarter are 

Federal Reserve Board/Treasury 

estimates and are subject to substantial 

revisions.) These stock swaps are not 

reported under the TIC reporting 

system, but are available on the TIC 

Website. 

Including acquisitions through stock 

swaps, U.S. net purchases of long-term 

foreign securities amounted to $270 

billion in 2006, but then eased 

somewhat to $241billion in 2007. U.S. 

investors switched to net sales of $67 

billion in foreign securities in 2008. 

U.S. investors’ acquisitions recovered 

to $189 billion in 2009, but for the first 

three quarters of 2010, U.S. investors 

have acquired $92 billion, a pace 

running well below that in 2009. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-200

-100

0

100

200

300

400

500

2006 2007 2008 2009 2010

Jan.-Sept. 

2010

July-Sept. 

Foreign Bonds Foreign Stocks Total

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2010

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2006 2007 2008 2009 

 2010 

Jan. - Sept.

 2010 

 July - Sept.

Foreign bonds ........ 144,452 133,905 -53,942 127,474 55,124 26,490

Foreign stocks........ 106,455 95,300 -20,246 59,360 33,482 4,417

Total ..................... 250,907 229,205 -74,188 186,834 88,606 30,907

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

December 2010 

92 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 2010 

 Dec. June Sept. r Dec. r Mar. June p

Gross total of holdings with negative fair values ........................... 5,967,815 3,900,274 3,989,407 3,366,037 3,342,229 4,239,558

Total over-the-counter (OTC) contracts..................................... 5,904,724 3,867,363 3,953,948 3,336,439 3,300,262 4,208,375

Single-currency interest rate contracts.................................. 3,977,190 2,691,915 2,980,283 2,532,612 2,579,876 3,404,147

Forwards ............................................................................ 9,851 6,410 6,232 5,733 6,664 5,408

Swaps ................................................................................ 3,685,072 2,461,510 2,733,210 2,310,645 2,372,060 3,159,338

Options............................................................................... 282,267 223,995 240,841 216,234 201,152 239,401

Foreign exchange contracts .................................................. 481,833 282,152 303,964 250,271 240,498 309,292

Forwards ............................................................................ 169,983 80,532 85,655 67,679 71,865 93,718

Swaps ................................................................................ 234,573 158,090 177,310 139,065 124,479 160,976

Options............................................................................... 77,277 43,530 40,999 43,527 44,154 54,598

Other contracts ...................................................................... 1,445,701 893,296 669,701 553,556 479,888 494,936

Equity ................................................................................. n.a. 62,762 56,159 47,252 41,648 47,380

Credit.................................................................................. n.a. 698,936 494,829 404,839 327,415 349,428

All other .............................................................................. n.a. 131,598 118,713 101,465 110,825 98,128

Total exchange-traded contracts ............................................... 63,091 32,911 35,459 29,598 41,967 31,183

Own contracts on foreign exchanges .................................... 1,725 1,330 1,169 515 963 1,086

U.S. customers’ contracts on foreign exchanges.................. 7,325 6,230 5,090 4,342 5,613 4,431

Foreign counterparty contracts on U.S. exchanges .............. 54,041 25,351 29,200 24,741 35,391 25,666

Memorandum items: 

Contracts with own foreign office........................................... 1,423,392 953,188 1,005,797 847,311 808,253 991,683

Contracts with foreign official institutions .............................. 26,636 13,078 15,288 14,299 14,759 16,263

Contracts of U.S. depository institutions with foreigners....... 2,803,032 n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 6,127,450 4,056,571 4,135,557 3,500,786 3,455,642 4,339,057

Total over-the-counter (OTC) contracts..................................... 6,065,174 4,022,588 4,099,829 3,471,703 3,412,727 4,307,850

Single-currency interest rate contracts.................................. 4,053,356 2,779,770 3,052,513 2,596,825 2,643,674 3,467,007

Forwards ............................................................................ 10,831 7,475 7,011 5,440 6,390 5,306

Swaps ................................................................................ 3,719,245 2,525,824 2,782,042 2,357,111 2,418,808 3,199,792

Options............................................................................... 323,280 246,471 263,460 234,274 218,476 261,909

Foreign exchange contracts .................................................. 497,234 299,728 332,739 282,590 260,897 308,576

Forwards ............................................................................ 180,414 79,760 87,887 71,203 70,930 95,103

Swaps ................................................................................ 229,552 170,712 198,629 164,657 142,395 153,222

Options............................................................................... 87,268 49,256 46,223 46,730 47,572 60,251

Other contracts ...................................................................... 1,514,584 943,090 714,577 592,288 508,156 532,267

Equity ................................................................................. n.a. 49,227 51,084 41,864 38,397 45,148

Credit.................................................................................. n.a. 753,286 535,975 445,687 358,313 385,602

All other .............................................................................. n.a. 140,577 127,518 104,737 111,446 101,517

Total exchange-traded contracts ............................................... 62,276 33,983 35,728 29,083 42,915 31,207

Own contracts on foreign exchanges .................................... 1,852 1,362 1,016 751 1,248 739

Customers’ contracts on foreign exchanges ......................... 7,387 4,935 4,538 3,702 5,030 3,775

Foreign counterparty contracts on U.S. exchanges .............. 53,037 27,686 30,174 24,630 36,637 26,693

Memorandum items: 

Contracts with own foreign office........................................... 1,429,761 981,442 1,035,691 877,838 833,309 1,001,569

Contracts with foreign official institutions .............................. 20,794 15,604 15,141 12,483 11,630 12,479

Contracts of U.S. depository institutions with foreigners....... 2,837,891 n.a. n.a. n.a. n.a. n.a.

 
 CAPITAL MOVEMENTS 

December 2010 

93

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 2010 

Country Dec. June Sept. r Dec. r Mar. June p 

Europe: 

Belgium .......................................................................... 23,990 13,115 10,800 11,547 12,149 13,452

France............................................................................ 302,240 185,376 167,500 146,696 148,536 175,490

Germany ........................................................................ 357,176 220,570 241,132 198,962 204,195 248,642

Ireland ............................................................................ 411,112 298,678 332,925 261,475 241,525 304,990

Italy................................................................................. 11,448 8,308 8,374 7,533 7,956 9,246

Netherlands.................................................................... 42,442 21,317 16,827 13,700 13,518 14,579

Switzerland .................................................................... 114,215 68,733 65,465 49,073 52,331 70,018

United Kingdom ............................................................. 4,096,765 2,697,472 2,762,252 2,357,432 2,316,351 3,011,802

All other Europe ............................................................. 77,322 51,883 63,307 41,526 45,042 51,707

Total Europe .............................................................. 5,436,710 3,565,452 3,668,582 3,087,944 3,041,603 3,899,926

Memo: Euro Area 1 ........................................................ 1,191,135 780,096 810,447 665,950 655,795 799,905

Memo: European Union 2............................................... 5,311,575 3,489,861 3,584,475 3,032,277 2,981,091 3,823,664

Canada............................................................................... 90,601 55,278 52,224 40,304 44,159 50,906

Total Latin America............................................................ 13,049 11,235 8,797 7,949 7,886 8,488

Caribbean: 

Cayman Islands ............................................................. 133,614 76,141 55,233 46,119 62,271 53,104

All other Caribbean ........................................................ 33,447 15,378 14,448 11,917 13,955 18,080

Total Caribbean ......................................................... 167,061 91,519 69,681 58,036 76,226 71,184

Asia: 

Japan ............................................................................. 142,646 101,125 102,555 92,527 93,637 111,435

All other Asia.................................................................. 77,125 47,659 45,581 30,653 30,035 37,315

Total Asia ................................................................... 219,771 148,784 148,136 123,180 123,672 148,750

Total Africa......................................................................... 5,507 3,610 5,168 16,612 16,903 20,703

Other countries: 

Australia ......................................................................... 24,498 16,335 26,288 22,484 22,859 29,715

All other.......................................................................... 1,265 997 920 742 769 1,201

Total other countries .................................................. 25,763 17,332 27,208 23,226 23,628 30,916

Total foreign countries ........................................... 5,958,462 3,893,210 3,979,796 3,357,251 3,334,077 4,230,873

Total international and regional organizations................... 9,355 7,063 9,610 8,784 8,155 8,686

Grand total ................................................................. 5,967,815 3,900,274 3,989,407 3,366,037 3,342,229 4,239,558

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

December 2010 

94 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 2010 

Country Dec. June Sept. r Dec. r Mar. June p 

 

Europe: 

Belgium .............................................................. 30,559 18,103 14,372 15,852 16,497 18,082

France ................................................................ 328,209 205,911 189,296 165,558 167,239 197,671

Germany............................................................. 365,763 238,970 260,230 217,411 219,022 259,929

Ireland ................................................................ 424,358 313,260 352,763 281,559 256,794 320,308

Italy..................................................................... 15,130 11,741 11,624 10,622 10,788 11,049

Netherlands........................................................ 45,155 26,771 21,482 16,550 16,147 15,866

Switzerland......................................................... 123,836 72,601 71,281 55,861 57,457 76,698

United Kingdom.................................................. 4,160,618 2,754,168 2,802,829 2,391,917 2,345,376 3,045,465

All other Europe ................................................. 68,471 41,757 54,915 36,643 39,507 43,374

Total Europe................................................... 5,562,099 3,683,282 3,778,792 3,191,973 3,128,827 3,988,442

Memo: Euro Area 1............................................. 1,247,252 839,037 875,220 729,103 709,555 851,218

Memo: European Union 2................................... 5,424,906 3,604,096 3,688,105 3,129,578 3,063,056 3,905,839

Canada................................................................... 92,214 57,959 56,739 44,296 46,058 52,318

Total Latin America ................................................ 15,652 14,131 11,865 10,714 11,397 11,876

Caribbean: 

Cayman Islands ................................................. 153,197 93,275 74,181 62,954 77,722 69,460

All other Caribbean ............................................ 32,889 18,434 16,415 13,730 15,008 15,674

Total Caribbean.............................................. 186,086 111,709 90,596 76,684 92,730 85,134

Asia: 

Japan.................................................................. 141,528 103,141 100,504 92,746 93,093 107,804

All other Asia ...................................................... 91,732 56,577 53,580 35,606 33,992 38,901

Total Asia ....................................................... 233,260 159,718 154,084 128,352 127,085 146,705

Total Africa ............................................................. 6,396 4,181 5,506 16,663 17,467 20,531

Other countries: 

Australia ............................................................. 26,023 20,506 32,441 27,517 28,130 29,524

All other .............................................................. 1,833 1,621 1,477 1,075 1,133 1,458

Total other countries ...................................... 27,856 22,127 33,918 28,592 29,263 30,982

Total foreign countries ............................... 6,123,563 4,053,107 4,131,500 3,497,274 3,452,827 4,335,988

Total international and regional organizations....... 3,888 3,462 4,058 3,513 2,817 3,068

Grand total ..................................................... 6,127,450 4,056,571 4,135,557 3,500,786 3,455,642 4,339,057

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, 

Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 
CAPITAL MOVEMENTS 

December 2010 

95

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 2009 2010 

Type of Derivatives Contract Total Total r Apr. - June July - Sept. Oct.- Dec. r Jan. - Mar. Apr. - June p

 

Total over-the-counter (OTC) contracts........................................... -20,147 40,539 1,874 5,951 20,693 9,313 14,626

Single-currency interest rate contracts ........................................ -3,684 26,349 1,757 13,408 15,809 -771 212 

Foreign exchange contracts......................................................... -10,001 -1,039 374 -3,539 -2,345 6,309 8,527

Other contracts............................................................................. -6,462 15,229 -257 -3,918 7,229 3,775 5,887 

Total exchange-traded contracts ..................................................... -12,800 8,917 9,401 5,545 -1,229 6,525 -4,578 

Own contracts on foreign exchanges .......................................... -1,480 -287 1,150 -1,012 3,040 2,880 64 

U.S. customers’ contracts on foreign exchanges ........................ -8,683 13,333 8,109 7,252 194 2,781 -1,808 

Foreign counterparty contacts on U.S. exchanges ..................... -2,637 -4,129 142 -695 -4,463 864 -2,834 

Total net cash settlements from foreigners ..................................... -32,947 49,456 11,275 11,496 19,464 15,838 10,048 

Memorandum items: 

Contracts with foreign official institutions................................. 1,831 -2,599 -1,142 -708 -75 -357 -967 

 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

December 2010 

96 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 2009 2010 

Country Total Total r Apr. - June July - Sept. r Oct. - Dec. r Jan. - Mar. Apr. - June p

Europe: 

Belgium.......................................................................... -208 2,540 1,073 1,261 776 838 810

France............................................................................ -19,184 6,065 3,667 586 1,435 -2,339 2,913

Germany........................................................................ -6,564 -1,578 -428 2,204 3,116 2,988 2,936

Ireland............................................................................ -4,154 3,399 1,116 971 -323 -106 -1,918

Italy ................................................................................ -2,423 689 299 553 -122 -210 -684

Netherlands ................................................................... -2,203 1,656 407 382 452 563 445

Switzerland .................................................................... -7,303 3,924 2,186 -1,726 265 1,900 4,111

United Kingdom............................................................. -5,022 28,187 2,435 3,369 13,040 9,823 6,912

All other Europe............................................................. 7,316 -5,540 -1,249 -815 -2,951 195 1,434

Total Europe .............................................................. -39,745 39,342 9,506 6,785 15,688 13,652 16,959

Memo: Euro area 1 ........................................................ -30,990 7,510 4,363 4,749 2,083 1,931 5,477

Memo: European Union 2 .............................................. -36,060 32,874 6,189 8,061 15,196 11,276 12,225

Canada .............................................................................. 3,277 -7,495 -2,599 -2,336 -1,451 -2,087 -262

Total Latin America............................................................ 728 1,525 -152 158 663 158 -608

Caribbean: 

Cayman Islands............................................................. 11,011 6,483 -132 2,783 1,989 4,608 -746

All other Caribbean........................................................ 4,902 1,722 -145 1,009 -512 842 -1,745

Total Caribbean......................................................... 15,913 8,205 -277 3,792 1,477 5,450 -2,491

Asia: 

Japan............................................................................. -9,685 -3,858 2,006 -2,070 -1,835 -2,248 -1,701

All other Asia ................................................................. -4,317 7,705 1,987 2,819 1,848 516 -167

Total Asia................................................................... -14,002 3,847 3,993 749 13 -1,732 -1,868

Total Africa ........................................................................ -148 449 53 -166 1,189 35 468

Other countries: 

Australia......................................................................... 1,049 4,259 1,076 2,871 1,468 484 -2,056

All other.......................................................................... 92 286 10 104 248 45 78

Total other countries.................................................. 1,141 4,545 1,086 2,975 1,716 529 -1,978

Total foreign countries........................................... -32,836 50,418 11,610 11,957 19,295 16,005 10,220

Total international and regional organizations .................. -121 -964 -333 -463 167 -167 -172

Grand total................................................................. -32,947 49,456 11,275 11,496 19,464 15,838 10,048

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. 

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, 

Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
December 2010 

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 reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2010 

98 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

 

04/07/10 .................................................................... 719,947 723,977 n.a. 1.0028 

04/14/10 .................................................................... 701,341 704,931 n.a. 0.9960 

04/21/10 .................................................................... 726,463 730,497 n.a. 0.9983 

04/28/10 .................................................................... 753,611 759,398 n.a. 1.0125 

 

05/05/10 .................................................................... 782,930 791,188 n.a. 1.0264 

05/12/10 .................................................................... 767,064 773,775 n.a. 1.0197 

05/19/10 .................................................................... 783,689 788,912 n.a. 1.0510 

05/26/10 .................................................................... 793,760 798,071 n.a. 1.0647 

 

06/02/10 .................................................................... 819,107 819,473 n.a. 1.0404 

06/09/10 .................................................................... 791,510 793,737 n.a. 1.0395 

06/16/10 .................................................................... 719,282 718,067 n.a. 1.0236 

06/23/10 .................................................................... 707,597 699,578 n.a. 1.0434 

06/30/10 .................................................................... 747,290 742,384 n.a. 1.0606 

 

07/07/10 .................................................................... 712,138 709,506 n.a. 1.0525 

07/14/10 .................................................................... 734,984 731,648 n.a. 1.0304 

07/21/10 .................................................................... 741,571 738,345 2,082 1.0422 

07/28/10 .................................................................... 739,557 738,075 2,163 1.0356 

 

08/04/10 .................................................................... 737,915 736,736 2,668 1.0184 

08/11/10 .................................................................... 756,447 752,778 2,404 1.0455 

08/18/10 .................................................................... 758,359 757,076 n.a. 1.0286 

08/25/10 .................................................................... 785,201 785,301 2,580 1.0640 

 

09/01/10 .................................................................... 845,474 843,892 n.a. 1.0497 

09/08/10 .................................................................... 833,101 833,756 1,750 1.0359 

09/15/10 .................................................................... 767,169 770,473 2,082 1.0281 

09/22/10 .................................................................... 777,834 782,492 1,994 1.0325 

09/29/10 .................................................................... 808,770 810,894 1,879 1.0300 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

99

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - Dec................... 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 

2009 - Oct ................... 685,023 701,400 139,399 123,302 40,039 64,632 65,677 39,974 n.a. 1.0767 

Nov .................. 679,888 696,792 137,546 124,358 43,951 43,131 42,633 41,135 251 1.0570 

Dec .................. 645,575 652,561 136,935 123,106 34,825 35,049 39,374 39,028 80 1.0461 

2010 - Jan. .................. 702,242 707,314 140,212 126,411 39,052 39,970 46,758 45,743 -696 1.0652 

Feb .................. 732,800 738,677 150,096 136,212 41,629 42,693 46,086 43,217 -213 1.0520 

Mar .................. 726,836 731,792 150,973 136,715 44,564 42,035 45,197 45,613 n.a. 1.0156 

Apr................... 798,006 805,069 151,177 136,383 48,298 44,578 45,374 41,132 n.a. 1.0112 

May.................. 788,818 795,100 147,490 133,686 53,264 50,203 48,879 45,241 n.a. 1.0497 

June................. 755,921 752,880 147,225 133,835 47,892 45,164 46,665 42,091 n.a. 1.0606 

July .................. 760,611 759,767 143,670 132,921 48,391 44,686 48,314 45,197 2,458 1.0293 

Aug .................. 838,616 838,310 143,910 131,069 50,343 48,453 55,858 45,008 2,633 1.0640 

Sept................. 828,850 828,390 152,309 140,238 48,501 47,668 50,625 39,248 1,869 1.0293 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 

 June ................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 

Sept.................. 23,605 27,206 126,237 74,740 n.a. 1,195 1,979 n.a. n.a. 1.0597 

Dec................... 14,969 27,815 110,044 67,230 n.a. 743 1,846 n.a. n.a. 1.2240 

2009 - Mar................... 8,282 19,513 85,319 62,047 185 381 1,261 861 n.a. 1.2606 

June ................. 12,824 18,576 66,859 43,860 n.a. 196 n.a. 325 -78 1.1626 

Sept.................. 11,176 19,962 63,808 35,565 135 174 n.a. 489 -33 1.0719 

Dec................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461 

2010 - Mar................... 23,218 23,775 77,202 39,870 2,063 n.a. n.a. n.a. 322 1.0156 

June.................. 15,373 23,010 76,448 40,542 n.a. n.a. 789 n.a. 59 1.0606 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

100

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4) 

 

04/07/10 .................................................................. 317,548 322,636 2,335 93.59 

04/14/10 .................................................................. 325,332 330,862 n.a. 93.01 

04/21/10 .................................................................. 318,414 324,404 n.a. 93.24 

04/28/10 .................................................................. 329,445 335,435 n.a. 94.07 

 

05/05/10 .................................................................. 362,659 368,840 n.a. 94.30 

05/12/10 .................................................................. 336,656 342,964 n.a. 92.93 

05/19/10 .................................................................. 344,647 350,222 n.a. 91.16 

05/26/10 .................................................................. 351,205 356,183 n.a. 90.28 

 

06/02/10 .................................................................. 339,310 344,251 n.a. 92.21 

06/09/10 .................................................................. 344,293 349,078 n.a. 91.54 

06/16/10 .................................................................. 317,255 322,611 n.a. 91.39 

06/23/10 .................................................................. 311,361 316,823 n.a. 90.10 

06/30/10 .................................................................. 322,173 327,011 n.a. 88.49 

 

07/07/10 .................................................................. 314,789 319,722 n.a. 87.16 

07/14/10 .................................................................. 320,412 325,782 n.a. 88.59 

07/21/10 .................................................................. 321,515 327,384 n.a. 87.30 

07/28/10 .................................................................. 326,583 332,455 n.a. 87.62 

 

08/04/10 .................................................................. 326,879 332,594 n.a. 86.26 

08/11/10 .................................................................. 333,653 338,925 n.a. 85.36 

08/18/10 .................................................................. 330,150 334,963 n.a. 85.31 

08/25/10 .................................................................. 353,164 357,727 n.a. 84.56 

 

09/01/10 .................................................................. 352,721 357,415 n.a. 84.48 

09/08/10 .................................................................. 351,979 356,047 n.a. 83.85 

09/15/10 .................................................................. 356,662 361,083 n.a. 85.63 

09/22/10 .................................................................. 336,212 341,177 n.a. 84.37 

09/29/10 .................................................................. 336,738 340,488 n.a. 83.61 
FOREIGN CURRENCY POSITIONS 

December 2010 

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 International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta

equivalent

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.71 

2008 - Dec.................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.79 

2009 - Oct .................. 324,548 328,399 47,717 46,352 46,763 44,041 68,695 70,823 419 90.50 

Nov ................. 333,408 337,219 52,009 50,182 46,550 44,091 68,217 70,403 252 86.12 

Dec ................. 315,246 318,612 47,222 46,493 43,595 42,074 69,546 70,896 160 93.08 

2010 - Jan .................. 337,145 341,807 45,917 44,518 43,173 42,478 68,301 69,919 468 90.38 

Feb ................. 342,485 346,919 47,084 46,334 43,553 43,041 68,435 70,886 n.a. 88.84 

Mar ................. 346,122 351,428 48,626 46,857 43,257 43,457 71,401 73,066 n.a. 93.40 

Apr.................. 350,382 356,862 48,332 46,595 43,151 43,768 70,858 72,100 n.a. 94.24 

May................. 356,488 362,385 48,131 46,717 44,812 44,584 70,345 72,119 n.a. 90.81 

June................ 347,306 353,273 49,054 47,212 44,310 43,527 69,102 71,128 n.a. 88.49 

July ................. 349,926 356,114 50,388 48,308 44,455 44,244 70,257 71,654 n.a. 86.43 

Aug ................. 373,285 378,412 55,578 50,756 43,906 43,495 68,596 70,021 n.a. 84.10 

Sept................ 363,534 367,671 52,204 50,071 42,751 42,534 66,374 67,817 n.a. 83.53 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2007 - Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 

2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 

 June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 

Sept.................. 6,208 6,529 12,792 3,175 338 356 1,032 516 13 105.94 

Dec................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79 

2009 - Mar................... 2,589 3,575 5,080 2,267 140 206 825 333 -42 99.15 

June ................. 2,914 4,274 5,703 2,303 n.a. 167 846 269 -29 96.42 

Sept.................. 3,099 4,231 5,633 2,209 95 401 964 321 n.a. 89.49 

Dec................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08 

2010 - Mar................... 3,021 5,650 6,166 2,051 142 285 961 417 -66 93.40 

June.................. 2,934 4,106 5,443 2,064 135 292 919 594 50 88.49 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

102

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4) 

 

04/07/10 .................................................................. 817,381 814,649 1,339 1.0716 

04/14/10 .................................................................. 799,427 799,519 n.a. 1.0512 

04/21/10 .................................................................. 816,608 816,666 563 1.0708 

04/28/10 .................................................................. 861,199 862,067 673 1.0910 

 

05/05/10 .................................................................. 921,605 918,787 19 1.1118 

05/12/10 .................................................................. 881,910 877,492 -404 1.1101 

05/19/10 .................................................................. 1,002,954 995,182 -1,543 1.1564 

05/26/10 .................................................................. 962,479 965,000 -614 1.1602 

 

06/02/10 .................................................................. 935,478 938,578 -357 1.1575 

06/09/10 .................................................................. 996,858 997,509 -262 1.1455 

06/16/10 .................................................................. 936,048 936,906 -1,332 1.1267 

06/23/10 .................................................................. 916,519 919,787 -304 1.1090 

06/30/10 .................................................................. 918,537 922,473 -161 1.0774 

 

07/07/10 .................................................................. 904,967 911,406 n.a. 1.0545 

07/14/10 .................................................................. 906,695 910,401 n.a. 1.0556 

07/21/10 .................................................................. 910,127 918,027 446 1.0520 

07/28/10 .................................................................. 952,388 962,048 854 1.0578 

 

08/04/10 .................................................................. 957,216 966,166 1,263 1.0514 

08/11/10 .................................................................. 970,304 973,672 1,253 1.0584 

08/18/10 .................................................................. 1,003,585 1,005,392 1,838 1.0404 

08/25/10 .................................................................. 1,035,560 1,037,133 n.a. 1.0273 

 

09/01/10 .................................................................. 1,058,335 1,059,060 1,481 1.0149 

09/08/10 .................................................................. 1,045,308 1,046,665 1,490 1.0106 

09/15/10 .................................................................. 980,237 982,535 n.a. 1.0032 

09/22/10 .................................................................. 960,025 960,335 n.a. 0.9865 

09/29/10 .................................................................. 972,566 973,170 n.a. 0.9752 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

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 International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - Dec................... 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 

2009 - Oct ................... 814,676 815,763 65,171 62,190 90,693 97,082 124,578 115,619 n.a. 1.0238 

Nov .................. 800,988 801,930 69,985 67,137 96,478 101,925 119,732 110,347 n.a. 1.0050 

Dec .................. 738,468 740,741 65,625 62,642 91,492 93,507 108,091 102,644 1,914 1.0358 

2010 - Jan ................... 816,280 813,092 66,049 64,777 108,333 107,092 117,977 114,731 1,383 1.0557 

Feb .................. 855,627 852,980 70,458 64,678 110,852 108,855 120,685 116,250 1,645 1.0711 

Mar .................. 865,929 864,612 69,224 64,144 111,969 108,728 116,940 119,393 638 1.0528 

Apr................... 892,252 893,128 72,440 67,226 112,688 111,095 119,076 118,345 1,250 1.0767 

May.................. 968,263 967,749 87,446 76,122 138,309 139,347 132,562 130,949 -394 1.1534 

June................. 965,304 969,084 69,441 61,502 148,117 143,895 135,767 134,872 -527 1.0774 

July .................. 1,025,545 1,034,050 68,927 59,145 144,820 144,148 143,939 140,911 910 1.0410 

Aug .................. 1,086,714 1,088,961 73,978 65,734 150,567 147,143 157,433 153,918 2,106 1.0150 

Sept................. 1,004,132 1,003,544 74,068 66,824 132,292 135,587 153,885 151,346 1,572 0.9808 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 

June ................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 

Sept.................. 15,916 28,686 63,301 11,924 n.a. n.a. 1,025 518 - 1.1189 

Dec................... 11,140 22,483 52,460 10,716 n.a. n.a. 438 544 n.a. 1.0673 

2009 - Mar................... 9,740 20,478 40,011 8,364 113 103 805 644 n.a. 1.1395 

June ................. 10,224 18,654 41,166 7,626 n.a. n.a. n.a. 285 n.a. 1.0867 

Sept.................. 10,249 18,023 42,832 7,643 n.a. n.a. 372 211 n.a. 1.0375 

Dec................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358 

2010 - Mar................... 7,785 15,776 43,909 7,963 n.a. n.a. 539 n.a. n.a. 1.0528 

 June ................. 7,881 14,563 50,071 6,861 n.a. n.a. 545 n.a. -56 1.0774 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

104

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

04/07/10 .................................................................. 1,097,752 1,104,167 n.a. 1.5246 

04/14/10 .................................................................. 1,065,069 1,073,894 n.a. 1.5484 

04/21/10 .................................................................. 1,115,375 1,127,810 n.a. 1.5397 

04/28/10 .................................................................. 1,167,436 1,178,777 n.a. 1.5160 

 

05/05/10 .................................................................. 1,140,022 1,156,185 n.a. 1.5134 

05/12/10 .................................................................. 1,214,935 1,226,391 582 1.4855 

05/19/10 .................................................................. 1,181,361 1,197,288 836 1.4349 

05/26/10 .................................................................. 1,200,591 1,216,632 1,571 1.4401 

 

06/02/10 .................................................................. 1,251,194 1,268,237 n.a. 1.4641 

06/09/10 .................................................................. 1,264,422 1,283,176 n.a. 1.4585 

06/16/10 .................................................................. 1,163,103 1,180,279 n.a. 1.4838 

06/23/10 .................................................................. 1,151,659 1,171,417 n.a. 1.4887 

06/30/10 .................................................................. 1,180,990 1,201,732 n.a. 1.4947 

 

07/07/10 .................................................................. 1,128,127 1,144,462 n.a. 1.5179 

07/14/10 .................................................................. 1,199,232 1,211,128 n.a. 1.5284 

07/21/10 .................................................................. 1,190,840 1,207,588 n.a. 1.5201 

07/28/10 .................................................................. 1,189,097 1,208,407 n.a. 1.5611 

 

08/04/10 .................................................................. 1,149,385 1,168,285 n.a. 1.5887 

08/11/10 .................................................................. 1,192,933 1,205,363 n.a. 1.5688 

08/18/10 .................................................................. 1,216,147 1,229,290 n.a. 1.5619 

08/25/10 .................................................................. 1,236,261 1,247,593 2,075 1.5460 

 

09/01/10 .................................................................. 1,253,591 1,267,619 n.a. 1.5472 

09/08/10 .................................................................. 1,235,673 1,250,897 n.a. 1.5513 

09/15/10 .................................................................. 1,241,392 1,255,410 n.a. 1.5641 

09/22/10 .................................................................. 1,223,510 1,244,771 n.a. 1.5649 

09/29/10 .................................................................. 1,218,805 1,237,548 n.a. 1.5812 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

105

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - Dec................... 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 

2009 - Oct ................... 1,021,291 1,031,490 430,650 339,336 51,031 43,877 51,410 53,797 1,137 1.6479 

Nov .................. 1,030,923 1,039,320 419,501 335,661 51,998 45,301 51,220 56,970 1,698 1.6409 

Dec .................. 979,536 991,970 384,997 313,137 46,626 40,932 45,641 50,928 1,481 1.6167 

2010 - Jan ................... 1,074,225 1,090,781 410,345 331,893 57,725 49,572 52,968 56,437 2,142 1.6009 

Feb .................. 1,161,196 1,164,401 420,529 340,362 59,509 55,187 65,464 68,018 55 1.5239 

Mar .................. 1,132,495 1,140,638 421,033 333,418 71,075 67,472 72,867 82,289 n.a. 1.5186 

Apr................... 1,154,120 1,170,584 414,295 330,506 83,603 75,665 82,344 89,910 n.a. 1.5308 

May.................. 1,195,348 1,213,892 439,740 360,645 81,031 77,695 82,620 93,335 1,240 1.4492 

June................. 1,216,938 1,238,237 427,015 354,108 78,858 76,501 82,172 88,376 n.a. 1.4947 

July .................. 1,223,428 1,243,643 427,613 352,349 76,271 71,448 78,296 82,858 2,744 1.5714 

Aug .................. 1,296,648 1,317,056 454,150 373,687 78,398 72,236 78,271 82,507 2,015 1.5358 

Sept................. 1,255,326 1,276,208 458,532 376,306 70,872 67,588 74,381 78,529 1,562 1.5731 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2007 - Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 

 June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 

Sept.................. 18,814 32,314 94,119 31,139 127 184 4,010 924 n.a. 1.7804 

Dec................... 16,513 28,787 80,329 29,461 124 149 2,441 n.a. n.a. 1.4619 

2009 - Mar................... 12,645 15,895 56,756 32,465 153 137 2,142 763 n.a. 1.4300 

June ................. 8,486 14,527 60,057 33,670 n.a. 146 n.a. n.a. n.a. 1.6452 

Sept.................. 9,181 18,330 64,224 32,062 n.a. 77 1,164 n.a. n.a. 1.6004 

Dec................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167 

2010 - Mar................... 7,844 11,669 84,735 32,660 418 570 1,202 427 n.a. 1.5186 

 June.................. 9,249 12,221 80,621 32,372 1,277 n.a. 1,391 388 70 1.4947 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

106

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

04/07/10 ................................................................ 15,948,987 15,964,284 -1,632 n.a. 

04/14/10 ................................................................ 16,108,787 16,108,536 1,225 n.a. 

04/21/10 ................................................................ 16,077,449 16,091,485 2,753 n.a. 

04/28/10 ................................................................ 16,829,102 16,837,481 5,150 n.a. 

 

05/05/10 ................................................................ 16,950,284 16,978,808 7,821 n.a. 

05/12/10 ................................................................ 16,947,656 16,970,003 7,665 n.a. 

05/19/10 ................................................................ 17,332,851 17,357,525 8,582 n.a. 

05/26/10 ................................................................ 17,480,942 17,505,304 11,267 n.a. 

 

06/02/10 ................................................................ 17,139,649 17,203,275 12,557 n.a. 

06/09/10 ................................................................ 17,329,792 17,364,018 10,875 n.a. 

06/16/10 ................................................................ 16,265,260 16,238, 881 11,582 n.a. 

06/23/10 ................................................................ 16,129,915 16,145,265 9,782 n.a. 

06/30/10 ................................................................ 16,450,519 16,466,915 12,369 n.a. 

 

07/07/10 ................................................................ 16,204,659 16,223,443 13,547 n.a. 

07/14/10 ................................................................ 16,446,056 16,492,221 16,507 n.a. 

07/21/10 ................................................................ 16,577,089 16,601,879 15,177 n.a. 

07/28/10 ................................................................ 16,842,846 16,866,163 11,047 n.a. 

 

08/04/10 ................................................................ 16,784,829 16,807,086 10,723 n.a. 

08/11/10 ................................................................ 16,770,812 16,799,526 13,616 n.a. 

08/18/10 ................................................................ 17,035,218 17,074,742 13,927 n.a. 

08/25/10 ................................................................ 17,600,587 17,643,857 16,678 n.a. 

 

09/01/10 ................................................................ 17,954,035 17,994,409 15,173 n.a. 

09/08/10 ................................................................ 17,829,695 17,864,586 14,725 n.a. 

09/15/10 ................................................................ 17,506,586 17,544,317 11,150 n.a. 

09/22/10 ................................................................ 17,423,026 17,463,165 15,052 n.a. 

09/29/10 ................................................................ 17,894,265 17,915,249 12,726 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

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 International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a.

2008 - Dec.............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a.

2009 - Oct .............. 15,460,518 15,432,522 - - 2,220,632 2,180,974 2,318,595 2,412,270 -7,320 n.a.

Nov ............. 15,875,303 15,922,525 - - 2,177,620 2,163,017 2,294,266 2,373,180 -7,667 n.a.

Dec ............. 14,885,944 14,952,056 - - 2,052,927 2,046,809 2,083,198 2,176,834 -9,016 n.a.

2010 - Jan .............. 16,632,091 16,662,046 - - 2,105,299 2,076,167 2,256,878 2,285,696 -7,050 n.a.

Feb .............. 17,009,346 17,027,954 - - 2,103,407 2,097,941 2,218,115 2,270,302 -11,493 n.a.

Mar .............. 16,916,483 16,903,081 - - 2,103,303 2,077,247 2,129,447 2,179,014 7,963 n.a.

Apr............... 17,366,120 17,374,058 - - 1,986,485 2,047,004 2,127,507 2,168,824 8,359 n.a.

May ............. 17,550,837 17,559,009 - - 2,006,778 2,083,480 2,130,357 2,174,365 14,998 n.a.

June ............ 17,234,670 17,220,537 - - 1,953,129 1,998,996 2,027,806 2,059,685 15,351 n.a.

July.............. 17,744,770 17,738,461 - - 1,928,319 1,945,721 2,008,861 2,052,545 14,697 n.a.

Aug.............. 18,424,548 18,451,893 - - 1,933,132 1,918,118 2,016,447 2,056,329 20,067 n.a.

Sept............. 18,790,132 18,791,083 - - 1,915,912 1,954,544 2,064,399 2,084,414 11,925 n.a.

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. 

June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. 

Sept .................. 346,969 328,750 - - 26,978 23,465 19,379 13,612 -109 n.a. 

Dec ................... 291,721 281,080 - - 25,365 15,176 8,439 6,931 1,145 n.a. 

2009 - Mar................... 229,519 196,627 - - 29,452 25,135 6,956 5,394 2,291 n.a. 

June.................. 237,066 197,226 - - 16,989 12,555 7,236 6,082 1,027 n.a. 

Sept. ................. 248,288 197,037 - - 18,396 11,084 7,159 6,473 -658 n.a. 

Dec ................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a. 

2010 - Mar................... 266,851 214,775 - - 26,305 15,869 12,439 11,812 1,690 n.a. 

June.................. 287,185 212,890 - - 23,353 20,732 11,872 12,702 -361 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

108

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar)

(4) 

 

04/07/10 ............................................................................. 4,399,746 4,385,832 9,284 0.7483 

04/14/10 ............................................................................. 4,444,646 4,431,506 n.a. 0.7317 

04/21/10 ............................................................................. 4,402,510 4,372,530 n.a. 0.7472 

04/28/10 ............................................................................. 4,754,447 4,721,882 7,994 0.7616 

 

05/05/10 ............................................................................. 4,842,473 4,795,035 7,438 0.7758 

05/12/10 ............................................................................. 4,879,795 4,835,500 12,861 0.7910 

05/19/10 ............................................................................. 5,145,664 5,102,478 11,490 0.8119 

05/26/10 ............................................................................. 4,984,629 4,932,738 n.a. 0.8181 

 

06/02/10 ............................................................................. 4,925,182 4,888,496 n.a. 0.8193 

06/09/10 ............................................................................. 5,045,173 5,002,210 7,401 0.8302 

06/16/10 ............................................................................. 4,694,451 4,665,155 n.a. 0.8115 

06/23/10 ............................................................................. 4,613,679 4,581,028 8,672 0.8181 

06/30/10 ............................................................................. 4,703,985 4,669,410 n.a. 0.8136 

 

07/07/10 ............................................................................. 4,680,158 4,637,949 n.a. 0.7940 

07/14/10 ............................................................................. 4,721,296 4,672,932 n.a. 0.7840 

07/21/10 ............................................................................. 4,728,944 4,685,670 n.a. 0.7802 

07/28/10 ............................................................................. 4,826,932 4,785,827 n.a. 0.7694 

 

08/04/10 ............................................................................. 4,715,652 4,672,141 n.a. 0.7600 

08/11/10 ............................................................................. 4,758,790 4,718,313 n.a. 0.7753 

08/18/10 ............................................................................. 4,763,337 4,721,163 n.a. 0.7769 

08/25/10 ............................................................................. 4,968,726 4,922,733 n.a. 0.7904 

 

09/01/10 ............................................................................. 4,994,459 4,949,482 n.a. 0.7805 

09/08/10 ............................................................................. 5,017,816 4,975,571 n.a. 0.7857 

09/15/10 ............................................................................. 4,939,930 4,893,746 8,611 0.7688 

09/22/10 ............................................................................. 4,872,237 4,815,006 8,548 0.7471 

09/29/10 ............................................................................. 4,974,437 4,924,019 8,214 0.7333 

 
FOREIGN CURRENCY POSITIONS 

December 2010 

109

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - Dec................... 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 

2009 - Oct ................... 4,127,883 4,046,813 1,624,809 1,614,553 347,244 363,267 350,420 369,729 3,829 0.6777 

Nov .................. 4,225,794 4,136,183 1,620,863 1,620,684 337,529 367,743 358,489 365,836 4,373 0.6669 

Dec .................. 3,905,125 3,813,863 1,539,339 1,524,203 303,396 343,878 362,964 362,551 3,425 0.6977 

2010 - Jan ................... 4,331,934 4,268,591 1,567,836 1,555,371 328,537 350,359 402,367 393,950 2,393 0.7210 

Feb .................. 4,613,148 4,580,822 1,615,195 1,602,061 346,758 354,421 437,561 434,176 1,238 0.7321 

Mar .................. 4,556,092 4,543,413 1,608,346 1,561,207 336,906 343,753 425,880 414,774 n.a. 0.7393 

Apr................... 4,827,953 4,784,238 1,655,942 1,680,653 373,799 378,134 478,439 467,003 10,273 0.7518 

May.................. 4,916,101 4,874,520 1,847,683 1,821,177 401,977 416,111 549,067 534,132 8,590 0.8085 

June................. 4,875,898 4,841,231 1,786,738 1,748,774 402,371 414,315 572,433 549,029 6,780 0.8136 

July .................. 4,966,754 4,925,735 1,692,072 1,650,361 404,182 425,968 553,322 525,744 n.a. 0.7652 

Aug .................. 5,069,041 5,016,406 1,963,498 1,942,106 379,130 401,209 517,881 484,783 n.a. 0.7872 

Sept................. 5,094,731 5,046,473 1,829,552 1,800,834 382,047 404,068 481,361 450,808 7,024 0.7352 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 

June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 

Sept.................. 87,982 94,534 246,267 113,023 10,459 5,295 8,870 9,606 1,667 0.7102 

Dec................... 92,026 88,502 212,167 106,561 6,839 2,745 5,509 4,762 1,761 0.7184 

2009 - Mar................... 70,202 78,229 163,971 94,269 6,348 3,043 n.a. n.a. 1,529 0.7541 

June.................. 60,845 70,738 190,153 91,171 5,447 3,728 4,911 4,031 1,337 0.7133 

Sept.................. 61,451 71,630 195,739 88,701 3,932 2,135 4,389 2,517 835 0.6835 

Dec................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977 

2010 - Mar................... 51,627 76,239 217,747 103,767 5,079 3,219 11,669 6,053 -2,245 0.7393 

June.................. 62,220 98,323 228,160 108,708 6,650 2,309 11,961 10,324 -875 0.8136 

 
December 2010 

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, 2010, and June 30, 2010 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital March 31, 2010 

April 1, 2010, 

through 

June 30, 2010 June 30, 2010 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 20,433,767 1,084 20,434,851 

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 55,996,096 -1,444,695 54,551,401 

Foreign exchange and securities: 

European euro ..................................................................... 13,998,426 -1,243,571 12,754,855 

Japanese yen....................................................................... 10,315,638 583,024 10,898,662 

Accounts receivable................................................................. 139,056 -1,801 137,255 

Total assets.......................................................................... 100,882,983 -2,105,959 98,777,024 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 21,234 430 21,664 

Total current liabilities ...................................................... 21,234 430 21,664 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 53,617,680 -1,389,319 52,228,361 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 58,817,680 -1,389,319 57,428,361 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -1,572,783 - -1,572,783

Total capital...................................................................... 42,044,069 -717,070 41,326,999 

Total liabilities and capital............................................ 100,882,983 -2,105,959 98,777,024 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2010 

111

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

April 1, 2010, 

through 

June 30, 2010 

Fiscal year to date

Oct. 1, 2009, 

through 

June 30, 2010 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -715,928 -2,315,206

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -61,772 -166,704

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 1,263 4,109 

U.S. Government securities......................................................... 6,476 11,787 

GSE Securities............................................................................. - 150 

Foreign exchange ........................................................................ 52,891 176,011 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations............................................................... -717,070 -2,289,853

Net income (+) or loss (-)............................................................. -717,070 -2,289,853

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

December 2010 

115

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2011. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2011. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2011) .............................................................................................................. 87 

less: 

Cash balance (fiscal year 2011) ......................................................................................................................................................................................... 18

Unfunded authorizations (fiscal year 2011)........................................................................................................................................................................ 69

48-month revenue estimate (fiscal years 2012, 2013, 2014, and 2015)........................................................................................................................... 138

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2011) .............................................................................................................. 15

less: 

Cash balance (fiscal year 2011) ......................................................................................................................................................................................... 3

Unfunded authorizations (fiscal year 2011)........................................................................................................................................................................ 11

48-month revenue estimate (fiscal years 2012, 2013, 2014, and 2015)........................................................................................................................... 20

Note.—Detail may not add to totals due to rounding. 
December 2010 

116

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

December 2010 

117

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
December 2010 

118

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

 Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of September 2010, the 

debt limit was $14,294,000 million; the limit may change 

from year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

December 2010 

119

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

December 2010 

120

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).