Con tents
 FI NAN CIAL OPERA TIONS SEPTEM BER 2001
 

PRO FILE OF THE ECONOMY 

Anal y sis.—Sum mary of economic indi ca tors ............................................................... 3
 

FED ERAL FISCAL OPERA TIONS

In tro duc tion.—Fed eral fiscal oper a tions .................................................................. 10
 

Anal y sis.—Bud get results and financ ing of the U.S. Govern ment and third-quarter receipts by source ................. 11
 FFO-A.—Chart: Monthly receipts and outlays ............................................................. 13
 FFO-B.—Chart: Budget receipts by source ................................................................ 13
 

FFO-1.—Sum mary of fiscal oper a tions................................................................... 14
 FFO-2.—On-budget and off-budget receipts by source....................................................... 15
 FFO-3.—On-budget and off-budget outlays by agency....................................................... 17
 

FFO-4.—Sum mary of U.S. Govern ment receipts by source and outlays by agency, 
 June 2001 and other peri ods.................................................................... 19
 

AC COUNT OF THE U.S. TREASURY

In tro duc tion.— Source and availabil ity of the balance in the account of the U.S. Treasury ........................... 20
 
 UST-1.—El e ments of change in Federal Reserve and tax and loan note account balances............................ 20
 


FED ERAL DEBT 
 In tro duc tion.—Fed eral debt ............................................................................ 22
 


FD-1.—Sum mary of Federal debt ....................................................................... 23
 
 FD-2.—Debt held by the public ......................................................................... 24
 
 FD-2.—In ter est-bearing public debt (histor i cal) ............................................................ 25
 


FD-3.—Gov ern ment account series...................................................................... 26

FD-4.—In ter est-bearing secu ri ties issued by Govern ment agencies ............................................. 27
 
 FD-5.—Ma tu rity distri bu tion and aver age length of market able inter est-bearing public debt held by private inves tors ..... 28
 


FD-6.—Debt subject to statu tory limit.................................................................... 29
 
 FD-6.—Debt subject to statu tory limi ta tion (histor i cal) ...................................................... 29
 
 FD-7.—Treasury holdings of secu ri ties issued by Govern ment corpo ra tions and other agencies....................... 30
 


FD-A.—Chart: Av er age length of privately held market able debt .............................................. 32
 


PUB LIC DEBT OPERA TIONS
 In tro duc tion.—Pub lic debt oper a tions .................................................................... 33

TREA SURY FINANCING ............................................................................ 33
 


PDO-1.—Ma tu rity schedules of inter est-bearing market able public debt secu ri ties other than reg u lar weekly 
 and 52-week Treasury bills outstand ing ........................................................... 36
 PDO-2.—Of fer ings of regu lar weekly Treasury bills ........................................................ 41
 

PDO-3.—Offerings of market able secu ri ties other than regu lar weekly Treasury bills .............................. 42
 PDO-4A.—Al lot ments by inves tor class for market able public debt secu ri ties other than bills ........................ 44
 PDO-4B.—Al lot ments by inves tor class for market able public debt secu ri ties, 52-week bills......................... 45
 

U.S. SAVINGS BONDS AND NOTES

In tro duc tion.—Sav ings bonds and notes .................................................................. 46
 


SBN-1.—Sales and redemp tions by series, cumu la tive ....................................................... 46
 
 SBN-2.—Sales and redemp tions by period, all series of savings bonds and notes combined.......................... 47
 
 SBN-3.—Sales and redemp tions by period, series E, EE, H, HH and I........................................... 47
 


OWN ER SHIP OF FEDERAL SECU RITIES

In tro duc tion.—Own er ship of Federal secu ri ties ............................................................ 49
 


OFS-1.—Dis tri bu tion of Federal secu ri ties by class of inves tors and type of issues................................. 50
 
 OFS-1.—Dis tri bu tion of Federal secu ri ties by class of inves tors and type of issues (histor ical) ....................... 51
 
 OFS-2.—Es ti mated owner ship of U.S. Trea sury securities.................................................... 52
 


MARKET YIELDS

In tro duc tion.—Mar ket yields........................................................................... 53
 
 MY-1.—Trea sury market bid yields at constant matu ri ties: bills, notes and bonds.................................. 53
 


MY-A.—Chart: Yields of Treasury secu ri ties .............................................................. 54

MY-2.—Av er age yields of long-term Treasury, corpo rate and munic i pal bonds.................................... 55
 
 MY-B.—Chart: Av er age yields of long-term Treasury, corpo rate and munic i pal bonds .............................. 58
 

IV 

Con tents 
 U.S. CURRENCY AND COIN OUTSTAND ING AND IN CIRCU LA TION
 

In tro duc tion.—U.S. currency and coin outstand ing and in circu la tion ........................................... 59
 
 USCC-1.—Amounts outstand ing and in circu la tion; currency, coin ............................................. 59
 
 USCC-2.—Amounts outstand ing and in circu la tion; by denom i na tion, per capita compar a tive totals................... 60
 


IN TER NA TIONAL STATIS TICS 

INTERNATIONAL FINAN CIAL STATIS TICS
 
 In tro duc tion.—In ter na tional finan cial statis tics............................................................. 63
 


IFS-1.—U.S. Reserve assets............................................................................ 63

IFS-2.—Se lected U.S. lia bil i ties to foreign ers.............................................................. 64
 
 IFS-3.—Non mar ket able U.S. Trea sury bonds and notes issued to offi cial insti tu tions and other 
 

resi dents of foreign countries ................................................................... 65
 

CAP ITAL MOVEMENTS
 

In tro duc tion.—Cap i tal movements ...................................................................... 66
 


SEC TION I.—LIA BIL ITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
 


CM-I-1.—To tal lia bil i ties by type and holder .............................................................. 68

CM-I-2.—To tal lia bil i ties by country..................................................................... 69
 
 CM-I-3.—To tal lia bil i ties by type and country ............................................................. 71
 

CM-A.—Chart: U.S. lia bil i ties to foreign ers reported by U.S. banks, brokers and dealers with respect to
 selected countries............................................................................. 73
 

SEC TION II.—CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
 


CM-II-1.—To tal claims by type ......................................................................... 74
 
 CM-II-2.—To tal claims by country ...................................................................... 75
 
 CM-II-3.—To tal claims on foreign ers by type and country.................................................... 77
 


CM-B.—Chart: U.S. claims on foreign ers reported by U.S. banks, brokers and dealers with respect to
 
 selected countries ............................................................................ 79
 

SEC TION III.—SUPPLE MENTARY LIA BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS IN THE UNITED
 STATES
 

CM-III-1.—Dol lar lia bil i ties to, and dollar claims on, foreign ers in countries and areas not regu larly reported sepa rately .. 80
 

SEC TION IV.—LIA BIL ITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS
 ENTER PRISES IN THE UNITED STATES
 


CM-IV-1.—To tal lia bil i ties and claims by type ............................................................. 81
 
 CM-IV-2.—To tal lia bil i ties by country ................................................................... 82
 
 CM-IV-3.—To tal lia bil i ties by type and country ............................................................ 84
 


CM-IV-4.—To tal claims by country...................................................................... 86
 
 CM-IV-5.—To tal claims by type and country .............................................................. 88
 
 CM-C.—Chart: Net purchases of long-term domes tic secu ri ties by foreign ers, selected countries ..................... 90
 


SEC TION V.—U.S. INTER NA TIONAL TRANSAC TIONS IN LONG-TERM SECU RITIES
 
 CM-V-1.—U.S. transac tions with foreign ers in long-term domes tic secu ri ties by type .............................. 91
 
 CM-V-2.—U.S. transac tions with foreign ers in long-term foreign secu ri ties by type................................ 92
 


CM-V-3.—Net foreign transac tions in long-term domes tic secu ri ties by type and country ........................... 93
 CM-V-4.—U.S. transac tions with foreign ers in long-term domes tic and foreign secu ri ties, by type and country,
 during second quarter 2001 ................................................................... 95
 

CM-V-5.—U.S. transac tions with foreign ers in long-term domes tic and foreign secu ri ties, by type and country, 
 during calen dar year 2000 .................................................................... 97
 CM-D.—Chart: Net purchases of long-term foreign secu ri ties by U.S. inves tors................................... 99
 

FOR EIGN CURRENCY POSI TIONS

In tro duc tion.—For eign currency posi tions ............................................................... 100
 


SEC TION I.—CANA DIAN DOLLAR POSI TIONS
 
 FCP-I-1.—Weekly report of major market partic i pants...................................................... 101
 
 FCP-I-2.—Monthly report of major market partic i pants..................................................... 102
 


FCP-I-3.—Quar terly report of large market partic i pants..................................................... 102
 

V

Con tents 
 

SEC TION II.—GERMAN MARK POSI TIONS
 
 FCP-II-1.—Weekly report of major market partic i pants ..................................................... 103
 


FCP-II-2.—Monthly report of major market partic i pants .................................................... 104
 
 FCP-II-3.—Quar terly report of large market partic i pants .................................................... 104
 


SEC TION III.—JAP A NESE YEN POSI TIONS
 
 FCP-III-1.—Weekly report of major market partic i pants .................................................... 105
 


FCP-III-2.—Monthly report of major market partic i pants.................................................... 106
 
 FCP-III-3.—Quar terly report of large market partic i pants ................................................... 106
 


SEC TION IV.—SWISS FRANC POSI TIONS
 
 FCP-IV-1.—Weekly report of major market partic i pants .................................................... 107
 
 FCP-IV-2.—Monthly report of major market partic i pants.................................................... 108
 


FCP-IV-3.—Quar terly report of large market partic i pants.................................................... 108
 


SEC TION V.—STER LING POSI TIONS
 


FCP-V-1.—Weekly report of major market partic i pants ..................................................... 109
 
 FCP-V-2.—Monthly report of major market partic i pants .................................................... 110
 
 FCP-V-3.—Quar terly report of large market partic i pants .................................................... 110
 


SEC TION VI.—U.S. DOLLAR POSI TIONS
 
 FCP-VI-1.—Weekly report of major market partic i pants .................................................... 111
 


FCP-VI-2.—Monthly report of major market partic i pants ................................................... 112
 
 FCP-VI-3.—Quar terly report of large market partic i pants ................................................... 112
 


SEC TION VII.—EURO POSI TIONS
 
 FCP-VII-1.—Weekly report of major market partic i pants.................................................... 113
 
 FCP-VII-2.—Monthly report of major market partic i pants................................................... 114
 


FCP-VII-3.—Quar terly report of large market partic i pants................................................... 114
 


EX CHANGE STABI LI ZA TION FUND 
 

In tro duc tion.—Ex change Stabi li za tion Fund .............................................................. 115
 
 ESF-1.—Bal ance sheet............................................................................... 115
 
 ESF-2.—In come and expense ......................................................................... 116
 


SPE CIAL REPORTS 

Cor rec tion Notice ................................................................................... 119
 


TRUST FUNDS

In tro duc tion.—Highway Trust Fund .................................................................... 120
 


TF-15A.—High way Trust Fund, highway account ......................................................... 120
 


RE SEARCH PAPER INDEX.......................................................................... 121
 


GLOS SARY ....................................................................................... 122
 

ORDER FORM FOR TREASURY PUBLI CA TIONS ........................................... In side back cover 

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

round ing; p = Prelim i nary; n.a. = Not available; r = Revised. 
VI
 


Nonquarterly Ta bles and Reports 

For the conve nience of the “Trea sury Bulle tin” user, nonquarterly tables and reports 

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

Issues 

March 

Fed eral Fiscal Oper a tions 

FFO-5.—Sum mary of inter nal reve nue receipts by regions 

and districts .............................................. 

Spe cial Reports 

Fi nan cial Report of the United States Govern ment excerpt............ 

Trust Fund Reports: 

Air port and Airway Trust Fund ............................... 

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

Black Lung Disabil ity Trust Fund ............................. 

Civil Service Retire ment and Disabil ity Fund ................... 

Fed eral Disabil ity Insur ance Trust Fund ........................ 

Fed eral Hospi tal Insur ance Trust Fund ......................... 

Fed eral Old-Age and Survi vors Insur ance Trust Fund ............. 

Fed eral Supple men tary Medi cal Insur ance Trust Fund............. 

Har bor Mainte nance Trust Fund .............................. 

Haz ard ous Substance Superfund .............................. 

High way Trust Fund ....................................... 

In land Water ways Trust Fund ................................ 

In vest ments of speci fied trust accounts......................... 

Leaking Under ground Storage Tank Trust Fund .................. 

Na tional Service Life Insur ance Fund.......................... 

Nu clear Waste Fund ....................................... 

Oil Spill Lia bil ity Trust Fund ................................ 

Rail road Retire ment Account ................................ 

Re for es ta tion Trust Fund .................................... 

Un em ploy ment Trust Fund .................................. 

Ura nium Enrich ment Decon tam i na tion and 

De com mis sioning Fund .................................. 

Vac cine Injury Compen sa tion Trust Fund ....................... 

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June Sept. Dec.
3
 

Profile of the Economy
 

Real gross domestic product (GDP) 

Real GDP growth slowed in the second quarter of 2001 to 

0.7 percent at an annual rate, the smallest increase in 8 years. 

The economic slowdown started in the third quarter of 2000, 

and, in each of the last four quarters, growth has been below 2 

percent. That was the longest stretch of sub-2 percent growth 

since the 1990-91 recession. 

Weak ness in the economy was led chiefly by a downturn in 

busi ness invest ment, and that trend contin ued in the second 

quar ter. Real invest ment in equipment and software dropped 

at a 14.5 percent annual rate, and invest ment in structures fell 

at an 11.2 percent pace. Invest ment in high-tech goods such as

com mu ni ca tions equipment and comput ers was partic u larly 

hard hit. Demand for these goods has been held back by declines in corpo rate profits, excess supply worldwide, and economic uncer tainty that caused capi tal invest ment plans to be 

scaled back. 

Con sumer spending held the economy afloat in the second 

quar ter, although the 2.1 percent rate of growth was below the 

3.0 percent gain recorded in the first quarter and the lowest in 4 

years. Consump tion expen di tures are expected to strengthen 

over the second half of 2001, as tax rebate checks and lower 

tax withhold ing rates put about $40 billion back into the hands 

of consum ers. 

The national accounts measures of infla tion indi cated that 

price pressures were largely absent in the second quarter. The 

gross domes tic purchases price index, which measures prices 

paid by U.S. resi dents, was up at only a 1.5 percent annual rate 

in the quarter. Exclud ing food and energy, the core rate was 

only 1.1 percent. 

Inflation 

In fla tion slowed during the second quarter of 2001, a pattern 

that appears to have contin ued into the third quarter. Consumer 

prices increased at a 3.7 percent annual rate for the 3-month period ending in June. That was a little slower than in the previous 3 months but slightly faster than 2000. Core Consumer 

Price Index (CPI) infla tion, exclud ing the food and energy

com po nents, dipped to a 2.6 percent annual rate during the 

April through June period, off from 3.5 percent during the first 

quar ter of 2001 but in line with the rise during 2000. The increase in food prices slowed to a 3.3 percent annual rate during 

the second quarter from 4.1 percent during the first 3 months of 

the year. Vol a tile energy prices were up at an annual rate of almost 17 percent for the second quarter as a whole, close to triple the pace in the first quarter, but all of that increase occurred 

in April and May. Energy prices receded in June. 

At the producer level, prices actu ally have declined in recent 

months. Finished goods prices fell by 0.4 percent in June and 

by 0.9 percent in July. These followed little change in May. 

Through the first 7 months of 2001, finished goods prices were 

An nual revi sions to GDP and other national accounts series 

low ered real growth by 0.6 percent age point over the four

quar ters of 1999 and 2000, to 4.4 percent and 2.8 percent, respec tively. Corpo rate profits were marked sharply lower over 

that span as well, while personal income and the saving rate 

were revised higher. 

Growth of Real GDP 

(Percent change, fourth quarter to fourth quarter) 

7 

6 

5 

4 

3 

2 

1 

0 

2.2 

4.1 4.3 

4.8 

4.4 

2.8 

0.9 

95 96 97 98 99 00 01* 

* Based on first half 

up at an annual rate of only 0.5 percent. Energy prices declined sharply in June and July and were down at an 8.6 percent annual rate this year through July. Food prices have

re ceded as well follow ing sizable increases early in the year.

Fur ther back in the produc tion chain, core prices for crude 

goods declined for 6 consec u tive months, while core inter medi ate goods prices moved down over the last 2 months. 

Ev i dence on wage pressure is mixed. Produc tiv ity growth 

in the nonfarm business sector slowed in 2001 from the strong 

gains regis tered over the last several years. At only 1.2 percent 

at an annual rate, the increase in produc tiv ity during the first 

half of the year was well below the 4.8 percent increase in 

hourly compen sa tion costs, pushing unit labor costs up by 3.5

per cent. The employ ment cost index for total compen sa tion, a 

sep a rate compen sa tion measure that also is closely watched,

in creased by 3.9 percent for the 12-month period ending in 

June. This was a slight decel er a tion from the 4.4 percent gain

dur ing the prior year ending in June 2000, and less than the 6.4

per cent four-quarter increase in compen sa tion in the productiv ity series (which includes stock options). 
4 PRO FILE OF THE ECON OMY

1

2

3

4

5

6

7

89 90 91 92 93 94 95 96 97 98 99 00 01

Excluding food and

energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

10

89 90 91 92 93 94 95 96 97 98 99 00 01

Excluding food and

energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

Employment and unemployment

The weak ness in the econ omy has trans lated into lit tle or no

job gains dur ing the first 7 months of 2001 and de clines in private pay rolls. Monthly nonfarm pay roll em ploy ment gains

av er aged a scant 4,000 over the first 7 months, as an av er age

monthly loss of 29,000 in pri vate pay rolls was off set by a

33,000 monthly gain in Government jobs. u fac turing job

losses av er aged 90,000 a month dur ing the first 7 months, with

job de clines in the in dus trial equip ment and com mu ni ca tion

sec tors ac count ing for more than 40 per cent of the loss. ufac turing pay rolls have fallen con tin u ously since Au gust 2000.

Pri vate ser vice-producing em ploy ment av er aged monthly

gains of 48,000 dur ing the first 7 months, well be low the

142,000 av er age monthly gains dur ing 2000. ing the first 7

months, in creased em ploy ment in health ser vices, re tail trade,

and other in dus tries helped to off set sharp de clines in the tem -

po rary help in dus try, which sup plies work ers to man u fac tur ing

and other hard-hit in dus tries. The help sup ply in dus try has

shed about 430,000 jobs since it be gan de clin ing in Sep tem ber

2000.

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99 00 01

(Percent)

Establishment Employment

248 236 223

318

359

176

26

107 96

-72 -42

-200

-100

0

100

200

300

400

500

99-I II III IV 00-I II III IV I II III*

(Average monthly change in thousands)

*Based on July data.

Man

Man

Dur
PRO FILE OF THE ECONOMY 5
 


The report on payroll employ ment in July brought some 

signs that the jobs situ a tion could be stabi liz ing. Private payrolls fell by 73,000, about half the size of the June decline. The 

num ber of manu fac tur ing jobs fell by 49,000, the smallest decline in 2001. Av er age weekly hours in dura ble manu fac tur ing 

rose. 

Af ter rising in the first few months of 2001, the unem ployment rate remained rela tively steady around 4.5 percent from 

April through July. The unem ploy ment rate in July was 0.6

per cent age point above the low reached for this expan sion in 

Sep tem ber and Octo ber of 2000. Despite the increase, the unem ploy ment rate remains low rela tive to the expe ri ence of the 

last three decades. 

Av er age hourly earnings continue to rise, provid ing some 

sup port to consumer incomes. In the year ending in July 2001,

av er age hourly earnings in the private sector grew 4.4 percent. 

Hourly earnings in service-producing indus tries grew 4.7 percent, while earnings grew 3.5 percent in manu fac tur ing. After 

ad just ing for infla tion, private hourly earnings grew slightly 

less than 1 percent in the year ending in July 2001. 

Real disposable personal income 

and consumer spending 

Growth of personal income in nomi nal terms slowed in the 

sec ond quarter of 2001 to a 3.8 percent annual rate from 5.8 

per cent in the first quarter and 7.3 percent during all of 2000. 

The main sources for the slowdown in the second quarter relative to the first quarter were wage and salary disburse ments 

and transfer payments. Declining employ ment held growth of 

wages and sala ries (58 percent of income) to 4.0 percent in the 

sec ond quarter. That was down from 6.3 percent in the first 

quar ter and 8.3 percent in 2000. Growth of transfer payments 

(13 percent of income) returned to a more normal pace after 

cost-of-living adjust ments to Govern ment programs created a 

bulge in the first quarter. Also contrib ut ing to slower income 

growth in 2001 have been smaller gains in divi dends and declines in inter est income. 

On a real after-tax basis, personal income growth has slowed

no ta bly in 2001 from 4.0 percent during all of 2000 to about 

2-1/2 percent at an annual rate during the first two quarters of 

2001. Despite faster growth of nomi nal income in the first 

quar ter, income in both quarters increased at a simi lar pace after adjust ment for infla tion, reflect ing faster growth of income 

in the first quarter. 

Real consumer spending increased at a moder ate 2.1 percent 

an nual rate in the second quarter, down from 3.0 percent in the 

first quarter and 4.0 percent during all of 2000. Expen di tures 

on motor vehi cles slowed nota bly in the second quarter, but remained at a rela tively high level. In addi tion, consum ers reduced spending on energy goods and services. More 

tem per ate weather resulted in lower expen di tures for home 

heat ing, and a spurt in gaso line prices caused a cutback in 

us age. 

With consumer spending growing at a slower pace than 

after-tax income in the second quarter, the personal saving rate 

moved up to 1.2 percent from 1.1 percent in the first quarter. 

As part of the compre hen sive annual revi sions to the national 

in come and product accounts, results back through 1998 have 

been revised up sharply to reflect more complete data. 

Stronger income growth than previ ously thought, along with 

slightly lower spending, caused the personal saving rate for 

2000 to be marked up to 1.0 percent from -0.1 percent in the 

prior figures, while the first quarter was revised to 1.2 percent 

from -1.0 percent. 

None the less, recent personal saving rates are down from 8.7 

per cent aver aged from 1950 to 1992 and are the lowest since a 

neg a tive saving rate of 1.5 percent was recorded in 1933, in the 

midst of the Great Depres sion. Circum stances are entirely differ ent today, however. Despite falling equity markets since 

1999, household net worth has benefited from tremen dous 

gains in the stock market in recent years. This “wealth effect” 

has supported strong spending by consum ers. It has resulted in 

a lower saving rate, since increases in asset values are not 

counted as income in the national income and product accounts. 

Industrial production 

and capacity utilization 

Out put in the indus trial sector posted its ninth consec u tive 

loss in June, dropping by a season ally adjusted 0.7 percent, but 

de clines in both April and May were revised upward. Despite 

these small markups, the second-quarter perfor mance of the 

in dus trial sector was still quite poor, with activ ity declin ing at 

a 5.6 percent annual rate on top of a 6.8 percent drop in the first

quar ter. The recent string of losses was the longest since a 

10-month stretch in 1982, a reces sion year, and placed industrial activ ity 3.6 percent below its June 2000 level. Just a year 

ago, the 12-month change in output was a strong 6.7 percent 

in crease. 

Man u fac turing produc tion, which accounts for just over 87

per cent of all indus trial output, dipped by 0.8 percent in June,

bring ing the decline for the entire second quarter to 5.9 percent 

at an annual rate. That was a mild improve ment after a 7.9 percent annual plunge in the first quarter, which was the biggest 

drop since early 1991 when the economy was in reces sion. 

The largest drops in the second quarter were in electri cal machin ery, textile mill products, indus trial machin ery and equipment, fabri cated metal products, printing and publish ing, and 

chem i cal products. When factory activ ity first began to contract last fall, much of the loss was attrib uted to the motor vehicles and parts indus try. That indus try began scaling back 

pro duc tion early in the third quarter in response to slower sales 

and building inven to ries. However, produc tion in this indus try 

picked up in the second quarter, increas ing at an annual rate of 

35.0 percent. More recently, it has become appar ent that the 

weak ness in manu fac tur ing has been concen trated in the 

high-tech sector. 
6 PROFILE OF THE ECONOMY
 


The high-tech sector, which includes comput ers, commu nica tions equipment, and semicon duc tors, has slashed output in 

re cent months, but inven to ries still remain bloated, as demand 

has contin ued to wane. Output in this sector plunged by 19.4

per cent at an annual rate in the second quarter. That was more 

than three times the 6.1 percent drop posted in the first quarter. 

All told, high-tech produc tion dropped by 17.7 percent at an 

an nual rate over the first 6 months of 2001, a stunning shift 

from the lofty 70+ percent gains regis tered last spring. 

The rate of indus trial capac ity utili za tion slid by 0.6 percentage point to 77.0 percent in June, the lowest since August 1983 

and 5.1 percent age points below the long-term aver age. 

Nonfarm productivity and unit labor costs 

Re cently released data on produc tiv ity tell a “good-news, 

bad-news” story. The good news is that produc tiv ity growth

re bounded in the second quarter, after virtu ally no growth in 

the first quarter. The bad news is that accord ing to revised 

data, produc tiv ity grew more slowly in earlier years than had 

been previ ously esti mated. Even after the revi sions, however, 

the data still suggest that produc tiv ity growth since 1995 has 

been signif i cantly faster than in the previ ous two decades. 

Nonfarm business produc tiv ity, real output per hour 

worked, rose 2.5 percent at an annual rate in the second quarter, up from 0.1 percent in the first quarter. Second-quarter 

growth was slightly higher than the revised esti mate of growth 

for the four quarters of 2000, and was the fastest quarterly increase in 2000. 

Pro duc tiv ity growth in the second quarter matched the new 

es ti mate of produc tiv ity growth over the last 6 years. According to revised esti mates, produc tiv ity grew 2.4 percent at an 

an nual rate from the fourth quarter of 1995 through the second 

quar ter of 2001. The previ ous esti mate of growth from the 

fourth quarter of 1995 through the first quarter of 2001 was 2.7 

per cent. The downward revi sion to produc tiv ity growth was 

largely due to downward revi sions in real output. While lower 

than the previ ous esti mate, the new esti mate is still 1 percentage point higher than aver age annual produc tiv ity growth 

from the end of 1973 through the end of 1995. That increase 

al lowed real incomes and profits to expand over the last 5 

years, without upward pressure on the infla tion rate. 

Hourly compen sa tion costs rose at a 4.7 percent annual rate 

in the second quarter of 2001, the slowest pace since the fourth

quar ter of 1999, and a marked decel er a tion from the growth

dur ing 2000. Hourly labor compen sa tion costs grew 7.4 percent from the fourth quarter of 1999 through the fourth quarter 

of 2000. 

The increase in produc tiv ity growth in the second quarter,

com bined with a slowdown in labor compen sa tion growth, 

caused unit labor cost growth to slow to 2.1 percent at an annual rate in the second quarter. The second-quarter growth 

was signif i cantly slower than the increases of 5.0 and 6.1 percent in the two previ ous quarters. Rapid increases in unit labor 

costs have put severe downward pressure on profits during 

2000 and early 2001. The second quarter slowdown in labor 

costs may provide some profit support in the next few 

quar ters.

De spite reduc tions in manu fac tur ing hours in the second 

quar ter, manu fac tur ing produc tion fell more sharply, and produc tiv ity eased by 0.2 percent at an annual rate. Produc tiv ity 

fell another 3.6 percent at an annual rate in the first quarter. 

The two-quarter decline was the first since 1993. Hourly compen sa tion grew at a 6.2 percent annual rate in the second quarter, matching the first-quarter increase. Factory unit labor 

costs rose 6.4 percent at an annual rate in the second quarter, 

and are 6.7 percent above year-earlier levels. Such increases 

are likely to put even further pressure on profits in manu factur ing going forward. 

Current account balance 

The current account measures trade in goods and services as 

well as the flow of invest ment income and unilat eral transfers. 

The current account has been in defi cit almost contin u ously 

since the early 1980s, and, in the past decade, has widened 

sub stan tially. It reached a record high of $444.7 billion, or 4.5 

per cent of nomi nal GDP, in 2000. In the first quarter of 2001, a

ta per ing in the merchan dise trade defi cit caused the current 

ac count defi cit to narrow for the first time in nearly 4 years to 

$438.2 billion at an annual rate, or 4.3 percent of nomi nal 

GDP. The normal seasonal decline in foreign aid transfer payments by the U.S. Govern ment also contrib uted to the improve ment recorded in the first 3 months of the year. 

Ex pan sion of the merchan dise trade defi cit over the past decade reflected strong growth in U.S. domes tic demand that 

out paced that of our major trading partners, causing imports to 

grow much more rapidly than exports. Other factors, including higher prices for imported oil since 1998, also contrib uted 

to the burgeon ing trade gap. That gap has more than doubled 

since the mid-1990s to a new high of $452.2 billion last year. 

Other major compo nents of the current account also have 

fu eled the growing defi cit. The surplus on trade in services 

has narrowed somewhat since 1997. Moreover, what had 

been a posi tive balance on invest ment income turned nega tive 

in 1998. This shift has resulted primar ily from the fact that 

for eign purchases of U.S. assets have increas ingly outpaced 

U.S. acqui si tions of foreign assets. 
PRO FILE OF THE ECONOMY 7 

The current account defi cit is, by defi ni tion, matched by offset ting transac tions in the finan cial and capi tal accounts, with 

any differ ence in the recorded flows listed as a statis ti cal discrep ancy. Continuing inflows of foreign funds reflect the attrac tive ness of the United States as an invest ment outlet. In the 

first quarter of 2001, the finan cial account recorded inflows for 

for eign assets in the United States that exceeded outflows for 

U.S. assets abroad by $322.3 billion at an annual rate. That was 

down from $455.1 billion in the fourth quarter and a huge 

$625.7 billion in the second quarter of 2000. The moder a tion 

was due in large part to slower growth of foreign direct investment in the United States after a partic u larly strong fourth

quar ter. Among other notewor thy devel op ments in the first 

quar ter, foreign inves tors were net buyers of U.S. Treasury secu ri ties for the first time in over a year. Their purchases of U.S. 

se cu ri ties other than Treasuries soared to an all-time high.

Cap i tal account transac tions, which consist mainly of debt forgive ness and wealth transfers asso ci ated with immi gra tion, 

were little changed in the first quarter at an annual rate of $0.7 

bil lion. 

Exchange rate of the dollar 

The dollar contin ued to appre ci ate against most major curren cies in the first 7 months of 2001, despite the weaken ing 

U.S. economy and looser mone tary policy. Between December 1999 and July 2001, the exchange rate of the dollar against 

a broad index of 26 curren cies of impor tant U.S. trading partners rose by 10.3 percent. This followed a 2-year period of relative stabil ity after a sharp increase in 1996 and 1997. 

The appre ci a tion since 1999 was fueled by improve ment of 

the dollar against the curren cies of the United States’ major

trad ing partners, includ ing the euro-area countries, Canada, Japan, the United Kingdom, Austra lia, Sweden, and Switzerland. Over the 19 months ended in July 2001, the exchange 

value of the dollar in rela tion to the curren cies of the United 

States’ major trading partners jumped by 13.8 percent. The 

dol lar/euro exchange rate climbed by 17.4 percent during the 

same period, and the dollar/yen exchange rate shot up by 21.4

per cent. 

The rise of the dollar over the past few years mainly reflected 

the faster pace of growth in the United States. More recent 

gains have been attrib uted to global inves tors’ contin ued 

strong prefer ence for U.S. assets and percep tions that the U.S. 

econ omy is more resil ient than others, partic u larly Europe. 

Other factors such as differ ing central bank and foreign exchange poli cies, the course of structural reforms in the euro 

area, and uncer tainty surround ing Japan’s prospects for economic recov ery also have played a role. 

Interest rates 

The Federal Reserve eased mone tary condi tions this year in

re sponse to the slowdown in economic growth. Between January and June it cut inter est rates by a total of 275 basis points. 

The Federal Reserve described its actions as the appro pri ate

pol icy in light of weak consumer and invest ment demand due 

to lower confi dence, tighter credit condi tions, the effect of high

en ergy prices on household purchas ing power, and declin ing

busi ness profits. 

The easing trend followed a period of nearly a year during 

which inter est rates were left unchanged. The actions lowered 

the target for the federal funds rate (the rate that banks and 

other finan cial insti tu tions charge each other for overnight 

loans) from 6.5 percent at the end of Decem ber to 3.75 percent 

by the end of June. The discount rate (the rate the Federal Reserve charges banks for short-term funds) was lowered from 

6.0 percent to 3.25 percent. The market inter est rate for the 

3-month Treasury bill, which usually centers around the level 

of the discount rate, moved down from over 6.0 percent late in 

2000 to about 3.5 percent in July. 

Rates on long-term Trea sury secu ri ties declined through 

most of 2000 and, despite some vola til ity, appear to have leveled off so far in 2001. Long-term rates are influ enced by a 

num ber of factors. Weak ness in equity markets and in the 

econ omy in general, as well as reduced infla tion ary expec tations, contrib uted to the decline in yields. The downtrend in 

the bond yield, which moves inversely to its price, also partly

re flected a shrinking supply of Treasury secu ri ties due to growing budget surpluses. 

Mort gage inter est rates gener ally follow the pattern of the 

10-year Treasury note. The inter est rate on a conven tional 

30-year fixed rate loan declined from a recent peak of 8.5 percent in May 2000 to just above 7 percent in the second quarter 

of 2001. The decline of roughly 150 basis points in the mortgage inter est rate prompted renewed strength in housing demand during the latter part of 2000 and into 2001. 
8 PROFILE OF THE ECONOMY
 


Short-term Interest Rates 

(Percent) 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

Discount rate 

Federal funds rate 

3-month Treasury bills 

1999 2000 2001 

Housing 

Housing activ ity contin ued to support the economy in the 

sec ond quarter of 2001 despite a level ing out of several indi cators. Sales of new single-family homes recorded a sizable 

911,000 annual pace in the quarter, though this was down from 

the all-time record selling pace of 950,000 in the first quarter. 

Re sales of exist ing single-family homes, in contrast, rose to a 

new peak in the second quarter. The high level of housing demand for both new and exist ing homes, despite weakness in 

other areas of the economy, was supported by low mortgage

in ter est rates. The mortgage rate for a 30-year loan aver aged 

just over 7 percent in the second quarter, a very favor able rate 

by histor i cal standards. 

The expan sion in home sales over the past several years 

meant a dramatic increase in home owner ship. The number of 

new homeown ers has grown by 12-1/2 million since the early 

1990s, and the home owner ship rate rose to a record 67.7 percent by the second quarter of 2001. Expan sion in home ownership has been partic u larly nota ble for minor ity groups. 

Rapid increases in new home sales through the second half 

of 2000 reduced the inven tory of new houses for sale and 

prompted an upturn in new home construc tion. Housing starts 

jumped by 5.7 percent in the first quarter of 2001 and edged up

fur ther in the second quarter, aver ag ing a strong 1.6 million at 

an annual rate so far in 2001. The real value of resi den tial invest ment increased at annual rates of 8.5 percent and 7.4 percent in the first and second quarters, respec tively, and added 

over 0.3 percent age point to real GDP growth in each quarter. 

Federal budget 

The Federal budget posted a unified surplus of $237 billion 

in fiscal 2000, or 2.4 percent in rela tion to GDP. That was the 

larg est surplus ever in dollar terms and the largest rela tive to 

Long-term Interest Rates 

(Percent) 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

30-year bond 

10-year note 

1999 2000 2001 

GDP since fiscal 1948. The surplus in fiscal 2000 resulted in a 

$223 billion reduc tion in debt held by the public last year. 

Over the fiscal years 1998-2000, publicly held debt was cut by 

a total of $361 billion, or 9.6 percent. Debt held by the public 

rep re sented 35 percent of GDP at the end of fiscal 2000, down 

from nearly 50 percent 7 years ago and the smallest ratio since 

1984. 

The budget is on track to post another surplus in fiscal 2001, 

though it is expected to be lower than fiscal 2000. Through 

the first 9 months of this fiscal year the surplus totaled $169 

bil lion, about $8 billion less than during the same period of the 

pre vi ous fiscal year. Although receipts for those 9 months 

were about $48 billion higher than last year, outlays were $56 

bil lion higher. Esti mates for the full-year surplus range from 

$160 billion to $200 billion. 

A number of factors are holding down the size of the surplus 

in fiscal 2001. Sluggish economic growth has caused growth 

in receipts to be lower than expected, with corpo rate taxes espe cially weak. Corpo rate receipts will be further dimin ished 

this year because of a legis lated change in the timing of the last 

quar terly payment of fiscal 2001, delay ing it until the start of 

fis cal 2002. In addi tion, the tax rebate program and lower 

with hold ing rates for indi vid u als are expected to return over 

$40 billion to taxpay ers in the July through Septem ber period,

re duc ing reve nues in fiscal 2001 but helping to stimu late the 

econ omy and future reve nue growth. 

Out lays in fiscal 2001 are growing slower than in fiscal 2000 

but a little faster than projected. Medicaid contin ues to be the 

fast est growing major spending cate gory, reflect ing in part 

greater enroll ment and increased expen di tures for prescrip tion 

drugs. Medicare spending accel er ated in recent months as the 

Ben e fits Improve ment and Protec tion Act took effect in April,

rais ing the payment rates for health care provid ers. 
PRO FILE OF THE ECONOMY 9 

Net national saving and investment per cent in 1998. The contri bu tion of the public sector currently 

Net national saving climbed from a 50-year low of 3.9 per- rep re sents a huge improve ment since 1992, when public 

cent of net national product (NNP) in 1993 to 7.5 percent in dissaving drained the equiva lent to 5.4 percent of NNP from 

1998 but has since retreated somewhat. In the first quarter of na tional saving. Almost all of the 8-percentage point swing 

2001 (the latest period for which full detail is available), the net (from -5.4 percent to +2.6 percent) reflects the shift in the Fedna tional saving rate was 5.1 percent. That was down from 6.3 eral budget from defi cit to surplus. 

Net domes tic invest- per cent in all of 2000. (Net saving 

and NNP exclude depre ci a tion to re- ment (by govern ment 

place wornout or obso lete equip- Net National Saving and private indus try in 

ment, software, and structures used (Saving as a percent of NNP) struc tures, equipment, 

in produc tion.) soft ware, and inven tory) 

The decline in saving is almost en- 15 

Public 

Total 

slowed somewhat to 8.5 

tirely the result of a drop in private per cent of NNP in the 

sav ing to 2.6 percent of NNP in the first quarter of 2001 

first quarter of 2001 from 6.4 per- 10 from about 9-3/4 percent 

cent in 1998 and more than 9 percent in each of the past 3 

in the early 1990s. Personal saving years. Results for 2000 

fell sharply in 1999 and 2000 but sta- 5 were marked down from 

bi lized at 0.9 percent of NNP in the 10.5 percent as part of the 

first quarter. The level ing off most 0 

an nual revi sions to the 

likely reflected the waning “wealth na tional income and 

ef fect” of stock market gains. (See prod uct accounts, mainly 

dis cus sion under “Real Dispos able -5 to reflect lower investPer sonal Income and Consumer 

ment in software than 

Spending.”) Retained earnings fell pre vi ously thought. Deto 1.7 percent of NNP in the first -10 spite the recent decline, 

net invest ment as a share quar ter from about 2-1/2 percent in 60 65 70 75 80 85 90 95 00 of NNP remains higher re cent years, as the economy slowed than in any year from and corpo rate profits dete ri o rated. 1988 through 1996. A Partially offset ting the decline in large portion of recent invest ment was financed from abroad. pri vate saving has been contin ued growth in Govern ment sav- U.S. net foreign invest ment swung from 0.3 percent of NNP in ing, result ing from the Federal surplus. Total public sector sav- 1991 to approx i mately -5 percent in 2000 and into 2001. ing was equiva lent to 2.6 percent of NNP in the first quarter, 

slightly below the 2.9 percent for all of 2000 but up from 1.1 
10 

INTRODUCTION: Federal Fiscal Oper a tions 

Bud get author ity usually takes the form of appro pri a tions 

that allow ob li ga tions to be incurred and payments to be made. 

Reappropriations are Congres sio nal actions that extend the 

avail abil ity of unobligated amounts that have expired or would 

oth er wise expire. These are counted as new budget author ity in 

the fiscal year of the legis la tion in which the reappropriation act 

is included, regard less of when the amounts were origi nally appro pri ated or when they would other wise lapse. 

Ob li ga tions gener ally are liqui dated by the issu ance of 

checks or the disburse ment of cash—out lays. Obli ga tions may 

also be liqui dated (and outlays recorded) by the accrual of inter est on public issues of Treasury debt secu ri ties (includ ing an 

in crease in redemp tion value of bonds outstand ing); or by the

is su ance of bonds, deben tures, notes, mone tary credits, or 

elec tronic payments. 

Re funds of collec tions gener ally are treated as reduc tions 

of collec tions, whereas payments for earned-income tax credits in excess of tax lia bil i ties are treated as outlays. Outlays

dur ing a fiscal year may be for payment of obli ga tions incurred 

in prior years or in the same year. Outlays, therefore, flow in 

part from unex pended balances of prior year budget author ity 

and from budget author ity provided for the year in which the 

money is spent. To tal outlays include both budget and 

off-budget outlays and are stated net of offset ting collec tions.

Re ceipts are reported in the tables as either budget receipts or offset ting collec tions. They are collec tions from the 

pub lic, exclud ing receipts offset against outlays. These, also 

called govern men tal receipts, consist mainly of tax receipts

(in clud ing social insur ance taxes), receipts from court fines, 

cer tain licenses, and depos its of earnings by the Federal Reserve system. Refunds of receipts are treated as deduc tions 

from gross receipts. Total Govern ment receipts are compared 

with total outlays in calcu lat ing the budget surplus or defi cit.

Off setting collec tions from other Govern ment accounts 

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

They are classi fied as either collec tions credited to appro pri ations or fund accounts, or offset ting receipts (i.e., amounts depos ited in receipt accounts). The former normally can be used 

with out appro pri a tion act by Congress. These occur in two instances: (1) when autho rized by law, amounts collected for 

ma te ri als or services are treated as reim burse ments to appropri a tions. For account ing purposes, earned reim burse ments 

are also known as reve nues. These offset ting collec tions are 

net ted against gross outlays in deter min ing net outlays from 

such appro pri a tions; and (2) in the three types of revolv ing 

funds (public enter prise, intragovernmental and trust); offsetting collec tions are netted against spending, and outlays are reported as the net amount.

Off setting receipts in receipt accounts cannot be used 

with out appro pri a tion. They are subdi vided into three cate gories: (1) propri etary receipts, or collec tions from the public,

off set against outlays by agency and by function; (2) 

intragovernmental transac tions, or payments into receipt accounts from govern men tal appro pri a tion or fund accounts. 

They finance oper a tions within and between Govern ment

agen cies and are credited with collec tions from other Government accounts; and (3) offset ting govern men tal receipts 

which include foreign cash contri bu tions. 

Intrabudgetary transac tions are subdi vided into three 

cat e go ries: (1) interfund transac tions—pay ments are from 

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

ac count in the other fund group; (2) Federal intrafund transactions—pay ments and receipts both occur within the Federal 

fund group; and (3) trust intrafund transac tions—pay ments 

and receipts both occur within the trust fund group.

Off setting receipts are gener ally deducted from budget author ity and outlays by function, subfunction, or agency. There 

are four types of receipts, however, that are deducted from budget totals as undis trib uted offset ting receipts. They are: (1)

agen cies’ payments (includ ing payments by off-budget Federal 

en ti ties) as employ ers into employ ees’ re tire ment funds; (2) inter est received by trust funds; (3) rents and royal ties on the 

Outer Conti nen tal Shelf lands; and (4) other inter est (i.e., that 

col lected on Outer Conti nen tal Shelf money in deposit funds 

when such money is transferred into the budget). 

The Govern ment has used the unified budget concept set 

forth in the “ Report of the Presi dent’s Com mis sion on Budget

Con cepts” as a founda tion for its budget ary analy sis and presen ta tion since 1969. The concept calls for the budget to include 

all of the Govern ment’s fiscal transac tions with the public. 

Since 1971, however, vari ous laws have been enacted remov ing

sev eral Federal enti ties from (or creat ing them outside of) the

bud get. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal 

en ti ties consist of the two Social Secu rity trust funds, Federal 

Old-Age and Survi vors Insur ance and the Federal Disabil ity Insur ance Trust Fund, and the Postal Service. 

Al though an off-budget Federal entity’s receipts, outlays, 

and surplus or defi cit ordi narily are not subject to targets set by 

the Congres sio nal reso lu tion, the Balanced Budget and Emergency Defi cit Control Act of 1985 [commonly known as the 

Gramm-Rudman-Hollings Act as amended by the Budget Enforce ment Act of 1990 (2 United States Code 900-922)] included 

off-budget surplus or defi cit in calcu lat ing defi cit targets under 

that act and in calcu lat ing excess defi cit. Partly for this reason, atten tion has focused on both on- and off-budget receipts, outlays 

and defi cit of the Govern ment. 

Ta bles FFO-1, FFO-2 and FFO-3 are published quarterly 

and cover 5 years of data, esti mates for 2 years, detail for 13 

months, and fiscal year-to-date data. They provide a summary of 

data relat ing to Federal fiscal oper a tions reported by Federal entities and disburs ing offi cers, and daily reports from the FRBs. 

They also detail account ing transac tions affect ing receipts and 

out lays of the Govern ment and off-budget Federal enti ties and 

their related effect on assets and lia bil i ties of the Govern ment. 

Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment.” 
FED ERAL FISCAL OPER A TIONS 11 

• Ta ble FFO-1 summa rizes the amount of total receipts,

out lays, and surplus or defi cit, as well as transac tions in Federal secu ri ties, mone tary assets and balances in Treasury operat ing cash. 

• Ta ble FFO-2 includes on- and off-budget receipts by 

source. Amounts repre sent income taxes, social insur ance 

taxes, net contri bu tions for other insur ance and retire ment, excise taxes, estate and gift taxes, customs duties and net miscella neous receipts. 

• Ta ble FFO-3 details on- and off-budget outlays by 

agency. 

• Ta ble FFO-4 summa rizes on- and off-budget receipts 

by source and outlays by function as reported to each major 

fund group classi fi ca tion for the current fiscal year to date and 

prior fiscal year to date. 

• Ta ble FFO-5 summa rizes inter nal reve nue receipts by

re gions and districts and by type of tax. Amounts reported are 

col lec tions made in a fiscal year. They span several tax lia bility years because they consist of prepay ments (esti mated tax 

pay ments and taxes withheld by employ ers for indi vid ual income and Social Secu rity taxes), payments made with tax returns and subse quent payments made after tax returns are due 

or are filed (that is, payments with delin quent returns or on delin quent accounts). 

Amounts are reported based on the primary filing address 

pro vided by each taxpayer or report ing entity. For multistate 

cor po ra tions, the address may reflect only the district where 

such a corpo ra tion reported its taxes from a princi pal office 

rather than other districts where income was earned or where 

in di vid ual income and Social Secu rity taxes were withheld. In 

ad di tion, an indi vid ual may reside in one district and work in 

an other. 

Bud get Results and Financing of the U.S. Govern ment
 


and Third-Quarter Receipts by Source
 


[Source: Office of Tax Analy sis, Office of Tax Policy]
 


Third-Quarter Receipts 

The follow ing capsule analy sis of budget receipts, 

by source, for the third quarter of fiscal 2001 supplements fiscal data reported in the June issue of the 

“Trea sury Bulle tin.” At the time of that issue’s release, not enough data were available to ana lyze ade quately collec tions for the quarter. 

In di vid ual income taxes—In di vid ual income tax receipts, 

net of refunds, were $361.8 billion for the third quarter of fiscal 

2001. This is an increase of $13.5 billion over the compa ra ble 

prior year quarter. Withheld receipts decreased by $0.7 billion 

and non-withheld receipts increased by $21.6 billion during this 

pe riod. Refunds increased by $7.4 billion over the compa ra ble

fis cal 2000 quarter. There was a decrease of $2.5 billion in ac­ count ing adjust ments between indi vid ual income tax receipts 

and the Social Secu rity and Medicare trust funds over the compa ra ble quarter in fiscal 2000. 

Cor po rate income taxes—Net corpo rate income tax re­ ceipts were $57.8 billion for the third quarter of fiscal 2001. 

This is a decrease of $16.2 billion compared to the prior year 

third quarter. The $16.2 billion change is comprised of a de- crease of $14.9 billion in esti mated and final payments, and an 

in crease of $1.3 billion in corpo rate refunds. 

Em ploy ment taxes and contri bu tions—Em ploy ment 

taxes and contri bu tions receipts for the third quarter of fiscal 

2001 were $187.0 billion, an increase of $12.7 billion over the 

com pa ra ble prior year quarter. Receipts to the Federal Old-Age 

and Survi vors Insur ance, Federal Disabil ity Insur ance, and 

Federal Hospi tal Insur ance trust funds changed by $8.4 billion, 

$1.5 billion, and $2.8 billion, respec tively. There was a $4.6 

bil lion account ing adjust ment for prior years employ ment tax 

li a bil i ties made in the third quarter of fiscal 2001, while there 

was a $2.1 billion adjust ment in the third quarter of fiscal 2000. 

Un em ploy ment insur ance—Un em ploy ment insur ance receipts, net of refunds, for the third quarter of fiscal 2001 were 

$13.9 billion, an increase of $0.2 billion over the compa ra ble

quar ter of fiscal 2000. Net state taxes depos ited in the U.S. 

Trea sury increased by $0.2 billion to $10.1 billion. Net Fed­ eral Unem ploy ment Tax Act (FUTA) taxes increased by 

$0.1 billion to $3.8 billion. 

Con tri bu tions for other insur ance and retire ment—

Con tri bu tions for other retire ment were $1.1 billion for the 

third quarter of 2001. This was a negli gi ble change from the

com pa ra ble quarter of fiscal 2000. The growth in contri bu­ tions will remain rela tively flat over the next few years as the

num ber of employ ees covered by the Federal Employees’ 

Retirement System (FERS) grows slowly rela tive to those 

cov ered under the Civil Service Retirement System (CSRS). 

Ex cise taxes—Net excise tax receipts for the third quar­ ter of fiscal 2001 were $16.0 billion, a decrease of $1.4 billion over the compa ra ble prior year quarter. Total excise tax 

re funds for the quarter were $0.5 billion, an increase of $0.1

bil lion over the compa ra ble prior year quarter. 

Es tate and gift taxes—Net estate and gift tax receipts 

were $9.0 billion for the third quarter of fiscal 2001. These 

re ceipts repre sent an increase of $0.2 billion over the same 

quar ter in fiscal 2000. 

Cus toms duties—Cus toms duties net of refunds were 

$4.5 billion for the third quarter of fiscal 2001. This is a de- crease of $0.3 billion over the compa ra ble prior year quarter. 

Mis cel la neous receipts—Net miscel la neous receipts for 

the third quarter of fiscal 2001 were $9.0 billion, a decrease 

of $4.3 billion over the compa ra ble prior year quarter. This 

change, in part, reflects the fact that the fiscal 2000 thirdquar ter amount included a transfer of $3.8 billion from the

sur plus funds of the Federal Reserve System to the Treasury 

as required by the Consol i dated Appro pri a tions Act for fiscal 2000. 
12 FED ERAL FISCAL OPER A TIONS 

Bud get Results and Financing of the U.S. Govern ment 

and Third-Quarter Receipts by Source, con. 

To tal On- and Off-Budget Results and Financing of the U.S. Govern ment 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Third quarter April - June Ac tual fiscal year to date 

To tal on- and off-budget results: 

To tal receipts ................................................. 659,877 1,581,308 

On-budget receipts ........................................... 514,457 1,192,604 

Off-budget receipts ........................................... 145,420 388,704 

To tal outlays.................................................. 466,136 1,412,364 

On-budget outlays............................................ 395,856 1,174,781 

Off-budget outlays............................................ 70,281 237,583 

To tal surplus or defi cit (-) ........................................ 193,739 168,944 

On-budget surplus or defi cit (-) .................................. 118,601 17,823 

Off-budget surplus or defi cit (-) .................................. 75,138 151,121 

Means of financ ing: 

Bor rowing from the public ....................................... -157,392 -158,755 

Re duc tion of oper at ing cash ..................................... -15,402 8,972 

Other means ................................................. -20,946 -19,161 

To tal on- and off-budget financ ing ............................... -193,739 -168,944 

Third-Quarter Net Budget Receipts by Source, Fiscal 2001 

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

Source April May June 

In di vid ual income taxes ......................................... 220.4 47.8 93.7 

Cor po rate income taxes......................................... 23.4 4.5 29.9 

Em ploy ment taxes and contri bu tions ............................... 68.8 52.2 66.0 

Un em ploy ment insur ance ....................................... 4.8 8.8 0.3 

Con tri bu tions for other insur ance and retire ment...................... 0.4 0.4 0.3 

Ex cise taxes .................................................. 5.7 4.4 6.0 

Es tate and gift taxes............................................ 4.5 2.5 2.1 

Cus toms duties ............................................... 1.5 1.5 1.6 

Mis cel la neous receipts.......................................... 2.5 3.6 2.9 

To tal budget receipts ......................................... 331.8 125.6 202.9 

Note: Detail may not sum to totals due to inde pend ent rounding. 
FED ERAL FISCAL OPER A TIONS 13 

CHART FFO-A.—
 


Monthly Receipts and Outlays, 2000-2001
 


(In billions of dollars) 

300 

250 

200 

150 

100 

50 

0 

-50 

On-budget 

receipts 

Off-budget 

receipts 

On-budget 

outlays 

Off-budget 

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

(In billions of dollars) 

CHART FFO-B.— 900

Budget Receipts 850 

by Source, Fiscal 800 

750 

Year to Date, 700 

650

2000-2001 600 

550 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

2001 

2000 * 

Individual Social Corporate Excise Misc. Estate/gift Customs 

income insurance income taxes receipts taxes duties 

taxes and taxes
 


retirement
 


receipts
 


* Prior-year data are for the compa ra ble period. 
14 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-1.—Summary of Fiscal Oper a tions 

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

Means of financ ing 

-net transac tions 

Borrowing from 

Total on-budget and off-budget results the public— 

To tal On-budget Off-budget Federal 

sur plus sur plus sur plus secu ri ties 

or or or Public 

To tal On-budget Off-budget To tal On-budget Off-budget def i cit def i cit def i cit debt 

Fis cal year re ceipts re ceipts re ceipts out lays out lays out lays (-) (-) (-) secu ri ties 

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1996 1 ............ 1,452,763 1,085,271 367,492 1,560,094 1,259,638 300,455 -107,331 -174,367 67,036 252,891 

1997 1 ............ 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634 

1998 1 ............ 1999 ............. 1,721,421

1,827,302 

1,305,621

1,382,834 

415,800

444,468 

1,651,383

1,702,942 

1,334,781

1,382,164 

316,602

320,778 

70,039

124,360 

-29,160

670 

99,198

123,691 

112,831

128,230 

2000 ............. 2,025,038 1,544,455 480,583 1,788,140 1,457,375 330,765 236,897 87,079 149,818 23,761 

2001 - Est ......... 2,136,946 1,633,076 503,870 1,856,238 1,508,504 347,734 280,708 124,572 156,136 -3,454 

2002 - Est ......... 2,191,734 1,660,814 530,920 1,960,564 1,601,414 359,150 231,170 59,400 171,770 39,048 

2000 - June ........ 214,875 168,318 46,556 158,986 152,307 6,679 55,888 16,012 39,877 39,216 

July......... Aug......... Sept ........ Oct ......... Nov......... 134,074 

138,128 

219,471 

135,111 

125,666 

97,681 

101,429 

176,692 

101,120 

89,215 

36,393 

36,699 

42,779 

33,990 

36,450 

129,013 

148,555 

153,744 

146,431 

149,356 

99,404 

115,540 

114,843 

115,839 

116,736 

29,609 

33,016 

38,901 

30,592 

32,620 

5,061 

-10,427 

65,726 

-11,321 

-23,690 

-1,723 

-14,110 

61,849 

-14,719 

-27,521 

6,784 

3,683 

3,878 

3,398 

3,831 

-23,764 

18,627 

-2,839 

-16,018 

50,734 

Dec......... 200,489 161,737 38,752 167,823 132,747 35,075 32,666 28,990 3,677 -46,117 

2001 - Jan ......... Feb......... 219,215 

110,481 

171,001 

70,555 

48,214 

39,926 

142,836 

158,649 

144,448 

123,573 

-1,612 

35,076 

76,379 

-48,168 

26,553 

-53,018 

49,827 

4,850 

56,109 

19,853 

Mar......... r 130,074 r 84,123 45,951 r 180,736 r 145,185 35,551 -50,662 -61,062 10,401 36,646 

Apr ......... May ........ June ........ 331,796 

125,590 

202,887 

278,611 

84,759 

151,483 

53,185 

40,831 

51,404 

141,999 

153,508 

171,025 

109,938 

118,517 

167,797 

32,061 

34,992 

3,228 

189,796 

-27,919 

31,862 

168,673 

-33,758 

-16,314 

21,123 

5,839 

48,176 

-111,915 

-6,829 

71,364 

Fis cal 2001 to date .. 1,581,308 1,192,604 388,704 1,412,364 1,174,781 237,583 168,944 17,823 151,121 53,828 

Means of financ ing—net transactions, con. 

Bor rowing from the public— Cash and mone tary assets (deduct) 

Fed eral secu ri ties, con. Re serve 

In vest- po si tion Trans ac tions 

ments of U.S. on the U.S. not applied 

Agency Gov ern- Trea sury Spe cial quota in to year’s 

securi- ment To tal op er at ing draw ing the IMF sur plus or Total 

Fis cal year ties ac counts 10+11-12 cash rights Other (de duct) Other def i cit financ ing 

or month (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 

1996 1 ............. 8,088 131,266 129,713 6,276 -408 -4,626 746 -21,009 615 107,331 

1997 1 ............. -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618 

1998 1 ............. -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039 

1999 .............. -854 216,070 -88,694 17,580 2,178 783 -1,173 -17,307 1,009 -124,360 

2000 .............. -832 245,736 -222,807 -3,799 4,033 908 -6,292 -16,027 -3,213 -236,897 

2001 - Est........... -596 231,885 -235,935 -2,659 * * * -47,432 * -280,708 

2002 - Est........... -343 266,097 -227,392 - * * * -3,778 * -231,170 

2000 - June ......... 618 62,966 -23,131 34,350 1,135 -726 51 2,729 -676 -55,888 

July .......... -554 6,989 -31,307 -23,384 -187 -51 -342 2,750 -468 -5,061 

Aug .......... -82 8,550 9,995 -20,874 93 79 -1,283 -20,917 -636 10,427 

Sept ......... 31 29,662 -32,470 39,479 966 927 -114 7,956 46 -65,726 

Oct .......... -458 13,190 -29,666 -42,653 -147 725 -158 166 -1,412 11,321 

Nov .......... 35 9,444 41,325 1,432 200 96 -38 -15,474 -471 23,690 

Dec .......... 128 -9,299 -36,689 9,632 1,169 -651 1,335 16,494 -985 -32,666 

2001 - Jan .......... -219 79,881 -23,990 45,761 757 824 254 -4,032 -761 -76,379 

Feb .......... -279 4,473 15,100 -45,717 -655 -949 -974 -14,987 -240 48,168 

Mar .......... -62 4,028 32,557 7,171 -262 248 -327 25,925 -990 50,662 

Apr .......... -29 23,627 -135,572 36,846 42 1,222 33 -14,404 -1,678 -189,796 

May.......... -117 13,662 -20,608 -58,856 60 1,049 471 -8,247 -502 27,919 

June ......... 428 73,004 -1,212 37,412 -72 1,970 338 9,444 -446 -31,862 

Fis cal 2001 to date.... -573 212,010 -158,756 -8,972 1,092 4,536 933 -5,115 -7,486 -168,944 

* Less than $500,000. 1

 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury Note.—These figures are based on the fiscal 2002 budget, released by the Office of ManageState ment of Receipts and Outlays of the United States Govern ment,” the source for this table. ment and Budget on April 9, 2001. 
FED ERAL FISCAL OPER A TIONS 15 

TA BLE 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 Govern ment”] 

Social insurance 

and retire ment receipts 

Employ ment and general retire ment 

In come taxes Old-age, disabil ity, and 

Fis cal year Indi vid ual Cor po ra tion Net income hos pi tal insur ance 

or month With held Other Re funds Net Gross Re funds Net taxes Gross Re funds Net 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1996 1 .............. 533,080 212,234 88,897 656,417 189,055 17,231 171,824 828,241 474,134 1,644 472,490 

1997 1 .............. 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698 

1998 1 .............. 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662 

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

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

2001 - Est ........... 1,072,927 - - 1,072,927 213,069 - 213,069 1,285,996 651,098 - 651,098 

2002 - Est ........... 1,078,789 - - 1,078,789 218,786 - 218,786 1,297,575 685,018 - 685,018 

2000 - June.......... 59,516 44,169 3,228 100,458 41,899 1,366 40,534 140,992 60,078 - 60,078 

July .......... 64,474 4,068 2,241 66,301 6,605 1,592 5,013 71,314 46,677 - 46,677 

Aug .......... 62,057 7,851 1,874 68,033 6,579 1,903 4,674 72,707 49,704 1,965 47,739 

Sept .......... 59,766 48,230 3,593 104,402 46,183 2,746 43,437 147,839 55,328 - 55,328 

Oct........... 68,287 8,799 1,118 75,969 7,113 5,404 1,709 77,678 44,839 - 44,839 

Nov .......... 62,855 2,321 4,686 60,489 4,292 2,245 2,047 62,536 48,235 - 48,235 

Dec .......... 78,133 6,468 1,116 83,485 53,192 1,886 51,307 134,792 52,598 - 52,598 

2001 - Jan ........... 84,319 52,714 1,330 135,702 7,778 2,066 5,712 141,414 61,804 - 61,804 

Feb .......... 70,179 3,462 25,610 48,030 3,474 4,973 -1,499 46,531 50,499 * 50,498 

Mar .......... 67,068 7,676 r 39,693 r 35,051 26,986 r 6,299 r 20,688 r 55,739 59,074 - 59,074 

Apr........... 64,489 187,044 31,147 220,386 26,693 3,307 23,385 243,771 68,351 - 68,351 

May .......... 63,237 13,763 29,213 47,787 6,453 2,000 4,452 52,239 51,770 - 51,770 

June.......... 53,125 43,814 3,263 93,676 31,563 1,617 29,946 123,622 66,095 - 66,095 

Fis cal 2001 to date .... 611,691 326,061 137,176 800,576 167,545 29,798 137,747 938,323 503,264 - 503,264 

Social insur ance and retire ment receipts, con. 

Em ploy ment and general retire ment, con. Net for other 

Net Un em ploy ment insur ance in sur ance and retire ment 

em ploy ment Net Fed eral 

Fis cal year Rail road retire ment and general un em ploy ment em ploy ees Other 

or month Gross Re funds Net re tire ment Gross Re funds in sur ance re tire ment re tire ment To tal 

(12) (13) (14) (15) (16) (17) (18) (19) (20) (21) 

1996 1 ............. 3,966 93 3,872 476,362 28,687 103 28,584 4,389 80 4,469 

1997 1 ............. 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418 

1998 1 ............. 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335 

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

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

2001 - Est .......... 4,407 - 4,407 655,505 29,560 - 29,560 4,523 68 4,591 

2002 - Est .......... 4,513 - 4,513 689,531 31,946 - 31,946 4,259 62 4,321 

2000 - June ......... -44 * -44 60,034 323 12 311 420 7 426 

July.......... 465 6 459 47,136 2,161 17 2,145 365 4 369 

Aug.......... 394 * 394 48,132 3,600 16 3,584 359 7 366 

Sept ......... 347 -7 354 55,682 175 7 168 437 7 443 

Oct .......... 410 2 408 45,247 1,512 3 1,509 395 4 399 

Nov.......... 301 * 301 48,536 2,435 4 2,431 410 7 416 

Dec.......... 334 * 334 52,932 264 4 260 361 6 367 

2001 - Jan .......... 455 * 455 62,259 1,601 5 1,596 355 4 359 

Feb .......... 378 9 370 50,868 2,150 3 2,147 450 8 457 

Mar .......... 416 -9 424 59,499 227 19 209 422 5 427 

Apr .......... 422 * 421 68,773 4,786 26 4,760 349 5 354 

May.......... 442 1 441 52,210 8,801 15 8,786 436 5 441 

June ......... -56 * -56 66,039 357 13 344 344 5 349 

Fis cal 2001 to date ... 3,103 3 3,099 506,363 22,133 92 22,041 3,522 48 3,569 

See footnote at end of table. 
16 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-2.—On-budget and Off-budget Receipts by Source, con. 

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

So cial insur ance 

and retire ment 

re ceipts, 

con. 

Net social insur- Ex cise taxes 

Fiscal year ance and Airport and Airway Trust Fund Black Lung Dis abil ity Trust Fund Highway Trust Fund Miscel la neous 

or month re tire ment receipts Gross Re funds Net Gross Re funds Net Gross Re funds Net Gross Re funds Net 

(22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) 

1996 1 .............. 509,415 2,405 21 2,384 614 - 614 25,309 329 24,980 27,698 1,662 26,036 

1997 1 .............. 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437 

1998 1 .............. 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810 

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

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

2001 - Est ........... 689,656 10,414 - 10,414 555 - 555 35,431 - 35,431 24,748 - 24,748 

2002 - Est ........... 725,798 11,183 - 11,183 570 - 570 36,539 - 36,539 25,728 - 25,728 

2000 - June .......... 60,771 952 - 952 24 - 24 3,799 - 3,799 1,409 91 1,318 

July ........... 49,650 789 - 789 53 - 53 3,511 - 3,511 1,715 45 1,669 

Aug........... 52,082 864 9 855 49 - 49 3,465 278 3,187 1,545 57 1,488 

Sept .......... 56,293 1,497 11 1,487 51 - 51 4,640 216 4,424 1,863 56 1,807 

Oct ........... 47,155 496 - 496 37 - 37 2,078 1 2,077 1,681 56 1,625 

Nov ........... 51,383 876 - 876 49 - 49 2,805 - 2,805 2,348 48 2,300 

Dec ........... 53,559 596 - 596 6 - 6 1,533 - 1,533 3,851 120 3,730 

2001 - Jan ........... 64,214 758 - 758 50 - 50 2,876 - 2,876 1,692 70 1,623 

Feb ........... 53,473 763 21 742 42 - 42 2,770 322 2,447 857 14 842 

Mar ........... 60,135 684 - 684 33 - 33 1,875 - 1,875 4,507 r 37 r 4,470 

Apr ........... 73,887 695 - 695 39 - 39 2,518 - 2,518 2,535 97 2,438 

May .......... 61,437 901 10 891 49 - 49 3,195 244 2,951 557 60 497 

June .......... 66,732 937 * 937 41 - 41 2,793 6 2,787 2,247 47 2,201 

Fis cal 2001 to date .... 531,974 6,707 31 6,675 346 - 346 22,443 574 21,869 20,275 548 19,727 

Ex cise taxes, Net mis cel la neous receipts 

con. Deposits Uni ver sal serNet of earn ings vice fund Total receipts 

Fiscal year excise Estate and gift taxes Customs duties by Federal and all On- Offor month taxes Gross Re funds Net Gross Re funds Net Reserve Banks other To tal budget budget 

(35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) 

1996 1 ............. 54,015 17,592 403 17,189 19,788 1,117 18,671 20,477 4,755 25,232 1,085,271 367,492 

1997 1 ............. 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989 

1998 1 ............. 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800 

1999 .............. 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,817 444,468 

2000 .............. 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,354 42,647 1,544,455 480,583 

2001 - Est .......... 71,148 31,072 - 31,072 21,442 - 21,442 26,599 11,033 37,632 1,633,076 503,870 

2002 - Est .......... 74,020 28,699 - 28,699 22,537 - 22,537 31,893 11,212 43,105 1,660,814 530,920 

2000 - June......... 6,093 2,139 52 2,087 1,850 83 1,767 2,447 718 3,165 168,318 46,556 

July ......... 6,022 1,919 47 1,872 1,858 77 1,781 2,584 851 3,435 97,681 36,393 

Aug ......... 5,580 2,371 67 2,304 2,130 59 2,071 2,471 912 3,383 101,429 36,699 

Sept......... 7,769 2,224 56 2,168 1,873 49 1,823 2,304 1,276 3,579 176,692 42,779 

Oct ......... 4,235 2,966 98 2,868 1,972 72 1,900 1,024 251 1,275 101,120 33,990 

Nov ......... 6,030 2,214 73 2,141 1,737 97 1,640 1,252 684 1,935 89,215 36,450 

Dec ......... 5,865 1,919 56 1,863 1,576 115 1,461 2,236 713 2,949 161,737 38,752 

2001 - Jan.......... 5,307 2,449 46 2,403 1,752 58 1,694 3,227 955 4,183 171,001 48,214 

Feb ......... 4,074 1,944 64 1,879 1,540 66 1,474 2,064 985 3,050 70,555 39,926 

Mar ......... r 7,063 2,270 r 63 r 2,206 1,729 76 1,653 2,143 1,133 r 3,279 r 84,123 45,951 

Apr ......... 5,690 4,512 52 4,460 1,581 103 1,477 1,617 893 2,510 278,611 53,185 

May ......... 4,388 2,526 60 2,466 1,560 59 1,501 2,849 710 3,559 84,759 40,831 

June ........ 5,965 2,118 60 2,058 1,641 70 1,571 2,057 882 2,939 151,483 51,404 

Fis cal 2001 to date .. 48,618 22,917 574 22,343 15,088 717 14,371 18,469 7,211 25,680 1,192,604 388,704 

1 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury Note.—These figures are based on the fiscal 2002 budget, released by the Office of ManageState ment of Receipts and Outlays of the United States Govern ment,” the source for this table. ment and Budget on April 9, 2001. 
FED ERAL FISCAL OPER A TIONS 17 

TA BLE 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 Govern ment”] 

De part- De part ment De part ment 

Legis- De part- Depart- ment of Depart- De part- of Health of Housing De part- De part- De partFiscal year lative Ju di cial ment of ment of De fense, ment of ment of and Human and Urban ment of ment of ment of 

or month branch branch Ag ri cul ture Com merce mil i tary Ed u ca tion En ergy Ser vices De vel op ment the Inte rior Jus tice La bor 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1996 1 .............. 2,272 3,061 54,338 3,703 253,258 29,900 16,199 319,803 25,512 6,720 11,951 32,496 

1997 1 .............. 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461 

1998 1 .............. 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003 

1999 ............... 2,612 3,793 62,839 5,036 261,379 32,435 16,054 359,700 32,736 7,814 18,318 32,459 

2000 ............... 2,913 4,087 75,658 7,931 281,234 33,308 15,010 382,627 30,830 8,020 19,561 31,355 

2001 - Est ........... 3,086 4,300 69,599 5,549 283,915 36,652 16,739 430,466 37,299 8,687 20,689 38,220 

2002 - Est ........... 3,268 4,856 63,250 5,182 303,449 45,230 17,245 468,787 34,791 9,275 22,527 42,042 

2000 - June.......... 219 323 4,470 983 28,523 2,689 1,384 36,311 3,573 783 1,604 2,621 

July .......... 201 322 3,462 594 18,665 1,415 1,097 27,909 1,546 516 1,406 2,620 

Aug .......... 187 346 4,421 631 23,683 3,513 1,121 34,894 2,456 573 1,687 2,752 

Sept .......... 197 411 10,048 485 27,142 1,483 1,973 31,676 2,267 980 1,595 2,504 

Oct........... 521 283 8,379 511 20,093 2,558 1,245 34,353 2,932 858 1,878 2,601 

Nov .......... 229 401 6,756 490 23,335 2,756 1,261 33,622 2,860 786 2,057 2,596 

Dec .......... 229 338 7,248 442 28,040 4,032 1,447 35,379 3,748 670 1,728 2,892 

2001 - Jan ........... 228 350 7,122 358 20,746 3,272 1,367 32,107 1,206 596 1,912 3,902 

Feb .......... 207 353 5,245 376 21,541 3,898 1,128 32,554 2,155 581 1,509 2,065 

Mar .......... 247 459 5,892 415 30,002 4,562 1,593 39,761 3,660 582 1,710 3,608 

Apr........... 234 346 4,169 367 21,095 2,610 1,470 32,395 1,725 442 1,776 3,719 

May .......... 226 349 4,175 389 24,942 3,628 1,405 38,116 2,345 720 1,702 3,596 

June.......... 225 359 4,273 421 28,281 4,214 1,503 40,529 3,762 593 1,638 3,594 

Fis cal 2001 to date .... 2,345 3,239 53,259 3,768 218,075 31,530 12,420 318,818 24,392 5,828 15,910 28,573 

Depart ment of 

De part- the Treasury, De part- De part- Other En vi ron- Fed eral Gen eral InterDe part- ment of in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional 

Fis cal year ment Transpor- on the Trea sury, Vet erans of civil Pro tec tion Of fice of the Man age ment Admin- As sis tance 

or month of State tation Pub lic Debt other Af fairs Engineers pro grams Agency Pres i dent Agency istration Pro gram 

(13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) 

1996 1 .............. 4,953 38,777 343,955 21,375 36,915 - 32,535 6,046 202 - 625 9,716 

1997 1 .............. 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191 

1998 1 .............. 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001 

1999 ............... 6,463 41,836 353,511 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 

2000 ............... 6,849 45,965 362,118 29,125 47,087 4,334 32,861 7,240 284 3,143 25 12,084 

2001 - Est ........... 9,302 50,611 357,907 30,642 45,235 4,571 34,400 7,495 289 3,145 603 11,351 

2002 - Est ........... 9,700 54,861 350,951 30,588 51,480 4,351 35,402 7,596 309 3,216 -223 12,058 

2000 - June.......... 478 4,228 75,884 1,494 5,279 423 2,742 629 20 279 46 528 

July .......... 536 3,787 19,333 1,453 1,921 355 2,743 544 21 120 -108 1,344 

Aug .......... 458 4,856 22,301 471 3,719 403 2,755 646 22 140 -107 852 

Sept .......... 566 4,181 18,231 -4,203 5,618 399 2,751 771 21 150 -230 959 

Oct ........... 1,010 4,731 19,755 479 2,247 397 2,742 670 r 20 248 426 748 

Nov .......... 671 4,216 25,690 571 3,623 440 2,796 565 22 248 -396 669 

Dec .......... 862 4,043 19,506 r 648 5,493 413 2,791 607 17 258 167 4,264 

2001 - Jan ........... 611 3,396 79,731 r 643 2,096 289 2,874 562 20 215 38 1,008 

Feb .......... 524 3,500 19,810 r 16,368 4,049 364 2,882 625 r 22 236 -63 r 537 

Mar .......... 641 3,916 18,724 7,983 6,270 337 2,900 595 46 388 24 1,208 

Apr ........... 595 3,602 18,634 3,393 2,247 323 2,879 545 17 242 180 765 

May .......... 562 4,850 24,009 1,908 2,834 499 2,884 608 29 238 -2 954 

June.......... 439 4,645 80,607 2,759 5,657 384 2,850 652 21 432 -41 853 

Fis cal 2001 to date .... 5,915 36,899 306,466 34,753 34,517 3,447 25,599 5,430 215 2,505 334 11,009 

See footnote at end of table. 
18 FED ERAL FISCAL OPER A TIONS 

TA BLE 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 Govern ment”] 

Na tional Un dis trib uted offset ting receipts 

Aero nau tics Rents and 

and National Of fice of Small So cial Em ployer In ter est roy al ties Al lowSpace Sci ence Per son nel Busi ness Se cu rity Indepen- share, re ceived on the Outer ances Total outays 

Fis cal year Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- Offor month tration dation ment tration istration agen cies re tire ment funds Shelf lands other bud get bud get 

(25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) 

1996 1 .............. 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455 

1997 1 .............. 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 

1998 1 .............. 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 

1999 ............... 13,665 3,285 47,515 58 419,790 6,943 -35,594 -118,634 -3,098 -1,754 1,382,164 320,778 

2000 ............... 13,442 3,487 48,660 -422 441,810 10,361 -37,851 -128,911 -4,580 -1,503 1,457,375 330,765 

2001 - Est ........... 13,777 3,967 50,978 -971 463,006 4,933 -39,153 -142,548 -6,931 -1,572 1,508,504 347,734 

2002 - Est ........... 14,248 4,359 53,351 687 488,182 21,351 -41,559 -152,402 -5,884 -1,960 1,601,414 359,150 

2000 - June .......... 1,276 318 4,082 51 43,109 -4,083 -2,936 -57,907 -435 * 152,307 6,679 

July .......... 972 316 4,303 23 34,301 2,552 -2,831 -86 -837 -1,502 99,404 29,609 

Aug .......... 1,197 379 4,050 -430 36,994 -1,414 -2,827 -1,727 -448 * 115,540 33,016 

Sept .......... 1,196 317 4,118 298 39,708 5,317 -6,638 -420 -127 * 114,843 38,901 

Oct ........... 1,153 262 4,288 64 34,663 r 951 -2,837 -859 -938 * 115,839 30,592 

Nov .......... 1,217 304 3,872 160 36,599 262 -2,932 -5,778 -616 * 116,736 32,620 

Dec .......... 1,316 295 4,308 -74 40,046 1,537 -2,733 -1,979 -156 - 132,747 35,075 

2001 - Jan........... 889 281 4,426 -50 35,907 r 507 -2,810 -60,009 -957 - 144,448 -1,612 

Feb .......... 1,103 279 4,098 56 38,473 r 769 -2,836 -1,797 -942 -1,024 123,573 35,076 

Mar .......... r 1,273 282 4,173 54 41,148 1,639 -3,081 -206 -69 - r 145,185 35,551 

Apr ........... 1,106 234 4,511 -807 36,212 1,717 -2,876 -772 -1,093 * 109,938 32,061 

May .......... 1,275 356 3,782 -50 38,852 -2,234 -3,175 -5,558 -707 * 118,517 34,992 

June.......... 1,230 331 4,588 5 44,710 -717 -2,849 -64,476 -444 * 167,797 3,228 

Fis cal 2001 to date .... 10,561 2,623 38,045 -642 346,610 4,434 -26,128 -141,435 -5,923 -1,025 1,174,781 237,583 

* Less than $500,000. Note.—These figures are based on the fiscal 2002 budget, released by the Office of Man- 1

 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury age ment and Budget on April 9, 2001. 

State ment of Receipts and Outlays of the United States Govern ment,” the source for this table. 
FED ERAL FISCAL OPER A TIONS 19 

TA BLE FFO-4.—Summary of U.S. Govern ment Receipts by Source and Outlays by Agency, 

June 2001 and Other Periods 

[In millions of dollars. Source: Finan cial Manage ment Service] 

This fiscal year to date Prior fiscal year to date 

Man age ment, Man age ment, 

consol i dated, consol i dated, 

revolv ing and revolv ing and Trust 

Gen eral funds special funds Trust funds To tal funds Gen eral funds special funds funds Total funds 

Clas si fi ca tion (1) (2) (3) (4) (5) (6) (7) (8) 

Bud get receipts: 

Individual income taxes....................... 800,520 56 - 800,576 765,668 57 - 765,725 

Corporation income taxes ..................... 137,743 - 4 137,747 154,162 - 3 154,164

So cial insur ance and retire ment receipts:

Employment and 

general retirement (off-budget) ............ - - 388,704 388,704 - - 364,712 364,712 

general retirement (on-budget) ............ - - 117,659 117,659 - - 104,786 104,786 

Unemployment insurance .................. Other retirement .......................... -

- -- 22,041 3,569 

22,041 

3,569 -- -- 21,744 3,584 

21,744 

3,584 

Excise taxes ............................... 18,801 404 29,412 48,618 17,064 373 32,058 49,495 

Estate and gift taxes ......................... Customs duties ............................. 22,343 

9,396 - 4,380 - 595 

22,343 

14,371 

22,666 

9,252 - 4,451 - 535 

22,666 

14,238 

Miscellaneous receipts ....................... 19,475 5,656 549 25,680 26,559 5,346 349 32,253 

Total receipts........................... 1,008,278 10,496 562,534 1,581,308 995,371 10,226 527,770 1,533,367 

(On-budget)........................... 1,008,278 10,496 173,830 1,192,604 995,371 10,226 163,059 1,168,656 

(Off-budget)........................... - - 388,704 388,704 - - 364,712 364,712 

Bud get outlays: 

Employment and 

Legislative branch ........................... 2,026 261 58 2,345 1,949 359 19 2,328 

Judicial branch ............................. 3,037 212 -11 3,239 2,507 335 166 3,008 

Department of Agriculture ..................... 35,199 17,790 270 53,259 34,211 23,510 4 57,726 

Department of Commerce..................... 3,911 -144 1 3,768 5,803 418 * 6,221 

Department of Defense-military ................ 214,632 3,346 98 218,075 209,260 2,348 137 211,744 

Department of Education ..................... 31,561 -31 1 31,530 26,929 -31 * 26,897 

Department of Energy ........................ 14,111 -1,691 * 12,420 13,125 -2,307 1 10,819 

Department of Health and Human Services ....... 214,364 -49 104,504 318,819 193,910 -12 94,248 288,147 

Department of Housing and Urban Development ... 27,708 -3,312 -4 24,392 26,593 -2,033 - 24,560 

Department of the Interior ..................... 5,886 -296 238 5,828 5,602 82 267 5,950 

Department of Justice ........................ 11,135 455 4,320 15,910 9,589 586 4,697 14,872 

Department of Labor ......................... 6,422 -826 22,977 28,573 5,941 -1,171 18,709 23,478 

Department of State ......................... 5,646 -3 272 5,915 5,040 6 242 5,288 

Department of Transportation .................. 4,252 -91 32,737 36,899 2,143 -75 31,074 33,141

De part ment of theTreasury: Interest on the public debt .................. 306,466 - - 306,466 302,254 - - 302,254 

Other .................................. 35,599 -976 130 34,753 32,734 -1,476 149 31,407 

Department of Veterans Affairs................. 34,379 -594 731 34,516 35,649 -559 740 35,829 

Corps of Engineers .......................... 2,643 203 600 3,447 2,425 154 599 3,177 

Other defense civil programs .................. 16,136 3 9,460 25,599 15,346 -2 9,268 24,611 

Environmental Protection Agency ............... 5,241 -30 219 5,430 4,970 -33 342 5,278 

Executive Office of the President ............... 215 * * 215 219 * * 219 

Federal Emergency Management Agency ........ 2,909 -403 * 2,505 2,595 138 * 2,732 

General Services Administration................ 124 210 * 334 150 320 * 470 

International Assistance Program ............... 11,742 -1,061 328 11,009 10,209 -970 -309 8,930 

National Aeronautics and Space Administration .... 10,560 - 1 10,561 10,078 - 1 10,079 

National Science Foundation .................. 2,607 4 12 2,623 2,453 * 22 2,475 

Office of Personnel Management ............... 4,214 14 33,817 38,045 3,826 * 32,363 36,188 

Small Business Administration ................. -518 -124 * -642 -139 -174 * -313 

Social Security Administration.................. 32,052 * 314,557 346,609 34,312 * 296,494 330,806 

Other independent agencies................... 3,360 -2,130 3,204 4,434 3,663 -2,372 2,616 3,907

Un dis trib uted offset ting receipts:

Interest ................................. - - -141,435 -141,435 - - -126,678 -126,678 

Other .................................. -6,951 2 -26,128 -33,076 -3,175 7 -25,555 -28,722 

Total outlays ........................... 1,040,668 10,739 360,957 1,412,364 1,000,170 17,048 339,615 1,356,831 

(On-budget)........................... 1,040,668 13,186 120,927 1,174,781 1,000,170 19,043 108,380 1,127,592 

- -2,447 240,030 237,583 - -1,995 231,235 229,239 (Off-budget)........................... 

Surplus (+) or deficit (-) ................... -32,390 -243 201,577 168,944 -4,799 -6,822 188,155 176,536 

(On-budget)........................... -32,390 -2,690 52,903 17,823 -4,799 -8,817 54,678 41,064 

- 2,447 148,674 151,121 - 1,995 133,477 135,472 (Off-budget)........................... 

- No transac tions. 

* Less than $500,000. 
20 

IN TRO DUC TION: Source and Avail abil ity of the 

Balance in the Account of the U.S. Trea sury 

The Depart ment of the Treasury’s (Treasury’s) oper at ing 

cash is maintained in accounts with the Federal Reserve Banks 

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

other finan cial insti tu tions. Major infor ma tion sources include 

FRBs, Treasury Regional Financial Centers, Inter nal Reve nue

Ser vice Centers, Bureau of the Public Debt and vari ous electronic systems. As the FRB accounts are depleted, funds are 

called in (withdrawn) from thousands of tax and loan accounts 

at finan cial insti tu tions throughout the country. 

Un der author ity of Public Law 95-147 (codi fied at 31 

United States Code 323), Treasury imple mented a program on 

No vem ber 2, 1978, to invest a portion of its oper at ing cash in 

ob li ga tions of depositaries maintain ing tax and loan accounts. 

Un der the Treasury tax and loan (TT&L) invest ment program,

de pos i tary finan cial insti tu tions select the manner in which 

they will partic i pate. Finan cial insti tu tions wishing to retain 

funds depos ited into their tax and loan accounts in interest-bearing obli ga tions can partic i pate. The program permits 

Trea sury to collect funds through finan cial insti tu tions and to 

leave the funds in TT&L depositaries and in the finan cial commu ni ties in which they arise until Treasury needs the funds for 

its oper a tions. In this way, Treasury is able to neutral ize the effect of its fluctu at ing oper a tions on TT&L finan cial insti tu tion

re serves and on the economy. Likewise, those insti tu tions

wish ing to remit the funds to the Treasury account at FRBs do 

so as collec tor depositaries. 

De posits to tax and loan accounts occur as custom ers of finan cial insti tu tions deposit tax payments, which the finan cial

in sti tu tions use to purchase Govern ment secu ri ties. In most 

cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same finan cial insti tution. Also, Treasury can direct the FRBs to invest excess funds 

in tax and loan accounts directly from the Treasury account at 

the FRBs. 

TA BLE UST-1.—El e ments of Change in Federal Reserve 

and Tax and Loan Note Account Balances 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Credits and withdraw als 

Fed eral Reserve accounts 

Credits 1 Tax and loan note accounts 

Re ceived through With drawals

Fis cal year re mit tance option tax and (trans fers to Federal 

or month Re ceived directly loan depositaries With drawals 2 Taxes 3 Re serve accounts) 

(1) (2) (3) (4) (5) 

1996 ............... 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2000 - June .......... 

July .......... 

Aug .......... 

Sept .......... 

Oct ........... 

Nov .......... 

Dec .......... 

2001 - Jan ........... 

Feb .......... 

Mar .......... 

Apr ........... 

May .......... 

June.......... 

See footnotes at end of table. 

4,366,413 194,156 4,561,495 629,083 621,887 

4,263,210 191,134 4,454,345 775,799 776,394 

4,238,957 259,197 4,500,895 969,668 971,671 

4,893,279 259,019 5,150,608 1,048,120 1,032,230 

4,921,490 253,060 5,172,731 1,189,835 1,195,453 

400,829 24,136 424,203 114,290 80,702 

300,458 19,529 320,803 88,465 111,033 

385,320 20,049 404,800 86,804 108,247 

358,343 21,567 377,412 114,239 77,258 

345,471 23,028 371,598 90,496 130,050 

391,392 23,201 415,670 92,324 89,915 

360,311 37,075 396,619 148,829 139,964 

435,357 30,632 465,777 119,774 74,136 

404,264 26,349 430,914 97,112 142,528 

409,750 30,301 439,350 122,393 115,924 

607,227 32,755 637,745 117,724 83,115 

440,133 25,386 469,017 95,185 150,543 

371,084 31,379 399,671 114,390 79,771 
AC COUNT OF THE U.S. TREASURY 21 

TA BLE UST-1.—El e ments of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Bal ances 

Dur ing period 

End of period High Low Av er age

Fis cal year Fed eral Tax and loan Fed eral Tax and loan Fed eral Tax and loan Fed eral Tax and loan 

or month Reserve note accounts Re serve note accounts Re serve note accounts Re serve note accounts 

(6) (7) (8) (9) (10) (11) (12) (13) 

1996............... 

1997............... 

1998............... 

1999............... 

2000............... 

2000 - June ......... 

July.......... 

Aug.......... 

Sept ......... 

Oct .......... 

Nov.......... 

Dec.......... 

2001 - Jan .......... 

Feb .......... 

Mar.......... 

Apr .......... 

May ......... 

June ......... 

7,700 36,525 15,668 40,647 2,490 - 5,847 14,194 

7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

6,208 51,299 13,668 76,650 3,387 227 6,232 37,036 

5,392 28,661 6,208 52,749 4,267 27,439 5,172 37,435 

5,961 7,218 6,262 24,165 3,943 1,958 5,047 9,466 

8,459 44,199 11,392 54,308 3,717 853 6,695 21,950 

5,360 4,646 8,459 44,199 4,207 426 6,338 13,246 

4,382 7,055 6,228 32,813 4,231 860 5,093 10,621 

5,149 15,920 10,984 30,535 3,872 2,609 5,758 11,603 

5,256 61,574 14,460 68,650 3,832 11,090 6,682 36,481 

4,956 16,158 6,713 45,805 3,446 5,083 4,894 16,003 

5,657 22,627 8,284 32,582 4,057 97 5,390 6,732 

7,894 57,236 8,090 60,700 4,536 917 5,903 18,756 

4,396 1,878 6,961 67,588 3,721 1,878 5,149 25,702 

7,188 36,498 7,823 42,083 3,642 386 5,605 15,206 

1

 Repre sents transfers from tax and loan note accounts, proceeds from sales of secu ri ties and employ ees under the Federal Insur ance Contri bu tions Act begin ning Janu ary 1950 and 

other than Govern ment account series and taxes. un der the Railroad Retire ment Tax Act begin ning July 1951; a number of excise taxes begin- 2

 Repre sents checks paid, wire transfer payments, drawdowns on letters of credit, redemp tions ning July 1953; esti mated corpo ra tion income taxes begin ning April 1967; all corpo ra tion inof secu ri ties other than Govern ment account series and invest ment (transfer) of excess funds	 	 come taxes due on or after March 15, 1968; Federal Unem ploy ment Tax Act taxes begin ning April 1970 and indi vid ual esti mated income taxes begin ning Oc to ber 1988. out of this account to the tax and loan note accounts. 3

 Taxes eli gi ble for credit consist of those depos ited by taxpay ers in the tax and loan depositaries as follows: Withheld income taxes begin ning March 1948; taxes on employ ers 
22
 


IN TRO DUC TION: Federal Debt
 


Trea sury secu ri ties (i.e., public debt secu ri ties) comprise 

most of the Federal debt, with secu ri ties issued by other Federal agencies account ing for the rest. Tables in this section of 

the “Treasury Bulle tin” reflect the total. Further detailed informa tion is published in the “Monthly Statement of the Public 

Debt of the United States.” Likewise, infor ma tion on agency

se cu ri ties and on invest ments of Federal Govern ment accounts in Federal secu ri ties is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States 

Gov ern ment.” 

Ef fec tive Janu ary 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,” 

Ta ble I: Summary of Treasury Secu ri ties Outstand ing and Table II: Statu tory Debt Limit. These changes should reduce confu sion and bring the publi ca tion more in line with the public’s 

use of terms. 

Trea sury’s Finan cial Manage ment Service (FMS) compiles data in the “Treasury Bulle tin” tables FD-2 and FD-6 

from the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised proce dures and cate go ries in these tables to agree with the Bureau of the Public 

Debt’s publi ca tion changes. 

• Ta ble FD-1 summa rizes the Federal debt by listing

pub lic debt and agency secu ri ties held by the public, includ ing 

the Federal Reserve. It also includes debt held by Federal 

agen cies, largely by the Social Secu rity and other Federal retire ment trust funds. The net unam or tized premium and discount also are listed by total Federal secu ri ties, secu ri ties held 

by Govern ment accounts and secu ri ties held by the public. The 

dif fer ence between the outstand ing face value of the Federal 

debt and the net unam or tized premium and discount is classified as the accrual amount. (For greater detail on holdings of 

Fed eral secu ri ties by partic u lar classes of inves tors, see the 

own er ship tables, OFS-1 and OFS-2.) 

• Ta ble FD-2 cate go rizes by type, that is, market able and 

non mar ket able, the total public debt secu ri ties outstand ing 

that are held by the public. 

• Ta ble FD-2 (Histor i cal) cate go rizes by type inter estbear ing market able and nonmar ket able Treasury secu ri ties. 

The differ ence between inter est-bearing and total public debt 

se cu ri ties reflects outstand ing matured Treasury secu rities—that is, unre deemed secu ri ties that have matured and are 

no longer accru ing inter est. Because the Federal Financing 

Bank is under the super vi sion of Treasury, its secu ri ties are 

held by a U.S. Govern ment account. 

• In table FD-3, nonmar ket able Treasury secu ri ties held 

by U.S. Govern ment accounts are summa rized by issues to 

par tic u lar funds within Govern ment. Many of the funds invest 

in par value special series nonmarketables at inter est rates deter mined by law. Others invest in market-based special Treasury secu ri ties whose terms mirror those of market able

se cu ri ties. 

• Ta ble FD-4 presents inter est-bearing secu ri ties issued 

by Govern ment agencies. Federal agency borrow ing has declined in recent years, in part because the Federal Financing 

Bank has provided financ ing to other Federal agencies. (Federal agency borrow ing from Treasury is presented in the 

“Monthly Treasury Statement of Receipts and Outlays of the 

United States Govern ment.”) 

• Ta ble FD-5 illus trates the aver age length of marketable inter est-bearing public debt held by private inves tors and 

the matu rity distri bu tion of that debt. 

In March 1971, Congress enacted a limited excep tion to 

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

could be held by the public. This permit ted Treasury to offer 

se cu ri ties matur ing in more than 7 years at current market inter est rates for the first time since 1965. In March 1976, the 

def i ni tion of a bond was changed to include those secu ri ties

lon ger than 10 years to matu rity. This excep tion has expanded 

since 1971, autho riz ing Treasury to continue to issue longterm secu ri ties. The ceiling on Treasury bonds was repealed 

on Novem ber 10, 1988. 

The volume of privately held Treasury market able secu rities by matu rity class reflects the remain ing period to matu rity 

of Treasury bills, notes and bonds. The aver age length is comprised of an aver age of remain ing peri ods to matu rity, 

weighted by the amount of each secu rity held by private investors. In other words, compu ta tions of aver age length exclude 

Gov ern ment accounts and the FRBs. 

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

out stand ing debt subject to limi ta tion by law. The other debt

cat e gory includes Federal debt Congress has desig nated as being subject to the debt ceiling. 

• In table FD-6 (Histor i cal), the same debt infor ma tion 

is compared as in table FD-6. Changes in the non-interestbear ing debt shown in the last column reflect matu ri ties of 

Trea sury secu ri ties on nonbusi ness days, which can be redeemed on the next business day. 

• Ta ble FD-7 details Treasury holdings of secu ri ties issued by Govern ment corpo ra tions and other agencies. Certain 

Fed eral agencies are autho rized to borrow money from the

Trea sury, largely to finance direct loan programs. In addi tion,

agen cies such as the Bonneville Power Admin is tra tion are autho rized to borrow from the Treasury to finance capi tal projects. Treasury, in turn, finances these loans by selling

Trea sury secu ri ties to the public. 
FED ERAL DEBT 23 

TA BLE FD-1.—Summary of Federal Debt 

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

Se cu ri ties held by 

Amount outstanding Gov ern ment accounts The public 

Pub lic debt Agency Public debt Agency Public debt Agency

or month 

End of fiscal year 	 To tal securities secu ri ties Total secu ri ties secu ri ties Total secu ri ties secu ri ties 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

1996 ............ 5,259,842 5,224,811 35,030 1,454,609 1,447,003 7,606 3,805,233 3,777,808 27,424 

1997 ............ 5,446,320 5,413,146 33,173 1,603,862 1,596,765 7,098 3,842,458 3,816,381 26,075 

1998 ............ 5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442 

1999 ............ 5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871 

2000 ............ 5,701,850 5,674,178 27,672 2,235,763 2,235,710 51 3,466,087 3,438,469 27,621 

2000 - June ........ 5,714,216 5,685,938 28,278 2,190,276 2,190,225 51 3,523,940 3,495,713 28,227 

July ........ 5,686,531 5,658,807 27,724 2,197,107 2,197,056 51 3,489,424 3,461,751 27,673 

Aug ........ 5,705,463 5,677,822 27,641 2,206,204 2,206,153 51 3,499,259 3,471,669 27,590 

Sept ........ 5,701,850 5,674,178 27,672 2,235,763 2,235,710 51 3,466,087 3,438,468 27,621 

Oct......... 5,684,542 5,657,328 27,214 2,248,673 2,248,622 51 3,435,869 3,408,706 27,163 

Nov ........ 5,736,948 5,709,699 27,249 2,258,532 2,258,481 51 3,478,416 3,451,218 27,198 

Dec ........ 5,689,593 5,662,216 27,377 2,248,726 2,248,675 51 3,440,867 3,413,541 27,326 

2001 - Jan ......... 5,743,229 5,716,071 27,158 2,328,712 2,328,662 51 3,414,517 3,387,409 27,107 

Feb ........ 5,762,738 5,735,859 26,879 2,333,804 2,333,753 51 3,428,934 3,402,106 26,828 

Mar ........ 5,800,558 5,773,740 26,818 2,339,405 2,339,354 51 3,461,153 3,434,386 26,767 

Apr......... 5,688,136 5,661,348 26,788 2,364,024 2,363,973 51 3,324,112 3,297,375 26,737 

May ........ 5,682,853 5,656,182 26,671 2,379,862 2,379,862 - 3,302,991 3,276,320 26,671 

June ........ 5,753,914 5,726,815 27,099 2,452,639 2,452,637 - 3,301,275 3,274,178 27,099 

Fed eral debt secu ri ties Se cu ri ties held by Govern ment accounts Se cu ri ties held by the public 

End of fiscal year or month 

Amount out- stand ing face 

value 

Net 

unamortized 

premium 

and discount 

Accrual 

amount 

Amount out- stand ing face 

value 

Net 

unamortized 

premium Ac crual

and discount amount 

Amount out- stand ing face 

value 

Net 

unamortized 

premium Ac crual

and discount amount 

(10) (11) (12) (13) (14) (15) (16) (17) (18) 

1996 ............ 5,259,842 77,933 5,181,910 1,454,609 5,643 1,448,966 3,805,233 72,289 3,732,944 

1997 ............ 5,446,320 76,633 5,369,687 1,603,862 7,000 1,596,862 3,842,458 69,633 3,772,825 

1998 ............ 5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613 

1999 ............ 5,684,776 78,696 5,606,080 1,989,308 16,148 1,973,160 3,695,468 62,548 3,632,920 

2000 ............ 5,701,850 72,842 5,629,009 2,235,763 16,867 2,218,896 3,466,087 55,975 3,410,113 

2000 - June ........ 5,714,216 76,625 5,637,590 2,190,276 16,580 2,173,695 3,523,940 60,045 3,463,895 

July ........ 5,686,531 73,259 5,613,272 2,197,107 16,423 2,180,684 3,489,424 56,836 3,432,588 

Aug ........ 5,705,463 73,648 5,631,817 2,206,204 16,970 2,189,234 3,499,259 56,676 3,442,583 

Sept ........ 5,701,850 72,842 5,629,009 2,235,761 16,867 2,218,896 3,466,087 55,975 3,410,113 

Oct......... 5,684,542 72,009 5,612,533 2,248,673 16,718 2,231,955 3,435,869 55,291 3,380,578 

Nov ........ 5,736,948 73,646 5,663,302 2,258,532 17,002 2,241,530 3,478,416 56,644 3,421,772 

Dec ........ 5,689,593 72,280 5,617,313 2,248,726 16,496 2,232,230 3,440,867 55,784 3,385,083 

2001 - Jan ......... 5,743,229 70,026 5,673,204 2,328,712 16,601 2,312,111 3,414,517 53,425 3,361,093 

Feb ........ 5,762,738 69,962 5,692,777 2,333,804 17,219 2,316,585 3,428,934 52,743 3,376,193 

Mar ........ 5,800,558 71,196 5,729,362 2,339,405 18,793 2,320,613 3,461,153 52,403 3,408,749 

Apr......... 5,688,136 70,718 5,617,418 2,364,024 19,784 2,344,240 3,324,112 50,934 3,273,178 

May ........ 5,682,853 72,382 5,610,472 2,379,862 21,960 2,357,902 3,302,991 50,422 3,252,570 

June ........ 5,753,914 71,651 5,682,264 2,452,639 21,733 2,430,906 3,301,275 49,918 3,251,358 
24 FED ERAL DEBT 

TA BLE FD-2.—Debt Held by the Public* 

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

Mar ket able 

To tal

public debt 

End of fiscal year se cu ri ties Infla tion-indexed Nonmar ket able 

or month outstanding To tal Bills Notes Bonds notes and bonds Total 

(1) (2) (3) (4) (5) (6) (7) 

2001 - Jan........ 

Feb ....... 

Mar ....... 

Apr ....... 

May ....... 

June ....... 

3,388,014 2,961,864 656,148 1,555,056 623,368 127,292 426,149 

3,402,738 2,973,797 680,659 1,534,890 631,024 127,225 428,940 

3,435,029 3,002,409 712,032 1,534,868 627,510 127,999 432,621 

3,297,980 2,862,371 619,072 1,492,282 622,498 128,520 435,608 

3,276,924 2,839,920 618,460 1,474,376 618,264 128,820 437,005 

3,274,773 2,840,238 620,044 1,474,373 616,496 129,324 434,535 

Non mar ket able, con. 

End of fiscal year or month U.S. savings

se cu ri ties For eign series 

Gov ern ment

ac count series 

State and local 

govern ment series 

Domes tic 

series Other 

(8) (9) (10) (11) (12) (13) 

2001 - Jan ............... 184,596 24,936 35,649 147,898 29,996 3,074 

Feb .............. 184,693 24,936 36,338 149,904 29,996 3,074 

Mar .............. 184,815 24,736 37,047 152,887 29,996 3,139 

Apr ............... 185,198 24,536 37,759 154,746 29,995 3,373 

May .............. 185,347 24,186 38,149 155,955 29,995 3,373 

June .............. 185,517 24,036 38,190 153,322 29,995 3,473 

* Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format 

changes in the “Monthly Statement of the Public Debt of the United States.” 
FED ERAL DEBT 25 

TA BLE FD-2.—Inter est-Bearing Public Debt (Histor i cal) 

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

Mar ket able 

To tal Treasury Federal 

End of fiscal year inter est-bearing To tal

 Treasury Treasury Treasury infla tion-indexed Financing Nonmar ket able 

or month pub lic debt bills notes bonds notes and bonds Bank Total 

(1) (2) (3) (4) (5) (6) (7) (8) 

1996........... 

1997........... 

1998........... 

1999........... 

2000........... 

2000 - June ....... 

July ....... 

Aug ....... 

Sept ....... 

Oct ....... 

Nov ....... 

Dec ....... 

5,220,790 3,418,371 761,232 2,098,670 543,469 - 15,000 1,802,419 

5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912 

5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 

5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242 

5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

5,675,889 3,070,730 629,928 1,679,094 637,739 108,970 15,000 2,605,158 

5,648,865 3,046,111 620,616 1,663,128 633,239 114,127 15,000 2,602,754 

5,667,989 3,056,536 647,355 1,642,643 636,763 114,774 15,000 2,611,454 

5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

5,647,557 2,993,882 618,548 1,608,758 631,262 120,313 15,000 2,653,675 

5,700,007 3,036,727 682,134 1,589,592 629,012 120,989 15,000 2,663,279 

5,618,061 2,966,885 646,855 1,557,304 626,512 121,215 15,000 2,651,176 

Non mar ket able, con. 

End of fiscal year

or month 

U.S. savings

se cu ri ties For eign series 

Gov ern ment

ac count series 

State and local 

govern ment series 

Domes tic 

series Other 

(9) (10) (11) (12) (13) (14) 

1996 .................. 184,147 37,488 1,454,690 95,674 29,995 424 

1997 .................. 182,665 34,909 1,608,478 111,863 29,995 1 

1998 .................. 180,816 35,079 1,777,329 164,431 29,995 1 

1999 .................. 180,019 30,970 2,005,166 168,091 29,995 1 

2000 .................. 177,724 25,431 2,242,900 153,288 29,996 1 

2000 - June .............. 177,726 27,731 2,209,352 160,352 29,996 1 

July .............. 177,813 25,431 2,214,507 155,007 29,996 1 

Aug .............. 177,669 25,431 2,223,995 154,362 29,996 1 

Sept .............. 177,724 25,431 2,242,900 153,288 29,996 1 

Oct............... 177,949 25,431 2,267,351 152,948 29,996 1 

Nov .............. 178,142 25,111 2,277,298 152,731 29,996 1 

Dec .............. 176,866 27,161 2,266,127 151,026 29,996 1 
26 FED ERAL DEBT 

Ta ble FD-3.—Govern ment Account Series 

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

End of fiscal year 

or month To tal

Air port
 and Airway
 Trust 
 Fund 
 

Bank 

Insur ance

Fund 

Employees Life Insur­ ance Fund Ex change

Stabilization 

Fund 

Fed eral

Disability

Insur ance Trust Fund 

Fed eral

em ployees

re tire ment

funds 

Fed eral

Hos pi tal

Insur ance Trust Fund 

Federal 

Housing

Admin is tra­ tion 

Fed eral

Old-age and

Sur vi vors

Insur ance Trust Fund 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1996............ 1,454,690 7,682 22,186 16,962 11,853 50,051 377,677 125,805 7,894 499,403 

1997............ 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445 

1998............ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282 

1999............ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226 

2000............ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

2000 - June ........ 2,209,352 13,121 29,993 22,027 12,645 110,623 489,286 161,848 16,986 877,948 

July ........ 2,214,507 13,209 29,042 22,038 12,714 111,510 486,710 163,771 16,987 883,378 

Aug ........ 2,223,995 13,199 29,281 22,375 12,637 112,500 484,250 163,625 17,642 889,172 

Sept ........ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

Oct ........ 2,267,351 13,441 29,339 22,431 10,951 114,122 504,825 168,069 16,764 896,121 

Nov ........ 2,277,298 14,136 29,673 22,758 10,876 114,798 502,533 169,272 18,012 898,026 

Dec ........ 2,266,127 14,402 29,360 22,562 9,929 114,695 500,188 171,622 18,011 901,597 

2001 - Jan......... 2,348,243 13,654 29,818 22,727 9,984 120,689 515,284 183,507 19,028 945,071 

Feb ........ 2,354,000 13,740 30,010 23,025 10,026 121,623 512,711 183,604 18,631 948,901 

Mar ........ 2,360,298 13,703 30,146 23,026 10,069 123,356 510,317 182,106 19,956 958,190 

Apr ........ 2,385,627 13,744 30,160 23,046 10,111 126,405 508,516 188,703 18,863 976,216 

May ........ 2,401,909 13,873 30,412 23,421 10,009 127,276 505,506 188,389 17,482 980,716 

June ........ 2,474,736 14,420 29,830 23,404 10,041 133,498 520,577 197,142 20,489 1,022,270 

End of fiscal year

or month 

Fed eral

Sav ings and 

Loan

Cor po ra tion,

Res o lu tion

Fund 

Fed eral

Sup ple men­
 tary Medi cal
 Insur ance
 Trust Fund 
 

Gov ern ment
 
 Life Insur- High way
 
 ance Fund Trust Fund
 


Na tional

Ser vice Life

In sur ance

Fund 

Postal

Ser vice Fund
 


Rail road

Re tire ment

Ac count 

Treasury

deposit

funds 

Unem ploy­ ment Trust 

Fund Other 

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 

1996 ........... 694 27,175 99 11,660 12,007 860 14,763 77 53,849 213,993 

1997 ........... 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933 

1998 ........... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878 

1999 ........... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153 

2000 ........... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154 

2000 - June ....... 2,354 45,265 - 27,550 12,066 - 22,372 66 85,915 279,287 

July ....... 2,383 46,042 - 28,756 11,990 69 22,531 66 85,267 278,044 

Aug ....... 2,430 45,392 - 29,188 11,907 615 22,660 62 87,882 279,178 

Sept ....... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154 

Oct ........ 2,428 45,133 - 30,269 11,727 - 22,708 62 85,477 293,484 

Nov ....... 2,441 44,346 - 30,859 11,653 - 22,756 18 86,897 298,244 

Dec ....... 2,455 42,846 - 24,545 11,581 600 22,722 18 85,269 293,727 

2001 - Jan ........ 2,468 45,055 - 25,316 11,914 403 22,764 - 85,902 294,657 

Feb........ 2,477 45,579 - 26,023 11,827 - 22,838 - 85,941 297,044 

Mar........ 2,487 45,560 - 25,712 11,727 - 22,950 - 83,139 297,854 

Apr ........ 2,513 46,763 - 25,896 11,643 - 23,448 - 81,894 297,706 

May ....... 2,521 45,174 - 26,767 11,559 - 24,528 - 91,182 303,094 

June ....... 2,546 44,286 - 26,546 11,894 - 24,816 - 91,621 301,356 
FED ERAL DEBT 27 

TA BLE FD-4.—Inter est-Bearing Secu ri ties Issued by Govern ment Agencies 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment” and Finan cial Manage ment Service] 

Fed eral De posit

In sur ance Corpo ra tion 

End of fiscal year 

out stand ing

To tal

or month 

Fed eral

Savings

and Loan 

Insur ance Corpo ra tion,

Resolution 

Fund 

Depart ment

of Housing

and Urban

De vel op ment 

Federal 

Housing

Admin is tra tion 

Farm 

Credit 

System 

Finan cial

Assis tance

Corp. 

Other 

inde pend ent 

Tennes see

Valley Postal 

Author ity Service Other 

(1) (2) (3) (4) (5) (6) (7) 

1996 ................. 35,030 126 82 1,261 28,683 4,406 472 

1997 ................. 33,173 95 68 1,261 27,386 3,898 465 

1998 ................. 29,359 63 174 1,261 26,685 717 458 

1999 ................. 28,505 63 114 863 26,378 634 451 

2000 ................. 27,672 63 227 775 25,987 51 569 

2000 - June .............. 28,278 63 185 864 26,663 51 452 

July .............. 27,724 63 205 864 26,088 51 453 

Aug .............. 27,641 63 210 864 25,886 51 568 

Sept .............. 27,672 63 227 775 25,987 51 569 

Oct .............. 27,214 63 237 775 25,517 51 570 

Nov .............. 27,249 63 239 775 25,549 51 572 

Dec .............. 27,377 63 255 775 25,660 51 573 

2001 - Jan .............. 27,158 63 275 775 25,420 51 574 

Feb .............. 26,879 63 291 775 25,135 51 564 

Mar .............. 26,818 63 307 775 25,057 51 565 

Apr .............. 26,788 63 315 775 25,018 51 566 

May .............. 26,671 63 201 775 25,064 - 568 

June.............. 27,099 63 204 775 25,489 - 569 
28 FED ERAL DEBT 

TA BLE FD-5.—Matu rity Distri bu tion and Aver age Length of Market able

In ter est-Bearing Public Debt Held by Private Inves tors 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Ma tu rity classes 

Amount 

End of fiscal year outstanding Within 20 years

or month privately held 1 year 1-5 years 5-10 years 10-20 years or more Aver age length 1 

(1) (2) (3) (4) (5) (6) (7) 

1996 .............. 

1997 .............. 

1998 .............. 

1999 .............. 

2000 .............. 

2000 - June........... 

July ........... 

Aug ........... 

Sept .......... 

Oct ........... 

Nov ........... 

Dec ........... 

2001 - Jan ........... 

Feb ........... 

Mar ........... 

April........... 

May ........... 

June .......... 

3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos. 

2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos. 

2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos. 

2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos. 

2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 

2,549,041 877,788 842,755 362,792 151,975 313,732 5 yrs. 10 mos. 

2,524,546 871,922 822,703 367,915 150,725 311,281 5 yrs. 9 mos. 

2,530,893 887,294 822,565 355,767 168,672 296,595 5 yrs. 10 mos. 

2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 

2,451,427 847,999 784,391 354,418 164,211 300,407 5 yrs. 10 mos. 

2,491,065 908,769 773,442 345,276 164,211 299,365 5 yrs. 9 mos. 

2,423,503 871,579 746,162 344,615 162,096 299,050 5 yrs. 10 mos. 

2,428,525 879,611 741,178 348,632 162,096 297,008 5 yrs. 9 mos. 

2,434,842 876,447 749,391 342,160 169,386 297,457 5 yrs. 10 mos. 

2,430,055 902,824 722,106 342,556 168,191 294,378 5 yrs. 9 mos. 

2,317,798 806,690 712,551 340,779 164,662 293,116 5 yrs. 11 mos. 

2,294,130 789,827 716,107 333,361 173,218 281,617 6 yrs. 0 mos. 

2,260,841 781,923 693,530 333,618 170,990 280,779 6 yrs. 0 mos. 

1 Be gin ning Septem ber 1976, the matu rity distri bu tion and aver age length were calcu lated on Note.— Details may not add to totals due to rounding.
 


the inter est-bearing market able debt privately held. Infla tion-indexed notes (first offered in
 


1997) are excluded from the aver age length calcu la tion. Published data were changed for the
 


end of the fiscal years back through 1967.
 

FED ERAL DEBT 29 

TA BLE FD-6.—Debt Subject to Statutory Limit* 

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

Se cu ri ties outstand ing

Debt subject to limit sub ject to limit 

Secu ri ties not 

End of fiscal year Stat u tory debt subject to 

or month 	 limit To tal Pub lic debt Other debt 1 Pub lic debt Other debt limit 

(1) (2) (3) (4) (5) (6) (7) 

2001 - Jan ................ 5,950,000 5,636,375 5,636,231 144 5,716,071 144 79,840 

Feb ............... 5,950,000 5,655,895 5,655,754 140 5,735,859 140 80,105 

Mar ............... 5,950,000 5,692,496 5,692,323 173 5,773,740 173 81,416 

Apr................ 5,950,000 5,580,508 5,580,327 181 5,661,348 181 81,021 

May ............... 5,950,000 5,573,705 5,573,513 193 5,656,182 193 82,669 

June ............... 5,950,000 5,644,978 5,644,783 195 5,726,815 195 82,033 

1 Con sists of guaran teed debt issued by the Federal Housing Admin is tra tion.	 	 * Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format 

changes in the “Monthly Statement of the Public Debt of the United States.” 

TA BLE FD-6.—Debt Subject to Statutory Limi ta tion (Histor i cal) 

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

Debt outstand ing In ter est-bearing debt

sub ject to limi ta tion sub ject to limi ta tion 

End of fiscal year Stat u tory debt 

or month limit To tal Pub lic debt Other debt 1 Pub lic debt Other debt 

Non-interestbearing debt 

subject to 

limi ta tion 

(1) (2) (3) (4) (5) (6) (7) 

1996 ................... 5,500,000 5,137,195 5,137,113 82 5,135,157 82 1,956 

1997 ................... 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546 

1998 ................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448 

1999 ................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 

2000 ................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

2000 - June ............... 5,950,000 5,600,647 5,600,471 177 5,591,475 177 8,996 

July ............... 5,950,000 5,576,713 5,576,517 196 5,567,628 196 8,889 

Aug ............... 5,950,000 5,594,586 5,594,384 201 5,585,603 201 8,781 

Sept ............... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

Oct ................ 5,950,000 5,575,670 5,575,441 229 5,566,722 229 8,719 

Nov ............... 5,950,000 5,626,550 5,626,319 231 5,617,677 231 8,642 

Dec ............... 5,950,000 5,580,455 5,580,208 247 5,537,104 247 43,104 

1 Con sists of guaran teed debt issued by the Federal Housing Admin is tra tion. 
30 FED ERAL DEBT 

TA BLE FD-7.—Treasury Holdings of Secu ri ties Issued 

by Govern ment Corpo ra tions and Other Agencies 

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

De part ment of Agri cul ture 

Ru ral Housing Ru ral Business and Commu nity and Coop er a tive For eign

Farm-Service Ru ral Utilities De vel op ment De vel op ment Ag ri cul tural

or month 

End of fiscal year 

To tal Agency Service Ser vice Ser vice Ser vice 

(1) (2) (3) (4) (5) (6) 

1996 ............... 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2000 - June ........... 

July ............ 

Aug............ 

Sept ........... 

Oct ............ 

Nov ............ 

Dec ............ 

2001 - Jan ............ 

Feb ............ 

Mar ............ 

Apr ............ 

May............ 

June ........... 

117,292 3,273 12,040 6,430 113 647 

133,301 9,818 12,925 6,676 157 670 

154,155 19,937 13,295 7,808 203 642 

182,988 32,625 13,837 8,506 261 761 

191,596 27,323 14,690 9,413 305 729 

188,710 27,206 14,740 9,665 307 761 

187,035 27,808 14,740 9,665 307 761 

187,370 23,166 14,739 9,665 307 780 

191,596 27,323 14,690 9,413 305 729 

200,258 32,149 14,425 9,413 305 725 

182,032 14,808 14,376 9,413 305 725 

186,407 17,455 14,421 9,423 320 725 

195,339 21,257 15,028 9,423 320 725 

196,484 22,506 15,074 9,423 320 739 

200,210 23,934 15,074 9,423 361 739 

205,299 24,762 15,571 10,509 361 739 

205,508 25,134 15,571 10,509 361 739 

203,413 26,350 15,270 10,509 361 935 

De part ment of

En ergy 

De part ment of Housing

and Urban Devel op ment 

De part ment

of the Treasury 

De part ment

of Veterans Affairs 

End of fiscal year De part ment

or month of Edu ca tion 

Bonneville
 
 Power

Ad min is tra tion
 


Fed eral 

Housing

Administration 

Other 

Housing 

programs 

Fed eral Di rect Loan

Fi nancing Bank Fund 

(7) (8) (9) (10) (11) (12) 

1996 ............... 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2000 - June ........... 

July ............ 

Aug............ 

Sept ........... 

Oct ............ 

Nov ............ 

Dec ............ 

2001 - Jan ............ 

Feb ............ 

Mar ............ 

Apr ............ 

May............ 

June ........... 

13,399 2,456 3,123 6,909 47,046 * 

23,532 2,499 3,639 6,174 34,944 * 

35,610 2,499 6,579 5,293 34,036 -

52,440 2,515 7,996 4,628 28,115 -

65,716 2,513 7,155 3,653 27,836 -

62,913 2,464 7,996 4,203 23,512 -

62,913 2,546 7,996 4,203 23,142 -

67,792 2,453 7,996 4,203 23,039 -

65,716 2,513 7,155 3,653 27,836 -

70,616 2,513 7,155 3,653 26,279 -

70,616 2,513 7,155 3,653 25,169 -

70,616 2,513 7,155 3,653 25,574 -

75,963 2,648 7,155 3,653 24,347 -

75,963 2,648 7,155 3,653 23,923 -

76,158 2,648 7,155 3,653 24,351 -

79,311 2,648 7,155 3,653 24,075 -

79,311 2,648 7,155 3,653 23,742 -

79,311 2,723 7,155 3,653 23,236 -
FED ERAL DEBT 31 

TA BLE FD-7.—Treasury Holdings of Secu ri ties Issued by Govern ment

Cor po ra tions and Other Agencies, con. 

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

De part ment 

of Veterans Affairs, con. 

End of fiscal year Loan Guaranty or month Fund 

Export-Import 

Bank of the 

United States 

Rail road

Re tire ment

Board 

Small

Busi ness

Ad min is tra tion Other 

(13) (14) (15) (16) (17) 

1996 .......... 1,270 2,736 5,018 8,811 4,021 

1997 .......... 2,028 3,140 5,039 9,406 12,651 

1998 .......... - 3,956 4,993 9,559 9,745 

1999 .......... - 6,603 4,848 9,825 10,030 

2000 .......... - 6,683 4,874 10,012 10,694 

2000 - June ...... - 6,970 4,138 9,954 13,879 

July....... - 4,921 4,397 9,954 13,681 

Aug....... - 4,921 4,611 10,012 13,684 

Sept ...... - 6,683 4,874 10,012 10,694 

Oct ....... - 6,683 5,129 10,012 11,201 

Nov....... - 6,683 5,365 10,012 11,241 

Dec....... - 6,683 5,635 9,329 12,908 

2001 - Jan ....... - 6,683 5,912 9,329 12,897 

Feb ....... - 6,683 6,165 9,329 12,905 

Mar ....... - 7,327 6,430 10,083 12,876 

Apr ....... - 6,854 6,694 10,083 12,884 

May ...... - 7,004 6,934 10,083 12,666 

June ...... - 7,054 4,200 10,083 12,575 

* Less than $500,000. 
32 FED ERAL DEBT 

CHARTS FD-A.—Average Length 

of Privately Held Marketable Debt 

(Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.) 

Years 

6.5 

6 

June 30, 2001 5.5 6 Years, 0 Months

5 

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

Years 

12 

10 

8 

6 

4 

2 

0 

June 1947 

10 Years, 

5 Months 

Dec. 1975 

2 Years, 

5 Months 

45 49 53 57 61 65 69 73 77 81 85 89 93 97 01
 

33
 

IN TRO DUC TION: Public Debt Oper a tions
 

Chap ter 31 of Title 31 of the United States Code allows 

the Secre tary of Treasury to borrow money by issu ing Treasury secu ri ties. The Secre tary deter mines the terms and conditions of issue, conver sion, matu rity, payment and inter est rate. 

New issues of Treasury notes mature in 2 to 10 years. Bonds

ma ture in more than 10 years from the issue date. Each outstand ing market able secu rity is listed in the “Monthly Statement of the Public Debt of the United States.” The infor ma tion 

in this section of the “Treasury Bulle tin” pertains only to market able Trea sury secu ri ties. 

• Ta ble PDO-1 provides a matu rity schedule of interest-bearing market able Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in matu rity order, from earli est to latest. A sepa rate breakout is provided for 

the combined holdings of the Govern ment accounts and Federal Reserve Banks (FRBs), so that the “all other inves tors”

cat e gory includes all private holdings. 

• Ta ble PDO-2 pres ents the results of weekly auctions of 

13- and 26-week bills. Treasury bills mature each Thursday. 

Issues of 13-week bills are reopenings of 26-week bills. Issues 

of cash manage ment bills also are presented. High yields on

ac cepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both compet itive and noncom pet i tive bases. 

To encour age the partic i pa tion of indi vid u als and smaller 

in sti tu tions, Treasury accepts noncom pet i tive tenders of up to 

$1 million for bills and $5 million for notes and bonds in each 

auc tion of secu ri ties. 

• Ta ble PDO-3 lists the results of auctions of market able

se cu ri ties, other than weekly bills, in chrono log i cal order over 

the past 2 years. 

• Ta ble PDO-4 indi cates the total amount of market able

se cu ri ties allot ted to each class of inves tor. TheFRBs tally into

in ves tor classes the tenders in each auction of market able secu ri ties other than weekly auctions of 13- and 26-week bills. 

TREA SURY FI NANCING: APRIL-JUNE 

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

APRIL 

Auc tion of 2-Year Notes 

On April 18, 2001, Trea sury announced it would auction 

$10,000 million of 2-year notes of Series P-2003. The issue 

was to refund $29,184 million of secu ri ties matur ing April 30 

and to pay down about $19,184 million. 

The notes of Series P-2003 were dated and issued April 30, 

2001. They are due April 30, 2003, with inter est payable on 

Oc to ber 31 and April 30 until matu rity. Treasury set an inter est 

rate of 4 percent after deter min ing which tenders were accepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon eastern daylight saving time (e.d.s.t.) for noncom pet i tive tenders 

and before 1 p.m. e.d.s.t. for compet i tive tenders on April 25.

Ten ders totaled $26,867 million; Treasury accepted $10,002

mil lion. All noncom pet i tive and success ful compet i tive bidders were allot ted secu ri ties at the high yield of 4.124 percent 

with the equiva lent price of 99.764. Ten ders at the high yield 

were allot ted 50 percent. The median yield was 4.100 percent, 

and the low yield was 4.050 percent. Noncom pet i tive tenders 

to taled $1,043 million. Compet i tive tenders accepted from 

pri vate inves tors totaled $8,959 million. 

In addi tion to the $10,002 million of tenders accepted in the 

auc tion process, Trea sury accepted $3,333 million from Federal Reserve Banks (FRBs) for their own accounts. 

The mini mum par amount required for STRIPS of notes of 

Se ries P-2003 is $1,000. 

Cash Manage ment Bills 

On March 29, 2001, Treasury announced it would auction 

$35,000 million of 13-day bills. They were issued April 3, 

2001, and matured April 16, 2001. The issue was to raise new 

cash. Treasury auctioned the bills on April 2, 2001. Ten ders totaled $72,768 million; Treasury accepted $35,049 million. 

The high bank discount rate was 5.00 percent. 

On April 17, 2001, Treasury announced it would auction 

$39,000 million of 4-day bills. They were issued April 19, 

2001, and matured April 23, 2001. The issue was to raise new 

cash. Treasury auctioned the bills on April 18, 2001. Tenders 

to taled $67,120 million; Treasury accepted $39,000 million. 

The high bank discount rate was 4.49 percent. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on April 19, 2001, for

set tle ment on April 23, Treasury received $8,040 million of 

of fers. It accepted $2,000 million par amount for a total price 

paid of $2,696 million (less accrued inter est). 

In the debt buyback oper a tion held on April 26, 2001, for

set tle ment on April 30, Treasury received $7,138 million of 

of fers. It accepted $2,000 million par amount for a total price 

paid of $2,590 million (less accrued inter est). 
34 PUB LIC DEBT OPER A TIONS 

TREA SURY FI NANCING: APRIL-JUNE, con. 

MAY 

May Quarterly Financing 

On May 2, Treasury announced it would auction $13,000

mil lion of 5-year notes of Series E-2006, and $9,000 million of 

9-3/4-year notes of Series B-2011. The issue was to refund 

$21,390 million of Treasury secu ri ties matur ing May 15 and to 

raise about $610 million of new cash. 

The 5-year notes of Series E-2006 were dated and issued 

May 15, 2001. They are due May 15, 2006, with inter est payable on Novem ber 15 and May 15 until matu rity. Treasury set 

an inter est rate of 4-5/8 percent after deter min ing which tenders were accepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for

com pet i tive tenders on May 8. Ten ders totaled $26,366 million; Treasury accepted $13,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 4.660 percent with an equiva lent price of 

99.845. Treasury accepted in full all compet i tive tenders at 

yields lower than 4.660 percent. Tenders at the high yield were

al lot ted 14.06 percent. The median yield was 4.640 percent, 

and the low yield was 4.614 percent. Noncom pet i tive tenders 

to taled $456 million, includ ing $100 million from FRBs as 

agents for foreign and inter na tional mone tary author i ties.

Com pet i tive tenders accepted from private inves tors totaled 

$12,544 million. 

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

auc tion process, Treasury accepted $3,175 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of notes of Series E-2006 is $1,000. 

The 9-3/4-year 5 percent notes of Series B-2011 were dated 

Feb ru ary 15, 2001, and issued May 15, 2001. They are due

Feb ru ary 15, 2011, with inter est payable on August 15 and 

Feb ru ary 15 until matu rity. Accrued inter est of $12.29282 per 

$1,000, cover ing the period from Febru ary 15 to May 15, 

2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for

com pet i tive tenders on May 9. Ten ders totaled $23,024 million; Treasury accepted $9,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 5.189 percent with an equiva lent price of 

98.551. Ten ders at the high yield were allot ted 76.13 percent. 

Trea sury accepted in full all compet i tive tenders at yields 

lower than 5.189 percent. The median yield was 5.175 percent, 

and the low yield was 5.139 percent. Noncom pet i tive tenders 

to taled $77 million. Compet i tive tenders accepted from private inves tors totaled $8,923 million. 

In addi tion to the $9,000 million of tenders accepted in the 

auc tion process, Treasury accepted $2,457 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of Series B-2011 is $1,000. 

Auc tion of 2-Year Notes 

On May 23, Treasury announced it would auction $10,000

mil lion of 2-year notes. The issue was to refund $27,987 million of secu ri ties matur ing May 31 and to pay down about 

$17,987 million. 

The notes of Series Q-2003 were dated and issued May 31, 

2001. They are due May 31, 2003, with inter est payable on 

No vem ber 30 and May 31 until matu rity. Treasury set an interest rate of 4-1/4 percent after deter min ing which tenders were 

ac cepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for

com pet i tive tenders on May 30. Ten ders totaled $25,882 million; Treasury accepted $10,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 4.327 percent with an equiva lent price of 

99.854. Ten ders at the high yield were allot ted 45.57 percent. 

Trea sury accepted in full all compet i tive tenders at yields 

lower than 4.327 percent. The median yield was 4.305 percent, 

and the low yield was 4.250 percent. Noncom pet i tive tenders 

to taled $1,137 million. Compet i tive tenders accepted from 

pri vate inves tors totaled $8,863 million. 

In addi tion to the $10,000 million of tenders accepted in the 

auc tion process, Treasury accepted $3,333 million from FRBs 

for their own accounts. 

Cash Manage ment Bills 

On May 24, Treasury announced it would auction $20,000

mil lion of 14-day bills. The bills were issued May 31, 2001, 

and matured June 14, 2001. The issue was to raise new cash. 

Trea sury auctioned the bills on May 30. Ten ders totaled 

$59,815 million; Treasury accepted $20,001 million. The high 

bank discount rate was 3.95 percent. 

On May 24, Treasury announced it would auction $35,000

mil lion of 14-day bills. The bills were issued June 1, 2001, and 

ma tured June 15, 2001. The issue was to raise new cash. Treasury auctioned the bills on May 31. Ten ders totaled $68,950

mil lion; Treasury accepted $35,000 million. The high bank

dis count rate was 3.97 percent. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on May 17, 2001, for

set tle ment on May 21, Treasury received $5,775 million of offers. It accepted $1,750 million par amount for a total price 

paid of $1,970 million (less accrued inter est). 

In the debt buyback oper a tion held on May 24, 2001, for

set tle ment on May 29, Treasury received $6,733 million of offers. It accepted $750 million par amount for a total price paid 

of $1,021 million (less accrued inter est). 

JUNE 

Auc tion of 2-Year Notes 

On June 20, Treasury announced it would auction $11,000

mil lion of 2-year notes. The issue was to refund $27,116 million of secu ri ties matur ing June 30 and to pay down about 

$16,116 million. 
PUB LIC DEBT OPER A TIONS 35 

TREA SURY FI NANCING: APRIL-JUNE, con.
 

The notes of Series R-2003 were dated June 30, 2001, and 

is sued July 2, 2001. They are due June 30, 2003, with inter est

pay able on Decem ber 31 and June 30 until matu rity. Treasury 

set an inter est rate of 3-7/8 percent after deter min ing which 

ten ders were accepted on a yield auction basis. Accrued interest of $0.21060 per $1,000, cover ing the period from June 30, 

2001, to July 2, 2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for 

com pet i tive tenders on June 27. Ten ders totaled $24,893 million; Treasury accepted $11,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 3.990 percent with an equiva lent price of 

99.781. Ten ders at the high yield were allot ted 74.43 percent. 

Trea sury accepted in full all compet i tive tenders at yields 

lower than 3.990 percent. The median yield was 3.968 percent, 

and the low yield was 3.900 percent. Noncom pet i tive tenders 

to taled $1,100 million. Compet i tive tenders accepted from 

pri vate inves tors totaled $9,900 million. 

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

auc tion process, Treasury accepted $3,667 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of notes of Series R-2003 is $1,000. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on June 21, 2001, for

set tle ment on June 25, Treasury received $8,414 million of offers. It accepted $1,750 million par amount for a total price 

paid of $2,515 million (less accrued inter est). 

In the debt buyback oper a tion held on June 28, 2001, for

set tle ment on July 2, Treasury received $7,643 million of offers. It accepted $1,750 million par amount for a total price 

paid of $2,258 million (less accrued inter est). 
36 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, June 30, 2001 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2001 

July 31 ............................................... 6-5/8%-L note 07/31/96 14,137 2,177 11,960 

July 31 ............................................... 1 5-1/2%-AB note 08/02/99 20,541 3,991 16,551 

Aug. 15 .............................................. 1 7-7/8%-C note 08/15/91 12,339 1,906 10,433 

Aug. 15 .............................................. 13-3/8% bond 07/02/81 1,753 300 1,453 

Aug. 31 .............................................. 6-1/2%-M note 09/03/96 14,000 1,673 12,327 

Aug. 31 .............................................. 1 5-1/2%-AC note 08/31/99 20,119 4,049 16,070 

Sept. 30 .............................................. 6-3/8%-N note 09/30/96 14,519 2,266 12,253 

Sept. 30 .............................................. 1 5-5/8%-AD note 09/30/99 18,798 3,874 14,924 

Oct. 31............................................... 6-1/4%-P note 10/31/96 14,640 2,164 12,476 

Oct. 31............................................... 1 5-7/8%-AE note 11/01/99 19,196 3,417 15,779 

Nov. 15 .............................................. 15-3/4% bond 10/07/81 1,753 290 1,464 

Nov. 15 .............................................. 1 7-1/2%-D note 11/15/91 24,226 4,088 20,138 

Nov. 30 .............................................. 5-7/8%-Q note 12/02/96 33,505 4,667 28,837 

Dec. 31 .............................................. 6-1/8%-R note 12/31/96 31,166 5,858 25,308 

To tal .................. 240,692 40,718 199,974 

2002 

Jan. 31............................................... 6-1/4%-C note 01/31/97 13,453 1,411 12,043 

Jan. 31............................................... 1 6-3/8%-R note 01/31/00 19,381 4,141 15,241 

Feb. 15, 02-07 ......................................... 7-5/8% bond 02/15/77 4,234 1,566 2,668 

Feb. 15 .............................................. 14-1/4% bond 01/06/82 1,759 281 1,478 

Feb. 28 .............................................. 6-1/4%-D note 02/28/97 13,800 1,995 11,805 

Feb. 28 .............................................. 1 6-1/2%-S note 02/29/00 16,563 4,030 12,534 

Mar. 31 .............................................. 6-5/8%-E note 03/31/97 14,301 2,221 12,081 

Mar. 31 .............................................. 1 6-1/2%-T note 03/31/00 17,238 3,947 13,291 

Apr. 30............................................... 6-5/8%-F note 04/30/97 14,475 2,235 12,240 

Apr. 30............................................... 1 6-3/8%-U note 05/01/00 17,391 3,872 13,519 

May 15............................................... 1 7-1/2%-A note 05/15/92 11,714 2,197 9,517 

May 31............................................... 6-1/2%-G note 06/02/97 13,504 1,679 11,825 

May 31............................................... 1 6-5/8%-V note 05/31/00 14,872 4,241 10,631 

June 30 .............................................. 6-1/4%-H note 06/30/97 13,059 1,787 11,272 

June 30 .............................................. 1 6-3/8%-W note 06/30/00 14,321 4,378 9,943 

July 15 ............................................... 1 3-5/8%-J note 07/15/97 18,573 994 17,579 

July 31 ............................................... 6%-K note 07/31/97 12,231 782 11,449 

July 31 ............................................... 1 6-1/4%-X note 07/31/00 15,058 4,522 10,536 

Aug. 15 .............................................. 1 6-3/8%-B note 08/17/92 23,859 4,016 19,843 

Aug. 31 .............................................. 6-1/4%-L note 09/02/97 12,732 1,114 11,618 

Aug. 31 .............................................. 1 6-1/8%-Y note 08/31/00 15,072 3,451 11,621 

Sept. 30 .............................................. 1 5-7/8%-M note 09/30/97 12,807 1,513 11,293 

Sept. 30 .............................................. 1 6%-Z note 10/02/00 15,144 4,434 10,710 

Oct. 31............................................... 1 5-3/4%-N note 10/31/97 26,594 4,559 22,035 

Nov. 15, 02-07 ......................................... 7-7/8% bond 11/15/77 1,495 379 1,116 

Nov. 15 .............................................. 11-5/8% bond 09/29/82 2,753 684 2,069 

Nov. 30 .............................................. 1 5-3/4%-P note 12/01/97 12,121 1,412 10,709 

Nov. 30 .............................................. 1 5-5/8%-AC note 11/30/00 15,059 3,333 11,725 

Dec. 31 .............................................. 1 5-5/8%-Q note 12/31/97 12,052 992 11,060 

Dec. 31 .............................................. 1 5-1/8%-AD note 01/02/01 14,822 3,876 10,946 

Total .................. 410,436 76,040 334,396 

2003 

Jan. 31............................................... 1 5-1/2%-C note 02/02/98 13,101 1,675 11,426 

Jan. 31............................................... 1 4-3/4%-L note 01/31/01 15,453 3,581 11,871 

Feb. 15 .............................................. 10-3/4% bond 01/04/83 3,007 785 2,221 

Feb. 15 .............................................. 1 6-1/4%-A note 02/16/93 23,563 2,660 20,903 

Feb. 28 .............................................. 1 5-1/2%-D note 03/02/98 13,670 2,507 11,164 

Feb. 28 .............................................. 1 4-5/8%-M note 02/28/01 14,685 3,667 11,018 

Mar. 31 .............................................. 1 5-1/2%-E note 03/31/98 14,173 3,281 10,892 

See footnote at end of table. 
PUB LIC DEBT OPER A TIONS 37 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, June 30, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other

in ves tors 

(1) (2) (3) (4) (5) 

2003 con. 

Mar. 31 .............................................. 1 4-1/4%-N note 04/02/01 14,675 3,667 11,008 

Apr. 30 .............................................. 1 5-3/4%-F note 04/30/98 12,573 2,863 9,710 

Apr. 30 .............................................. 1 4%-P note 04/30/01 13,339 3,333 10,005 

May 15............................................... 10-3/4% bond 04/04/83 3,249 819 2,430 

May 31............................................... 1 5-1/2%-G note 06/01/98 13,132 2,218 10,914 

May 31............................................... 1 4-1/4%-Q note 05/31/01 13,332 3,333 9,999 

June 30 .............................................. 1 5-3/8%-H note 06/30/98 13,127 1,909 11,218 

Aug. 15, 03-08 ......................................... 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15 .............................................. 11-1/8% bond 07/05/83 3,501 860 2,641 

Aug. 15 .............................................. 1 5-3/4%-B note 08/16/93 28,011 4,399 23,612 

Aug. 15 .............................................. 1 5-1/4%-J note 08/17/98 19,852 3,376 16,476 

Nov. 15, 03-08 ........................................ 8-3/4% bond 11/15/78 5,230 1,666 3,564 

Nov. 15 .............................................. 11-7/8% bond 10/05/83 7,260 1,728 5,532 

Nov. 15 .............................................. 4-1/4%-K note 11/16/98 18,626 1,538 17,087 

To tal.................. 265,661 50,654 215,007 

2004 

Feb. 15 .............................................. 1 5-7/8%-A note 02/15/94 12,955 710 12,245 

Feb. 15 .............................................. 1 4-3/4%-E note 02/16/99 17,823 2,274 15,549 

May 15, 04-09 ......................................... 9-1/8% bond 05/15/79 4,606 1,111 3,495 

May 15............................................... 12-3/8% bond 04/05/84 3,755 868 2,887 

May 15............................................... 1 7-1/4%-B note 05/16/94 14,440 2,763 11,677 

May 15............................................... 1 5-1/4%-F note 05/17/99 18,925 2,721 16,205 

Aug. 15 .............................................. 13-3/4% bond 07/10/84 4,000 923 3,078 

Aug. 15 .............................................. 

Aug. 15 .............................................. 

1 7-1/4%-C note 08/15/94 1 6%-G note 08/16/99 

13,346 

18,090 

1,312 

1,658 

12,034 

16,432 

Nov. 15, 04-09 ......................................... 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15 .............................................. 1 11-5/8% bond 10/30/84 8,302 1,806 6,496 

Nov. 15 .............................................. 1 7-7/8%-D note 11/15/94 14,374 3,170 11,204 

Nov. 15 .............................................. 1 5-7/8%-H note 11/15/99 32,658 3,689 28,969 

To tal.................. 167,476 24,080 143,396 

2005 

Feb. 15, 05-10 ......................................... 11-3/4% bond 02/15/80 2,315 858 1,457 

Feb. 15 .............................................. 1 7-1/2%-A note 02/15/95 13,835 2,745 11,090 

May 15, 05-10 ......................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15............................................... 1 12% bond 04/02/85 4,261 846 3,414 

May 15............................................... 1 6-1/2%-B note 05/15/95 14,740 2,216 12,524 

May 15............................................... 1 6-3/4%-E note 05/15/00 28,562 4,441 24,121 

Aug. 15 .............................................. 1 10-3/4% bond 07/02/85 9,270 1,915 7,355 

Aug. 15 .............................................. 1 6-1/2%-C note 08/15/95 15,003 2,178 12,824 

Nov. 15, 05-10 ......................................... 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15 .............................................. 1 5-7/8%-D note 11/24/95 15,210 2,055 13,155 

Nov 15 ............................................... 1 5-3/4%-F note 11/15/00 28,063 3,683 24,380 

To tal.................. 138,326 23,375 114,951 

2006 

Feb. 15 .............................................. 1 9-3/8% bond 01/15/86 4,756 923 3,833 

Feb. 15 .............................................. 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

May 15, 06-11 ......................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15............................................... 1 6-7/8%-B note 05/15/96 16,015 3,029 12,987 

May 15............................................... 1 4-5/8%-E note 05/15/01 16,181 3,175 13,006 

July 15 ............................................... 1 7%-C note 07/15/96 22,740 4,438 18,303 

Oct. 15 ............................................... 1 6-1/2%-D note 10/15/96 22,460 4,285 18,175 

Nov. 15, 06-11 ......................................... 14% bond 11/16/81 4,048 975 3,073 

To tal.................. 105,259 19,841 85,417 

See footnote at end of table. 
38 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, June 30, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2007 

Jan. 15............................................... 1 3-3/8%-A note 02/06/97 17,592 1,697 15,895 

Feb. 15 .............................................. 1 6-1/4%-B note 02/18/97 13,104 1,227 11,877 

May 15............................................... 1 6-5/8%-C note 05/15/97 13,958 2,201 11,757 

Aug. 15 .............................................. 1 6-1/8%-D note 08/15/97 25,637 4,104 21,533 

Nov. 15, 07-12 ......................................... 10-3/8% bond 11/15/82 10,452 1,919 8,533 

To tal .................. 80,742 11,148 69,594 

2008 

Jan. 15............................................... 1 3-5/8%-A note 01/15/98 18,406 1,892 16,514 

Feb. 15 .............................................. 1 5-1/2%-B note 02/17/98 13,583 1,730 11,853 

May 15............................................... 1 5-5/8%-C note 05/15/98 27,191 4,530 22,661 

Aug. 15, 08-13 ......................................... 12% bond 08/15/83 13,459 3,041 10,418 

Nov. 15 .............................................. 4-3/4%-D note 11/16/98 25,083 3,409 21,674 

To tal .................. 97,722 14,602 83,120 

2009 

Jan. 15............................................... 1 3-7/8%-A note 01/15/99 17,151 974 16,177 

May 15, 09-14 ......................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................... 1 5-1/2%-B note 05/17/99 14,795 2,276 12,519 

Aug. 15, 09-14 ......................................... 12-1/2% bond 08/15/84 4,781 906 3,875 

Aug. 15 .............................................. 1 6%-C note 08/16/99 27,400 3,986 23,414 

Nov. 15, 09-14 ......................................... 1 11-3/4% bond 11/15/84 6,006 1,195 4,811 

To tal .................. 74,613 10,206 64,407 

2010 

Jan. 15............................................... 1 4-1/4%-A note 01/18/00 11,902 476 11,426 

Feb. 15 .............................................. 1 6-1/2%-B note 02/15/00 23,356 3,740 19,616 

Aug. 15 .............................................. 1 5-3/4%-C note 08/15/00 22,438 2,529 19,909 

To tal .................. 57,695 6,745 50,950 

2011 

Jan. 15............................................... 1 3-1/2%-A note 01/16/01 6,099 112 5,987 

Feb. 15 .............................................. 1 5%-B note 02/15/01 23,436 3,428 20,008 

To tal .................. 29,535 3,540 25,995 

2015 

Feb. 15 .............................................. 1 11-1/4% bond 02/15/85 11,086 1,846 9,240 

Aug. 15 .............................................. 1 10-5/8% bond 08/15/85 4,391 1,167 3,224 

Nov. 15 .............................................. 1 9-7/8% bond 11/29/85 5,667 1,007 4,660 

To tal .................. 21,144 4,020 17,124 

2016 

Feb. 15 .............................................. 1 9-1/4% bond 02/18/86 5,812 1,037 4,775 

May 15............................................... 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 .............................................. 1 7-1/2% bond 11/17/86 18,824 1,656 17,168 

To tal .................. 43,460 3,792 39,668 

2017 

May 15............................................... 1 8-3/4% bond 05/15/87 16,242 2,755 13,487 

Aug. 15 .............................................. 1 8-7/8% bond 08/17/87 12,031 2,058 9,973 

To tal .................. 28,273 4,813 23,460 

See footnote at end of table. 
PUB LIC DEBT OPER A TIONS 39 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, June 30, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2018 

May 15............................................... 1 9-1/8% bond 05/16/88 7,072 1,240 5,833 

Nov. 15 .............................................. 1 9% bond 11/22/88 7,614 880 6,734 

To tal .................. 14,687 2,120 12,567 

2019 

Feb. 15 .............................................. 1 8-7/8% bond 02/15/89 15,085 2,373 12,712 

Aug. 15 .............................................. 1 8-1/8% bond 08/15/89 19,281 2,540 16,741 

To tal .................. 34,366 4,913 29,453 

2020 

Feb. 15 .............................................. 1 8-1/2% bond 02/15/90 9,888 1,486 8,402 

May 15............................................... 1 8-3/4% bond 05/15/90 8,197 1,502 6,696 

Aug. 15 .............................................. 1 8-3/4% bond 08/15/90 18,166 2,543 15,623 

To tal. ................. 36,252 5,531 30,721 

2021 

Feb. 15 .............................................. 1 7-7/8% bond 02/15/91 10,248 1,106 9,141 

May 15............................................... 1 8-1/8% bond 05/15/91 10,474 1,618 8,856 

Aug. 15 .............................................. 1 8-1/8% bond 08/15/91 10,173 1,658 8,515 

Nov. 15 .............................................. 1 8% bond 11/15/91 31,177 3,448 27,729 

To tal .................. 62,072 7,830 54,242 

2022 

Aug. 15 .............................................. 1 7-1/4% bond 08/17/92 10,238 961 9,277 

Nov. 15 .............................................. 1 7-5/8% bond 11/16/92 7,934 1,601 6,333 

To tal .................. 18,171 2,562 15,610 

2023 

Feb. 15 .............................................. 1 7-1/8% bond 02/16/93 16,899 2,636 14,264 

Aug. 15 .............................................. 1 6-1/4% bond 08/16/93 22,659 1,554 21,106 

To tal .................. 39,558 4,189 35,369 

2024 

Nov. 15 .............................................. 1 7-1/2% bond 08/15/94 9,704 1,615 8,089 

To tal .................. 9,704 1,615 8,089 

2025 

Feb. 15 .............................................. 1 7-5/8% bond 02/15/95 10,634 1,570 9,065 

Aug. 15 .............................................. 1 6-7/8% bond 08/15/95 11,695 1,800 9,896 

To tal .................. 22,329 3,369 18,960 

2026 

Feb. 15 .............................................. 1 6% bond 02/15/96 12,838 1,115 11,723 

Aug. 15 .............................................. 1 6-3/4% bond 08/15/96 10,018 1,614 8,404 

Nov. 15 .............................................. 1 6-1/2% bond 11/15/96 11,168 1,724 9,444 

To tal .................. 34,025 4,453 29,572 

2027 

Feb. 15 .............................................. 1 6-5/8% bond 02/18/97 10,211 1,221 8,990 

Aug. 15 .............................................. 1 6-3/8% bond 08/15/97 10,016 1,640 8,376 

See footnote at end of table. 
40 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, June 30, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2027 con. 

Nov. 15 .............................................. 1 6-1/8% bond 11/17/97 22,046 3,349 18,698 

To tal .................. 42,273 6,209 36,064 

2028 

Apr. 15............................................... 1 3-5/8% bond 04/15/98 18,382 1,740 16,642 

Aug. 15 .............................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 .............................................. 1 5-1/4% bond 11/16/98 10,947 1,255 9,692 

To tal .................. 41,105 4,767 36,338 

2029 

Feb. 15 .............................................. 1 5-1/4% bond 02/16/99 11,350 1,609 9,741 

Apr. 15............................................... 1 3-7/8% bond 04/15/99 21,220 1,686 19,534 

Aug. 15 .............................................. 1 6-1/8% bond 08/16/99 11,179 1,075 10,104 

To tal .................. 43,749 4,370 39,379 

2030 

May 15............................................... 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

To tal .................. 17,043 1,894 15,149 

2031 

Feb. 15 .............................................. 1 5-3/8% bond 02/15/01 10,887 883 10,004 

To tal .................. 10,887 883 10,004 

1 This secu rity is eli gi ble for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” 
PUB LIC DEBT OPER A TIONS 41 

TA BLE PDO-2.—Of fer ings of Regu lar Weekly Trea sury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

De scrip tion of new issue Amounts of bids accepted On total compet i tive bids accepted 

Num ber Amount On non- High invest- of days to of bids On compet i- com pet i tive High price per High discount ment rate

Ma tu rity date matu rity 1 tendered To tal amount tive basis 2 ba sis 3 hundred rate (percent) (per cent) 4 

Is sue date (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Reg u lar weekly: 

(13 week and 26 week) 

2001 - Apr. 5 ...... 2001 - July 5 91 26,133.5 13,856.0 7,511.1 1,490.5 98.957 4.125 4.228 

Oct. 4 182 22,716.7 12,309.3 6,910.2 1,091.3 97.968 4.020 4.160 

12 ..... July 12 91 27,294.9 14,529.2 7,323.7 1,676.6 99.034 3.820 3.912 

Oct. 11 182 24,079.0 12,309.2 6,471.5 1,530.0 98.071 3.815 3.945 

19 ..... July 19 91 24,416.8 14,635.8 7,508.2 1,500.0 98.976 4.050 4.150 

Oct. 18 182 22,742.2 12,170.9 7,002.1 1,002.5 97.947 4.060 4.204 

26 ..... July 26 91 25,912.2 14,274.9 7,185.7 1,814.6 99.076 3.655 3.741 

Oct. 25 182 25,648.5 12,252.0 6,207.9 1,794.3 98.147 3.665 3.786 

May 3 ...... Aug. 2 91 23,580.8 13,852.0 7,175.2 1,824.8 99.018 3.885 3.978 

Nov. 1 182 27,709.0 12,307.7 6,775.8 1,224.2 98.049 3.860 3.991 

10 ...... Aug. 9 91 28,799.1 15,550.4 8,430.3 1,569.8 99.075 3.660 3.745 

Nov. 8 182 29,106.9 13,846.3 7,432.2 1,568.0 98.170 3.620 3.738 

17 ..... Aug. 16 91 28,623.9 16,145.3 9,333.3 1,666.8 99.082 3.630 3.716 

Nov. 15 182 23,165.3 13,277.7 7,882.0 1,118.0 98.160 3.640 3.759 

24 ..... Aug. 23 91 30,944.5 16,733.7 9,866.4 1,633.7 99.105 3.540 3.622 

Nov. 23 183 26,480.8 14,056.3 8,055.8 1,444.4 98.150 3.640 3.759 

31 ..... Aug. 30 91 28,103.9 16,494.9 10,503.7 1,496.4 99.089 3.605 3.688 

Nov. 29 182 26,887.5 13,848.6 8,556.6 1,443.9 98.205 3.550 3.666 

June 7 ...... Sept. 6 91 31,107.2 18,137.2 10,992.8 1,507.4 99.093 3.590 3.671 

Dec. 6 182 27,252.1 15,640.5 9,125.0 6,515.5 98.220 3.520 3.634 

14 ..... Sept. 13 91 30,307.4 17,248.5 10,992.2 1,507.9 99.113 3.510 3.590 

Dec. 13 182 31,671.0 16,618.7 10,493.0 1,007.2 98.226 3.510 3.622 

21 ..... Sept. 20 91 34,407.8 18,759.3 12,499.4 1,501.0 99.132 3.435 3.512 

Dec. 20 182 30,847.4 16,908.6 10,675.4 1,324.6 98.291 3.380 3.487 

28 ..... Sept. 27 91 35,919.8 20,156.3 13,624.9 1,375.1 99.147 3.375 3.451 

Dec. 27 182 31,412.2 16,895.4 10,927.1 1,073.1 98.311 3.340 3.445 

1 All 13-week bills repre sent addi tional issues of bills with an origi nal matu rity of 26 weeks or 52 3 Ten ders for $1 million or less from any one bidder are accepted in full at the high price of ac­ weeks. Certain 26-week bills repre sent addi tional issues of bills with an origi nal matu rity of 52 cepted compet i tive bids. All Treasury market able auctions are conducted in a single-price for- weeks. mat as of Novem ber 2, 1998. 2 Excludes amount awarded to the Federal Reseve System. 4 Equiv a lent coupon-issue yield. 
42 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-3.—Offer ings of Marketable Secu ri ties 

Other than Regu lar Weekly Trea sury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Period to final matu rity

Auc tion date Is sue date Descrip tion of secu ri ties 1 (years, months, days) 2 Amount tendered 

Amount 

accepted

3,4 

Ac cepted yield and equiv a lent price

for notes and bonds 

(1) (2) (3) (4) (5) (6) 

07/12/00 07/17/00 

07/26/00 07/31/00 

08/08/00 08/15/00 

08/09/00 08/15/00 

08/10/00 08/15/00 

08/14/00 08/15/00 

08/23/00 08/31/00 

08/29/00 08/31/00 

08/31/00 09/01/00 

09/27/00 10/02/00 

10/11/00 10/16/00 

10/25/00 10/31/00 

10/31/00 11/01/00 

11/07/00 11/15/00 

11/08/00 11/15/00 

11/14/00 11/15/00 

11/28/00 11/30/00 

11/29/00 11/30/00 

11/30/00 12/01/00 

12/27/00 01/02/01 

01/02/01 01/02/01 

01/10/01 01/16/01 

01/24/01 01/31/01 

02/06/01 02/15/01 

02/07/01 02/15/01 

02/08/01 02/15/01 

02/21/01 02/28/01 

02/27/01 02/28/01 

02/27/01 03/01/01 

02/28/01 03/02/01 

03/27/01 03/29/01 

03/28/01 04/02/01 

04/02/01 04/03/01 

04/18/01 04/19/01 

04/25/01 04/30/01 

05/08/01 05/15/01 

05/09/01 05/15/01 

05/30/01 05/31/01 

05/30/01 05/31/01 

05/31/01 06/01/01 

06/27/01 07/02/01 

See footnotes at end of table. 

4-1/4% note—01/15/10-A-reopening 

6-1/4% note—07/31/02-X 

6-3/4% note—05/15/05-E-reopening 

5-3/4% note—08/15/10-C 

6-1/4% bond—05/15/30-reopening 

6.35% bill—09/21/00-reopening 

6-1/8% note—08/31/02-y 

5.880% bill—08/30/01 

6.44% bill—09/15/00 

6% note—09/30/02-Z 

3-7/8% bond—04/15/29-reopening 

5-3/4% note—10/31/02-N 

6.38% bill—12/21/00 

5-3/4% note—11/15/05-F 

5-3/4% note—08/15/10-C-reopening 

6.37% bill—12/18/00 

5.710% bill—11/29/01 

5-5/8% note—11/30/02-AC 

6.45% bill—12/15/00 

5-1/8% note—12/31/02-AD 

6.44% bill—01/16/01 

3-1/2% note—01/15/11-A 

4-3/4% note—01/31/03-L 

5-3/4% note—11/15/05-F-reopening 

5% note—02/15/11-B 

5-3/8% bond—02/15/31 

4-5/8% note—02/28/03-M 

4.95% bill—04/19/01 

4.240% bill—02/28/02 

5.39% bill—03/15/01 

4.93% bill—04/19/01 

4-1/4% note—03/31/03-N 

5.00% bill—04/16/01 

4.49% bill—04/23/01 

4% note—04/30/03-P 

4-5/8% note—05/15/06-E 

5% note—02/15/11-B-reopening 

4-1/4% note—05/31/03-Q 

3.95% bill—06/14/01 

3.97% bill—06/15/01 

3-7/8% note—06/30/03-R 

9y 6m 11,741 5 5,002 4.030 - 103.539 

2y 31,358 15,037 6.284 - 99.937 

4y 9m 33,786 13,189 6.060 - 102.787 

10y 21,811 12,357 5.840 - 99.326 

29y 9m 19,340 5,774 5.697 - 107.860 

37d 57,909 21,018 

2y 31,979 15,038 6.204 - 99.854 

364d 26,458 13,033 

14d 61,503 25,011 

2y 34,515 15,184 6.002 - 99.995 

28y 6m 9,923 5,000 3.953 - 103.628 

2y 31,654 14,839 5.845 - 99.823 

50d 52,233 32,021 

5y 24,635 15,804 5.870 - 99.486 

9y 9m 23,105 10,075 5.865 - 99.134 

33d 36,160 12,035 

364d 26,695 12,512 

2y 36,474 15,048 5.695 - 99.869 

14d 67,780 36,033 

2y 29,928 14,834 5.130 - 99.990 

14d 62,790 30,013 

10y 10,110 6,000 3.522 - 99.818 

2y 31,792 15,437 4.760 - 99.981 

4y 9m 23,236 12,279 4.904 - 103.527 

10y 24,031 11,975 5.067 - 99.479 

30y 20,374 10,887 5.460 - 98.753 

2y 29,901 14,675 4.685 - 99.887 

50d 46,911 28,036 

364d 21,270 12,759 

13d 55,963 26,027 

21d 59,555 40,010 

2y 34,377 14,674 4.300 - 99.905 

13d 72,768 35,049 

4d 67,120 39,000 

2y 30,201 13,336 4.124 - 99.764 

5y 29,541 16,175 4.660 - 99.845 

9y 9m 25,482 11,457 5.189 - 98.551 

2y 29,215 13,333 4.327 - 99.854 

14d 59,815 20,001 

14d 68,950 35,000 

2y 28,560 14,667 3.990 - 99.781 
PUB LIC DEBT OPER A TIONS 43 

TA BLE PDO-3.—Offer ings of Market able Secu ri ties 

Other than Regu lar Weekly Trea sury Bills, con. 

1Cur rently, all issues are sold at auction. For bill issues, the rate shown 5 In ter est began to accrue before the issue date (settle ment date) of
 


is the high bank discount rate. For note and bond issues, the rate this loan.
 


shown is the inter est rate. For details of bill offer ings, see table PDO-2.
 


As of Octo ber 1, 1997, all Treasury issues of notes and bonds are eli gi­
 


ble for STRIPS. Note.— Starting with the Janu ary 5, 1999, auction, amounts listed as
 


2 From date of addi tional issue in case of a reopen ing. ten dered and accepted are amounts tendered and awarded on auction
 
 day. Before the Janu ary 5, 1999, auction, amounts listed as tendered 3 In reopenings, the amount accepted is in addi tion to the amount of and accepted are amounts tendered and awarded on issue day. orig i nal offer ings. 

4 In cludes secu ri ties issued to U.S. Govern ment accounts and Federal 

Re serve Banks; and to foreign and inter na tional mone tary author i ties, 

whether in exchange for matur ing secu ri ties or for new cash. 
44 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-4A.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties Other than Bills 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Date of To tal

fi nanc ing Descrip tion of secu ri ties issue 

Fed eral

Re serve

Banks 

De pos i- tory insti- In di vid­ tu tions 1 uals 2 Dealers 

and 

brokers 

Pri vate

pen sion

and retire­ ment 

funds 

In vest­ ment 

funds 

Insur ance 

companies 

For eign

and 

international Other 3 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

01/18/00 4-1/4% note—1/15/10-A 6,318 316 602 68 2,552 37 2,335 5 400 3 

01/31/00 6-3/8% note—1/31/02-R 19,381 4,045 392 1,513 11,409 2 168 * 1,820 32 

02/15/00 5-7/8% note—11/15/04-H-reopening 14,252 1,130 81 897 9,961 * 98 * 1,854 231 

02/15/00 6-1/2% note—2/15/10-B 12,278 1,170 75 488 8,713 * 562 - 1,145 125 

02/15/00 6-1/4% bond—5/15/30 11,269 1,170 232 127 7,749 - 1,475 - 223 293 

02/29/00 6-1/2% note—2/28/02-S 16,563 3,219 217 1,425 8,937 7 760 2 1,795 201 

03/31/00 6-1/2% note—3/31/02-T 17,238 3,515 337 1,849 8,897 1 300 1 2,047 291 

05/01/00 6-3/8% note—4/30/02-U 17,391 3,869 291 1,638 9,065 3 473 * 2,020 32 

05/15/00 6-3/4% note—5/15/05-E 15,426 2,357 109 995 10,466 2 193 1 1,230 73 

05/15/00 6-1/2% note—2/15/10-B-reopening 11,078 2,570 111 210 6,668 * 644 * 839 36 

05/31/00 6-5/8% note—5/31/02-V 14,872 3,838 67 1,845 7,674 1 125 1 1,296 25 

06/30/00 6-3/8% note—6/30/02-W 14,321 3,109 58 1,517 7,831 7 112 1 1,476 210 

07/17/00 4-1/4% note—1/15/10-A 5,003 - 1 403 2,537 292 1,468 - 293 9 

07/31/00 6-1/4% note—7/31/02-X 15,058 3,333 64 1,249 8,020 * 27 2 2,053 310 

08/15/00 6-3/4% note—5/15/05-E-reopening 13,137 2,085 55 634 8,249 * 78 - 2,030 6 

08/15/00 5-3/4% note—8/15/00-C 12,360 1,254 21 88 9,214 * 247 - 1,186 350 

08/15/00 6-1/4% bond—5/15/30-reopening 5,774 724 20 11 3,131 - 1,576 - 50 262 

08/31/00 6-1/8% note—8/31/02-Y 15,072 3,333 61 1,355 8,091 16 2 * 1,945 269 

10/02/00 6% note—9/30/02-Z 15,144 3,275 40 1,215 6,251 1 2,155 * 2,150 57 

10/16/00 3-7/8% bond—4/15/29-reopening 5,001 - 15 70 1,927 525 2,132 - 330 2 

10/31/00 5-3/4% note—10/31/02-N 14,857 3,333 115 944 7,886 - 776 * 1,791 12 

11/15/00 5-3/4% note—11/15/02-F 15,812 2,404 7 365 11,066 * 268 - 1,640 62 

11/15/00 5-3/4% note—8/15/10-C-reopening 10,078 1,275 * 45 7,819 - 30 - 889 20 

11/30/00 5-5/8% note—11/30/02-AC 15,059 3,333 35 881 4,274 7 1,006 * 5,450 73 

01/02/01 5-1/8% note—12/31/02-AD 14,822 3,333 56 924 7,344 9 512 2 2,606 36 

01/16/01 3-1/2% note—1/15/11-A 6,001 - 3 262 3,979 205 1,154 10 128 260 

01/31/01 4-3/4% note—1/31/03-L 15,453 3,333 60 948 7,989 1 226 1 2,885 10 

02/15/01 5-3/4% note—11/15/05-F-reopening 12,251 1,279 5 317 9,154 1 1,214 * 280 1 

02/15/01 5% note—2/15/01-B 11,976 971 11 89 8,865 * 860 - 1,155 25 

See footnotes at end of table. 
PUB LIC DEBT OPER A TIONS 45 

TA BLE PDO-4A.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties Other than Bills, con. 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Fed eral

Re serve

Banks 

Depos i- tory insti- In di vid­ tu tions 1 uals 2 Dealers 

and 

brokers 

Pri vate

pen sion

and re- tire ment

funds 

In vest­ ment 

funds 

In sur ance 

companies 

For eign

and 

international Other 3 Date of Total

fi nanc ing Descrip tion of secu ri ties issue 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

02/15/31 5-3/8% bond—2/15/31 10,887 883 - 45 5,404 * 4,252 - 238 65 

02/28/01 4-5/8% note—2/28/03-M 14,685 3,667 27 883 5,996 - 2,216 3 1,875 18 

04/02/01 4-1/4% note—3/31/03-N 14,675 3,667 60 2,083 5,990 1 1,025 * 1,841 10 

04/30/01 4% note—4/30/03-P 13,339 3,333 57 986 6,994 1 23 1 1,925 19 

05/15/01 4-5/8% note—5/16/06-E 16,181 3,175 12 362 10,519 76 1,377 * 656 4 

05/15/01 5% note—2/15/11-B-reopening 11,460 2,457 1 372 6,349 * 1,760 - 515 6 

05/31/01 4-1/4% note—5/31/03-Q 13,332 3,333 86 1,075 6,712 1 30 2 2,075 18 

* Less than $500,000.
 
 1 

De pos i tory insti tu tions include banks. 2 

In cludes partner ships and personal trust accounts.
 
 3 

Resid ual.
 


TA BLE PDO-4B.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties, 52-Week Bills** 

[Dol lar amounts in millions. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Al lot ments by inves tor class 

To tal Fed eral For eign

Date of Date of High rate amount Reserve De pos i tory brokers retire ment funds com pa nies na tional All other 3 financ ing maturity (per cent) issued Banks in sti tu tions 1 In di vid uals 2 Dealers and Pen sion and In vest ment In sur ance and inter­

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

01/06/00 01/04/01 5.645 14,942 4,925 19 904 7,626 2 52 - 1,390 24 

02/03/00 02/01/01 5.905 16,226 5,420 9 1,109 7,201 * 100 * 2,362 25 

03/02/00 03/01/01 5.840 15,616 4,805 17 1,077 6,931 2 101 1 2,506 176 

06/01/00 05/31/01 6.000 13,616 3,605 11 656 6,155 1 308 1 2,365 514 

08/31/00 08/30/01 5.880 13,033 3,027 12 457 7,710 2 51 * 1,761 13 

11/30/00 11/29/01 5.710 12,517 2,508 7 282 7,388 * 242 - 2,081 9 

03/01/01 02/28/02 4.240 12,763 2,757 15 1,132 7,930 1 286 2 601 39 

* Less than $500,000. Note.—This series of bills has been discon tin ued. 

1 Depos i tory insti tu tions include banks. For detail of offer ings, see table PDO-3. 

** Begin ning July 1999, differ ent proce dures and cate go ries are used to classify the bids by 

type of inves tor. 2 Includes partnerships and personal trust accounts. 3 Resid ual. 
46
 

IN TRO DUC TION: Savings Bonds and Notes 

Se ries EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since Septem ber 1, 1998, are the savings bonds 

cur rently being sold. Series HH bonds are issued in exchange 

for Series E and EE savings bonds and savings notes. Series 

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through Decem ber 31, 

1979 (through June 1980 to payroll savers only). Series F and 

G were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through Decem ber 31, 1979.

Se ries HH bonds were sold for cash from Janu ary 1, 1980, 

through Octo ber 31, 1982. Series J and K were sold from May 

1, 1952, through April 30, 1957. U.S. savings notes were on
 

sale May 1, 1967, through June 30, 1970. The notes were eli gi­
 

ble for purchase by indi vid u als with the simul ta neous pur-
 

chase of series E savings bonds.
 

The princi pal terms and condi tions for purchase and re-
 

demp tion and infor ma tion on invest ment yields of savings
 

notes appear in the “Treasury Bulle tins” of March 1967 and
 

June 1968; and in the Annual Report of the Secre tary of the
 

Trea sury for fiscal 1974.
 

TA BLE SBN-1.—Sales and Redemp tions by Series, Cumu la tive through June 30, 2001 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued discount Re demp tions 1 bear ing debt in ter est-bearing debt 

(1) (2) (3) (4) (5) (6) 

Sav ings bonds: 

Se ries A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1 

Se ries E, EE, H and HH.............. 363,107 219,650 582,757 380,029 173,736 6,985 

Se ries I........................... 4,246 151 4,397 142 4,593 -

Se ries F and G..................... 28,396 1,125 29,521 29,517 - 3 

Se ries J and K ..................... 3,556 198 3,754 3,753 - -

Sav ings notes ..................... 862 710 1,572 1,306 - 137 

Total ........................... 404,116 222,888 627,004 419,749 178,329 7,126 

1 Sales and redemp tion figures include exchange of minor amounts of (1) matured series E 2 De tails by series on a cumu la tive basis and by period of series A-D combined can be found in
 


bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for the Febru ary 1952 and previ ous issues of the “Treasury Bulle tin.”
 


se ries H bonds begin ning Janu ary 1960; and (3) U.S. savings notes for series H bonds begin­
 


ning Janu ary 1972; however, they exclude exchanges of series E bonds for series H and HH
 


bonds.
 

U.S. SAVINGS BONDS AND NOTES 47 

TA BLE SBN-2.—Sales and Redemp tions by Period, All Series of Savings Bonds and Notes Combined 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstand ing 

Sales plus Re demp tions Ma tured 

Ac crued ac crued Sales Ac crued In ter est- non-interestPe riod Sales dis count dis count To tal price 1 dis count 1 bear ing debt bear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) 

Fis cal years: 

1935-95 ................. 370,682 173,465 544,147 360,585 279,529 80,996 181,529 1,997 

1996 ................. 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292 

1997 ................. 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601 

1998 ................. 4,765 9,141 13,906 14,338 6,897 7,441 180,744 5,091 

1999 ................. 6,530 8,394 14,924 16,614 8,072 6,781 166,529 6,169 

2000 ................. 5,645 6,940 12,585 14,511 7,050 5,864 177,659 6,544 

Cal en dar years: 

1935-97 ............... 392,209 215,309 607,518 410,423 308,019 102,404 181,133 5,359 

1998 ................. 4,870 9,156 14,026 13,254 6,577 6,677 180,254 6,273 

1999 ................. 6,054 8,788 14,842 14,523 8,510 6,013 179,277 7,005 

2000 ................. 2,505 3,533 6,038 7,614 3,604 4,010 177,688 6,957 

2000 - June .............. 630 649 1,279 1,420 687 579 177,660 6,831 

July............... 590 762 1,352 1,351 672 562 177,747 6,734 

Aug............... 721 

Sept .............. 540 

677 

641 

1,398 

1,181 

1,633 

1,189 

872 

575 

626 

483 

177,604 

177,659 

6,630 

6,544 

Oct ............... 546 789 1,335 1,144 556 462 177,884 6,493 

Nov............... 563 617 1,180 1,043 508 422 178,079 6,418 

Dec............... 637 665 1,302 1,039 485 459 176,802 7,794 

2001 - Jan ............... 719 781 1,499 1,693 838 692 176,772 7,607 

Feb ............... 558 694 1,252 1,129 488 360 177,049 7,430 

Mar ............... 698 662 1,359 1,203 561 433 177,305 7,299 

Apr................ 820 805 1,625 1,209 538 579 177,783 7,207 

May .............. 708 612 1,320 1,130 506 519 178,054 7,087 

June .............. 624 657 1,281 1,072 490 491 178,329 6,985 

1 Because there is a normal lag in classi fy ing redemp tions, the distri bu tion of redemp tions 

between sales price and accrued discount has been esti mated. 

TA BLE SBN-3.—Sales and Redemp tions by Period, Series E, EE, H, HH and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Se ries E and EE 

Fis cal years: 

1941-95 ......... 1996 ........... 1997 ........... 1998 ........... 1999 ........... 2000 ........... 

Cal en dar years: 

1941-97 ......... 1998 ........... 1999 ........... 2000 ........... 

2000 - June ........ July......... Aug......... Sept ........ Oct ......... Nov......... Dec......... 2001 - Jan ......... 
 
 Feb......... 
 
 Mar......... 
 
 Apr. ........ 
 
 May ........ 
 
 June ........ 
 


See note at end of table. 

329,121 169,936 499,057 302,428 223,816 77,650 17,980 170,005 1,977 

6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276 

5,334 

4,765 

9,067 

9,141 

14,401 

13,906 

8,435 

14,136 

7,541 

6,954 

6,456 

7,182 

1,254 

1,190 

169,969 

180,744 

3,584 

5,091 

4,630 8,349 12,979 12,407 6,744 7,500 1,090 166,529 6,169 

3,848 6,899 10,747 11,161 5,853 6,583 924 162,749 6,525 

342,127 202,456 544,583 336,971 248,824 94,839 21,937 168,802 5,359 

4,870 9,152 14,022 14,123 6,669 6,326 1,981 167,375 6,250 

5,460

1,930 

8,774

3,518 

14,234

6,013 

13,804

4,850 

6,171

3,034 

6,435

3,544 

1,101

98 

165,702

163,679 

6,983

6,677 

378 

324 

644 

757 

1,276

1,349 

1,317

1,246 

579 

562 

652 

600 

86 

84 

163,420

163,267 

6,810

6,713 

329 671 1,270 1,392 626 666 101 162,876 6,610 

336 

334 

633 

780 

1,177

1,331 

1,103

1,057 

483 

462 

542 

520 

78 

74 

162,749

162,807 

6,525

6,448 

351 607 1,178 963 422 468 73 162,799 6,377 

414 

396 

652 

767 

1,243

1,488 

1,023

1,578 

463 

714 

499 

810 

69 

97 

161,386

161,053 

7,739

7,560 

319 

375 

679 

646 

1,251 

1,356 

1,030 

1,106 

382 

454 

597 

579 

94 

114 

161,101 

161,029 

7,386 

7,259 

414 788 1,624 1,114 431 579 105 161,131 7,140 

318 

336 

595 

658 

1,317

1,279 

1,035

978 

398 

382 

519 

491 

118 

106 

161,000

160,986 

7,030

6,934 
48 U.S. SAVINGS BONDS AND NOTES
 

TA BLE SBN-3.—Sales and Redemp tions by Period, Series E, EE, H, HH and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Se ries H and HH 

Fis cal years: 

1952-95 ......... 

1996 ........... 

1997 ........... 

1998 ........... 

1999 ........... 

2000 ........... 

Cal en dar years: 

1952-97 ......... 

1998 ........... 

1999 ........... 

2000 ........... 

2000 - June ........ 

July......... 

Aug......... 

Sept ........ 

Oct ......... 

Nov......... 

Dec......... 

2001 - Jan ......... 

Feb......... 

Mar......... 

Apr. ........ 

May ........ 

June ........ 

13,556 - 13,556 19,727 19,727 - 17,980 170,005 1,977 

16 - 16 744 744 - 1,173 11,940 16 

10 - 10 893 893 - 1,254 12,294 17 

56 - 56 941 941 - 1,108 12,541 19 

167 - 167 1,280 1,280 - 1,080 12,813 19 

165 - 165 1,154 1,154 - 924 12,759 20 

13,546 - 13,546 22,313 22,313 - 21,671 12,331 23 

68 - 68 906 906 - 857 12,594 23 

40 - 40 820 820 - 1,101 12,869 22 

24 - 24 550 550 - 487 12,810 23 

3 - 3 103 103 - 86 12,797 22 

3 - 3 105 105 - 84 12,781 21 

8 - 8 105 105 - 101 12,770 20 

4 - 4 86 86 - 78 12,759 20 

3 - 3 88 88 - 74 12,724 45 

2 - 2 80 80 - 73 12,723 41 

59 - 59 15 15 - 69 12,704 56 

12 - 12 115 115 - 97 12,705 48 

- - - 99 99 - 94 12,704 44 

3 - 3 97 97 - 114 12,722 40 

1 - 1 94 94 - 105 12,705 67 

4 - 4 96 96 - 118 12,733 57 

2 - 2 94 94 - 106 12,750 51 

Se ries I 

Fis cal years: 

1999-00......... 

Cal en dar years: 

1998 ........... 

1999 ........... 

2000 ........... 

2000 - June ........ 

July......... 

Aug......... 

Sept ........ 

Oct ......... 

Nov......... 

Dec......... 

2001 - Jan ......... 
 


Feb......... 
 


Mar......... 
 


Apr. ........ 
 


May ........ 
 


June ........ 
 


1,730 41 1,771 49 49 - - 2,152 -

117 - 117 - - - - 117 -

568 1 569 14 14 - - 469 -

342 14 356 19 19 - - 1,198 -

249 5 254 5 5 - - 1,443 -

263 6 269 5 5 - - 1,700 -

264 6 270 6 6 - - 1,958 -

200 7 207 6 6 - - 2,152 -

208 9 217 7 7 - - 2,353 -

209 11 220 6 6 - - 2,556 -

163 12 175 7 7 - - 2,712 -

311 13 324 10 10 - - 3,014 -

238 15 253 8 8 - - 3,244 -

320 16 336 10 10 - - 3,554 -

406 16 422 12 12 - - 3,948 -

386 18 404 13 13 - - 4,321 -

286 19 305 14 14 - - 4,593 -

Note—Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers. 
49 

IN TRO DUC TION: Owner ship of Federal Secu ri ties 

Fed eral secu ri ties presented in the follow ing tables are 

pub lic debt secu ri ties such as savings bonds, bills, notes and 

bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financ ing authori ties. [See the Federal debt (FD) tables for a more complete

de scrip tion of the Federal debt.] 

Ef fec tive Janu ary 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,” 

Ta ble I: Summary of Treasury Secu ri ties Outstand ing and Table II: Statu tory Debt Limit. These changes should reduce confu sion and bring the publi ca tion more in line with the public’s 

use of terms. 

Trea sury’s Finan cial Manage ment Service (FMS) compiles data in the “Treasury Bulle tin” table OFS-1 from the 

“Monthly Statement of the Public Debt of the United States.” 

Ef fec tive June 2001, FMS revised proce dures and cate go ries 

in this table to agree with the Bureau of the Public Debt’s publi ca tion changes. 

• Ta ble OFS-1 presents Treasury market able and nonmar ket able secu ri ties and debt issued by other Federal agencies held by Govern ment accounts, the FRBs and private 

in ves tors. Social Secu rity and Federal retire ment trust fund invest ments comprise much of the Govern ment account holdings. 

The FRBs acquire Treasury secu ri ties in the market as a 

means of exe cut ing mone tary policy. 

• Ta ble OFS-2 presents the esti mated amount of public 

debt secu ri ties held by private inves tors. Infor ma tion is obtained from sources such as the Federal finan cial insti tu tion

reg u la tory agencies. State, local and foreign holdings include 

spe cial issues of nonmar ket able secu ri ties to munic i pal entities and foreign offi cial accounts. They also include munic ipal, foreign offi cial and private holdings of market able

Trea sury secu ri ties. (See footnotes to the table for descrip tion 

of inves tor cate go ries.) 
50 OWN ER SHIP OF FEDERAL SECU RITIES 

TA BLE OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Inves tors and Type of Issues* 

[In millions of dollars. Source: Finan cial Manage ment Service] 

To tal Public debt secu ri ties 

End of Fed eral Pub lic issues 

fis cal year se cu ri ties To tal Held by U.S. Govern ment accounts held by Federal 

or month out stand ing out stand ing To tal Market able Non mar ket able Re serve Banks 

(1) (2) (3) (4) (5) (6) 

2001 - Jan ....................... 5,743,229 5,716,071 2,328,662 460 2,328,202 533,216 

Feb ....................... 5,762,738 5,735,859 2,333,753 460 2,333,293 538,811 

Mar ....................... 5,800,558 5,773,740 2,339,354 460 2,338,894 542,176 

Apr ....................... 5,688,136 5,661,348 2,363,973 460 2,363,513 544,455 

May ....................... 5,682,853 5,656,182 2,379,862 460 2,379,402 545,667 

June ...................... 5,753,914 5,726,815 2,452,637 460 2,452,177 552,164 

Agency secu ri ties 

Held by 

U.S. Govern ment 

End of 

fis cal year 

or month 

Pub lic debt secu ri ties, con. ac counts and Held by 

Held by private inves tors To tal Fed eral Reserve pri vate 

To tal Mar ket able Non mar ket able out stand ing Banks in ves tors 

(7) (8) (9) (10) (11) (12) 

2001 - Jan .................. 

Feb .................. 

Mar .................. 

Apr .................. 

May .................. 

June ................. 

2,854,193 2,443,652 410,540 27,158 51 27,107 

2,863,295 2,449,987 413,309 26,879 51 26,828 

2,892,210 2,475,233 416,977 26,818 51 26,767 

2,752,920 2,332,957 419,963 26,788 51 26,737 

2,730,653 2,309,290 421,363 26,671 - 26,671 

2,722,014 2,303,111 418,903 27,099 - 27,099 

* Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format changes in the “Monthly Statement of the Public Debt of the United States.” 
OWN ER SHIP OF FEDERAL SECU RITIES 51 

TA BLE OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Inves tors and Type of Issues 

(His tor i cal) 

[In millions of dollars. Source: Finan cial Manage ment Service] 

To tal In ter est-bearing public debt secu ri ties 

End of Fed eral Pub lic issues 

fis cal year se cu ri ties To tal Held by U.S. Govern ment accounts held by Federal 

or month out stand ing out stand ing To tal Market able Non mar ket able Re serve Banks 

(1) (2) (3) (4) (5) (6) 

1996 ......................... 5,259,842 5,220,790 1,447,003 1,506 1,445,497 390,924 

1997 ......................... 5,446,320 5,407,528 1,596,765 1,254 1,595,511 436,496 

1998 ......................... 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

1999 ......................... 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000 ......................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413 

2000 - June.................... 5,714,216 5,675,889 2,190,225 459 2,189,766 504,950 

July .................... 5,686,531 5,648,865 2,197,056 461 2,196,595 506,103 

Aug .................... 5,705,463 5,667,989 2,206,153 461 2,205,692 510,182 

Sept.................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413 

Oct..................... 5,684,542 5,647,557 2,248,622 461 2,248,161 526,994 

Nov .................... 5,736,948 5,700,007 2,258,481 461 2,258,020 530,201 

Dec .................... 5,689,593 5,618,061 2,248,675 461 2,248,214 532,815 

Ma tured Agency secu ri ties 

pub lic Held by 

debt U.S. Govern ment 

End of 

fis cal year 

or month 

In ter est-bearing public debt secu ri ties, con. 
 

Held by private inves tors
 

To tal Mar ket able Non mar ket able
 

and debt 

bear ing no 

in ter est 

To tal 

out stand ing 

ac counts and 

Fed eral Reserve 

Banks 

Held by 

pri vate 

in ves tors 

(7) (8) (9) (10) (11) (12) (13) 

1996 ..................... 3,382,863 3,025,941 356,922 4,021 35,030 7,606 27,424 

1997 ..................... 3,374,267 3,001,866 372,401 5,618 33,173 7,098 26,075 

1998 ..................... 3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

1999 ..................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2000 ..................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

2000 - June ............... 2,980,714 2,565,321 415,392 10,050 28,278 51 28,227 

July ................ 2,945,706 2,539,547 406,159 9,943 27,724 51 27,673 

Aug ................ 2,951,654 2,545,893 405,762 9,833 27,641 51 27,590 

Sept ............... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

Oct ................ 2,871,941 2,466,427 405,514 9,770 27,214 51 27,163 

Nov ................ 2,911,325 2,506,065 405,259 9,693 27,249 51 27,198 

Dec ................ 2,836,571 2,433,609 402,962 44,155 27,377 51 27,326 
52 OWN ER SHIP OF FEDERAL SECU RITIES 

TA BLE OFS-2.—Esti mated Owner ship of U.S. Treasury Secu ri ties 

[In billions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Fed eral
 Pen sion funds 3 

Re serve
 State

To tal and Govern­
 To tal Depos i tory U.S. State and Insur ance and local Foreign

pub lic ment ac­
 pri vately in sti tu- savings local govern­ compa- Mu tual gov ern­ and inter- Other 

debt 1 counts 2
 held tions3,4 bonds 5 Pri vate 6 ments nies 3 funds 3,7 ments 3 national 8 inves tors 9 

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1990 - Mar ....... 3,052.0 935.4 2,116.6 218.8 119.9 116.6 139.0 132.3 142.7 401.1 445.4 400.8 

June ...... 3,143.8 1,003.8 2,140.0 214.2 121.9 122.6 144.6 133.7 141.2 405.0 451.0 405.7 

Sept....... 3,233.3 1,026.0 2,207.3 214.8 123.9 126.5 146.4 136.4 147.6 407.3 463.8 440.7 

Dec ....... 3,364.8 1,059.5 2,305.3 206.5 126.2 129.7 144.5 138.2 162.8 410.6 487.1 499.8 

1991 - Mar ....... 3,465.2 1,104.6 2,360.6 222.5 129.7 122.9 153.4 147.2 186.1 415.6 492.0 491.2 

June ...... 3,538.0 1,139.1 2,398.9 231.5 133.2 122.8 155.0 156.8 180.1 416.8 502.0 500.7 

Sept....... 3,665.3 1,166.9 2,498.4 251.7 135.4 126.2 140.2 171.4 199.5 430.2 506.3 537.6 

Dec ....... 3,801.7 1,223.2 2,578.5 271.5 138.1 126.9 141.7 181.8 221.8 435.5 520.9 540.3 

1992 - Mar ....... 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 140.7 188.4 227.9 460.0 536.4 553.0 

June ...... 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 235.2 435.6 558.2 566.7 

Sept....... 4,064.6 1,282.4 2,782.2 337.1 150.3 120.0 166.4 194.8 245.1 429.3 562.8 576.5 

Dec ....... 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 259.5 418.2 576.7 596.4 

1993 - Mar ....... 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 261.5 434.0 585.9 603.2 

June ...... 4,352.0 1,400.6 2,951.4 361.0 166.5 111.6 176.9 217.8 269.2 441.2 596.8 610.4 

Sept....... 4,411.5 1,422.2 2,989.3 366.2 169.1 125.1 188.7 229.4 283.9 434.0 619.1 573.9 

Dec ....... 4,535.7 1,476.1 3,059.6 373.0 171.9 119.3 186.3 234.5 294.0 447.8 650.3 582.5 

1994 - Mar ....... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.0 233.4 278.0 443.4 661.1 597.0 

June ...... 4,645.8 1,547.5 3,098.3 383.9 177.1 128.9 193.4 238.1 271.6 425.2 659.9 620.3 

Sept....... 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 265.3 398.2 682.0 670.4 

Dec ....... 4,800.2 1,622.6 3,177.6 339.6 180.5 139.4 192.1 240.1 273.0 370.0 667.3 775.6 

1995 - Mar ....... 4,864.1 1,619.3 3,244.8 352.9 181.4 141.1 203.1 244.2 273.1 350.5 707.0 791.6 

June ...... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.0 197.2 245.0 263.9 313.7 762.5 814.6 

Sept....... 4,974.0 1,688.0 3,286.0 330.8 183.5 141.4 193.0 245.2 272.6 304.3 820.4 794.8 

Dec ....... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.0 191.7 241.5 286.5 289.8 835.2 820.6 

1996 - Mar ....... 5,117.8 1,731.1 3,386.7 322.1 185.8 143.7 198.9 239.4 310.4 283.6 908.1 794.7 

June ...... 5,161.1 1,806.7 3,354.4 318.7 186.5 143.9 208.2 229.5 306.5 283.3 929.7 748.1 

Sept....... 5,224.8 1,831.6 3,393.2 310.9 186.8 140.5 202.4 226.8 308.4 263.8 993.4 760.2 

Dec ....... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.3 203.5 214.1 315.8 257.0 1,102.1 715.8 

1997 - Mar ....... 5,380.9 1,928.7 3,452.2 317.3 186.5 140.6 203.7 182.2 310.6 250.6 1,157.6 703.1 

June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 141.0 209.3 183.6 305.4 243.3 1,182.7 625.5 

Sept ....... 5,413.1 2,011.5 3,401.6 292.8 186.2 141.6 219.7 187.3 311.4 237.7 1,230.5 594.3 

Dec ........ 5,502.4 2,087.8 3,414.6 300.3 186.5 142.5 216.9 176.6 321.5 239.3 1,241.6 589.5 

1998 - Mar ....... 5,542.4 2,104.9 3,437.5 308.2 186.3 142.8 211.9 169.4 325.1 238.1 1,250.5 605.2 

June ...... 5,547.9 2,198.6 3,349.3 290.7 186.0 145.2 214.8 160.6 319.4 258.5 1,256.0 518.1 

Sept....... 5,526.2 2,213.0 3,313.2 244.4 186.0 150.6 211.2 151.3 319.7 266.4 1,224.2 559.4 

Dec ....... 5,614.2 2,280.2 3,334.0 237.3 186.7 157.6 217.7 144.5 343.2 269.3 1,278.7 499.0 

1999 - Mar ....... 5,651.6 2,324.1 3,327.5 246.5 186.5 160.7 218.4 140.3 351.7 272.5 1,272.3 478.6 

June ...... 5,638.8 2,439.6 3,199.2 240.6 186.5 164.3 222.5 136.3 334.9 279.1 1,258.8 376.2 

Sept....... 5,656.3 2,480.9 3,175.4 239.9 186.2 164.2 217.3 130.6 338.3 271.6 1,281.4 345.9 

Dec ....... 5,776.1 2,542.2 3,233.9 246.4 186.4 167.7 r 211.2 125.3 348.6 266.8 1,268.7 r 412.8 

2000 - Mar ....... 5,773.4 2,590.6 3,182.8 234.9 185.3 171.0 211.1 124.0 r 339.8 257.2 r 1,273.9 r 385.6 

June ...... 5,685.9 2,698.6 2,987.4 219.3 184.6 173.6 210.5 r 122.0 r 322.9 256.4 r 1,249.1 r 249.0 

Sept....... 5,674.2 2,737.9 2,936.2 218.3 r 184.3 179.2 r 203.9 r 119.3 r 324.3 246.9 r 1,224.9 r 235.1 

Dec ....... 5,662.2 r 2,781.8 2,880.4 r 260.7 184.8 r 181.6 r 206.1 r 116.6 r 338.1 246.2 r 1,201.3 r 145.0 

2001 - Mar ....... 5,773.7 2,880.9 2,892.9 p181.1 184.8 p 181.3 p 203.6 p 112.8 p 348.2 p 234.1 r 1,196.1 p 250.9 

June ...... 5,726.8 3,004.2 2,722.6 n.a. 185.5 n.a. n.a. n.a. n.a. n.a. p1,167.1 n.a. 

1 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 7 Includes money market mutual funds, mutual funds and closed-end invest ment compa nies.
 2 Sources: Federal Reserve Bulle tin, table 1.18, Federal Reserve Banks, statement of condi- 8 Source: Federal Reserve Board Treasury Inter na tional Capi tal Survey. Includes nonmar ket­
 tion, for System Open Market Accounts; and U. S. Treasury for Govern ment accounts. Federal able foreign series Treasury secu ri ties and Treasury deposit funds. Excludes Treasury secu ri- Re serve holdings exclude Treasury secu ri ties held under repur chase agreements. ties held under repur chase agreements in custody accounts at the Federal Reserve Bank of 
 3 Source: Federal Reserve Board of Gover nors, Flow of Funds Table L.209. New York. Esti mates reflect the 1984 benchmark to Decem ber 1989, the 1989 benchmark to 
 4 Includes commer cial banks, savings insti tu tions and credit unions. De cem ber 1994 and the 1994 benchmark to date. 
 

5 Source: “Monthly Statement of the Public Debt of the United States.” Current 9 Includes indi vid u als, Govern ment-sponsored enter prises, brokers and dealers, bank personal 
 

accrual value. trusts and estates, corpo rate and non-corporate businesses, and other inves tors. 

6 Note.—Owner ship data were revised (in June 1999) back to March 1989 in order to update In cludes U.S. Treasury secu ri ties held by the Federal Employees Retire ment System Thrift own er ship cate go ries and to incor po rate greater reli ance on Flow of Funds data of the Federal Sav ings Plan "G Fund." Re serve Board. 
53
 


IN TRO DUC TION: Mar ket Yields
 


The tables and charts in this section present yields on

Trea sury market able secu ri ties, and compare long-term yields 

on Treasury secu ri ties with yields on long-term corpo rate and 

mu nic i pal secu ri ties. 

• Ta ble MY-1 lists Treasury market bid yields at constant matu ri ties for bills, notes and bonds. The Treasury yield 

curve in the accom pa ny ing chart is based on current market 

bid quota tions on the most actively traded Treasury secu ri ties 

as of 3:30 p.m. on the last business day of the calen dar quarter. 

The Treasury uses quota tions obtained by the FRB of 

New York to derive the yield curve, based on semian nual inter est payments and read at constant matu rity points to develop a consis tent data series. Yields on Treasury bills are 

cou pon equiva lent yields of bank dis count rates at which 

Trea sury bills trade in the market. The Board of Gover nors of 

the Federal Reserve System publishes the Treasury constant 

ma tu rity data series in its weekly H.15 press release. 

• Ta ble MY-2 shows aver age yields of long-term Treasury, corpo rate and munic i pal bonds. The long-term Treasury

av er age yield is the 30-year constant matu rity yield. The corpo rate bond aver age yield is devel oped by Treasury by calculat ing reoffering yields on new long-term secu ri ties matur ing 

in at least 20 years and rated Aa by Moody’s Inves tors Service. 

The munic i pal bond aver age yield prior to 1991 was compiled 

by Treasury. Begin ning with Janu ary 1991, the aver age yield 

is the “Munic i pal Bond Yield Aver age,” published by 

Moody’s Inves tors Service for 20-yearreoffering yields on selected Aa-rated general obli ga tions. See the footnotes for further expla na tion. 

TA BLE MY-1.—Treasury Market Bid Yields at Constant Matu rities: 

Bills, Notes and Bonds* 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Period 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr. 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Monthly aver age: 

2000 - July................ 6.14 6.27 6.08 6.34 6.28 6.18 6.22 6.05 5.85 

Aug ............... 6.28 6.35 6.18 6.23 6.17 6.06 6.05 5.83 5.72 

Sept............... 6.18 6.25 6.13 6.08 6.02 5.93 5.98 5.80 5.83 

Oct................ 6.29 6.32 6.01 5.91 5.85 5.78 5.84 5.74 5.80 

Nov ............... 6.36 6.34 6.09 5.88 5.79 5.70 5.78 5.72 5.78 

Dec ............... 5.94 5.92 5.60 5.35 5.26 5.17 5.28 5.24 5.49 

2001 - Jan ................ 5.29 5.15 4.81 4.76 4.77 4.86 5.13 5.16 5.54 

Feb ............... 5.01 4.89 4.68 4.66 4.71 4.89 5.10 5.10 5.45 

Mar ............... 4.54 4.44 4.30 4.34 4.43 4.64 4.88 4.89 5.34 

Apr................ 3.97 3.99 3.98 4.23 4.42 4.76 5.03 5.14 5.65 

May ............... 3.70 3.74 3.78 4.26 4.51 4.93 5.24 5.39 5.78 

June............... 3.57 3.56 3.58 4.08 4.35 4.81 5.14 5.28 5.67 

End of month: 

2000 - July................ 6.27 6.42 6.07 6.30 6.24 6.16 6.19 6.04 5.79 

Aug ............... 6.31 6.38 6.22 6.18 6.09 5.98 5.98 5.73 5.67 

Sept............... 6.23 6.28 6.07 5.98 5.91 5.85 5.93 5.80 5.88 

Oct................ 6.38 6.36 6.12 5.94 5.87 5.83 5.87 5.77 5.79 

Nov ............... 6.21 6.18 5.92 5.61 5.52 5.42 5.50 5.48 5.60 

Dec ............... 5.89 5.70 5.32 5.11 5.06 4.99 5.16 5.12 5.46 

2001 - Jan ................ 4.99 4.83 4.60 4.62 4.67 4.85 5.08 5.19 5.54 

Feb ............... 4.85 4.70 4.47 4.41 4.48 4.70 4.93 4.92 5.34 

Mar ............... 4.30 4.09 4.09 4.18 4.33 4.62 4.86 4.93 5.46 

Apr................ 3.95 3.97 3.94 4.30 4.55 4.97 5.22 5.35 5.78 

May ............... 3.63 3.59 3.63 4.22 4.49 4.94 5.27 5.43 5.78 

June............... 3.65 3.63 3.72 4.25 4.52 4.97 5.28 5.42 5.75 

* Rates are from the Treasury yields curve. 
54 MARKET YIELDS
 


CHART MY-A.—Yields of Treasury Secu ri ties, June 29, 2001* 

Based on closing bid quota tions (in percent ages) 

6.0 

Note: The curve is based only on the most actively traded issues. Market yields on coupon

is sues due in less than 3 months are excluded. 

5.5 

5.0 

4.5 

4.0 

3.5
 

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
 

Years to ma tu rity 

* Source: Office of Market Finance 
MARKET YIELDS 55 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. corporate municipal

Period bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES �AV ER AGES OF DAILY OR WEEKLY SERIES 

1990 

Jan ...................................................................................... 8.26 9.56 6.95 

Feb ...................................................................................... 8.50 9.68 7.03 

Mar ...................................................................................... 8.56 9.79 7.09 

Apr ...................................................................................... 8.76 10.02 7.26 

May ...................................................................................... 8.73 9.97 7.14 

June ..................................................................................... 8.46 9.69 6.98 

July ...................................................................................... 8.50 9.72 7.03 

Aug ...................................................................................... 8.86 10.05 7.13 

Sept...................................................................................... 9.03 10.17 7.15 

Oct ...................................................................................... 8.86 10.09 7.24 

Nov ...................................................................................... 8.54 9.79 6.87 

Dec ...................................................................................... 8.24 9.55 6.85 

1991 

Jan ...................................................................................... 8.27 9.60 7.00 

Feb ...................................................................................... 8.03 9.14 6.61 

Mar ...................................................................................... 8.29 9.14 6.88 

Apr ...................................................................................... 8.21 9.07 6.81 

May ...................................................................................... 8.27 9.13 6.78 

June ..................................................................................... 8.47 9.37 6.90 

July ...................................................................................... 8.45 9.38 6.89 

Aug ...................................................................................... 8.14 8.88 6.66 

Sept...................................................................................... 7.95 8.79 6.58 

Oct ...................................................................................... 7.93 8.81 6.44 

Nov ...................................................................................... 7.92 8.72 6.37 

Dec ...................................................................................... 7.70 8.55 6.43 

1992 

Jan ...................................................................................... 7.58 8.36 6.29 

Feb ...................................................................................... 7.85 8.63 6.42 

Mar ...................................................................................... 7.97 8.62 6.59 

Apr ...................................................................................... 7.96 8.59 6.54 

May ...................................................................................... 7.89 8.57 6.39 

June ..................................................................................... 7.84 8.45 6.32 

July ...................................................................................... 7.60 8.19 5.90 

Aug ...................................................................................... 7.39 7.96 5.81 

Sept...................................................................................... 7.34 7.99 6.05 

Oct ...................................................................................... 7.53 8.17 6.18 

Nov ...................................................................................... 7.61 8.25 6.22 

Dec ...................................................................................... 7.44 8.12 6.02 

1993 

Jan ...................................................................................... 7.34 7.91 6.05 

Feb ...................................................................................... 7.09 7.73 5.74 

Mar ...................................................................................... 6.82 7.39 5.54 

Apr ...................................................................................... 6.85 7.48 5.64 

May ...................................................................................... 6.92 7.52 5.61 

June ..................................................................................... 6.81 7.48 5.54 

July ...................................................................................... 6.63 7.35 5.40 

Aug ...................................................................................... 6.32 7.04 5.50 

Sept...................................................................................... 6.00 6.88 5.44 

Oct ...................................................................................... 5.94 6.88 5.23 

Nov ...................................................................................... 6.21 7.17 5.19 

Dec ...................................................................................... 6.25 7.22 5.27 

See footnotes at end of table. 
56 MARKET YIELDS 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds, con. 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. cor po rate mu nic i pal Pe riod bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES—AVER AGES OF DAILY OR WEEKLY SERIES 

1994 

Jan ...................................................................................... 6.29 7.16 5.19 

Feb ...................................................................................... 6.49 7.27 5.16 

Mar ...................................................................................... 6.91 7.64 5.47 

Apr ...................................................................................... 7.27 7.95 5.59 

May ...................................................................................... 7.41 8.17 5.79 

June ..................................................................................... 7.40 8.16 5.96 

July ...................................................................................... 7.58 8.30 6.11 

Aug ...................................................................................... 7.49 8.25 6.07 

Sept...................................................................................... 7.71 8.48 6.10 

Oct ...................................................................................... 7.94 8.76 6.31 

Nov ...................................................................................... 8.08 8.89 6.79 

Dec ...................................................................................... 7.87 8.66 6.63 

1995 

Jan ...................................................................................... 7.85 8.59 6.48 

Feb ...................................................................................... 7.61 8.39 6.09 

Mar ...................................................................................... 7.45 8.23 5.91 

Apr ...................................................................................... 7.36 8.10 5.80 

May ...................................................................................... 6.95 7.68 5.75 

June ..................................................................................... 6.57 7.42 5.61 

July ...................................................................................... 6.72 7.54 5.69 

Aug ...................................................................................... 6.86 7.75 5.81 

Sept...................................................................................... 6.55 7.42 5.75 

Oct ...................................................................................... 6.37 7.29 5.80 

Nov ...................................................................................... 6.26 7.20 5.56 

Dec ...................................................................................... 6.06 7.02 5.46 

1996 

Jan ...................................................................................... 6.05 7.00 5.41 

Feb ...................................................................................... 6.24 7.14 5.41 

Mar ...................................................................................... 6.60 7.58 5.57 

Apr ...................................................................................... 6.79 7.81 5.72 

May ...................................................................................... 6.93 7.87 5.73 

June ..................................................................................... 7.06 8.00 5.82 

July ...................................................................................... 7.03 7.97 5.82 

Aug ...................................................................................... 6.84 7.68 5.69 

Sept...................................................................................... 7.03 7.84 5.62 

Oct ...................................................................................... 6.81 7.69 5.53 

Nov ...................................................................................... 6.48 7.43 5.47 

Dec ...................................................................................... 6.55 7.45 5.47 

1997 

Jan ...................................................................................... 6.83 7.62 5.53 

Feb ...................................................................................... 6.69 7.54 5.40 

Mar ...................................................................................... 6.93 7.85 5.59 

Apr ...................................................................................... 7.09 8.04 5.73 

May ...................................................................................... 6.94 7.90 5.53 

June ..................................................................................... 6.77 7.71 5.39 

July ...................................................................................... 6.51 7.44 5.27 

Aug ...................................................................................... 6.58 7.30 5.27 

Sept...................................................................................... 6.50 7.04 5.25 

Oct ...................................................................................... 6.33 6.90 5.26 

Nov ...................................................................................... 6.11 6.79 5.23 

Dec ...................................................................................... 5.99 6.68 5.07 

See footnotes at end of table. 
MARKET YIELDS 57 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds, con. 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. corporate mu nic i pal Pe riod bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES—AVER AGES OF DAILY OR WEEKLY SERIES 

1998 

Jan ...................................................................................... 5.81 6.62 4.93 

Feb ...................................................................................... 5.89 6.66 4.96 

Mar ...................................................................................... 5.95 6.63 5.10 

Apr ...................................................................................... 5.92 6.59 5.10 

May ...................................................................................... 5.93 6.63 5.17 

June ..................................................................................... 5.70 6.43 5.01 

July ...................................................................................... 5.68 6.36 5.04 

Aug ...................................................................................... 5.54 6.34 5.06 

Sept...................................................................................... 5.20 6.26 4.94 

Oct ...................................................................................... 5.01 6.21 4.82 

Nov ...................................................................................... 5.25 6.42 4.93 

Dec ...................................................................................... 5.06 6.13 4.90 

1999 

Jan ...................................................................................... 5.16 6.14 4.94 

Feb ...................................................................................... 5.37 6.33 4.89 

Mar ...................................................................................... 5.58 6.52 5.02 

Apr ...................................................................................... 5.55 6.58 5.00 

May ...................................................................................... 5.81 6.86 5.15 

June ..................................................................................... 6.04 7.21 5.31 

July ...................................................................................... 5.98 7.20 5.30 

Aug ...................................................................................... 6.07 7.36 5.56 

Sept...................................................................................... 6.07 7.38 5.67 

Oct ...................................................................................... 6.26 7.51 5.84 

Nov ...................................................................................... 6.15 7.35 5.90 

Dec ...................................................................................... 6.35 7.55 5.91 

2000 

Jan ...................................................................................... 6.63 7.83 6.02 

Feb ...................................................................................... 6.23 7.59 5.95 

Mar ...................................................................................... 6.05 7.54 5.80 

Apr ...................................................................................... 5.85 7.49 5.64 

May ...................................................................................... 6.15 7.85 5.94 

June ..................................................................................... 5.93 7.75 5.74 

July ...................................................................................... 5.85 7.66 5.59 

Aug ...................................................................................... 5.72 7.47 5.48 

Sept...................................................................................... 5.83 7.50 5.50 

Oct ...................................................................................... 5.80 7.50 5.56 

Nov ...................................................................................... 5.78 7.41 5.50 

Dec ...................................................................................... 5.49 7.21 5.23 

2001 

Jan. ...................................................................................... 5.54 7.15 5.07 

Feb ...................................................................................... 5.45 7.08 5.14 

Mar ...................................................................................... 5.34 6.87 5.08 

Apr ...................................................................................... 5.65 7.09 5.24 

May ...................................................................................... 5.78 7.19 5.25 

June ..................................................................................... 5.67 7.11 5.18 

1 Treasury series based on 3-week moving aver age of reoffering yields of new corpo rate 2 Index of new reoffering yields on 20-year general obli ga tions rated Aa by Moody’s Inves tors 

bonds rated Aa by Moody’s Inves tors Service with an origi nal matu rity of at least 20 years. Ser vice. Source: U.S. Treasury, 1980-90; Moody’s, Janu ary 1991 to present. 
CHART MY-B.—Av er age Yields of Long-Term

Trea sury, Cor po rate and Mu nic i pal Bonds*

Monthly av er ages (in per cent ages)

58 MARKET YIELDS

Cal en dar years

*Source: Of fice of Mar ket Fi nance

4

5

6

7

8

9

10

11

88 89 90 91 92 93 94 95 96 97 98 99 00 01

Treasury 30-yr. bonds

Aa corporate bonds

Aa municipal bonds
59
 

IN TRO DUC TION: U.S. Currency and Coin Outstand ing and in Circu la tion
 

The U.S. Currency and Coin Outstand ing and in Circu lation (USCC) statement informs the public of the total face 

value of currency and coin used as a medium of exchange that 

is in circu la tion at the end of a given account ing month. The 

state ment defines the total amount of currency and coin outstand ing and the portion deemed to be in circu la tion. It includes some old and current rare issues that do not circu late or 

that may do so to a limited extent. Treasury includes them in 

the statement because the issues were origi nally intended for 

gen eral circu la tion. 

The USCC statement provides a descrip tion of the various issues of paper money. It also gives an esti mated aver age 

of currency and coin held by each indi vid ual, using esti mates 

of popu la tion from the Bureau of the Census. USCC infor mation has been published by Trea sury since 1888, and was published sepa rately until 1983, when it was incor po rated into the 

“Trea sury Bulle tin.” The USCC comes from monthly reports 

com piled by Treasury offices, vari ous U.S. Mint offices, the 

Fed eral Reserve Banks (FRBs) and the Federal Reserve 

Board. 

TA BLE USCC-1.—Amounts Outstand ing and in Circu la tion, June 29, 2001 

[Source: Finan cial Manage ment Service] 

Cur rency no and coinTo tal currency Total currency Fed eral Reserve notes 1 U.S. notes lon ger issued 

Cur rency (1) (2) (3) (4) (5) 

Amounts outstand ing. ................ $768,474,579,815 $736,322,681,117 $735,804,815,091 $264,592,916 $253,273,110 

Less amounts held by: 

The Treasury. .................... 370,916,613 16,668,613 16,458,890 20,739 188,984 

FRBs ........................... 171,356,926,707 170,231,225,063 170,231,222,038 - 3,025 

Amounts in circu la tion................ $596,746,736,495 $566,074,787,441 $565,557,134,163 $264,572,177 $253,081,101 

Total Dollars 3 Fractional coins 

Coins 2 (1) (2) (3) 

Amounts outstand ing. .................. $32,151,898,698 $3,462,931,398 $28,688,967,300 

Less amounts held by: 

The Treasury........................ 354,248,000 330,472,000 23,776,000 

FRBs ............................. 1,125,701,644 288,507,443 837,194,201 

Amounts in circu la tion .................. $30,671,949,054 $2,843,951,955 $27,827,997,099 

See footnotes follow ing table USCC-2. 
60 U.S. CURRENCY AND COIN OUTSTAND ING AND IN CIRCU LA TION 

TA BLE USCC-2.—Amounts Outstand ing and in Circu la tion, June 29, 2001 

[Source: Finan cial Manage ment Service] 

Currency no To tal Fed eral Reserve notes 1 U.S. notes lon ger issued 

Cur rency in circu la tion by denom i na tion (1) (2) (3) (4) 

$1 ............................. 

$2 ............................. 

$5 ............................. 

$10 ............................ 

$20 ............................ 

$50 ............................ 

$100 ........................... 

$500 ........................... 

$1,000 .......................... 

$5,000 .......................... 

$10,000 ......................... 

Frac tional parts ................... 

Par tial notes 4 ....................... 

$7,464,822,256 $7,318,136,850 $143,481 $146,541,925 

1,248,351,650 1,115,953,108 132,385,966 12,576 

8,544,953,565 8,404,734,575 109,876,210 30,342,780 

13,801,299,850 13,779,246,280 5,950 22,047,620 

93,799,237,320 93,779,132,000 3,380 20,101,940 

53,524,106,800 53,512,612,850 - 11,493,950 

387,377,350,400 387,333,201,500 22,157,100 21,991,800 

143,070,000 142,882,000 - 188,000 

166,400,000 166,195,000 - 205,000 

1,755,000 1,700,000 - 55,000 

3,440,000 3,340,000 - 100,000 

485 - - 485 

115 - 90 25 

To tal currency .................. $566,074,787,441 $565,557,134,163 $264,572,177 $253,081,101 

Amount (in millions) Per ca pita 5 

Com par a tive totals of currency and coins in circu la tion—se lected dates (1) (2) 

June 29, 2001 ................................... 

May 1, 2001 ..................................... 

Apr. 30, 2001 ................................... 

July 31, 1999.................................... 

Sept. 30, 1995 ................................... 

Sept. 30, 1990 ................................... 

Sept. 30, 1985 ................................... 

Sept. 30, 1980 ................................... 

June 30, 1975 ................................... 

June 30, 1970 ................................... 

June 30, 1965 ................................... 

June 30, 1960 ................................... 

June 30, 1955 ................................... 

596,747 $2,148.39 

596,012 2,147.44 

588,276 2,121.13 

533,492 1,953.25 

409,272 1,553.15 

278,903 1,105.14 

187,337 782.45 

129,916 581.48 

81,196 380.08 

54,351 265.39 

39,719 204.14 

32,064 177.47 

30,229 182.90 

1 Is sued on or after July 1, 1929. 4 Rep re sents value of certain partial denom i na tions not presented for redemp tion. 2

 Excludes coins sold to collec tors at premium prices. 5 Based on Bureau of the Census esti mates of popu la tion. 3

 Includes $481,781,898 in standard silver dollars. 
63
 

IN TRO DUC TION: Inter na tional Finan cial Statis tics 

The tables in this section provide statis tics on U.S. Govern ment reserve assets, lia bil i ties to for eign ers and its inter national finan cial posi tion. All mone tary figures are in dollars or 

dol lar equiva lents.	 

• Ta ble IFS-1 shows reserve assets of the United States, 

in clud ing its gold stock, spe cial drawing rights held in the 

Spe cial Drawing Account in the In ter na tional Mone tary Fund 

(IMF), holdings of convert ible foreign curren cies and reserve 

po si tion in the IMF. 

• Ta ble IFS-2 contains statis tics on lia bil i ties to for eign

of fi cial insti tu tions, and selected lia bil i ties to all other for eigners, which are used in the U.S. balance of payments statis tics. 

• Ta ble IFS-3 shows nonmar ket able bonds and notes 

that the Treasury issues to offi cial insti tu tions and other residents of foreign countries. 

TA BLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Reserve posi­ tion in Inter naEnd of cal en dar To tal re serve Spe cial drawing For eign curren cies 4 

tional Mone tary 

year or month as sets 1 Gold stock 2 rights 1,3 Fund 1,5,6 

(1) (2) (3) (4) (5) 

1996 ................ 

1997 ................ 

1998 ................ 

1999 ................ 

2000 - July............ 

Aug............ 

Sept ........... 

Oct ............ 

Nov............ 

Dec............ 

2001 - Jan ............ 

Feb............ 

Mar............ 

Apr ............ 

May ........... 

June ........... 

July............ 

75,089 11,048 10,312 38,294 15,435 

69,954 11,047 10,027 30,809 18,071 

81,761 11,046 10,603 36,001 24,111 

71,516 11,048 10,336 32,182 17,950 

66,516 11,046 10,257 30,130 15,083 

65,333 11,046 10,371 30,118 13,798 

66,256 11,046 10,316 31,209 13,685 

65,257 11,046 10,169 30,514 13,528 

65,523 11,046 10,369 30,617 13,491 

67,647 11,046 10,539 31,238 14,824 

67,542 11,046 10,497 30,920 15,079 

66,486 11,046 10,641 30,692 14,107 

64,222 11,046 10,379 29,020 13,777 

64,731 11,046 10,420 29,449 13,816 

65,254 11,044 10,481 29,446 14,283 

64,847 11,044 10,409 28,775 14,619 

65,736 11,044 10,518 29,209 14,965 

1 Begin ning July 1974, the Inter na tional Mone tary Fund (IMF) adopted a technique for valuing 4 In cludes holdings of Treasury and Federal Reserve System; begin ning Novem ber 

the special drawing right (SDR) based on a weighted aver age of exchange rates for the curren- 1978, these are valued at current market exchange rates or, where appro pri ate, at such 

cies of selected member countries. The U.S. SDR holdings and reserve posi tion in the IMF also other rates as may be agreed upon by the parties to the transac tions. 

are valued on this basis begin ning July 1974. 5 The United States has the right to purchase foreign curren cies equiva lent to its reserve 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursu ant to 31 United po si tion in the IMF auto mat i cally if needed. Under appro pri ate condi tions, the United 

States Code 5117 (b) issues gold certif i cates to the Federal Reserve at the same rate against States could purchase addi tional amounts related to the U.S. quota. 

all gold held. 6 In cludes an SDR $361 million loan to the IMF under the General Arrange ments to Bor- 3 Includes allo ca tions of SDRs in the Special Drawing Account in the IMF, plus or minus trans- row in July 1998, and an SDR $619 million loan to the IMF under the New Arrange ments

ac tions in SDRs. to Borrow in Decem ber 1998. 
64 IN TER NA TIONAL FINAN CIAL STATIS TICS 

TA BLE IFS-2.—Selected U.S. Lia bil i ties to Foreigners 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties to foreign countries 

Li a bil i ties to

Of fi cial insti tu tions 1 other foreign ers 

Li a bil i ties 

to nonMar ket able Nonmarket- Li a bil i ties Marketable mon e tary

Li a bil i ties U.S. able U.S. Other re ported U.S. in ter na- End of re ported by Trea sury Trea sury readily by banks Trea sury tional and

cal en dar banks in bonds bonds mar ket- Li a bil i ties in the bonds re gional 

year or United and and able to United and organizamonth To tal To tal States notes 2 notes 3 liabilities 4 banks 5 To tal States notes 2, 6 tions 7 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1996 ........... 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412 

1997 ........... 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145 

1998 ........... 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 

1999 ........... 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000 - June r .... 2,657,083 812,939 293,976 433,829 5,740 79,394 1,005,752 811,874 208,499 603,375 26,518 

July r ..... 2,685,563 824,537 301,705 433,190 5,180 84,462 1,035,453 804,047 205,779 598,268 21,526 

Aug. r ..... 2,654,856 826,869 298,489 433,639 5,213 89,528 1,001,579 806,944 209,242 597,702 19,464 

Sept. r .... 2,654,061 826,206 299,858 427,013 5,247 94,088 1,002,601 805,625 210,329 595,296 19,629 

Oct. r ..... 2,711,835 826,421 301,758 419,863 5,280 99,520 1,037,957 826,133 226,861 599,272 21,324 

Nov. r ..... 2,714,795 825,825 303,401 414,896 5,313 102,215 1,047,806 820,017 229,737 590,280 21,147 

Dec. r ..... 2,700,432 821,947 297,668 415,964 5,348 102,967 1,053,007 808,010 228,702 579,308 17,468 

2001 - Jan. r ..... 2,746,203 843,023 314,260 418,190 4,923 105,650 1,084,303 803,546 234,995 568,551 15,331 

Feb ....... 2,716,724 840,735 310,830 418,857 4,953 106,095 1,050,657 809,322 234,466 574,856 16,010 

Mar ....... 2,708,121 841,509 309,845 419,106 4,984 107,574 1,046,317 803,173 223,589 579,584 17,122 

Apr ....... 2,726,187 831,039 302,599 410,066 5,017 113,357 1,052,589 825,088 249,981 575,107 17,471 

May p ..... 2,733,875 813,040 281,883 410,979 5,049 115,129 1,075,287 825,997 248,972 577,025 19,551 

June p .... 2,719,641 809,757 282,367 407,736 5,081 114,573 1,056,392 834,999 257,969 577,030 18,493 

1 Includes Bank for Inter na tional Settle ments. 6 Includes market able U.S. Govern ment bonds and notes held by foreign banks. 
 

2 Derived by apply ing reported transac tions to benchmark data. 7 Prin ci pally the Inter na tional Bank for Recon struc tion and Devel op ment, the Inter-American 
 

3 Includes current value of zero-coupon Treasury bond issues to foreign govern ments as fol- De vel op ment Bank and the Asian Devel op ment Bank. 
 

lows: Mexico, begin ning March 1988, 20-year matu rity issue and begin ning March 1990, Note.—Table is based on Treasury data and on data reported to the Treasury by banks,
 30-year matu rity issue; Vene zuela, begin ning Decem ber 1990, 30-year matu rity issue; Argen- other depos i tory insti tu tions and brokers in the United States. Data gener ally corre spond to 
 tina, begin ning April 1993, 30-year matu rity issue. Also, see footnotes to table IFS-3. sta tis tics follow ing in this section and in the “Capi tal Movements” section. Table excludes Inter-
 4 Includes debt secu ri ties of U.S. Govern ment corpo ra tions, feder ally sponsored agencies and na tional Mone tary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 
 

pri vate corpo ra tions. non ne go tia ble noninterest-bearing special U.S. notes held by inter na tional and regional orga-
 

5 Includes lia bil i ties payable in dollars to foreign banks and lia bil i ties payable in for eign curren- ni za tions.
 

cies to foreign banks and to “other foreign ers.”
 
IN TER NA TIONAL FINAN CIAL STATIS TICS 65 

TA BLE IFS-3.—Nonmar ket able U.S. Trea sury Bonds and Notes Issued 

to Offi cial Insti tu tions and Other Resi dents of Foreign Countries 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Pay able in dollars 

End of calen dar Grand total To tal Ar gen tina 1 Mex ico 2 Ven e zuela 3
 

year or month (1) (2) (3) (4) (5)
 

1996 .......................... 

1997 .......................... 

1998 .......................... 

1999 .......................... 

2000 - June..................... 

July ..................... 

Aug ..................... 

Sept ..................... 

Oct. ..................... 

Nov ..................... 

Dec ..................... 

2001 - Jan...................... 

Feb. ..................... 

Mar ..................... 

Apr...................... 

May ..................... 

June..................... 

5,968 5,968 1,015 3,835 1,118
 

5,994 5,994 1,091 3,692 1,211
 

6,074 6,074 1,172 3,991 911
 

6,111 6,111 1,259 4,313 539
 

5,740 5,740 1,200 3,979 561
 

5,180 5,180 1,207 3,408 565
 

5,213 5,213 1,214 3,430 569
 

5,247 5,247 1,222 3,452 573
 

5,280 5,280 1,229 3,474 577
 

5,313 5,313 1,236 3,497 580
 

5,348 5,348 1,244 3,520 584
 

4,923 4,923 1,252 3,083 588
 

4,953 4,953 1,259 3,102 592
 

4,984 4,984 1,266 3,122 596
 

5,017 5,017 1,274 3,143 600
 

5,049 5,049 1,281 3,164 604
 

5,081 5,081 1,289 3,184 608
 

1 Begin ning April 1993, includes current value (princi pal and accrued inter est) of zero-coupon, $1,508 million that was retired in full in April 1997; and begin ning March 1990, 30-year maturity
 


30-year matu rity Treasury bond issue to the govern ment of Argen tina. Remaining face value of is sue with remain ing face value of $13,412 million.
 


the issue is $6,148 million. 3 Begin ning Decem ber 1990, indi cates current value of zero-coupon, 30-year matu rity Treasury
 
 2 Includes the current value of the follow ing zero-coupon, Treasury bond issues to the govern- bond issue to the Repub lic of Vene zuela. Remaining face value of issue is $2,721 million.
 


ment of Mexico: Begin ning March 1988, 20-year matu rity issue with remain ing face value of
 

66 

IN TRO DUC TION: Capi tal Movements 

Trea sury collects infor ma tion about the transfer ence of finan cial assets and other portfo lio capi tal movements between 

the United States and foreign ers and has since 1935. Commercial banks and other depos i tory insti tu tions, bank holding compa nies, secu ri ties brokers and dealers, and nonbanking

en ter prises in the United States file capi tal movement reports 

with district FRBs. Begin ning in late 1998, the Federal Reserve Board also performs services on behalf of the Treasury in 

sup port of this data collec tion system. 

Forms and instruc tions are devel oped with the coop er a tion 

of other Govern ment agencies and the Federal Reserve System 

and in consul ta tion with repre sen ta tives of banks, secu ri ties 

firms and nonbanking enter prises. The most recent revi sions to 

selected report ing forms and instruc tions were effec tive January 31, 2001. The major changes are outlined below. Copies of 

the report ing forms and instruc tions may be obtained from the 

Of fice of Program Services, Office of the Assis tant Secre tary 

for Inter na tional Affairs, Treasury, Washing ton, D.C. 20220; 

the Inter na tional Finance Divi sion, Board of Gover nors of the 

Fed eral Reserve System, Washing ton, D.C. 20551; or district 

FRBs. A number of report ing forms and instruc tions also may 

be downloaded from the Treasury Inter na tional Capi tal (TIC)

re port ing system website at the address highlighted in the 

NOTE at the end of the INTRO DUC TION text. 

In general, infor ma tion is reported oppo site the country or 

geo graph ical area where the foreigner is located, as shown on 

re cords of report ing insti tu tions. However, infor ma tion may 

not always reflect the ulti mate owner ship of assets. Reporting

in sti tu tions are not required to go beyond addresses shown on 

their records and so may not be aware of the actual country of 

do mi cile of the ulti mate bene fi ciary.

Trans ac tions with branches or agencies of foreign offi cial

in sti tu tions, wherever located, are reported oppo site the country that has sover eignty over the insti tu tions. Transac tions with 

in ter na tional and regional orga ni za tions are not reported opposite any country, but are accounted for in regional groupings of 

such orga ni za tions. The only excep tion is infor ma tion pertaining to the Bank for Inter na tional Settle ments, which is reported

op po site “Other Europe.” For purposes of publi ca tion only, infor ma tion on the Euro pean Central Bank also is included in 

“Other Europe.” 

Banks and other depos i tory insti tu tions, bank holding compa nies, secu ri ties brokers and dealers, and nonbanking enterprises in the United States must file reports. These enter prises

in clude the branches, agencies, subsid iar ies and other affil i ates 

in the United States of foreign banking and nonbanking firms. 

Those with lia bil i ties, claims or secu ri ties transac tions below 

spec i fied exemp tion levels are exempt from report ing. 

Banks and other depos i tory insti tu tions, and some brokers 

and dealers, file monthly reports cover ing their dollar lia bil ities to, and dollar claims on, foreign ers in a number of countries. Twice a year, June 30 and Decem ber 31, they also report 

the same lia bil i ties and claims items attrib uted to foreign ers in 

coun tries not shown sepa rately on the monthly reports. Quarterly reports are filed for lia bil i ties and claims denom i nated in 

for eign curren cies. Begin ning Janu ary 2001, the geograph ical

de tail of the inter na tional banking transac tions forms was 

changed to add lines for Luxem bourg, the combined Channel 

Is lands and Isle of Man, the Carib bean region, New Zealand, 

and the Euro pean Central Bank. In addi tion, the British West 

In dies line was replaced with a line for the Cayman Islands. At 

the same time, the exemp tion level appli ca ble to the banking

re ports was raised from $15 million to $50 million. The new 

ex emp tion level is also subject to the provi sion that report able 

amounts for any one country do not exceed $25 million. 

Banks and other depos i tory insti tu tions, secu ri ties brokers 

and dealers, and other enter prises report monthly their transactions with foreign ers by country in long-term secu ri ties. This 

coun try list was amended in Janu ary 2001 as outlined in the report ing of inter na tional banking activ ity above. Respon dents 

must report secu ri ties transac tions with foreign ers if their aggre gate purchases or their aggre gate sales amount to at least 

$50 million during the covered month. Prior to Janu ary 2001, 

this excep tion level had been set at $2 million. 

Ex porters, import ers, indus trial and commer cial concerns, 

fi nan cial insti tu tions (other than banks, other depos i tory institu tions and brokers), and other nonbanking enter prises must 

file reports quarterly if lia bil i ties to, or claims on, unaf fil i ated

for eign ers amount to $10 million or more at the end of the covered quarter. 

Nonbanking enter prises also report each month their aggregate U.S. dollar denom i nated deposit and certif i cates of deposit claims of $10 million or more on banks abroad. 

The data in these tables do not cover all types of reported

cap i tal movements between the United States and other countries. The princi pal exclu sions are the intercompany capi tal

trans ac tions of nonbanking business enter prises in the United 

States with their own branches and subsid iar ies abroad or with 

their foreign parent compa nies (own foreign offices) and capital transac tions of the U.S. Govern ment. Consol i dated data on 

all types of inter na tional capi tal transac tions are published by 

the Depart ment of Commerce (Commerce) in its regu lar reports on the U.S. balance of payments. 

• Sec tion I pres ents lia bil i ties to foreign ers reported by 

U.S. banks and other depos i tory insti tu tions, as well as brokers 

and dealers. Dollar lia bil i ties are reported monthly; those denom i nated in foreign curren cies are reported quarterly. Respon dents report certain of their own lia bil i ties and a wide 

range of their custody lia bil i ties to foreign ers. Begin ning with 

the June 2001 issue, new table CM-I-1 replaces former tables 

CM-I-1 and CM-I-2 and includes new breakouts of lia bil i ties

aris ing under repur chase agreements and from foreign ownership of short-term secu ri ties issued by U.S. Govern ment and 

Fed erally-sponsored agencies. The remain ing tables in this 

sec tion have been renum bered accord ingly. 

• Sec tion II presents claims on foreign ers reported by 

U.S. banks and other depos i tory insti tu tions, brokers and deal-
CAP I TAL MOVEMENTS 67
 


ers. Data on banks’ claims held for their own account are collected monthly. Infor ma tion on claims held for their domes tic

cus tom ers as well as on foreign currency claims is collected on 

a quarterly basis only. Matu rity data are reported accord ing to 

time remain ing to matu rity. Reporting also covers certain 

items held by brokers and dealers in the United States. Beginning with the June 2001 issue, table CM-II-1 in this section has 

been revised to include a new breakout of claims on foreign ers

aris ing under resale agreements. 

• Sec tion III con tains supple men tary data on dollar liabil i ties to, and dollar claims on, countries not listed sepa rately 

on the monthly reports submit ted by banks, other depos i tory

in sti tu tions, brokers and dealers in the United States. The supple men tary reports are filed semian nu ally as of the end of June 

and Decem ber. 

• Sec tion IV shows the lia bil i ties to, and claims on, unaffil i ated foreign ers of export ers, import ers, indus trial and commer cial concerns, finan cial insti tu tions (other than banks, 

other depos i tory insti tu tions and brokers), and other 

nonbanking enter prises in the United States. Infor ma tion does 

not include accounts of nonbanking enter prises in the United 

States with their own branches and subsid iar ies abroad or with 

their foreign parent compa nies. These are reported by business 

en ter prises to Commerce on its direct invest ment forms. Data 

ex clude claims on foreign ers held through banks in the United 

States. 

• Sec tion V con tains infor ma tion on transac tions with 

for eign ers in long-term domes tic and foreign secu ri ties as reported by banks, brokers and other enti ties in the United 

States. The data cover transac tions exe cuted in the United 

States for the accounts of foreign ers and transac tions exe cuted 

abroad for the accounts of report ing insti tu tions and their domes tic custom ers. This includes transac tions in newly issued 

se cu ri ties as well as transac tions in and redemp tions of outstand ing issues. However, the data do not include nonmar ketable Treasury bonds and notes shown in table IFS-3. 

The geograph ical breakdown of the transac tions data does 

not neces sar ily reflect the domi cile of the ulti mate owners or 

the origi nal issu ers of the secu ri ties. This is because the path of 

a secu rity is not tracked prior to its being purchased from, or 

af ter it is sold to, a foreigner in a report able transac tion. That is, 

be fore it enters and after it departs the report ing system, owner ship of a secu rity may be transferred between foreign ers of 

dif fer ent countries. Such transfers may occur any number of 

times and are concealed among the net figures for U.S. transac tions oppo site indi vid ual countries. Hence, the geograph ical

break down shows only the country of domi cile of the foreign

buy ers and sellers of secu ri ties in a partic u lar round of transactions. 

NOTE: Current and histor i cal data on United States transac tions with foreign ers in long-term secu ri ties and on the gross

for eign lia bil i ties and claims reported by banks in the United 

States are available on the Treasury Inter na tional Capi tal (TIC) 

reporting system website: http://www.ustreas.gov/tic. These 

data may be downloaded as sepa rate time series for each country or geograph ical area regu larly shown in the capi tal movements tables. Also available on this website is a table on 

“Ma jor Foreign Holders of Trea sury Secu ri ties,” showing estimated total holdings of U.S. Treasury bills, bonds and notes 

for current and recent peri ods. All data series on the TIC 

website are updated on the last business day of each month. 
68 CAP I TAL MOVEMENTS 

SEC TION I.—Lia bil i ties to Foreigners Reported by Banks 

in the United States 

TA BLE CM-I-1.—Total Lia bil i ties by Type and Holder 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar 

Type of Lia bil ity year 2000 2001 

1999 Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners .............. 1,497,277 1,593,012 1,645,589 1,608,624 1,593,536 1,619,497 1,622,305 1,612,041 

Payable in dollars ....................... 1,408,740 1,515,077 1,567,654 1,530,689 1,505,304 1,531,265 1,534,073 1,523,809 

Foreign official institutions 1 .............. 295,024 297,668 314,260 310,830 309,845 302,599 281,883 282,367 

Demand deposits .................... 3,341 3,952 3,199 4,444 3,509 2,552 2,522 2,473 

Time deposits ....................... 28,942 35,638 33,026 29,957 28,001 32,032 26,647 33,092 

U.S. Treasury bills and certificates ....... 156,177 153,010 158,967 155,667 155,204 144,158 137,933 139,197 

Short-term U.S. agency obligations ...... n.a. n.a. 45,384 49,594 53,295 51,107 43,193 40,301 

Other liabilities ...................... 106,564 105,068 73,684 71,168 69,836 72,750 71,588 67,304 

Unaffiliated foreign banks and other foreigners ......................... 489,262 554,413 540,133 547,959 523,361 544,513 540,330 557,719 

Demand deposits .................... 39,445 29,372 27,594 31,302 30,361 27,596 26,577 30,394 

Time deposits ....................... 124,330 146,270 148,773 154,608 149,226 153,471 152,803 144,560 

U.S. Treasury bills and certificates ....... 28,819 24,584 23,015 23,362 16,322 16,300 17,886 17,599 

Short-term U.S. agency obligations ...... n.a. n.a. 21,190 24,579 18,022 18,292 19,100 19,646 

Other liabilities ...................... 296,668 354,187 319,561 314,108 309,430 328,854 323,964 345,520 

Banks’ own foreign offices............... 609,179 650,454 702,398 660,322 659,808 671,320 697,192 669,905 

International and regional organizations 2 ... 15,275 12,542 10,863 11,578 12,290 12,833 14,668 13,818 

Demand deposits .................... 98 41 27 19 23 14 15 28 

Time deposits ....................... 10,348 6,246 5,566 4,966 5,302 5,301 3,532 4,228 

U.S. Treasury bills and certificates ....... 680 252 294 248 229 170 105 68 

Short-term U.S. agency obligations ...... n.a. n.a. 26 108 137 144 132 134 

Other liabilities ...................... 4,149 6,003 4,950 6,237 6,599 7,204 10,884 9,360 

Payable in foreign currencies 3 ............. 88,537 77,935 77,935 77,935 88,232 88,232 88,232 88,232 

Sec tor: 

Banks and other foreigners ............ 87,653 76,843 76,843 76,843 86,738 86,738 86,738 86,738 

International and regional organizations... 884 1,092 1,092 1,092 1,494 1,494 1,494 1,494 

Ma jor foreign currencies: 

Canadian dollars ..................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Euro .............................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

U.K. pounds sterling .................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Japanese yen ....................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Mem o ran da: 

Banks’ own liabilities to foreigners payable

in dollars ............................ 971,536 1,045,236 1,123,852 1,084,406 1,076,707 1,094,709 1,116,638 1,099,761 

Collateralized by repurchase agreements ... n.a. n.a. 125,225 120,444 129,671 119,577 119,900 126,510 

Foreign official institutions.............. n.a. n.a. 41,331 44,980 45,721 44,893 41,746 43,002 

Foreign banks and other foreigners ...... n.a. n.a. 83,145 73,375 82,853 73,533 76,610 82,380 

International and regional organizations... n.a. n.a. 749 2,089 1,097 1,151 1,544 1,128 

Liabilities to foreigners reported by IBFs ..... 415,434 429,219 444,253 422,828 408,419 423,763 442,277 426,503 

Payable in dollars ..................... 363,821 384,358 399,392 377,967 359,621 374,965 393,479 377,705 

Payable in foreign currencies ............ 51,613 44,861 44,861 44,861 48,798 48,798 48,798 48,798 

Custody liabilities of domestic customers

payable in dollars...................... 437,204 469,841 443,802 446,283 428,597 436,556 417,435 424,048 

1

 Includes Bank for Inter na tional Settle ments. 3 Data as of preced ing quarter for non-quarter-end months. 2

 Principally the Inter na tional Bank for Recon struc tion and Devel op ment and the Inter-American 

De vel op ment Bank. 
CAP I TAL MOVEMENTS 69 

TA BLE CM-I-2.—Total Lia bil i ties by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2001 

Coun try 1998 1999 2000 r Feb. r Mar. Apr. May June p 

Eu rope: 

Austria .................... 3,474 2,960 2,755 2,157 2,390 2,983 2,805 2,238 

Belgium 1 .................. 45,004 46,078 34,230 6,540 5,671 5,548 6,134 6,509 

Bulgaria ................... 776 472 367 272 226 356 344 314 

Czech Republic ............. 323 790 626 743 484 712 721 724 

Denmark .................. 1,720 2,357 3,134 4,316 3,047 3,540 3,038 3,191 

Finland.................... 2,098 1,749 1,412 1,668 1,286 1,769 1,144 2,395 

France .................... 49,839 58,317 41,275 48,877 49,229 45,596 46,680 46,548 

Germany .................. 30,898 29,004 41,421 36,284 36,092 34,821 35,569 37,587 

Greece.................... 2,085 3,877 2,042 1,994 1,638 1,478 1,667 1,795 

Hungary................... 911 871 1,127 816 670 562 760 707 

Ireland .................... 8,485 7,691 8,115 10,279 10,841 13,206 14,254 17,128 

Italy ...................... 10,103 9,756 6,755 6,754 8,159 7,578 7,839 9,075 

Luxembourg 1 .............. n.a. n.a. n.a. 24,234 13,304 15,224 15,765 17,572 

Netherlands ................ 12,163 9,365 7,784 8,868 9,120 12,192 12,824 11,672 

Norway ................... 788 1,363 2,310 6,336 8,376 4,821 2,587 4,598 

Poland .................... 6,053 4,274 3,649 3,863 3,525 3,420 2,993 3,322 

Portugal ................... 3,788 2,501 2,529 2,751 1,832 2,050 2,142 2,388 

Romania .................. 311 768 850 1,024 1,229 1,339 1,597 1,840 

Russia 2.................... 2,441 5,476 19,052 19,063 18,634 19,926 21,366 22,848 

Spain ..................... 16,991 11,091 8,236 8,690 10,272 8,519 8,655 8,182 

Sweden ................... 3,237 4,744 6,506 5,968 6,855 6,142 5,401 5,624 

Switzerland ................ 53,891 64,092 76,307 66,100 55,996 67,966 95,166 75,056 

Turkey .................... 4,358 7,972 7,636 5,470 5,635 4,549 7,169 5,485 

United Kingdom ............. 202,280 190,706 188,892 153,852 169,875 160,709 162,258 168,613 

Channel Islands and Isle of 

Man 3 ................... n.a. n.a. n.a. 43,087 36,137 36,110 34,839 35,091 

Yugoslavia 4 ................ 233 286 282 298 297 308 306 302 

Other Europe............... 14,384 14,778 16,518 12,413 12,729 13,855 14,621 13,868 

Total Europe .............. 476,634 481,338 483,810 482,717 473,549 475,279 508,644 504,672 

Canada..................... 34,708 40,579 36,980 29,938 29,924 33,618 31,639 31,630 

Latin America: 

Argentina .................. 19,037 18,650 19,536 18,060 12,896 14,628 12,602 16,435 

Brazil ..................... 16,483 12,944 11,726 12,283 11,306 11,586 11,992 13,319 

Chile ..................... 5,047 7,095 5,946 5,979 5,220 5,494 5,758 5,581 

Colombia .................. 4,639 5,685 4,561 4,459 4,373 4,647 4,752 4,661 

Ecuador ................... 1,575 1,959 2,116 2,259 2,184 2,169 2,120 1,962 

Guatemala................. 1,338 1,632 1,622 1,553 1,527 1,575 1,603 1,525 

Mexico .................... 38,644 32,263 33,044 35,823 34,685 34,872 33,778 33,940 

Panama ................... 3,869 4,420 4,354 3,974 4,064 3,526 3,689 3,421 

Peru...................... 843 1,143 1,444 1,476 1,801 1,780 1,545 1,620 

Uruguay................... 2,522 2,393 3,036 2,877 3,381 3,426 3,348 3,042 

Venezuela ................. 20,202 20,459 24,987 26,779 27,751 28,183 27,211 27,257 

Other Latin America 5 ........ 9,808 10,916 10,162 7,189 7,231 7,468 7,050 6,667 

Total Latin America .......... 124,007 119,559 122,534 122,711 116,419 119,354 115,448 119,430 

Ca rib bean: 

Bahamas .................. 126,029 139,425 191,095 187,132 175,584 178,940 191,576 188,912 

Bermuda .................. 7,279 8,005 9,768 8,191 8,599 8,514 7,217 9,237 

British West Indies 6 ......... 309,090 331,546 384,440 n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6 ........... n.a. n.a. n.a. 390,470 395,800 417,514 401,078 400,132 

Cuba ..................... 62 75 90 84 85 83 84 85 

Jamaica ................... 604 547 849 979 1,273 934 1,168 1,030 

Netherlands Antilles ......... 5,308 4,205 5,454 5,510 4,514 4,525 3,405 3,895 

Trinidad and Tobago ......... 475 601 915 896 1,057 1,123 1,246 1,281 

Other Caribbean 5 .............. n.a. n.a. n.a. 13,079 12,722 11,830 12,065 12,636 

Total Caribbean ........... 448,847 484,404 592,611 606,341 599,634 623,463 617,839 617,208 

See footnotes at end of table. 
70 CAP I TAL MOVEMENTS 

TA BLE CM-I-2.—Total Lia bil i ties by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2001 

Coun try 1998 1999 2000 r Feb. r Mar. Apr. May June p 

Asia: 

China: 

Mainland ................. 13,441 12,325 16,533 31,174 39,928 34,694 23,160 15,395 

Taiwan................... 12,748 13,644 17,374 18,214 17,915 19,986 18,143 19,886 

Hong Kong ................. 21,779 28,260 27,011 28,211 29,298 26,791 27,558 29,390 

India ...................... 5,372 7,368 4,542 4,070 4,550 4,116 4,284 4,046 

Indonesia .................. 8,326 6,571 8,514 9,027 8,605 10,733 10,605 10,571 

Israel ..................... 7,756 7,489 8,099 7,308 8,816 7,108 8,295 8,709 

Japan ..................... 193,202 170,614 162,454 162,840 162,544 160,960 157,351 153,151 

Korea ..................... 12,525 12,991 8,055 6,367 6,218 5,492 5,502 6,090 

Lebanon ................... 1,190 1,212 681 910 590 1,392 722 569 

Malaysia ................... 2,392 3,851 2,335 1,800 2,228 1,937 2,010 2,136 

Pakistan ................... 847 813 1,024 950 1,042 1,016 1,143 1,203 

Philippines ................. 3,564 3,806 2,320 1,426 1,432 1,649 1,664 1,455 

Singapore.................. 24,838 32,840 28,649 27,921 24,688 24,259 20,269 19,340 

Syria ...................... 40 55 59 48 69 44 50 42 

Thailand ................... 7,363 6,052 3,212 3,550 3,257 2,940 3,300 3,315 

Oil-exporting countries 7 ....... 17,068 22,565 24,909 22,770 22,440 21,321 20,448 21,325 

Other Asia ................. 3,975 5,387 5,312 5,493 5,155 5,327 5,399 5,216 

Total Asia ................ 336,426 335,843 321,083 332,079 338,775 329,765 309,903 301,839 

Af rica: 

Congo (formerly Zaire) ........ 5 14 4 10 13 10 7 18 

Egypt ..................... 1,343 2,023 2,621 2,336 2,282 2,375 2,517 2,227 

Ghana .................... 213 147 188 109 106 117 107 108 

Liberia .................... 269 423 318 284 289 213 237 202 

Morocco ................... 97 179 148 148 133 139 116 102 

South Africa ................ 1,539 1,497 1,011 915 652 792 707 658 

Oil-exporting countries 8 ....... 3,177 3,010 4,141 4,839 4,676 4,836 4,824 4,727 

Other Africa ................ 2,492 2,280 2,535 2,484 2,507 2,433 2,497 2,566 

Total Africa ............... 9,135 9,573 10,966 11,125 10,658 10,915 11,012 10,608 

Other countries: 

Australia ................... 5,528 8,408 10,109 9,558 9,561 11,495 10,519 9,949 

New Zealand 9 .............. n.a. n.a. n.a. 328 455 529 465 666 

All other ................... 1,158 1,413 1,284 1,156 776 751 673 726 

Total other countries ........ 6,686 9,821 11,393 11,042 10,792 12,775 11,657 11,341 

Total foreign countries ..... 1,436,443 1,481,117 1,579,377 1,595,953 1,579,751 1,605,169 1,606,142 1,596,728 

International and regional orga ni za tions: 

International ................ 10,648 13,758 12,193 11,716 12,872 12,828 14,458 14,329 

European regional ........... 577 504 453 472 341 375 282 237 

Latin American regional ....... 750 1,150 740 223 273 328 887 419 

Caribbean regional 10 ......... n.a. n.a. n.a. 29 - 552 300 42 

Asian regional .............. 477 607 175 121 217 172 167 202 

African regional ............. 67 141 74 110 81 73 69 84 

Middle Eastern regional ....... - - - - 1 - - -

Total international 

and regional ............. 12,519 16,160 13,635 12,671 13,785 14,328 16,163 15,313 

Grand total .............. 1,448,962 1,497,277 1,593,012 1,608,624 1,593,536 1,619,497 1,622,305 1,612,041 

1

 Before Janu ary 2001, combined data reported for Belgium-Luxembourg.
 


2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Eu- 5

 Before Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com­
 


rope.” bined “Other Latin America and Carib bean.”
 
 3

 Before Janu ary 2001, data included in United Kingdom. 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series.
 
 4

 Includes Serbia and Montenegro, which presently form an entity not formally recog nized by the 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates
 


United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by (Trucial States).
 


the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 8

 Includes Alge ria, Gabon, Libya and Nige ria. Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav 9

 Before Janu ary 2001, data included “All other.” Re pub lic of Mace do nia.
 
 10 Before Janu ary 2001, included in “Latin American regional.” 
CAP I TAL MOVEMENTS 71
 

TA BLE CM-I-3.—Total Lia bil i ties by Type and Country, June 30, 2001, Prelim i nary 

[Po si tion in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties payable in dollars 

To foreign offi cial insti tu tions and unaf- Mem oTo tal lia bil i ties fil i ated foreign banks To all other foreign ers ran dum 

To tals Short- Li a bil i ties Ne go tiaPay able term U.S. to banks’ Short-term ble CDs 

in foreign Banks’ De posits Trea sury own for- De posits U.S. Trea- held for 

Pay able cur ren- own lia­ all forli a bil i ties De mand Time 2 tions 3 bil i ties fices De mand Time 2 sury obli ga-Other liaTo tal in dollars cies 1 bil i ties Cus tody ob li ga- Other lia- eign oftions 3 bil i ties eign ers 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Eu rope:
 

Austria ............. 2,238 2,026 212 1,639 387 74 468 62 1,191 13 12 160 1 45 38
 

Belgium ............ 6,509 6,270 239 5,316 954 583 553 239 4,013 368 61 182 24 247 53
 

Bulgaria ............ 314 314 - 150 164 5 21 163 99 20 3 3 - - -
 

Czech Republic ...... 724 679 45 354 325 10 169 313 80 14 8 84 1 - -
 

Denmark ........... 3,191 3,063 128 2,838 225 84 - 98 2,723 27 88 12 5 26 102
 

Finland ............. 2,395 2,395 - 1,571 824 814 - 304 729 525 13 10 - - 475
 

France ............. 46,548 40,077 6,471 21,067 19,010 358 812 14,954 7,766 11,129 353 396 23 4,286 815
 

Germany ........... 37,587 32,357 5,230 25,807 6,550 665 2,326 523 13,955 10,242 264 702 233 3,447 4,192
 

Greece ............. 1,795 1,653 142 1,018 635 38 181 560 374 55 75 306 3 61 43
 

Hungary ............ 707 703 4 283 420 22 - 227 283 128 8 14 - 21 -
 

Ireland ............. 17,128 16,929 199 6,708 10,221 232 175 34 4,004 1,013 230 460 236 10,545 1,523
 

Italy ............... 9,075 6,766 2,309 5,989 777 320 858 167 2,567 1,741 148 406 26 533 72
 

Luxembourg ......... 17,572 16,853 719 7,253 9,600 215 645 727 3,346 4,120 164 422 881 6,333 149
 

Netherlands ......... 11,672 9,817 1,855 6,879 2,938 357 1,101 384 1,919 1,929 330 430 41 3,326 17
 

Norway............. 4,598 4,583 15 4,561 22 63 76 7 4,135 15 13 23 - 251 1
 

Poland ............. 3,322 3,296 26 999 2,297 51 234 1,375 1,308 304 6 18 - - 10
 

Portugal ............ 2,388 2,287 101 710 1,577 58 198 1,505 247 71 23 156 3 26 5
 

Romania............ 1,840 1,837 3 497 1,340 10 1 565 1,239 4 4 13 - 1 -
 

Russia 4............. 22,848 22,839 9 5,190 17,649 563 139 4,850 16,932 268 21 61 - 5 5
 

Spain .............. 8,182 7,410 772 4,686 2,724 168 367 485 4,599 558 123 886 22 202 87
 

Sweden ............ 5,624 5,507 117 2,954 2,553 57 39 557 159 1,115 29 151 1 3,399 1,508
 

Switzerland ......... 75,056 73,088 1,968 65,841 7,247 665 801 2,531 4,936 61,769 181 406 1,205 594 620
 

Turkey ............. 5,485 5,485 - 2,296 3,189 63 278 3,138 1,632 227 20 114 9 4 -
 

United Kingdom ...... 168,613 146,038 22,575 134,264 11,774 2,097 20,201 321 13,023 83,253 1,111 2,794 1,089 22,149 2,624
 

Channel Islands and 
 Isle of Man 5 ....... 35,091 34,994 97 34,923 71 42 290 - 98 34,361 22 110 35 36 -
 

Yugoslavia 6 ......... 302 297 5 297 - 8 50 - 149 1 1 15 - 73 -
 

Other Europe ........ 13,868 13,471 397 7,597 5,874 136 3,100 4,413 5,265 133 50 242 18 114 3
 

Total Europe ....... 504,672 461,034 43,638 351,687 109,347 7,758 33,083 38,502 96,771 213,403 3,361 8,576 3,856 55,724 12,342 

Canada .............. 31,630 25,984 5,646 19,575 6,409 724 1,711 2,250 5,060 9,292 726 1,333 142 4,746 219 

Latin America: 

Argentina ........... 16,435 16,417 18 14,586 1,831 155 5,822 228 1,961 305 775 5,499 205 1,467 187 

Brazil .............. 13,319 12,584 735 11,990 594 384 3,342 97 2,310 834 671 4,535 92 319 173 

Chile............... 5,581 5,536 45 4,947 589 270 563 55 698 959 369 2,172 62 388 151 

Colombia ........... 4,661 4,632 29 4,135 497 34 215 - 847 99 467 2,711 111 148 358 

Ecuador ............ 1,962 1,957 5 1,855 102 30 74 - 58 98 267 1,265 8 157 42 

Guatemala .......... 1,525 1,507 18 1,423 84 52 133 2 254 - 139 889 - 38 15 

Mexico ............. 33,940 33,339 601 26,133 7,206 176 3,924 3,046 7,400 3,076 1,616 11,506 543 2,052 779 

Panama ............ 3,421 3,371 50 2,835 536 57 154 - 248 443 127 1,811 157 374 87 

Peru ............... 1,620 1,607 13 1,561 46 15 132 - 91 100 65 1,163 1 40 19 

Uruguay ............ 3,042 3,026 16 2,696 330 51 214 80 770 830 68 780 18 215 58 

Venezuela .......... 27,257 26,921 336 19,390 7,531 144 5,326 5,979 3,216 128 1,353 10,272 67 436 92 

Other Latin America ... 6,667 6,627 40 6,126 501 164 1,797 152 1,151 209 321 2,584 13 236 55 

Total Latin America .. 

Ca rib bean: 

119,430 117,524 1,906 97,677 19,847 1,532 21,696 9,639 19,004 7,081 6,238 45,187 1,277 5,870 2,016 

Bahamas ........... 188,912 187,502 1,410 175,971 11,531 164 845 123 11,207 166,301 165 2,298 569 5,830 279 

Bermuda ........... 9,237 9,039 198 5,937 3,102 84 90 76 2,731 8 271 1,050 333 4,396 132 

Cayman Islands ...... 400,132 385,155 14,977 257,874 127,281 48 4,127 31 113,085 213,151 510 3,620 1,244 49,339 3,171 

Cuba .............. 85 85 - 85 - 2 8 - 11 - - 57 - 7 -

Jamaica ............ 1,030 995 35 990 5 30 515 - 177 24 37 130 - 82 2 

Netherlands Antilles ... 3,895 3,885 10 3,767 118 20 181 5 406 415 78 343 56 2,381 17 

Trinidad and Tobago .. 1,281 1,272 9 1,167 105 42 664 - 220 30 49 163 54 50 4 

Other Caribbean ..... 12,636 12,563 73 9,378 3,185 152 442 216 1,849 795 534 4,811 815 2,949 456 

To tal Carib bean..... 617,208 600,496 16,712 455,169 145,327 542 6,872 451 129,686 380,724 1,644 12,472 3,071 65,034 4,061 

See footnotes at end of table. 
72 CAP I TAL MOVEMENTS 

TA BLE CM-I-3.—Total Lia bil i ties by Type and Country, June 30, 2001, Prelim i nary, con. 

[Po si tion in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties payable in dollars 

To foreign offi cial insti tu tions and unaf­ Mem oTo tal lia bil i ties fil i ated foreign banks To all other foreign ers ran dum 

Totals Short- Li a bil i ties Ne go tiaPay able term U.S. to banks’ Short-term ble CDs 

in foreign Banks’ 

ob li gaown for­ De posits U.S. Trea­ held for 

Pay able cur ren­ own lia­ Cus tody De posits Trea sury 

Other lia­ eign of­ sury obli ga­ Other lia­ all forTo tal in dollars cies 1 bil i ties	 li a bil i ties De mand Time 2 tions 3 bil i ties fices De mand Time 2 tions 3 bil i ties eign ers 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Asia: 

China: 

Mainland ........... 15,395 15,395 - 9,235 6,160 348 2,009 1,500 9,184 549 83 385 11 1,326 32 

Taiwan ............ 19,886 19,862 24 16,695 3,167 316 2,792 2,548 10,041 637 248 2,950 18 312 145 

Hong Kong........... 29,390 29,180 210 21,115 8,065 499 2,861 11 14,526 7,431 328 2,091 88 1,345 31 

India ................ 4,046 4,043 3 1,872 2,171 159 133 1,255 1,434 757 79 143 1 82 9 

Indonesia ............ 10,571 10,571 - 1,828 8,743 113 327 8,708 639 247 207 322 - 8 9 

Israel ............... 8,709 8,696 13 4,124 4,572 104 200 4,232 1,292 366 99 2,141 10 252 44 

Japan ............... 153,151 137,048 16,103 49,644 87,404 786 16,635 68,547 6,647 26,095 777 1,300 218 16,043 2,778 

Korea ............... 6,090 5,968 122 3,345 2,623 207 130 1,382 1,568 2,117 71 182 - 311 28 

Lebanon ............. 569 569 - 559 10 30 4 - 425 7 10 83 3 7 6 

Malaysia............. 2,136 2,088 48 1,597 491 206 120 426 774 269 11 276 - 6 1 

Pakistan ............. 1,203 1,197 6 1,046 151 39 59 67 385 546 26 59 - 16 4 

Philippines ........... 1,455 1,451 4 1,347 104 196 78 44 459 293 89 264 2 26 10 

Singapore ........... 19,340 18,084 1,256 16,096 1,988 650 3,652 486 2,188 10,071 191 420 33 393 42 

Syria................ 42 42 - 40 2 13 1 - 6 - 3 17 - 2 2 

Thailand ............. 3,315 3,310 5 1,116 2,194 107 70 1,969 383 352 34 199 135 61 6 

Other Asia ........... 26,541 25,734 807 19,679 6,055 1,454 2,749 2,634 9,452 8,172 227 430 201 415 943 

Total Asia .......... 

Af rica: 

301,839 283,238 18,601 149,338 133,900 5,227 31,820 93,809 59,403 57,909 2,483 11,262 720 20,605 4,090 

Congo (formerly Zaire).. 18 13 5 13 - 1 - - - 10 1 1 - - -

Egypt ............... 2,227 2,227 - 1,353 874 132 201 655 605 307 13 276 1 37 44 

Ghana .............. 108 108 - 104 4 13 28 - 45 - 5 9 - 8 -

Liberia .............. 202 202 - 138 64 1 - - 6 - 3 128 12 52 7 

Morocco ............. 102 102 - 100 2 26 - - 51 3 4 17 - 1 -

South Africa .......... 658 657 1 584 73 41 2 - 302 17 107 92 1 95 5 

Other Africa .......... 7,293 7,205 88 5,938 1,267 1,064 1,496 1,134 2,128 586 147 234 18 398 11 

Total Africa ......... 10,608 10,514 94 8,230 2,284 1,278 1,727 1,789 3,137 923 280 757 32 591 67 

Other countries: 

Australia............. 9,949 9,836 113 3,594 6,242 574 428 1,138 5,901 410 303 454 13 615 1,732 

New Zealand ......... 666 638 28 574 64 37 56 19 261 10 112 83 33 27 -

All other ............. 726 726 - 438 288 13 50 55 113 153 35 85 - 222 221 

Total other 

countries.......... 

Total foreign

countries ........ 

In ter na tional and regional orga ni za tions: 

International.......... 

European regional ..... 

Latin American regional . 

Caribbean regional .... 

Asian regional ........ 

African regional ....... 

Middle Eastern 

regional ............ 

Total international 

and regional ....... 

Grand total ........ 

11,341 11,200 141 4,606 6,594 624 534 1,212 6,275 573 450 622 46 864 1,953 

1,596,728 1,509,990 86,738 1,086,282 423,708 17,685 97,443 147,652 319,336 669,905 

14,329 12,836 1,493 12,735 101 - - -

237 237 - 35 202 - - -

419 418 1 381 37 - - -

42 42 - 42 - - - -

202 202 - 202 - - - -

84 84 - 84 - - - -

- - - - - - - -

- -

- -

- -

- -

- -

- -

- -

15,182 80,209 9,144 153,435 24,748 

5 3,940 - 8,890 100 

12 - 68 157 -

8 286 - 124 36 

- - - 42 -

1 2 - 199 -

2 - - 82 -

- - - - -

15,313 13,819 1,494 13,479 340 - - - - - 28 4,228 68 9,494 136 

1,612,041 1,523,809 88,232 1,099,761 424,048 17,685 97,443 147,652 319,336 669,905 15,210 84,437 9,212 162,929 24,884 

1 These data as of March 31, 2001. 5

 Before Janu ary 2001, data included in United Kingdom. 2

 Excludes nego tia ble time certif i cates of deposit, which are included in “Other Lia bilities.” 6 Includes Serbia and Montenegro, which presently form an entity not formally recog nized by 3

 U.S. Treasury bills and certif i cates held in custody for the account of oil-exporting countries in 	 	 the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states 

“Other Asia” and “Other Africa” amount to $1,972 million. by the United States are reported under “Other Europe” as follows: since Decem ber 1992 for

4

 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Eu- Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugo slav

Re pub lic of Mace do nia. rope.” 
CAP I TAL MOVEMENTS 73 

CHART CM-A.—U.S. Lia bil i ties to Foreigners

Re ported by U.S. Banks, Brokers and Dealers 

with Respect to Selected Countries 

In the first half of 2001, U.S.

bank ing lia bil i ties increased $19

bil lion, due to increases oppo site

Eu rope and the Carib bean finan­ cial centers. Last year, U.S. bank­ ing lia bil i ties increased $96

bil lion, due entirely to strong in- creases oppo site the Carib bean fi5

700 	 

(In billions of dollars) 

600 	 

400 	 

300 	 

00 nan cial centers. 

U.S. banking lia bil i ties to foreign­ ers, exclud ing long-term secu ri­ ties, are concen trated in

in ter na tional finan cial centers. The 

data on this page show that nearly

one-half of U.S. banking lia bil i ties

cur rently is reported oppo site the 

United Kingdom and the banking

cen ters in the Carib bean. For­ eigners domi ciled in the rest of

Eu rope and in Asia hold an addi­ 200 tional 40 percent. 

U.S. banking lia bil i ties in the 

100 mid-1990s went through a growth

spurt. The annual growth rate be- tween 1993 and 1997 aver aged 10

per cent. In 1998 and 1999, growth 

0 slowed to less than 5 percent per

year, more in line with the 1989 1997 1998 1999 2000 June 2001 through 1992 period. In 2000,

growth increased to 6 percent. 

United Kingdom All other Europe Ca rib bean banking centers 

Ja pan All other Asia All other countries 

United Kingdom. ............. 212,790 202,280 190,706 188,892 168,613 

All other Europe. ............. 274,671 274,354 290,632 294,918 336,059 

Caribbean banking centers1,2 .... 414,642 451,575 487,601 595,111 605,597 

Japan. ..................... 172,352 193,202 170,614 162,454 153,151 

All other Asia ................ 128,650 143,224 165,229 158,629 148,688 

Subtotal ................... 1,203,105 1,264,635 1,304,782 1,400,004 1,412,108 

All other countries. ............ 197,446 184,327 192,495 193,008 199,933 

Grand total ................ 1,400,551 1,448,962 1,497,277 1,593,012 1,612,041 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1997 1998 1999 2000 June 2001 
74 CAP I TAL MOVEMENTS 

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

TA BLE CM-II-1.—Total Claims by Type 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 2001 

Cal en dar year 

Type of claim 1998 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

Total claims ...................... 974,771 974,817 1,033,128 1,105,948 1,115,706 1,106,028 1,180,855 1,287,229 

Payable in dollars................. 875,891 896,247 944,937 1,020,703 1,029,042 1,026,550 1,099,439 1,195,602 

Banks’ own claims on foreigners.... 734,995 752,518 793,139 823,337 844,526 856,496 908,242 984,855 

Foreign public borrowers ........ 19,925 30,831 30,527 32,277 36,501 35,572 33,221 46,347 

Un af fil i ated foreign banks: 

Deposits.................... 27,230 24,556 34,538 24,377 22,371 23,765 23,886 19,948 

Other ...................... 78,976 77,750 62,648 65,546 66,585 63,379 74,781 85,905 

Own foreign offices .............. 484,535 479,621 529,682 566,261 575,080 592,669 630,137 670,909 

All other foreigners .............. 124,329 139,760 135,744 134,876 143,989 141,111 146,217 161,746 

Claims of banks’ 

domestic customers ............ 140,896 143,729 151,798 197,366 184,516 170,054 191,197 210,747 

Deposits ..................... 79,363 88,789 88,006 129,327 106,464 87,885 100,327 105,554 

Negotiable and readily

transferable instruments ....... 47,914 40,804 51,161 56,032 62,975 70,334 78,147 91,827 

Collections and other ........... 13,619 14,136 12,631 12,007 15,077 11,835 12,723 13,366 

Payable in foreign currencies........ 98,880 78,570 88,191 85,245 86,664 79,478 81,416 91,627 

Banks’ own claims on foreign ers 

of which ................... 78,162 67,036 67,365 63,492 67,862 60,355 57,005 70,945 

Canadian dollars .......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Euros ................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

U.K. pounds sterling........ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Japanese yen............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Claims of banks’ 

domestic customers 

of which .................. 20,718 11,534 20,826 21,753 18,802 19,123 24,411 20,682 

Canadian dollars .......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Euros ................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

U.K. pounds sterling........ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Japanese yen............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Mem o ran da: 

Claims reported by IBFs ........... 252,310 265,562 274,611 305,668 293,805 306,933 308,861 325,559 

Payable in dollars .............. 217,416 231,836 243,765 274,219 260,829 277,198 281,615 293,841 

Payable in foreign currencies ..... 34,894 33,726 30,846 31,449 32,976 29,735 27,246 31,718 

Customer liability on acceptances .... 4,520 4,532 4,553 4,462 5,055 4,701 4,258 2,995 

Collateralized by resale agreements .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 134,083 

Foreign public borrowers ........ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 27,964 

For eign banks and other foreign ers .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 103,575 

International and regional orgs. ... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,544 

Claims with remain ing matu rity of 1 year or less: 

On foreign public borrowers ....... 10,095 19,019 18,328 19,250 21,001 19,713 17,443 21,616 

On all other unaffiliated foreigners .. 176,431 177,753 169,566 156,163 160,814 154,937 171,288 179,902 

Claims with remain ing matu rity of more than 1 year: 

On foreign public borrowers ....... 9,798 12,082 11,933 12,729 15,025 15,306 15,528 22,557 

On all other unaffiliated foreigners .. 54,094 61,244 67,255 68,394 72,065 73,427 77,267 70,794 
CAP I TAL MOVEMENTS 75 

TA BLE CM-II-2.—Total Claims by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 2001 

Country 

Cal en dar year 

1998 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

Eu rope: 

Austria ...................... 2,744 4,283 4,651 6,515 5,546 6,561 4,862 4,640 

Belgium 1 ..................... 11,989 10,644 15,774 15,206 12,644 10,764 9,957 6,965 

Bulgaria ..................... 3 1 7 4 3 6 23 7 

Czech Republic ............... 162 113 152 113 183 140 139 179 

Denmark .................... 4,367 4,848 3,223 2,381 4,837 5,307 4,923 7,086 

Finland ...................... 1,292 2,244 2,426 2,569 3,272 4,258 8,691 7,924 

France ...................... 27,708 31,077 36,433 42,174 41,906 38,909 53,007 61,831 

Germany .................... 46,117 49,703 58,385 68,671 62,063 58,083 70,564 81,655 

Greece ...................... 1,072 910 1,165 1,309 1,128 1,092 1,247 784 

Hungary ..................... 54 34 37 44 33 46 41 25 

Ireland ...................... 5,495 4,596 4,612 6,741 7,830 6,213 6,970 5,267 

Italy ........................ 13,064 12,199 12,765 11,073 13,597 11,129 12,585 10,542 

Luxembourg 1 ................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,908 

Netherlands .................. 15,875 16,581 19,928 22,981 23,030 23,206 22,975 30,744 

Norway...................... 1,560 1,592 1,160 2,633 3,036 5,613 5,655 9,012 

Poland ...................... 706 1,116 1,219 436 403 240 434 397 

Portugal ..................... 866 1,817 1,927 1,539 2,217 2,195 2,105 1,881 

Romania..................... 59 85 68 66 64 79 80 91 

Russia 2 ...................... 858 838 731 725 763 661 690 1,147 

Spain ....................... 7,760 6,495 5,400 4,689 5,029 4,163 4,532 7,503 

Sweden ..................... 9,196 7,653 8,508 14,450 15,312 15,280 15,985 19,265 

Switzerland .................. 53,678 96,079 85,388 120,877 96,164 105,410 87,736 111,213 

Turkey ...................... 3,781 2,867 9,906 9,613 4,757 4,270 4,455 4,307 

United Kingdom ............... 162,874 180,432 172,345 186,682 210,761 209,080 227,329 261,611 

Channel Islands and Isle of Man 3 . n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,193 

Yugoslavia 4 .................. 62 51 50 50 49 49 50 49 

Other Europe ................. 5,430 7,559 9,515 8,519 8,962 9,312 7,029 2,954 

Total Europe ................ 376,772 443,817 455,775 530,060 523,589 522,066 552,064 644,180 

Canada ....................... 73,578 53,446 56,906 61,857 62,462 54,785 55,931 63,719 

Latin America: 

Argentina .................... 10,909 11,510 11,486 11,477 11,803 12,322 12,939 12,640 

Brazil ....................... 18,195 15,958 18,733 17,260 18,971 20,185 22,130 21,375 

Chile........................ 8,498 6,974 6,743 6,674 6,319 6,115 6,068 6,119 

Colombia .................... 6,671 4,852 4,543 3,954 3,808 3,870 4,388 4,044 

Ecuador ..................... 1,461 873 780 702 626 640 651 550 

Guatemala ................... 1,149 1,080 1,162 1,206 1,256 1,255 1,280 1,199 

Mexico ...................... 24,011 19,092 19,160 17,948 17,798 17,391 18,262 18,205 

Panama ..................... 3,742 3,109 3,512 3,132 3,295 3,048 3,241 3,237 

Peru ........................ 3,296 2,615 2,559 2,251 2,492 2,719 2,824 2,826 

Uruguay ..................... 1,156 980 822 786 641 746 704 460 

Venezuela ................... 3,217 3,677 3,720 3,799 3,592 3,595 3,751 3,452 

Other Latin America 5 ........... 5,109 4,983 5,135 5,376 5,260 4,972 5,278 3,585 

To tal Latin America .......... 87,414 75,703 78,355 74,565 75,861 76,858 81,516 77,692 

Ca rib bean: 

Bahamas.................... 100,955 80,950 112,826 111,908 112,820 109,301 132,681 121,213 

Bermuda .................... 5,418 8,711 8,117 7,498 6,391 6,569 9,568 8,344 

British West Indies 6 ........... 187,464 193,254 210,411 211,583 216,609 219,435 237,966 n.a. 

Cayman Islands 6.............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 229,206 

Netherlands Antilles ........... 6,816 13,382 6,051 6,415 6,513 5,784 5,812 6,961 

Trinidad and Tobago........... 461 591 609 637 685 599 609 710 

Other Caribbean 5 ............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 22,298 

Total Caribbean ............... 301,361 297,222 338,313 338,373 343,314 342,029 386,991 389,080 

See footnotes at end of table. 
76 CAP I TAL MOVEMENTS 

TA BLE CM-II-2.—Total Claims by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 2001 

Country 

Cal en dar year 

1998 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

Asia: 

China: 

Mainland ................... 1,297 2,080 2,160 3,206 1,722 1,558 1,668 1,407 

Taiwan..................... 1,196 1,120 1,639 1,373 1,764 3,151 2,719 1,981 

Hong Kong ................... 10,408 5,868 6,580 5,126 5,224 7,122 7,346 11,457 

India ........................ 1,600 1,869 1,874 1,880 2,047 2,144 2,346 1,962 

Indonesia .................... 2,239 1,770 1,853 1,903 1,905 2,034 1,944 2,042 

Israel ....................... 4,586 4,241 5,061 6,559 4,632 4,127 5,588 5,196 

Japan ....................... 55,170 34,381 34,627 33,140 37,997 39,895 39,243 45,410 

Korea ....................... 8,432 11,201 9,625 11,921 16,185 14,706 8,069 12,407 

Lebanon ..................... 35 4,616 29 27 55 36 39 63 

Malaysia ..................... 1,096 1,174 1,092 1,136 1,031 1,047 848 986 

Pakistan ..................... 645 1,084 405 526 670 742 165 426 

Philippines ................... 1,664 1,512 1,466 1,722 1,922 1,545 1,832 1,237 

Singapore.................... 7,591 4,830 3,988 2,758 3,739 3,094 4,576 2,816 

Syria........................ 1 - - 3 1 2 12 

Thailand ..................... 1,885 1,488 1,556 1,181 1,289 1,123 1,404 1,308 

Oil-exporting countries 7 ......... 20,132 12,427 15,502 12,588 13,246 11,182 10,627 10,301 

Other Asia ................... 281 826 437 511 332 310 324 274 

Total Asia .................. 118,258 90,487 87,894 85,560 93,761 93,818 88,750 99,275 

Af rica: 

Congo (formerly Zaire).......... 1 - 25 2 3 1 - -

Egypt ....................... 320 323 308 320 272 199 228 367 

Ghana ...................... 26 39 22 18 16 18 18 90 

Liberia ...................... 627 542 513 556 528 594 545 356 

Morocco ..................... 446 577 377 304 287 290 241 229 

South Africa .................. 768 627 714 480 821 393 378 604 

Oil-exporting countries 8 ........ 936 324 277 198 431 917 477 221 

Other Africa .................. 379 316 276 282 285 280 357 393 

Total Africa ................. 3,503 2,748 2,512 2,160 2,643 2,692 2,244 2,260 

Other countries: 

Australia ..................... 9,459 7,490 8,308 8,460 9,050 8,313 8,246 7,516 

New Zealand 9 ................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 509 

All other ..................... 806 311 486 604 303 602 427 150 

Total other 

countries .................. 10,265 7,801 8,794 9,064 9,353 8,915 8,673 8,175 

Total foreign

countries ................ 971,151 971,228 1,028,549 1,101,639 1,110,983 1,101,163 1,176,169 1,284,381 

In ter na tional and regional orgs.: 

International .................. 3,499 3,532 4,555 4,294 4,677 4,544 4,582 2,794 

European regional ............. 42 26 10 - 5 42 - 10 

Latin American regional ......... 79 31 14 15 41 78 104 44 

Caribbean regional 10 ........... n.a. n.a. n.a. n.a. n.a. n.a. n.a. -

Asian regional ................ - - - - - 201 - -

African regional ............... - - - - - - - -

Middle Eastern regional ......... - - - - - - - -

Total international 

and regional ............... 3,620 3,589 4,579 4,309 4,723 4,865 4,686 2,848 

Grand total ................ 974,771 974,817 1,033,128 1,105,948 1,115,706 1,106,028 1,180,855 1,287,229 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com­
 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other bined “Other Latin America and Carib bean.”
 

Eu rope.” 6 Before Janu ary 2001, data for Cayman Islands included in British West Indies.
 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates 
 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by the (Trucial States). 
 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 8 Includes Alge ria, Gabon, Libya, and Nige ria.
 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 9 Before Janu ary 2001, data included in “All other.” Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav 10 Before Janu ary 2001, included in “Latin Ameri can regional.” Re pub lic of Mace do nia.
 

2 
CAP I TAL MOVEMENTS 77 

TA BLE CM-II-3.—Total Claims on Foreigners by Type and Country, Mar. 31, 2001 

Re porting banks’ own claims 

On foreign
 Mem o ran dum Claims of banks’ domes tic custom ers
 

pub lic bor­ row ers and
 Pay able in Cus tomers’ Pay able in

To tal banks’ un af fil i ated On own for-
 for eign li a bil ity on Pay able in for eign Coun try To tal claims own claims for eign ers eign offices
 cur ren cies ac cep tan ces To tal dol lars cur ren cies 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Eu rope: 

Austria ................ 4,640 3,491 3,100 1 390 - 1,149 979 170 

Belgium 1............... 6,965 4,970 4,078 774 118 - 1,995 1,910 85 

Bulgaria ............... 7 4 4 - - - 3 3 -

Czech Republic ......... 179 179 82 95 2 - - - -

Denmark............... 7,086 3,935 1,747 1,495 693 - 3,151 3,053 98 

Finland ................ 7,924 7,708 320 6,865 523 - 216 88 128 

France ................ 61,831 51,739 9,680 35,875 6,184 29 10,092 9,274 818 

Germany .............. 81,655 55,823 15,176 30,587 10,060 2 25,832 20,433 5,399 

Greece ................ 784 629 277 1 351 7 155 154 1 

Hungary ............... 25 19 14 - 5 - 6 - 6 

Ireland ................ 5,267 4,373 2,232 1,463 678 - 894 548 346 

Italy................... 10,542 8,992 3,288 3,688 2,016 3 1,550 971 579 

Luxembourg 1 ........... 3,908 3,381 1,519 1,050 812 9 527 488 39 

Netherlands ............ 30,744 24,688 13,028 9,602 2,058 112 6,056 5,304 752 

Norway................ 9,012 8,267 8,223 5 39 - 745 738 7 

Poland ................ 397 393 352 15 26 - 4 2 2 

Portugal ............... 1,881 1,647 967 459 221 - 234 224 10 

Romania............... 91 81 76 1 4 - 10 10 -

Russia 2................ 1,147 1,020 1,008 - 12 - 127 5 122 

Spain ................. 7,503 5,726 2,765 1,957 1,004 2 1,777 1,554 223 

Sweden ............... 19,265 10,479 2,229 8,057 193 - 8,786 8,493 293 

Switzerland............. 111,213 98,780 4,198 92,291 2,291 84 12,433 12,244 189 

Turkey ................ 4,307 2,736 2,596 102 38 112 1,571 1,274 297 

United Kingdom ......... 261,611 184,226 51,798 114,869 17,559 51 77,385 71,746 5,639 

Channel Islands and Isle of 

Man 3 ................ 3,193 3,193 657 2,434 102 - - - -

Yugoslavia 4 ............ 49 49 49 - - - - - -

Other Europe ........... 2,954 2,694 2,355 6 333 1 260 154 106 

Total Europe .......... 644,180 489,222 131,818 311,692 45,712 412 154,958 139,649 15,309 

Canada ................. 63,719 49,535 10,363 33,476 5,696 15 14,184 13,038 1,146 

Latin America: 

Argentina .............. 12,640 12,006 9,921 1,322 763 31 634 576 58 

Brazil ................. 21,375 20,527 13,079 7,196 252 116 848 709 139 

Chile .................. 6,119 5,909 5,784 39 86 2 210 210 -

Colombia .............. 4,044 4,035 3,846 176 13 4 9 9 -

Ecuador ............... 550 539 517 17 5 3 11 11 -

Guatemala ............. 1,199 1,189 1,075 101 13 24 10 10 -

Mexico ................ 18,205 17,942 17,672 90 180 279 263 199 64 

Panama ............... 3,237 3,169 1,951 1,057 161 27 68 68 -

Peru .................. 2,826 2,817 2,138 671 8 14 9 9 -

Uruguay ............... 460 396 249 117 30 2 64 64 -

Venezuela ............. 3,452 3,394 3,193 46 155 8 58 58 -

Other Latin America 5 .... 3,585 3,562 2,985 556 21 35 23 23 -

Total Latin America ...... 77,692 75,485 62,410 11,388 1,687 545 2,207 1,946 261 

Ca rib bean: 

Bahamas .............. 121,213 107,924 6,713 98,351 2,860 8 13,289 13,108 181 

Bermuda............... 8,344 8,266 8,072 114 80 10 78 77 1 

Cayman Islands 6 ........ 229,206 209,537 39,911 159,434 10,192 20 19,669 19,057 612 

Cuba.................. - - - - - - - - -

Jamaica ............... 348 348 308 40 - - - - -

Netherlands Antilles ...... 6,961 6,961 2,586 4,335 40 - - - -

Trinidad and Tobago ..... 710 710 505 205 - - - - -

Other Caribbean 5 ....... 22,298 5,215 4,192 368 655 16 17,083 16,792 291 

Total Caribbean ......... 389,080 338,961 62,287 262,847 13,827 54 50,119 49,034 1,085 

See footnotes at end of table. 
78 CAP I TAL MOVEMENTS 

TA BLE CM-II-3.—Total Claims on Foreigners by Type and Country, Mar. 31, 2000, con. 

Re porting banks’ own claims 

On foreign
 Mem o ran dum Claims of banks’ domes tic custom ers

pub lic bor­ row ers and
 Pay able in Cus tomers’ Pay able in

To tal banks’ un af fil i ated On own for-
 for eign li a bil ity on Pay able in for eign To tal claims own claims for eign ers eign offices
 cur ren cies ac cep tan ces To tal dol lars cur ren cies 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Asia: 

China: 

Mainland ............. 1,407 1,343 1,285 53 5 11 64 64 -

Taiwan .............. 1,981 1,881 1,331 515 35 2 100 30 70 

Hong Kong............. 11,457 11,306 7,427 3,641 238 22 151 140 11 

India .................. 1,962 1,831 1,634 193 4 17 131 123 8 

Indonesia .............. 2,042 2,036 1,952 49 35 4 6 6 -

Israel ................. 5,196 2,339 2,072 267 - 5 2,857 2,854 3 

Japan ................. 45,410 41,051 7,216 32,095 1,740 26 4,359 1,834 2,525 

Korea ................. 12,407 12,256 9,568 2,618 70 1,794 151 69 82 

Lebanon ............... 63 52 52 - - - 11 11 -

Malaysia............... 986 953 611 327 15 1 33 5 28 

Pakistan ............... 426 425 98 327 - 1 1 1 -

Philippines ............. 1,237 1,228 1,139 56 33 37 9 9 -

Singapore ............. 2,816 2,627 1,288 1,266 73 - 189 174 15 

Syria.................. 2 1 1 - - - 1 1 -

Thailand ............... 1,308 1,286 616 642 28 1 22 21 1 

Other Asia ............. 10,575 10,298 1,631 7,656 1,011 35 277 277 -

Total Asia ............ 99,275 90,913 37,921 49,705 3,287 1,956 8,362 5,619 2,743 

Af rica: 

Congo (formerly Zaire).... - - - - - - - - -

Egypt ................. 367 346 207 136 3 1 21 21 -

Ghana ................ 90 83 83 - - - 7 7 -

Liberia ................ 356 356 356 - - - - - -

Morocco ............... 229 219 188 1 30 - 10 10 -

South Africa ............ 604 592 391 195 6 2 12 8 

Other Africa ............ 614 607 510 44 53 - 7 7 -

Total Africa ........... 2,260 2,203 1,735 376 92 3 57 53 

Other countries: 

Australia ............... 7,516 6,038 4,365 1,404 269 10 1,478 1,356 122 

New Zealand 7 .......... 509 493 166 - 327 - 16 5 11 

All other ............... 150 126 105 21 - - 24 23 

Total other 

countries ............ 8,175 6,657 4,636 1,425 596 10 1,518 1,384 134 

Total foreign

countries .......... 1,284,381 1,052,976 311,170 670,909 70,897 2,995 231,405 210,723 20,682 

In ter na tional

and regional orgs.: 

International ............ 2,794 2,770 2,722 - 48 - 24 24 -

European regional ....... 10 10 10 - - - - - -

Latin American regional ... 44 44 44 - - - - - -

Caribbean regional 8 ..... - - - - - - - - -

Asian regional .......... - - - - - - - - -

African regional ......... - - - - - - - - -

Middle Eastern regional ... - - - - - - - - -

Total international 

and regional ......... 2,848 2,824 2,776 - 48 - 24 24 -

Grand total .......... 1,287,229 1,055,800 313,946 670,909 70,945 2,995 231,429 210,747 20,682 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav
 


2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Re pub lic of Mace do nia.
 


Eu rope.” 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com-
 


3 Be fore Janu ary 2001, data included in United Kingdom. bined “Other Latin America and Carib bean.”
 


4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by the 6 Be fore Janu ary 2001, data for Cayman Islands included in British West Indies.
 


United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 7 Be fore Janu ary 2001, data included in “All other.”.
 


the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 8 Before Janu ary 2001, included in “Latin Ameri can regional.”
 


4 

4 

1 
CAP I TAL MOVEMENTS 79 

CHART CM-B.—U.S. Claims on Foreign ers
 Re ported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries
 

In the first quarter of 2001, U.S. 400	 	

(In billions of dollars) 

bank ing claims on foreign ers in­ creased $106 billion, primar ily due to 

a $92 billion increase oppo site Eu­ rope. Last year, banking claims on

for eign ers increased $148 billion,

due to strong increases in claims op­ po site Europe and the banking cen- 300 ters in the Carib bean. 

U.S. banking claims on foreign ers,

ex clud ing long-term secu ri ties, are

con cen trated in inter na tional finan­ cial centers. The data on this page

show that over three-quarters of U.S. 

200	 	 claims currently are reported oppo­ site the United Kingdom, “All other

Eu rope,” and the banking centers in 

the Carib bean. Foreigners domi ciled

in Asia hold less than 10 percent of 

U.S. claims, down from 20 percent at 

the end of 1996. 

100	 	 Af ter extremely strong growth in the

mid-1990s, total U.S. banking claims 

on foreign ers leveled off in 1998 and 

1999, growing at only about 5 per- cent per year. In 2000, growth

reached 14 percent, matching the 

0 growth rate of 1997. 

1997 1998 1999 2000 Mar. 2001 

All other Europe 

All other Asia 

United Kingdom Ca rib bean banking centers 

Ja pan All other countries 

United Kingdom ................... 151,645 162,874 172,345 227,329 261,611 

All other Europe. .................. 176,991 213,888 283,430 324,735 382,569 

Caribbean banking centers1,2. ........ 297,995 304,395 340,917 389,268 368,961 

Japan. .......................... 86,759 55,170 34,627 39,243 45,410 

All other Asia...................... 79,301 63,088 53,267 49,507 53,865 

Subtotal ........................ 792,691 799,415 884,586 1,030,082 1,112,416 

All other countries. ................. 151,390 175,356 148,542 150,773 174,813 

Grand total ..................... 944,081 974,771 1,033,128 1,180,855 1,287,229 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1997 1998 1999 2000 Mar. 2001 
80 CAP I TAL MOVEMENTS 

SEC TION III.—Sup ple men tary Lia bil i ties and Claims Data 

Re ported by Banks in the United States 

TA BLE CM-III-1.—Dol lar Lia bil i ties to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regu larly Reported Sepa rately 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Total lia bil i ties Total banks’ own claims 

Calen dar year 2000 Calen dar year 2000 

Country 1999 June Dec. 1999 June Dec. 

Other Europe: 

Cyprus .............................. 332 222 140 63 49 42 

Iceland .............................. 63 103 116 11 n.a. 13 

Monaco ............................. 179 224 161 n.a. 132 n.a. 

Other Latin America and Carib bean: 

Aruba ............................... 295 325 366 n.a. n.a. n.a. 

Barbados ............................ 1,693 1,696 1,429 813 1,095 629 

Belize ............................... 103 149 149 n.a. 43 42 

Bolivia .............................. 726 554 807 582 491 367 

Costa Rica ........................... 1,403 1,471 1,402 586 554 647 

Dominica ............................ 66 50 81 13 n.a. 37 

Dominican Republic .................... 1,760 1,445 1,637 787 858 952 

El Salvador........................... 982 1,074 641 965 888 1,030 

French West Indies and French Guiana .... 52 37 51 7 n.a. n.a. 

Haiti ................................ 345 315 297 16 20 53 

Honduras ............................ 1,537 1,713 1,746 328 269 287 

Nicaragua............................ 114 182 130 60 82 98 

Paraguay ............................ 886 931 839 98 92 88 

Suriname ............................ 178 169 172 67 80 50 

Other Asia: 

Afghanistan .......................... 61 49 55 - - -

Burma .............................. 5 8 5 - - -

Jordan .............................. 512 386 392 59 82 66 

Macau .............................. n.a. 91 62 n.a. - n.a. 

Sri Lanka ............................ 221 131 208 n.a. 41 29 

Yemen .............................. 368 399 325 n.a. 1 4 

Other Africa: 

Angola .............................. 203 287 390 n.a. n.a. n.a. 

Cameroon ........................... 19 16 23 8 8 7 

Ethiopia ............................. n.a 135 137 n.a. n.a. n.a. 

Guinea .............................. 28 24 40 - n.a. -

Ivory Coast........................... 55 62 74 n.a. 13 20 

Kenya............................... 228 138 117 22 13 5 

Madagascar .......................... 26 19 n.a. - n.a. n.a. 

Mauritius ............................ 125 137 116 4 13 n.a. 

Mozambique ......................... 110 127 199 3 n.a. n.a. 

Niger ............................... 4 2 3 n.a. n.a. n.a. 

Rwanda ............................. 57 43 66 n.a. n.a. n.a. 

Senegal ............................. 32 44 18 n.a. n.a. 16 

Somalia ............................. 16 13 13 - - -

Sudan .............................. 11 11 12 n.a. n.a. n.a. 

Tanzania ............................ 214 214 295 n.a. n.a. 3 

Tunisia .............................. 124 163 66 n.a. n.a. 100 

Uganda ............................. 121 84 95 n.a. n.a. 1 

Zambia .............................. 52 50 107 n.a. n.a. n.a. 

Zimbabwe ........................... 73 62 56 n.a. n.a. n.a. 

All other: 

New Zealand ......................... 774 370 721 215 129 148 

Papua New Guinea .................... n.a. n.a. n.a. 27 n.a. 27 

Note.—Data repre sent a partial breakdown of the amounts shown for the corre spond ing 

dates for the “Other” geograph ical cate go ries in the regu lar monthly series in the “Treasury

Bul le tin.” 
CAP I TAL MOVEMENTS 81 

SEC TION IV.—Lia bil i ties to, and Claims on, Foreigners

Re ported by Nonbanking Business Enter prises 

in the United States 

TA BLE CM-IV-1.—Total Lia bil i ties and Claims by Type 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar year 2000 2001 

Type of lia bil ity or claim 1997 1998 1999 Mar. June r Sept. Dec. Mar. p 

Total liabilities....................... 57,382 46,570 53,020 53,489 70,534 76,644 73,904 74,484 

Payable in dollars .................. 41,543 36,668 37,605 35,614 47,864 51,451 48,931 46,870 

Financial ........................ 12,630 10,371 13,883 12,858 22,803 26,159 25,246 23,369 

Com mer cial: 

Trade payables ................. 9,599 10,133 11,720 11,267 12,691 12,936 12,162 10,965 

Advance receipts and other ........ 19,314 16,164 12,002 11,489 12,370 12,356 11,523 12,536 

Payable in foreign currencies ......... 15,839 9,902 15,415 17,875 22,670 25,193 24,973 27,614 

Financial ........................ 14,247 8,884 14,097 16,322 21,265 23,736 22,173 25,092 

Com mer cial: 

Trade payables ................. 1,305 845 1,114 1,134 1,073 982 2,131 1,692 

Advance receipts and other ........ 287 173 204 419 332 475 669 830 

Total claims ........................ 68,128 77,462 76,642 84,266 80,731 94,803 90,157 109,443 

Payable in dollars .................. 62,173 72,171 69,170 74,331 72,300 82,872 79,558 96,230 

Fi nan cial: 

Deposits ....................... 21,060 28,549 16,373 21,442 15,361 27,974 21,015 26,944 

Other ......................... 11,806 14,049 18,593 19,659 22,384 20,541 25,142 37,480 

Com mer cial: 

Trade receivables................ 26,157 25,743 30,624 28,512 29,590 29,568 30,007 28,079 

Advance payments and other....... 3,150 3,830 3,580 4,718 4,965 4,789 3,394 3,727 

Payable in foreign currencies ......... 5,955 5,291 7,472 9,935 8,431 11,931 10,599 13,213 

Fi nan cial: 

Deposits ....................... 1,849 1,650 2,193 1,874 2,101 2,954 2,359 2,175 

Other ......................... 2,244 2,012 3,072 4,823 4,457 6,834 4,515 7,859 

Com mer cial: 

Trade receivables................ 1,379 1,459 1,978 2,931 1,693 1,962 3,097 2,414 

Advance payments and other....... 483 170 229 307 180 181 628 765 
82 CAP I TAL MOVEMENTS 

TA BLE CM-IV-2.—Total Lia bil i ties by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 Mar. June Sept. Dec. Mar. p 

Eu rope: 

Austria ...................... 67 112 118 112 93 95 131 111 147 

Belgium-Luxembourg .......... 1,111 852 357 171 82 341 370 440 363 

Bulgaria ..................... 2 5 3 - 1 2 1 2 2 

Czech Republic ............... 22 38 105 26 25 26 25 7 9 

Denmark .................... 93 170 132 105 138 131 173 149 118 

Finland ..................... 161 281 83 48 38 47 42 91 61 

France ...................... 1,771 2,189 2,017 2,331 2,388 2,413 2,015 2,459 2,246 

Germany .................... 2,836 3,232 3,455 3,105 2,794 2,619 3,155 3,215 3,727 

Greece ..................... 72 89 120 141 283 223 356 400 464 

Hungary .................... 12 13 3 9 9 5 11 8 8 

Ireland ...................... 449 1,136 1,307 827 1,226 2,513 1,184 1,216 1,216 

Italy ........................ 911 923 1,177 749 1,312 1,515 1,537 1,773 1,558 

Netherlands.................. 1,322 933 1,835 2,503 2,618 2,597 2,464 2,316 2,542 

Norway ..................... 424 242 188 266 126 185 195 286 329 

Poland ...................... 30 7 11 46 52 81 48 42 52 

Portugal..................... 33 36 29 34 19 16 15 16 17 

Romania .................... 9 165 149 159 236 184 180 178 24 

Russia 1 ..................... 105 115 82 251 194 122 34 91 57 

Spain....................... 222 334 546 501 389 478 381 468 742 

Sweden ..................... 204 244 171 158 161 147 145 117 111 

Switzerland .................. 1,323 936 654 773 633 702 825 606 772 

Turkey ...................... 129 285 211 384 446 511 543 408 327 

United Kingdom .............. 21,464 15,753 9,677 19,592 19,240 24,445 31,552 29,209 31,860 

Yugoslavia 2 .................. 9 6 8 11 6 7 8 11 25 

Other Europe ................ 165 159 181 201 187 220 196 182 163 

Total Europe................ 32,946 28,255 22,619 32,503 32,696 39,625 45,586 43,801 46,940 

Canada ...................... 2,491 3,549 2,083 2,059 2,337 2,767 2,138 2,344 2,346 

Latin America 

and Carib bean: 

Argentina.................... 272 219 118 169 247 202 186 146 89 

Bahamas.................... 299 157 21 23 10 88 120 37 23 

Bermuda .................... 347 432 299 157 288 1,316 1,559 2,020 2,117 

Brazil ....................... 274 363 304 271 243 265 299 262 265 

British West Indies ............ 1,044 616 967 540 512 485 520 482 474 

Chile ....................... 160 150 111 64 94 99 61 52 97 

Colombia .................... 123 120 72 141 111 156 76 131 86 

Cuba ....................... 5 - 5 27 22 18 19 20 14 

Ecuador..................... 27 22 19 58 22 70 40 32 18 

Guatemala .................. 12 30 12 6 26 18 20 10 7 

Jamaica..................... 16 18 12 13 46 20 15 16 5 

Mexico...................... 682 591 406 912 827 1,099 1,114 867 824 

Netherlands Antilles ........... 53 23 44 19 15 24 16 32 20 

Panama..................... 12 16 16 67 62 69 27 32 35 

Peru ....................... 44 30 35 28 25 23 25 24 20 

Trinidad and Tobago ........... 144 75 34 15 18 12 11 36 29 

Uruguay .................... 6 20 8 8 7 7 7 27 5 

Venezuela ................... 329 262 204 305 193 239 124 286 244 

Other Latin America 

and Caribbean .............. 393 418 426 379 364 1,271 1,651 1,994 1,445 

Total Latin America 

and Caribbean............. 4,242 3,562 3,113 3,202 3,132 5,481 5,890 6,506 5,817 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 83 

TA BLE CM-IV-2.—Total Lia bil i ties by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 Mar. June Sept. Dec. Mar. p 

Asia: 

China: 

Mainland ................... 990 1,250 708 627 606 781 526 497 686 

Taiwan..................... 697 936 898 1,175 1,115 1,096 985 970 938 

Hong Kong ................... 610 750 388 223 347 790 430 640 481 

India ........................ 181 170 387 519 355 330 284 309 168 

Indonesia .................... 314 213 154 83 70 89 111 81 42 

Israel ....................... 205 176 228 160 188 185 633 468 142 

Japan ....................... 10,483 8,602 7,439 5,751 5,259 8,224 6,780 8,973 7,211 

Korea ....................... 1,558 1,150 945 543 695 2,477 3,165 941 959 

Lebanon ..................... 72 29 27 56 60 55 52 53 53 

Malaysia..................... 586 766 141 118 139 102 238 162 168 

Pakistan ..................... 77 60 33 37 31 85 75 96 94 

Philippines ................... 110 222 169 169 114 104 105 114 116 

Singapore.................... 908 1,252 1,240 917 1,237 2,093 2,785 2,280 1,993 

Syria........................ 61 23 15 8 6 24 10 27 21 

Thailand ..................... 473 405 362 165 200 218 203 203 206 

Oil-exporting countries 3 ......... 2,193 3,138 2,852 2,555 2,312 3,494 3,714 2,844 3,374 

Other Asia ................... 327 211 141 217 222 271 357 290 295 

Total Asia .................. 19,845 19,353 16,127 13,323 12,956 20,418 20,453 18,948 16,947 

Af rica: 

Congo (formerly Zaire).......... - - - 9 10 1 1 - 1 

Egypt ....................... 198 90 39 86 100 115 154 166 227 

Ghana ...................... 29 28 9 1 2 3 4 6 6 

Liberia ...................... - 1 9 2 2 - 16 18 19 

Morocco ..................... 21 49 41 31 12 10 12 11 12 

South Africa .................. 154 255 189 138 148 141 130 135 112 

Oil-exporting countries 4 ......... 532 408 393 499 536 575 663 483 566 

Other Africa .................. 144 103 142 212 161 138 288 181 167 

Total Africa ................. 1,078 934 822 978 971 983 1,268 1,000 1,110 

Other countries: 

Australia ..................... 945 911 949 634 450 294 324 344 317 

All other ..................... 125 810 852 300 910 930 929 898 968 

Total other 

countries .................. 1,070 1,721 1,801 934 1,360 1,224 1,253 1,242 1,285 

Total foreign

countries ................ 61,672 57,374 46,565 52,975 53,452 70,498 76,588 73,841 74,445 

In ter na tional

and regional orgs.: 

International .................. 55 - - 1 - - - 1 -

European regional ............. 55 8 5 44 37 36 56 45 39 

Latin American regional ......... - - - - - - - - -

Asian regional ................ - - - - - - - 9 -

African regional ............... - - - - - - - 8 -

Middle Eastern regional ......... - - - - - - - - -

Total international 

and regional ............... 110 8 5 45 37 36 56 63 39 

Grand total ................ 61,782 57,382 46,570 53,020 53,489 70,534 76,644 73,904 74,484 

3 1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Begin ning with series for Decem ber 1992 forward, data are for Russia only. Data for all other Emirates (Trucial States). re pub lics of the former U.S.S.R. are reported under “Other Europe.” 

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- 4

 Includes Alge ria, Gabon, Libya and Nige ria.
 


nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ­
 


ent states by the United States are reported under “Other Europe” as follows: Begin ning in
 


De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June
 


1994 for the Former Yugo slav Repub lic of Mace do nia.
 

84 CAP I TAL MOVEMENTS 

TA BLE CM-IV-3.—Total Lia bil i ties by Type and Country, Mar. 31, 2001, Prelim i nary 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Fi nan cial lia bil i ties 

Coun try Total lia bil i ties To tal Pay able in dollars Pay able in foreign Commer cialcur ren cies lia bil i ties 

(1) (2) (3) (4) (5) 

Eu rope: 

Austria ...................... 

Belgium-Luxembourg........... 

Bulgaria ..................... 

Czech Republic ............... 

Denmark .................... 

Finland ...................... 

France ...................... 

Germany .................... 

Greece ...................... 

Hungary ..................... 

Ireland ...................... 

Italy ........................ 

Netherlands .................. 

Norway...................... 

Poland ...................... 

Portugal ..................... 

Romania..................... 

Russia 1 ..................... 

Spain ....................... 

Sweden ..................... 

Switzerland .................. 

Turkey ...................... 

United Kingdom ............... 

Yugoslavia 2 .................. 

Other Europe ................. 

147 - - - 147 

363 112 105 7 251 

2 - - - 2 

9 2 2 - 7 

118 1 - 1 117 

61 36 6 30 25 

2,246 1,557 1,181 376 689 

3,727 2,745 1,829 916 982 

464 5 5 - 459 

8 1 1 - 7 

1,216 1,070 358 712 146 

1,558 358 10 348 1,200 

2,542 2,169 2,141 28 373 

329 3 3 - 326 

52 - - - 52 

17 5 3 2 12 

24 - - - 24 

57 16 6 10 41 

742 503 484 19 239 

111 1 1 - 110 

772 116 90 26 656 

327 6 6 - 321 

31,860 29,241 8,709 20,532 2,619 

25 - - - 25 

163 43 42 1 120 

Total Europe ................ 46,940 37,990 14,982 23,008 8,950 

Canada ....................... 2,346 719 586 133 1,627 

Latin America 

and Carib bean: 

Argentina .................... 

Bahamas .................... 

Bermuda .................... 

Brazil ....................... 

British West Indies ............. 

Chile........................ 

Colombia .................... 

Cuba ....................... 

Ecuador ..................... 

Guatemala ................... 

Jamaica ..................... 

Mexico ...................... 

Netherlands Antilles ............ 

Panama ..................... 

Peru ........................ 

Trinidad and Tobago ........... 

Uruguay ..................... 

Venezuela ................... 

Other Latin America 

and Caribbean............... 

89 9 9 - 80 

23 18 17 1 5 

2,117 1,837 1,836 1 280 

265 26 25 1 239 

474 410 410 - 64 

97 8 8 - 89 

86 3 2 1 83 

14 - - - 14 

18 - - - 18 

7 - - - 7 

5 2 2 - 3 

824 32 14 18 792 

20 10 10 - 10 

35 - - - 35 

20 1 1 - 19 

29 5 5 - 24 

5 - - - 5 

244 1 - 1 243 

1,445 1,289 1,287 2 156 

Total Latin America 

and Caribbean ............. 5,817 3,651 3,626 25 2,166 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 85 

TA BLE CM-IV-3.—Total Lia bil i ties by Type and Country, Mar. 31, 2001, Prelim i nary, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Fi nan cial lia bil i ties 

Pay able in foreign Commer cial

Coun try Total lia bil i ties To tal Payable in dollars cur ren cies lia bil i ties 

(1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland ................... 

Taiwan..................... 

Hong Kong................... 

India ........................ 

Indonesia .................... 

Israel ....................... 

Japan ....................... 

Korea ....................... 

Lebanon..................... 

Malaysia..................... 

Pakistan ..................... 

Philippines ................... 

Singapore.................... 

Syria........................ 

Thailand ..................... 

Other Asia ................... 

686 55 55 - 631 

938 3 2 1 935 

481 204 17 187 277 

168 5 4 1 163 

42 7 5 2 35 

142 1 1 - 141 

7,211 4,779 3,753 1,026 2,432 

959 10 8 2 949 

53 6 6 - 47 

168 - - - 168 

94 - - - 94 

116 2 - 2 114 

1,993 287 246 41 1,706 

21 - - - 21 

206 2 - 2 204 

3,669 28 27 1 3,641 

Total Asia .................. 16,947 5,389 4,124 1,265 11,558 

Af rica: 

Congo (formerly Zaire).......... 1 - - - 1 

Egypt ....................... 227 6 5 1 221 

Ghana ...................... 6 - - - 6 

Liberia ...................... 19 18 18 - 1 

Morocco ..................... 12 - - - 12 

South Africa .................. 112 1 - 1 111 

Other Africa .................. 733 13 13 - 720 

Total Africa ................. 1,110 38 36 2 1,072 

Other countries: 

Australia ..................... 317 63 10 53 254 

All other ..................... 968 611 5 606 357 

Total other countries .......... 1,285 674 15 659 611 

Total foreign countries ....... 74,445 48,461 23,369 25,092 25,984 

In ter na tional and regional orgs.: 

International .................. 

European regional ............. 

Latin American regional......... 

Asian regional ................ 

African regional ............... 

Middle Eastern regional......... 

- - - - -

39 - - - 39 

- - - - -

- - - - -

- - - - -

- - - - -

Total international 

and regional............... 39 - - - 39 

Grand total ................ 74,484 48,461 23,369 25,092 26,023 

1

 Begin ning with series for Decem ber 1992 forward, data for all other repub lics of the former ent states by the United States are reported under “Other Europe” as follows: Begin ning in 

U.S.S.R. are reported under “Other Europe.” De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 

for the Former Yugo slav Repub lic of Mace do nia. 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ-
86 CAP I TAL MOVEMENTS 

TA BLE CM-IV-4.—Total Claims by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 Mar. June r Sept. Dec. Mar. p 

Eu rope: 

Austria ...................... 159 126 146 208 445 257 297 498 490 

Belgium-Luxembourg........... 411 734 899 845 811 742 697 748 825 

Bulgaria ..................... 19 32 11 6 5 13 21 6 8 

Czech Republic ............... 34 42 67 26 37 42 43 67 54 

Denmark .................... 101 155 81 310 197 156 234 229 148 

Finland ...................... 173 211 244 261 249 257 212 224 254 

France ...................... 2,338 2,811 3,035 3,203 4,355 3,985 4,398 4,301 6,629 

Germany .................... 1,613 2,041 2,126 2,464 2,703 2,481 2,855 2,830 3,168 

Greece ...................... 148 386 316 487 482 441 327 332 391 

Hungary ..................... 17 62 66 54 50 54 47 47 46 

Ireland ...................... 274 277 244 340 434 494 589 616 719 

Italy ........................ 1,039 1,466 1,257 1,284 1,268 1,190 1,193 1,114 1,308 

Netherlands .................. 1,055 1,274 1,342 2,658 3,318 3,226 3,796 3,125 3,070 

Norway...................... 251 303 165 273 192 201 252 308 238 

Poland ...................... 108 124 111 62 70 61 66 67 75 

Portugal ..................... 92 78 153 91 91 121 106 83 106 

Romania..................... 14 7 20 11 11 15 9 16 19 

Russia 1 ..................... 239 221 232 293 369 398 340 373 184 

Spain ....................... 645 623 527 715 766 905 903 860 1,346 

Sweden ..................... 372 504 565 339 358 321 368 360 326 

Switzerland .................. 1,116 988 897 1,253 1,223 1,186 1,310 1,462 1,271 

Turkey ...................... 222 379 236 464 705 591 419 700 392 

United Kingdom ............... 10,868 13,997 12,535 13,388 14,398 16,605 21,384 20,402 25,101 

Yugoslavia 2 .................. 6 11 14 17 17 45 37 15 19 

Other Europe ................. 214 267 251 360 353 402 289 291 293 

Total Europe ................ 21,528 27,119 25,540 29,412 32,907 34,189 40,192 39,074 46,480 

Canada ....................... 5,607 5,973 5,120 5,310 6,263 9,049 10,470 8,078 8,247 

Latin America 

and Carib bean: 

Argentina .................... 617 688 893 896 855 891 826 1,109 1,001 

Bahamas .................... 1,588 2,335 427 1,613 1,314 703 1,433 1,390 581 

Bermuda .................... 415 352 575 401 415 415 409 395 2,147 

Brazil ....................... 2,771 2,475 1,859 2,381 2,495 2,560 2,549 2,784 2,621 

British West Indies ............. 15,726 10,571 24,492 12,280 15,909 7,802 15,777 12,733 16,497 

Chile........................ 374 327 320 263 387 313 329 302 272 

Colombia .................... 422 424 279 349 324 335 326 351 278 

Cuba ....................... 5 - - - 2 1 - 1 1 

Ecuador ..................... 107 101 103 82 60 57 83 66 57 

Guatemala ................... 98 93 88 85 121 73 93 106 73 

Jamaica ..................... 40 52 45 52 80 34 82 126 85 

Mexico ...................... 1,585 1,929 2,790 3,476 3,508 3,613 3,892 3,955 3,877 

Netherlands Antilles ............ 114 153 37 45 72 97 37 84 65 

Panama ..................... 109 145 173 168 202 194 201 244 206 

Peru ........................ 201 147 183 148 170 112 122 171 84 

Trinidad and Tobago ........... 25 20 55 46 58 45 53 59 35 

Uruguay ..................... 42 49 59 68 70 70 60 35 43 

Venezuela ................... 388 612 456 487 500 544 480 415 323 

Other Latin America 

and Caribbean............... 681 820 1,176 1,325 1,302 2,807 727 842 5,734 

Total Latin America 

and Caribbean ............. 25,308 21,293 34,010 24,165 27,844 20,666 27,479 25,168 33,980 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 87 

TA BLE CM-IV-4.—Total Claims by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 Mar. June r Sept. Dec. Mar. p 

Asia: 

China: 

Mainland ................... 992 1,076 825 760 1,018 1,012 1,034 1,096 1,144 

Taiwan..................... 511 814 770 1,097 1,129 1,345 1,338 1,299 1,290 

Hong Kong ................... 669 562 331 400 958 861 458 593 729 

India ........................ 402 439 348 599 486 553 664 661 664 

Indonesia .................... 665 704 417 408 386 446 376 407 336 

Israel ....................... 323 347 327 336 419 527 393 458 515 

Japan ....................... 3,038 2,799 2,875 5,336 4,103 3,291 3,800 4,427 6,640 

Korea ....................... 822 988 1,084 1,378 1,481 1,432 1,542 1,745 2,215 

Lebanon..................... 41 37 26 14 22 25 40 36 18 

Malaysia..................... 560 547 492 516 513 672 733 743 722 

Pakistan ..................... 99 44 37 23 32 110 23 37 43 

Philippines ................... 245 144 148 258 235 141 127 106 99 

Singapore.................... 781 779 734 1,041 825 984 832 1,065 1,016 

Syria........................ 7 11 12 5 10 5 8 11 5 

Thailand ..................... 288 280 489 651 208 192 153 344 351 

Oil-exporting countries 3......... 993 1,118 1,144 1,648 1,562 1,283 1,284 1,104 1,036 

Other Asia ................... 161 157 160 152 144 216 183 195 165 

Total Asia .................. 10,597 10,846 10,219 14,622 13,531 13,095 12,988 14,327 16,988 

Af rica: 

Congo (formerly Zaire).......... 13 3 1 - - 2 2 - 7 

Egypt ....................... 155 286 136 186 192 236 223 266 280 

Ghana ...................... 15 9 14 6 25 28 26 5 7 

Liberia ...................... 29 8 11 3 11 8 - 2 21 

Morocco ..................... 27 28 29 35 44 42 27 49 25 

South Africa .................. 277 322 272 323 262 266 272 266 365 

Oil-exporting countries 4........... 180 134 181 186 97 199 395 237 207 

Other Africa .................. 224 209 226 178 317 305 234 258 284 

Total Africa ................. 920 999 870 917 948 1,086 1,179 1,083 1,196 

Other countries: 

Australia ..................... 1,536 1,485 1,398 1,889 2,124 2,105 2,005 2,041 1,917 

All other ..................... 265 390 286 351 638 536 485 359 453 

Total other 

countries.................. 1,801 1,875 1,684 2,240 2,762 2,641 2,490 2,400 2,370 

Total foreign

countries ................ 65,761 68,105 77,443 76,639 84,255 80,726 94,798 90,130 109,261 

In ter na tional

and regional orgs.: 

International .................. 60 18 15 2 10 - - 2 -

European regional ............. 58 5 3 - - 4 4 4 175 

Latin American regional ......... 2 - - - - - - - -

Asian regional ................ 13 - - - - - - 12 -

African regional ............... 3 - 1 1 1 1 1 2 -

Middle Eastern regional ......... - - - - - - - 7 7 

Total international 

and regional ............... 136 23 19 3 11 5 5 27 182 

Grand total ................ 65,897 68,128 77,462 76,642 84,266 80,731 94,803 90,157 109,443 

1

 Begin ning with series for Decem ber 1992 forward, data are for Russia only. Data for all other for the Former Yugo slav Repub lic of Mace do nia.
 


re pub lics of the former U.S.S.R. are reported under “Other Europe.” 3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
 


(Trucial States). 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- 4

 Includes Alge ria, Gabon, Libya and Nige ria. nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independent states by the United States are reported under “Other Europe” as follows: Begin ning in 

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 
88 CAP I TAL MOVEMENTS 

TA BLE CM-IV-5.—Total Claims by Type and Country, Mar. 31, 2001, Prelim i nary 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Finan cial claims 

Coun try Total claims Total Denom i nated in dollars 

De nom i nated in foreign Commer cial

cur ren cies claims 

(1) (2) (3) (4) (5) 

Eu rope: 

Austria ...................... 

Belgium-Luxembourg........... 

Bulgaria ..................... 

Czech Republic ............... 

Denmark .................... 

Finland ...................... 

France ...................... 

Germany .................... 

Greece ...................... 

Hungary ..................... 

Ireland ...................... 

Italy ........................ 

Netherlands .................. 

Norway...................... 

Poland ...................... 

Portugal ..................... 

Romania..................... 

Russia 1 ...................... 

Spain ....................... 

Sweden ..................... 

Switzerland .................. 

Turkey ...................... 

United Kingdom ............... 

Yugoslavia 2 ................... 

Other Europe ................. 

490 368 366 2 122 

825 430 421 9 395 

8 - - - 8 

54 30 30 - 24 

148 51 51 - 97 

254 2 - 2 252 

6,629 3,149 1,457 1,692 3,480 

3,168 1,405 1,081 324 1,763 

391 238 238 - 153 

46 1 1 - 45 

719 386 384 2 333 

1,308 382 365 17 926 

3,070 2,313 924 1,389 757 

238 145 125 20 93 

75 10 - 10 65 

106 5 4 1 101 

19 1 1 - 18 

184 52 52 - 132 

1,346 817 777 40 529 

326 132 127 5 194 

1,271 605 571 34 666 

392 206 206 - 186 

25,101 21,070 17,695 3,375 4,031 

19 - - - 19 

293 148 142 6 145 

Total Europe ................ 46,480 31,946 25,018 6,928 14,534 

Canada ....................... 8,247 4,854 4,193 661 3,393 

Latin America 

and Carib bean: 

Argentina .................... 

Bahamas .................... 

Bermuda .................... 

Brazil ....................... 

British West Indies ............. 

Chile........................ 

Colombia .................... 

Cuba ....................... 

Ecuador ..................... 

Guatemala ................... 

Jamaica ..................... 

Mexico ...................... 

Netherlands Antilles ............ 

Panama ..................... 

Peru ........................ 

Trinidad and Tobago ........... 

Uruguay ..................... 

Venezuela ................... 

Other Latin America 

and Caribbean............... 

1,001 496 484 12 505 

581 561 555 6 20 

2,147 1,729 1,729 - 418 

2,621 1,564 1,561 3 1,057 

16,497 16,366 16,366 - 131 

272 40 39 1 232 

278 78 75 3 200 

1 - - - 1 

57 1 1 - 56 

73 19 18 1 54 

85 58 57 1 27 

3,877 2,459 2,424 35 1,418 

65 48 48 - 17 

206 20 20 - 186 

84 4 3 1 80 

35 1 - 1 34 

43 - - - 43 

323 31 26 5 292 

5,734 5,199 5,194 5 535 

Total Latin America 

and Caribbean ............. 33,980 28,674 28,600 74 5,306 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 89 

TA BLE CM-IV-5.—Total Claims by Type and Country, Mar. 31, 2001, Prelim i nary, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Finan cial claims 

Coun try Total claims Total Denom i nated in dollars 

De nom i nated in foreign Commer cial

cur ren cies claims 

(1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland ................... 

Taiwan..................... 

Hong Kong ................... 

India ........................ 

Indonesia .................... 

Israel........................ 

Japan ....................... 

Korea ....................... 

Lebanon ..................... 

Malaysia ..................... 

Pakistan ..................... 

Philippines ................... 

Singapore .................... 

Syria ........................ 

Thailand ..................... 

Other Asia ................... 

1,144 237 237 - 907 

1,290 264 33 231 1,026 

729 439 167 272 290 

664 318 89 229 346 

336 126 125 1 210 

515 170 169 1 345 

6,640 4,065 2,660 1,405 2,575 

2,215 789 789 - 1,426 

18 - - - 18 

722 435 374 61 287 

43 5 5 - 38 

99 17 17 - 82 

1,016 253 245 8 763 

5 1 1 - 4 

351 184 184 - 167 

1,201 141 135 6 1,060 

Total Asia................... 16,988 7,444 5,230 2,214 9,544 

Af rica: 

Congo (formerly Zaire) .......... 7 - - - 7 

Egypt ....................... 280 76 75 1 204 

Ghana....................... 7 - - - 7 

Liberia....................... 21 17 17 - 4 

Morocco ..................... 25 1 1 - 24 

South Africa .................. 365 179 171 8 186 

Other Africa .................. 491 150 148 2 341 

To tal Africa ................. 1,196 423 412 11 773 

Other countries: 

Australia ..................... 1,917 721 663 58 1,196 

All other ..................... 453 214 201 13 239 

Total other 

countries .................. 2,370 935 864 71 1,435 

Total foreign

countries................. 109,261 74,276 64,317 9,959 34,985 

In ter na tional

and regional orgs.: 

International .................. 

European regional ............. 

Latin American regional ......... 

Asian regional................. 

African regional ............... 

Middle Eastern regional ......... 

- - - - -

175 175 100 75 -

- - - - -

- - - - -

- - - - -

7 7 7 - -

Total international 

and regional ............... 182 182 107 75 -

Grand total ................ 109,443 74,458 64,424 10,034 34,985 

1 Be gin ning with series for Decem ber 1992 forward, data for all other repub lics of the former ent states by the United States are reported under “Other Europe” as follows: Begin ning in 

U.S.S.R. are reported under “Other Europe.” De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- for the Former Yugo slav Repub lic of Mace do nia. 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ-
90 CAP I TAL MOVEMENTS 

CHART CM-C.—Net Purchases of Long-Term
 


Do mes tic Secu ri ties by For eigners, Selected Countries
 


The data on this page repre sent for­ eign inves tors’ purchases and sales of 

long-term U.S. secu ri ties (that is, U.S.

Trea sury and Govern ment agency

bonds and notes, and U.S. corpo rate

bonds and stocks) as reported to the

Trea sury Inter na tional Capi tal (TIC)

re port ing system. Foreign inves tors

also acquired U.S. equi ties through

merg ers that involve stock swaps. Net

for eign acqui si tions of U.S. equi ties

through stock swaps amounted to $14

bil lion in 1999, $20 billion in 2000,

and near zero in the first half of 2001. 

(Stock swaps data for the most recent

quar ter are Federal Reserve

Board/Trea sury esti mates and are sub­ ject to substan tial revi sions.) These 

stock swaps are not reported under the 

TIC report ing system. 

1

300 	 

(In billions of dollars) 

Note: To facil i tate compar i son of net pur­ chases during 2001 with those in prior years, the chart depicts data for all peri ods at an

an nu al ized rate. 

250 	 

200 	 

150 	 

00 

The data present aggre gate net pur­ chases on an annual basis for 1997 

through 2000, as well as activ ity for 

the first half of 2001. The figures 

50 show that foreign ers’ annual net pur­ chases (gross purchases minus gross sales) of U.S. secu ri ties have main­ tained an extremely high level since

1997. 

0 

1998 1999 2000 2001 2001 An nual net foreign purchases of U.S.

se cu ri ties first surpassed $100 billion Jan. - June Apr. - June in 1993. In 2000, net foreign pur­ chases of U.S. secu ri ties set a new re- cord, surpass ing the previ ous one set 

in 1997. For the year, net acqui si tions (in clud ing stock swaps) amounted to

$478 billion, of which over $300 bil­ lion was reported oppo site Europe.

Net purchases accel er ated in the first 

half of 2001, total ing $286 billion. 

United Kingdom Ca rib bean banking centers 

Ja pan All other Asia All other countries 

All other Europe 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1998 1999 2000 

2001 

Jan. - June 

2001 

Apr. - June 

United Kingdom. ................... 137,970 129,014 166,290 116,206 47,171 

All other Europe .................... 84,047 71,492 128,577 55,250 24,353 

Caribbean banking centers 1, 2. ........ 11,738 43,142 19,883 23,135 14,097 

Japan ............................ 20,261 43,366 52,006 16,964 12,947 

All other Asia....................... 11,050 34,168 52,151 50,134 23,539 

Subtotal ......................... 265,066 321,182 418,907 261,689 122,107 

All other countries. .................. 12,725 28,979 38,921 24,363 7,221 

Grand total ...................... 277,791 350,161 457,828 286,052 129,328 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 

Over the past few years, the compo si­ tion of foreign ers’ net purchases has 

changed dramat i cally. In the 

mid-1990s, the major ity of foreign ers’ 

net purchases consisted of U.S. Trea­ sury bonds and notes. Since 1997,

how ever, foreign ers increas ingly have 

turned to other long-term secu ri ties.

In fact, in 2000, foreign ers purchased

re cord amounts of corpo rate bonds,

agency bonds and corpo rate stocks. 
CAP I TAL MOVEMENTS 91 

SEC TION V.—U.S. Inter na tional Transac tions in Long-Term Secu ri ties 

TA BLE CM-V-1.—U.S. Transac tions with Foreigners in Long-Term Domes tic Secu ri ties by Type 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury bonds and notes 

Net foreign purchases

For eign countries 

U.S. Govern ment corpo ra tions and

fed erally sponsored agencies 

Cal en dar

year or month To tal 

Of fi cial Other In ter na tional Gross foreign in sti tu tions for eign ers and regional pur chases Gross foreign sales Net foreign Gross foreign Gross foreign purchases pur chases sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

1997............ 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 

1998............ 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 

1999............ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000 r ........... -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 - Jan. - June p.... -11,159 -8,228 -2,278 -653 2,627,275 2,638,434 81,601 535,448 453,847 

2000 - June ........ -17,932 -1,412 -16,185 -335 291,954 309,886 6,469 53,146 46,677 

July ........ -6,061 -639 -5,107 -315 238,870 244,931 10,178 53,485 43,307 

Aug. r ....... -113 449 -566 4 261,003 261,116 16,311 61,079 44,768 

Sept. r ....... -8,807 -6,626 -2,406 225 287,803 296,610 16,397 64,605 48,208 

Oct. r ........ -2,989 -7,150 3,976 185 352,223 355,212 18,186 64,319 46,133 

Nov ........ -14,106 -4,967 -8,992 -147 303,634 317,740 18,343 72,605 54,262 

Dec ........ -9,789 1,068 -10,972 115 336,144 345,933 9,930 75,999 66,069 

2001- Jan ......... -9,064 2,226 -10,757 -533 471,956 481,020 13,308 86,184 72,876 

Feb ........ 7,011 667 6,305 39 410,898 403,887 9,486 80,374 70,888 

Mar ........ 4,975 249 4,728 -2 447,802 442,827 19,481 104,571 85,090 

Apr ......... -13,711 -9,040 -4,477 -194 434,782 448,493 15,470 88,033 72,563 

May p ....... 3,076 913 1,918 245 464,403 461,327 6,950 85,083 78,133 

June p ....... -3,446 -3,243 5 -208 397,434 400,880 16,906 91,203 74,297 

Cor po rate and other secu ri ties 

Bonds 1 Stocks 

Cal en dar

year or month 

Net foreign pur chases Gross foreign pur chases Gross foreign Net foreign sales pur chases Gross foreign pur chases Gross foreign sales 

(10) (11) (12) (13) (14) (15) 

1997 ......................... 84,358 350,873 266,515 69,597 1,097,958 1,028,361 

1998 ......................... 121,930 381,262 259,332 50,020 1,573,696 1,523,676 

1999 ......................... 160,392 368,692 208,300 107,522 2,340,659 2,233,137 

2000 ......................... 184,128 479,456 295,328 174,890 3,605,196 3,430,306 

2001 - Jan. - June p ................. 139,555 394,689 255,134 76,055 1,632,579 1,556,524 

2000 - June ..................... 25,735 54,173 28,438 17,793 300,356 282,563 

July ...................... 10,392 34,095 23,703 15,573 271,572 255,999 

Aug ...................... 21,983 46,729 24,746 24,273 286,819 262,546 

Sept ..................... 13,762 41,779 28,017 8,559 297,677 289,118 

Oct. r ..................... 13,388 38,941 25,553 16,336 339,995 323,659 

Nov. r ..................... 19,019 42,353 23,334 9,054 284,909 275,855 

Dec. r ..................... 19,052 43,126 24,074 11,127 286,161 275,034 

2001 - Jan ...................... 13,659 52,110 38,451 23,944 301,650 277,706 

Feb ...................... 29,574 67,478 37,904 9,678 259,101 249,423 

Mar ...................... 26,617 65,527 38,910 8,055 285,528 277,473 

Apr ...................... 21,955 60,897 38,942 6,625 249,747 243,122 

May p ..................... 31,267 82,280 51,013 17,330 276,934 259,604 

June p .................... 16,483 66,397 49,914 10,423 259,619 249,196 

1 

Data include transac tions in directly placed issues abroad by U.S. corpo ra tions and 

is sues of States and munici pali ties. 
92 CAP I TAL MOVEMENTS 

TA BLE CM-V-2.—U.S. Transac tions with Foreigners in Long-Term Foreign Secu ri ties by Type 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Net foreign pur­ For eign bonds For eign stocks 

chases of for­ Net foreign pur­ Gross foreign Net foreign pur­ Gross foreign Cal en dar eign secu ri ties chases from pur chases from Gross foreign chases from pur chases from 

year or month from U.S. U.S. U.S. sales to U.S. U.S. U.S. 

Gross foreign 

sales to U.S. 

(1) (2) (3) (4) (5) (6) (7) 

1997................. 

1998................. 

1999................. 

2000 ................ 

2001 - Jan. - June p......... 

2000 - June r ............ 

July r............. 

Aug. r ............ 

Sept. r ............ 

Oct. r............. 

Nov. r ............ 

Dec. r ............ 

2001 - Jan. r............. 

Feb ............. 

Mar ............. 

Apr.............. 

May p ............ 

June p ............ 

-89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957 

-11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357 

9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

-17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

-29,131 7,898 639,464 631,566 -37,029 793,350 830,379 

1,826 5,652 82,907 77,255 -3,826 152,855 156,681 

-22,031 -6,540 68,404 74,944 -15,491 136,467 151,958 

-2,405 -2,729 74,848 77,577 324 142,850 142,526 

10,051 284 92,190 91,906 9,767 148,564 138,797 

-1,056 -3,671 98,505 102,176 2,615 152,872 150,257 

13,195 8,192 94,817 86,625 5,003 141,601 136,598 

-5,199 -1,191 83,713 84,904 -4,008 135,417 139,425 

-5,112 -1,448 120,622 122,070 -3,664 148,111 151,775 

-1,136 1,994 104,237 102,243 -3,130 130,974 134,104 

-16,390 -1,450 117,444 118,894 -14,940 134,166 149,106 

1,384 5,487 93,828 88,341 -4,103 120,099 124,202 

-5,831 2,267 101,383 99,116 -8,098 136,046 144,144 

-2,046 1,048 101,950 100,902 -3,094 123,954 127,048 
CAP I TAL MOVEMENTS 93 

TA BLE CM-V-3.—Net Foreign Transac tions in Long-Term Domes tic Secu ri ties 

by Type and Country 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury 

bonds and notes 

U.S. Govern ment corpo ra tions 

and Federal agency bonds Cor po rate bonds Cor po rate stocks 

2001 2001 2001 2001 

Coun try 

Cal en dar 

year

2000 r 

Jan. 

through

June 

Apr.

through

June p 

Cal en dar 

year

2000 r 

Jan. 

through

June 

Apr.

through

June p 

Cal en dar 

year

2000 r 

Jan. 

through

June 

Apr.

through

June p 

Cal en dar 

year

2000 

Jan. 

through

June 

Apr.

through

June p 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

Eu rope: 

Austria ......... -613 -888 -436 813 -226 105 360 194 44 1,076 456 84 

Belgium 1 ........ 73 -518 -1 1,318 149 72 9,451 869 269 18,218 1,809 548 

Bulgaria ........ -10 84 -22 - - - - 39 -2 - 44 -2 

Czech Republic .... 606 210 -277 774 6 6 186 144 119 14 -5 -3 

Denmark ........ -1,373 -434 -305 965 164 27 409 986 546 3,162 2,516 830 

Finland......... 368 -463 62 272 42 14 341 155 62 836 394 284 

France ......... -4,146 2,423 2,648 58 1,727 299 2,158 2,554 1,655 5,727 6,639 3,486 

Germany........ -7,304 -1,389 1,428 2,489 4,114 1,104 1,578 3,852 2,149 31,752 5,124 1,353 

Greece......... -371 -126 -350 133 -11 4 78 107 100 804 2 -52 

Hungary ........ -249 137 63 140 33 10 13 50 20 140 11 5 

Ireland ......... 1,047 -833 271 1,577 126 -107 2,352 946 773 4,926 1,064 333 

Italy .......... 2,069 

Luxembourg 1 ..... n.a. 

-392 

460 

468 

441 

816 

n.a. 

-1,798 

160 

-1,414 

226 

308 

n.a. 

182 

2,688 

-57 

1,421 

12,230 

n.a. 

2,587 

3,303 

833 

1,809 

Netherlands ...... 2,140 -4,790 -3,101 1,365 412 152 -235 1,884 892 4,915 6,394 2,019 

Norway ........ 1,179 -553 -48 -365 1,599 1,344 120 33 11 3,018 117 -486 

Poland ......... -1,526 -901 186 121 478 128 26 26 - 38 13 16 

Portugal ........ 1,568 1,547 1,064 35 42 -20 -28 162 27 96 44 5 

Romania ........ 239 -71 -182 176 -182 104 - - - 1 -1 -1 

Russia 2 ........ 379 652 321 41 1,320 672 -23 2 1 141 1 4 

Spain ......... -802 -2,969 -2,229 7,176 434 11 42 268 141 4,271 578 200 

Sweden ........ 1,082 -2,668 -854 598 384 119 1,292 122 26 2,489 2,594 1,769 

Switzerland ...... -10,326 -3 -799 1,554 1,387 422 2,419 2,682 980 11,960 2,966 884 

Turkey ......... 1,104 -878 40 1,216 4 2 -721 -17 1 65 -2 -5 

United Kingdom .... -33,669 1,283 -6,797 30,185 22,652 12,159 111,038 71,704 32,706 58,736 20,567 9,103 

Channel Islands and 

Isle of Man 3 .... n.a. 38 -18 n.a. 110 241 n.a. 646 189 n.a. -408 -253 

Yugoslavia 4 ...... - n.a. n.a. - n.a. n.a. 32 n.a. n.a. -5 n.a. n.a. 

Other Europe ..... -2,169 2,448 -193 1,278 -676 -499 -3,014 502 95 44 13 

Total Europe ..... -50,704 -8,594 -8,620 52,735 32,450 15,181 128,182 90,780 42,168 164,654 56,820 22,795 

Canada ......... -550 -636 2,154 10,111 1,794 414 3,176 2,142 1,806 5,956 6,744 2,322 

Latin America: 

Argentina ....... -3,374 1,370 22 899 1,440 179 725 291 164 746 122 61 

Brazil.......... 846 590 -2,004 903 2,103 898 -79 -154 -170 136 -86 -47 

Chile .......... 68 -588 -469 147 -44 -37 -114 300 223 325 138 107 

Colombia ....... 842 -209 -306 -92 75 -1 549 448 218 210 45 21 

Ecuador ........ -727 5 -1 40 8 9 79 64 28 48 43 14 

Guatemala ....... - -17 - 16 9 8 33 24 7 30 7 16 

Mexico ......... 2,425 1,443 -811 2,838 948 248 1,090 1,017 444 394 -261 -225 

Panama ........ -57 -102 20 484 276 124 379 225 76 368 -95 36 

Peru .......... -18 21 12 486 250 130 22 11 - 46 13 11 

Uruguay ........ -345 3 141 192 32 33 229 198 123 243 182 90 

Venezuela ....... 1,288 154 -223 2,152 184 112 298 253 137 301 21 22 

Other Latin America 5 . -844 165 201 2,371 544 112 1,049 419 230 259 -26 7 

Total Latin America . 104 2,835 -3,418 10,436 5,825 1,815 4,260 3,096 1,480 3,106 103 113 

Ca rib bean: 

Bahamas ....... 353 2,469 1,931 -4 13 -75 640 719 546 -1,335 1,066 421 

Bermuda ........ -7,351 82 1,647 6,132 2,628 1,697 10,881 10,027 6,583 -10,052 -6,913 -3,985 

British West Indies 6 .. -3,386 n.a. n.a. 11,439 n.a. n.a. 12,972 n.a. n.a. -970 n.a. n.a. 

Cayman Islands 6 ... n.a. 1,325 -1,387 n.a. 5,461 3,949 n.a. 15,883 8,476 n.a. 1,830 2,313 

Cuba .......... - - - - - - - - - - - -

Jamaica ........ 7 -32 -38 -7 95 210 37 13 11 35 5 4 

Netherlands Antilles .. 5,379 -12,430 -8,358 1,782 -650 -220 846 374 100 -8,617 947 203 

Trinidad and Tobago . -20 17 - 16 -27 -18 14 106 50 21 -6 1 

Other Caribbean 5 ... n.a. 1,821 -1,144 n.a. -926 191 n.a. 1,518 -182 n.a. 1,199 2,159 

Total Caribbean ... -5,018 -6,748 -7,349 19,358 6,594 5,734 25,390 28,640 15,584 -20,918 -1,872 1,116 

See footnotes at end of table. 

32 
94 CAP I TAL MOVEMENTS 

TA BLE CM-V-3.—Net Foreign Transac tions in Long-Term Domes tic Secu ri ties 

by Type and Country, con. 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury 

bonds and notes 

U.S. Govern ment corpo ra tions 

and Federal agency bonds Cor po rate bonds Cor po rate stocks 

2001 2001 2001 2001 

Coun try 

Cal en dar 

year

2000 r 

Jan. 

through

June 

Apr.

through

June p 

Cal en dar 

year

2000 r 

Jan. 

through

June 

Apr.

through

June p 

Cal en dar 

year

2000 r 

Jan. 

through

June 

Apr.

through

June p 

Cal en dar 

year

2000 

Jan. 

through

June 

Apr.

through

June p 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

Asia: 

China: 

Mainland ...... Taiwan ....... -3,971 

-10,089 

11,772 

1,577 

9,101 

-894 

18,819 

3,877 

16,402 

256 

8,153 

-253 

808 

972 

2,738 

814 

1,405 

267 

-103 

-147 

3 

341 

25 

286 

Hong Kong ...... India ......... Indonesia ...... -341 

1,409

227 

3,932 

861 

-3,904 

1,603 

-108 

-2,321 

8,669 

119 

8 

8,608 

-20 

-9 

4,677 -

-8 

1,853 

28 

15 

2,280 

12 

33 

810 

3 

10 

215 

-6 

158 

180 

-18 

80 

-2 

-29 

55 

Israel ......... 671 1,355 -1,054 772 215 115 542 181 82 -1,102 -212 -45 

Japan ........ Korea ........ 10,580

4,827 

-382 

-2,196 

3,837

-2,954 

23,802

1,807 

9,555

-892 

1,796

1,984 

15,554

-795 

2,813

516 

3,178

445 

2,070

-160 

4,978

2 

4,136

18 

Lebanon ....... -174 15 -1 1 2 1 1 9 4 249 4 -13 

Malaysia ....... Pakistan ....... -219 

-2 

-4 

40 

83 

- 25 1 

30 

- 35 - 106 1 

-5 

1 

-9 

1 

3 

45 

-26 

-11 

-12 

1 

Philippines ...... Singapore ...... Syria ......... Thailand ....... Oil-exporting 722 

-6,167 - 1,202 

495 

-8,268 - -103 

336 

-3,780 n.a. 

-449 

-67 

317 

1 

-16 

153 

786 

1 

12 

70 

735 

n.a. 

10 

213 

1,276 

1 

51 

198 

3,154 -

28 

80 

1,848 

n.a. 

-5 

17 

10,788 

28 

-58 

-31 

9,407 

-9 

-1 

1 

3,752 

n.a. 

2 

countries 7 ..... 3,482 -2,322 -187 477 533 -412 1,565 969 122 9,189 157 5 

Other Asia ...... -519 77 28 15 -144 -124 18 -58 - 497 138 46 

Total Asia ..... 1,638 2,945 3,240 58,627 35,488 16,779 22,209 13,683 8,241 21,683 14,982 8,226 

Af rica: 

Congo (formerly Zaire)

Egypt......... Ghana ........ 

- -324 -- -39 

n.a. 

-

-4 

n.a. 

-

11 

-

-1 

33 

n.a. 

-1 

33 

n.a. 

-2 

-14 

-

-

10 

n.a. 

1 

4 

n.a. 

-9 

-40 

-

-1 

-32 

n.a. 

-1 

-11 

n.a. Liberia ........ 323 -66 4 772 -45 -38 17 15 11 -20 -308 -19 

Morocco ....... -230 - - 4 50 - -2 - - -6 - 3 

South Africa ..... -35 -69 -29 -53 1 - -37 87 40 271 -102 -141 

Oil-exporting

countries 8 ..... - - 4 -2 99 99 3 -1 - 63 -40 

Other Africa ..... -148 68 34 176 -136 -25 65 142 17 156 149 

Total Africa ..... -414 -106 9 908 1 68 30 253 73 415 -334 -117 

Other countries: 

Australia ....... New Zealand 9 .... 1,435 

n.a. -303 31 

23 

11 

495 

n.a. -413 -13 

-529 

-22 

169 

n.a. 131 2 

-22 

24 

1,437 

n.a. -410 -21 

-21 

-29 

All other countries .. -63 70 26 216 35 -27 738 449 207 -1,432 -106 -41 

Total other 

countries ..... 1,372 -202 60 711 -391 -578 907 582 209 5 -537 

Total foreign

countries .... -53,572 -10,506 -13,924 152,886 81,761 39,413 184,154 139,176 69,561 174,901 75,906 34,364 

In ter na tional

and regional orgs.: 

International ..... -483 -352 128 -45 -128 

European regional .. -122 -10 n.a. -5 - Latin American 

regional ...... 76 26 19 9 -11 

Caribbean regional 10 n.a. n.a. n.a. n.a. n.a. Asian regional .... 63 -336 -298 2 -36 

African regional ... 2 25 n.a. - 15 

Middle Eastern 

regional ...... 4 -6 -6 -5 -

-46 -5 355 125 -47 29 -113 n.a. -46 18 n.a. - - n.a. 

-5 -5 19 19 100 120 124 n.a. n.a. n.a. n.a. n.a. n.a. n.a. -36 - - - 2 -1 2 n.a. 30 -13 n.a. -2 - n.a. 

- - - - -64 1 1 

Total international 

and regional ... Grand total .... 

-460 

-54,032 

-653 

-11,159 

-157 

-14,081 

-44 

152,842 

-160 

81,601 

-87 

39,326 

-26 

184,128 

379 

139,555 

144 

69,705 

-11 

174,890 

149 

76,055 

14 

34,378 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in bined “Other Latin America and Carib bean.”

“Other Europe.” 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series.

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by Emirates (Trucial States).

the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent 8 Includes Alge ria, Gabon, Libya, and Nige ria.

states by the United States are reported under “Other Europe” as follows: since Decem ber 9 Before Janu ary 2001, data included in “All other.” 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former 10 Before Janu ary 2001, data included in “Latin Ameri can regional.” Yu go slav Repub lic of Mace do nia.

7 

45 

-91 
CAP I TAL MOVEMENTS 95 

TA BLE CM-V-4.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Second Quarter 2001, Prelim i nary 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket­ Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps. Fi nanc­ and fed­ Fi nanc­ and fed­ ing Bank er ally ing Bank er ally To tal bonds spon­ other
 bonds spon­ Cor po rate and 

pur For eign secu ri ties ­ and sored 

Cor po rate and
 For eign secu ri ties To tal and sored other 

Country chases notes agencies Bonds Stocks
 Bonds Stocks sales notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Eu rope: 

Austria ........ 5,017 2,195 704 142 1,203 444 329 4,938 2,631 599 98 1,119 181 310 

Belgium ........ 12,483 4,293 669 991 4,090 1,159 1,281 10,746 4,294 597 722 3,542 352 1,239 

Bulgaria ........ 46 3 - - 16 11 16 112 25 - 2 18 18 49 

Czech Republic .... 2,158 1,391 6 119 47 - 595 2,099 1,668 - - 50 2 379 

Denmark ....... 13,074 8,189 894 1,099 1,696 322 874 11,911 8,494 867 553 866 267 864 

Finland ........ 4,867 2,283 181 101 536 85 1,681 4,411 2,221 167 39 252 25 1,707 

France ........ 126,814 58,543 851 3,449 50,603 3,052 10,316 118,666 55,895 552 1,794 47,117 2,912 10,396 

Germany ....... 88,068 39,479 5,406 4,293 19,236 8,288 11,366 81,916 38,051 4,302 2,144 17,883 6,462 13,074 

Greece ........ 2,615 1,188 37 135 552 201 502 2,787 1,538 33 35 604 62 515 

Hungary ........ 272 88 70 32 39 2 41 164 25 60 12 34 2 31 

Ireland......... 81,314 54,466 1,803 2,968 13,386 5,131 3,560 79,298 54,195 1,910 2,195 13,053 4,137 3,808 

Italy .......... 42,646 14,871 549 504 17,707 4,455 4,560 41,475 14,403 1,963 561 16,874 3,102 4,572

Luxembourg ...... 22,092 2,598 3,864 2,827 8,742 2,370 1,691 16,363 2,157 3,638 1,406 6,933 802 1,427 

Netherlands ...... 43,797 18,866 3,318 1,708 9,188 2,416 8,301 44,304 21,967 3,166 816 7,169 3,022 8,164 

Norway ........ 56,705 43,710 8,609 1,012 1,061 1,424 889 55,730 43,758 7,265 1,001 1,547 1,328 831 

Poland ........ 2,734 2,215 258 - 22 146 93 2,368 2,029 130 - 6 133 70 

Portugal ........ 3,224 2,325 39 54 383 103 320 2,137 1,261 59 27 378 140 272 

Romania ....... 1,070 337 695 - - 30 8 1,164 519 591 - 1 40 13 

Russia 1 ........ 12,425 6,144 6,146 1 61 15 58 11,453 5,823 5,474 - 57 23 76 

Spain ......... 16,696 8,982 527 256 2,370 1,424 3,137 18,796 11,211 516 115 2,170 1,286 3,498 

Sweden ........ 14,564 4,498 840 217 6,924 145 1,940 13,610 5,352 721 191 5,155 196 1,995 

Switzerland ...... 40,467 7,325 2,295 2,068 19,111 2,626 7,042 36,687 8,124 1,873 1,088 18,227 2,015 5,360 

Turkey......... 2,242 648 3 1 93 585 912 3,753 608 1 - 98 578 2,468 

United Kingdom .... 1,088,034 464,099 52,759 101,513 157,341 157,696 154,626 1,044,638 470,896 40,600 68,807 148,238 165,662 150,435 

Channel Islands and 

Isle of Man 2 .... 4,279 241 437 964 1,715 225 697 3,927 259 196 775 1,968 148 581 

Yugoslavia 3 ...... - - - - - - - - - - - - - -

Other Europe ..... 11,304 6,963 986 636 1,596 603 520 11,804 7,156 1,485 541 1,564 483 575 

Total Europe .... 1,699,007 755,940 91,946 125,090 317,718 192,958 215,355 1,625,257 764,560 76,765 82,922 294,923 193,378 212,709 

Canada ......... 150,900 82,345 5,068 4,453 28,919 11,226 18,889 144,274 80,191 4,654 2,647 26,597 8,931 21,254 

Latin America: 

Argentina ....... 9,841 537 460 336 796 6,937 775 8,340 515 281 172 735 5,934 703 

Brazil 

Chile ......... 4,033 1,802 31 361 689 855 295 3,851 2,271 68 138 582 566 226 

Colombia ....... 3,116 1,041 474 670 263 625 43 4,536 1,347 475 452 242 1,968 52 

Ecuador ........ 337 3 38 56 187 36 17 260 4 29 28 173 6 20 

Guatemala ...... 112 3 10 12 60 10 17 79 3 2 5 44 7 18 

Mexico ........ 17,611 9,254 324 843 965 3,006 3,219 15,628 10,065 76 399 1,190 1,045 2,853 

Panama ........ Peru .......... 2,613 

463 

75 

15 

223 

237 

463 

26 

833 

61 

845 

56 

174 

68 

2,165 

362 

55 

3 

99 

107 

387 

26 

797 

50 

685 

25 

142 

151 

Uruguay ........ Venezuela....... 1,645 

1,863 

331 

438 

100 

168 

235 

164 

375 

450 

375 

558 

229 

85 

1,017 

1,695 

190 

661 

67 

56 

112 

27 

285 

428 

308 

456 

55 

67 

Other Latin America .. 2,398 502 466 315 751 173 191 1,722 301 354 85 744 140 98 

......... 14,021 2,427 2,703 310 343 5,447 2,791 16,973 4,431 1,805 480 390 6,580 3,287 

Total Latin America . 58,053 16,428 5,234 3,791 5,773 18,923 7,904 56,628 19,846 3,419 2,311 5,660 17,720 7,672 

Ca rib bean: 

Bahamas ....... 53,371 22,924 1,391 5,322 13,084 6,370 4,280 51,665 20,993 1,466 4,776 12,663 6,804 4,963 

Bermuda ....... 185,456 45,991 9,774 14,605 93,966 11,406 9,714 178,914 44,344 8,077 8,022 97,951 11,502 9,018 

British West Indies .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Cayman Islands .... Cuba ......... 441,236 - 117,365 - 79,767 - 34,928 - 158,900 - 22,002 - 28,274 - 428,957 118,752 - - 75,818 - 26,452 - 156,587 - 23,411 - 27,937 -

Jamaica ........ 1,037 455 262 12 14 275 19 650 493 52 1 10 89 5 

Netherlands Antilles.. 73,250 32,814 2,244 1,714 30,037 2,521 3,920 81,675 41,172 2,464 1,614 29,834 2,855 3,736 

Trinidad and Tobago . 305 74 37 53 21 94 26 191 74 55 3 20 34 5 

Other Caribbean.... 96,768 5,151 1,043 3,032 77,924 1,362 8,256 95,850 6,295 852 3,214 75,765 1,260 8,464 

Total Caribbean ... 851,423 224,774 94,518 59,666 373,946 44,030 54,489 837,902 232,123 88,784 44,082 372,830 45,955 54,128 

See footnotes at end of table. 
96 CAP I TAL MOVEMENTS 

TA BLE CM-V-4.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Second Quarter 2001, Prelim i nary, con. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps. Fi nanc- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other To tal bonds spon- Cor po rate and bonds spon- Cor po rate and

For eign secu ri ties To tal and sored other 

Country chases notes agen cies Bonds Stocks Bonds Stocks sales notes agen cies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Asia: 

China: 

Mainland ...... 60,225 38,030 18,051 1,717 430 1,825 172 40,285 28,929 9,898 312 405 617 124 

Taiwan ....... 9,702 4,005 785 395 2,012 864 1,641 10,274 4,899 1,038 128 1,726 198 2,285 

Hong Kong ...... India.......... 79,142 

1,686 

36,818 

1,234 

14,477 - 1,958 

3 

5,719 

125 

3,451 

27 

16,719 

297 

75,638 

2,106 

35,215 

1,342 

9,800 - 1,148 - 5,721 

154 

1,736 

2 

22,018 

608 

Indonesia ....... 711 281 3 23 163 128 113 2,840 2,602 11 13 108 13 93 

Israel ......... Japan ......... Korea ......... 5,617 

199,168 

14,330 

2,324 

89,991 

7,685 

210 

22,137 

3,380 

235 

5,152 

541 

1,593 

21,028 

88 

208 

12,905 

739 

1,047 

47,955 

1,897 

6,451 

193,129 

14,565 

3,378 

86,154 

10,639 

95 

20,341 

1,396 

153 

1,974 

96 

1,638 

16,892 

70 

98 

9,704 

555 

1,089 

58,064 

1,809 

Lebanon........ 445 20 1 10 333 41 40 444 21 - 6 346 43 28 

Malaysia ....... Pakistan........ 1,982 

53 

1,359 - 117 - 7 

2 

115 

47 

126 

1 

258 

3 

1,759 

50 

1,276 - 82 

- 16 1 

127 

46 

46 

1 

212 

2 

Philippines ...... Singapore ....... Syria ......... Thailand........ 1,456

48,736 

18 

2,157 

876 

13,322 - 1,940 

160 

4,675 -

10 

99 

3,593 -

15 

107 

13,666 

3 

34 

136 

7,113 

1 

113 

78 

6,367 

14 

45 

940 

43,794 

67 

2,513 

540 

17,102 - 2,389 

90 

3,940 -

-

19 

1,745 -

20 

106 

9,914 

3 

32 

97 

5,322 

2 

34 

88 

5,771 

62 

38 

Other Asia....... 18,118 5,485 1,821 1,230 8,760 169 653 18,606 5,644 2,357 1,108 8,709 281 507 

Total Asia ...... 443,546 203,370 65,827 14,980 54,223 27,847 77,299 413,461 200,130 49,048 6,739 45,997 18,749 92,798 

Af rica: 

Congo (formerly Zaire)

Egypt ......... Ghana ......... 

15 

163 

1 

-

36 

-

-

36 

-

1 

9 

-

7 

61 

-

-

4 

-

7 

17 

1 

24 

144 -

-

40 

-

1 

3 

-

-

5 

-

8 

72 

-

3 

10 

-

12 

14 

- Liberia ......... 269 21 27 28 161 21 11 298 17 65 17 180 3 16 

Morocco........ 16 - - - 12 - 4 9 - - - 9 - - South Africa ...... 745 143 - 63 115 1 423 964 172 - 23 256 24 489 

Other Africa ...... 1,318 202 174 54 489 247 152 1,138 164 100 37 437 271 129 

Total Africa ..... 2,527 402 237 155 845 273 615 2,577 393 169 82 962 311 660 

Other countries: 

Australia........ 22,688 10,893 750 934 4,164 1,517 4,430 25,233 10,870 1,279 956 4,185 2,888 5,055 

New Zealand...... 483 180 - 28 85 90 100 657 169 22 4 114 125 223 

All other countries... 1,484 436 258 272 231 181 106 1,331 410 285 65 272 151 148 

Total other 

countries...... 24,655 11,509 1,008 1,234 4,480 1,788 4,636 27,221 11,449 1,586 1,025 4,571 3,164 5,426 

Total foreign

countries..... 

In ter na tional and 

re gional orgs.: 

International...... European regional .. Latin American 

regional ....... Caribbean regional .. Asian regional..... African regional .... Middle Eastern 

regional ....... Total international 

and regional .... Grand total .... 

3,230,111 1,294,768 263,838 209,369 785,904 297,045 379,187 3,107,320 1,308,692 224,425 139,808 751,540 288,208 394,647 

1,649 872 336 160 169 90 22 1,565 744 382 35 282 98 24 

892 - - - - 15 877 767 - - - - 53 714 

324 54 11 45 194 11 9 154 35 16 26 70 - 7 - - - - - - - - - - - - - - 1,078 925 134 - 18 - 1 1,411 1,223 170 - 16 - 2 - - - - - - - - - - - - - -

18 - - - 15 - 3 20 6 - - 14 - -

3,961 1,851 481 205 396 116 912 3,917 2,008 568 61 382 151 747 

3,234,072 1,296,619 264,319 209,574 786,300 297,161 380,099 3,111,237 1,310,700 224,993 139,869 751,922 288,359 395,394 

1 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other 3 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by

Eu rope.” the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent 

2 Be fore Janu ary 2001, data included in United Kingdom. states by the United States are reported under “Other Europe” as follows: since Decem ber 

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former 

Yu go slav Repub lic of Mace do nia. 
CAP I TAL MOVEMENTS 97 

TA BLE CM-V-5.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Calen dar Year 2000 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas- U.S. 

and Gov’t. ury and Gov’t. Federal corps. Fed eral corps.

Financ- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other bonds spon- Cor po rate and To tal bonds spon- Cor po rate and 

For eign secu ri ties To tal and sored other 

Coun try chases notes agencies Bonds Stocks Bonds Stocks sales notes agencies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Europe: 

Austria....... 23,559 9,868 3,211 531 6,632 832 2,485 21,242 10,481 2,398 171 5,556 654 1,982 

Belgium 1 ..... 142,661 19,686 8,563 15,125 77,185 5,674 16,428 109,141 19,613 7,245 5,674 58,967 4,225 13,417 

Bulgaria ...... 133 23 - 1 40 65 4 129 33 - 1 40 32 23 

Czech Republic

Denmark ..... 30,718 10,810 3,235 1,339 9,799 1,403 4,132 27,606 12,183 2,270 930 6,637 943 4,643 

Finland ...... 26,710 7,771 1,324 410 2,243 118 14,844 23,550 7,403 1,052 69 1,407 72 13,547 

France ....... 423,294 162,996 3,748 7,229 194,423 8,082 46,816 419,499 167,142 3,690 5,071 188,696 9,526 45,374 

Germany ..... Greece ...... 319,830 

8,238 

95,317 

3,149 

7,656 

330 

7,395 

98 

122,398 9,213 

3,498 123 

77,851 

1,040 

290,624 

7,610 

102,621 5,167 

3,520 197 

5,817 

20 

90,646 

2,694 

16,845 

239 

69,528 

940 

Hungary ...... Ireland ....... 2,719 

277,763 

1,765 

166,220 

364 

14,857 

13 

5,738 

206 14 

39,391 21,014 

357 

30,543 

2,611 

263,591 

2,014 224 

165,173 13,280 - 3,386 

66 

34,465 

31 

16,353 

276 

30,934 

Italy ........ Luxembourg 1 ... Netherlands .... 199,364 n.a. 171,472 60,593 n.a. 49,307 4,917 

n.a. 

8,282 

2,315 

n.a. 

4,023 

93,298 4,020 n.a. n.a. 61,743 9,690 34,221 n.a. 38,427 181,700 n.a. 168,748 58,524 4,101 n.a. n.a. 47,167 6,917 2,007 

n.a. 

4,258 

81,068 n.a. 56,828 3,639 

n.a. 12,415 

32,361 n.a. 41,163 

Norway ...... 82,679 56,504 12,067 1,224 7,824 2,166 2,894 77,669 55,325 12,432 1,104 4,806 1,221 2,781 

Poland ....... 4,970 3,791 357 26 192 232 372 6,218 5,317 236 - 154 194 317 

Portugal ...... Romania ..... 12,112 

2,437 

6,533 

975 

198 

1,356 

79 

- 3,225 315 55 - 1,762 51 

10,065 

2,018 

4,965 163 

736 1,180 

107 - 3,129 

54 

258 - 1,443 

48 

.. 8,522 5,127 814 186 124 147 2,124 7,359 4,521 40 - 110 133 2,555 

Russia 2 ...... 17,364 3,438 12,650 4 694 252 326 16,838 3,059 12,609 27 553 194 396 

Spain ....... 85,715 36,399 7,750 673 17,695 4,367 18,831 72,930 37,201 574 631 13,424 3,879 17,221 

Sweden ...... 68,705 23,373 1,824 2,323 24,385 1,643 15,157 61,337 22,291 1,226 1,031 21,896 1,355 13,538 

Switzerland .... 231,794 17,344 8,268 5,659 151,784 5,305 43,434 233,310 27,670 6,714 3,240 139,824 4,391 51,471 

Turkey ....... 43,586 4,593 1,216 77 725 32,708 4,267 43,369 3,489 - 798 660 32,896 5,526 

United Kingdom .. 3,924,639 1,589,020 171,218 254,728 734,261 499,333 676,079 3,788,535 1,622,689 141,033 143,690 675,525 531,201 674,397 

Channel Islands 

and Isle of Man 3.. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Yugoslavia 4 .... 71 - - 32 16 6 17 68 - - - 21 - 47 

Other Europe ... 35,144 15,712 2,978 2,237 9,282 1,476 3,459 38,965 17,881 1,700 5,251 9,238 1,392 3,503 

Total Europe... 6,144,199 2,350,314 277,183 311,465 1,561,118 608,1981,035,921 5,874,732 2,401,018 224,448 183,283 1,396,464 642,0881,027,431 

Canada ....... 559,374 246,033 16,351 13,093 156,702 45,641 81,554 544,569 246,583 6,240 9,917 150,746 40,712 90,371 

Latin America: 

Venezuela

Argentina ..... 43,917 1,085 1,396 2,071 5,475 29,141 4,749 43,324 4,459 497 1,346 4,729 27,702 4,591 

Brazil ....... 49,937 6,206 1,581 638 3,331 20,380 17,801 51,542 5,360 678 717 3,195 21,528 20,064 

Chile........ 9,150 1,813 277 746 3,208 1,785 1,321 8,819 1,745 130 860 2,883 1,366 1,835 

Colombia ..... 9,133 4,486 694 1,008 1,633 1,131 181 7,379 3,644 786 459 1,423 939 128 

Ecuador ...... 1,085 16 123 115 758 41 32 1,625 743 83 36 710 36 17 

Guatemala .... 747 22 19 93 503 34 76 634 22 3 60 473 22 54 

Mexico ...... 60,808 27,204 3,437 2,465 6,999 8,394 12,309 51,499 24,779 599 1,375 6,605 7,548 10,593 

Panama ...... 12,913 306 836 881 8,378 1,303 1,209 11,265 363 352 502 8,010 928 1,110 

Peru ........ 2,040 4 628 30 505 317 556 1,222 22 142 8 459 194 397 

Uruguay ...... 5,596 701 359 330 2,019 1,885 302 5,186 1,046 167 101 1,776 1,734 362 ..... 12,175 1,956 2,322 458 4,450 1,489 1,500 7,509 668 170 160 4,149 1,064 1,298 

Other Latin 

America 5 .... 17,146 3,554 3,169 1,465 6,693 1,151 1,114 14,492 4,398 798 416 6,434 1,115 1,331 

Total Latin 

America .... 224,647 47,353 14,841 10,300 43,952 67,051 41,150 204,496 47,249 4,405 6,040 40,846 64,176 41,780 

Ca rib bean: 

Bahamas ..... 145,890 52,185 3,950 6,955 51,101 11,122 20,577 148,112 51,832 3,954 6,315 52,436 10,590 22,985 

Bermuda ..... 914,326 138,101 56,095 31,353 553,446 84,628 50,703 915,573 145,452 49,963 20,472 563,498 82,342 53,846 

British West 

Indies ....... 1,448,151 

Cayman Islands 6 .. n.a. Cuba ....... 2 

267,607 n.a. -160,684 n.a. -59,842 n.a. -806,954 48,493 104,571 1,432,045 n.a. n.a. n.a. n.a. 2 - - 2 270,993 149,245 n.a. n.a. - -46,870 n.a. -807,924 n.a. 2 44,220 112,793 n.a. n.a. - - Jamaica ...... 765 164 54 38 233 247 29 510 157 61 1 198 78 15 

Netherlands 

Antilles...... 279,650 78,417 13,884 5,565 140,321 11,570 29,893 291,748 73,038 12,102 4,719 148,938 11,635 41,316 

Trinidad and 

Tobago ..... 423 86 16 18 216 54 33 338 106 - 4 195 5 28 

Other Caribbean 5 . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Total Caribbean . 2,789,207 536,560 234,683 103,771 1,552,273 156,114 205,806 2,788,328 541,578 215,325 78,381 1,573,191 148,870 230,983 

See footnotes at end of table. 
98 CAP I TAL MOVEMENTS 

TA BLE CM-V-5.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Calen dar Year 2000, con. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. resi dents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps.

Financ- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other bonds spon- Cor po rate and To tal bonds spon- Cor po rate and 

For eign secu ri ties To tal and sored other 

Country chases notes agen cies Bonds Stocks Bonds Stocks sales notes agen cies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Asia: 

China: 

Mainland .... 91,662 57,944 26,490 1,162 2,836 2,258 972 74,552 61,915 7,671 354 2,939 450 1,223

Taiwan ..... 37,108 7,289 4,794 1,026 11,081 3,166 9,752 40,500 17,378 917 54 11,228 404 10,519 

Hong Kong .... 176,510 49,480 15,910 2,555 19,399 6,699 82,467 168,384 49,821 7,241 702 19,184 5,715 85,721 

India ....... 9,556 5,414 124 28 1,357 44 2,589 8,296 4,005 5 - 1,363 57 2,866 

Indonesia..... 4,774 2,535 13 33 978 215 1,000 4,077 2,308 5 18 820 197 729 

Israel ....... 32,469 12,629 1,000 773 11,206 548 6,313 33,768 11,958 228 231 12,308 707 8,336 

Japan ...... 894,786 349,370 104,216 22,289 116,968 42,754 259,189 821,810 338,790 80,414 6,735 114,898 38,245 242,728 

Korea....... 51,618 33,809 5,863 100 734 2,064 9,048 46,631 28,982 4,056 895 894 699 11,105 

Lebanon ..... 3,728 4 1 12 3,246 263 202 3,442 178 - 11 2,997 53 203 

Malaysia ..... 3,376 582 32 120 593 235 1,814 3,283 801 7 14 590 310 1,561 

Pakistan ..... 678 - 1 1 629 3 44 683 2 - - 584 11 86 

Philippines .... 6,216 3,169 248 313 1,162 584 740 4,928 2,447 315 100 1,145 162 759 

Singapore .... 156,436 64,602 9,110 5,847 39,151 11,196 26,530 146,291 70,769 8,793 4,571 28,363 10,303 23,492 

Syria ....... 225 - 1 1 205 5 13 219 - - - 177 - 42 

Thailand ..... 9,283 8,006 11 65 410 275 516 7,996 6,804 27 14 468 180 503 

Other Asia .... 117,064 42,487 10,605 3,558 55,359 1,171 3,884 101,984 39,524 10,113 1,975 45,673 697 4,002 

Total Asia ... 1,595,489 637,320 178,419 37,883 265,314 71,480 405,073 1,466,844 635,682 119,792 15,674 243,631 58,190 393,875 

Af rica: 

Congo (formerly

Zaire) ..... 35 - - - 8 - 27 38 - - 2 17 - 19 

Egypt ....... 2,465 1,110 69 58 927 44 257 2,781 1,434 58 72 967 38 212 

Ghana ...... 9 - - - 5 - 4 5 - - - 5 - - Liberia ...... 3,135 857 1,111 211 825 22 109 2,089 534 339 194 845 69 108 

Morocco ..... 216 118 7 - 80 1 10 477 348 3 2 86 11 27 

South Africa ... 4,296 741 12 122 1,229 58 2,134 3,281 776 65 159 958 15 1,308 

Other Africa ... 6,049 469 550 109 3,006 764 1,151 5,652 617 376 41 2,787 691 1,140 

Total Africa .. 16,205 3,295 1,749 500 6,080 889 3,692 14,323 3,709 841 470 5,665 824 2,814 

Other countries: 

Australia ..... 93,278 43,190 3,957 1,172 15,197 6,528 23,234 87,504 41,755 3,462 1,003 13,760 4,881 22,643 

New Zealand 7 .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. All other 

countries .... 10,671 1,590 957 950 2,984 2,512 1,678 11,197 1,653 741 212 4,416 2,411 1,764 

Total other 

countries ... 103,949 44,780 4,914 2,122 18,181 9,040 24,912 98,701 43,408 4,203 1,215 18,176 7,292 24,407 

Total foreign

countries .. 11,433,070 3,865,655 

In ter na tional and

re gional orgs.: 

International ... 5,688 3,160 

European

regional..... 3,792 152 

Latin American 

regional..... 945 158 

Caribbean 

regional 8 .... n.a. n.a. Asian regional .. 1,470 1,375 

African regional . 32 2 

Middle Eastern 

regional..... 213 9 

Total inter728,140 479,134 3,603,620 958,413 1,798,108 10,991,993 3,919,227 575,254 294,980 3,428,719 962,152 1,811,661 

694 231 717 259 627 6,722 3,643 739 236 764 540 800 

52 2 1 231 3,354 3,401 274 57 48 1 287 2,734 

42 58 623 6 58 748 82 33 63 523 - 47 

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2 1 40 23 29 1,387 1,312 - 1 38 7 29 - 30 - - - 2 - - - 2 - -

- - 195 - 9 271 5 5 - 259 - 2 

national and 

regional .... 12,140 4,856 790 322 1,576 519 4,077 12,531 5,316 834 348 1,587 834 3,612 

Grand total .... 11,445,210 3,870,511 728,930 479,456 3,605,196 958,932 1,802,185 11,004,524 3,924,543 576,088 295,328 3,430,306 962,986 1,815,273 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as
 


2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in com bined “Other Latin America and Carib bean.”
 


“Other Europe.” 6 Before January 2001, data for Cayman Islands included in British West Indies.
 


3 Be fore Janu ary 2001, data included in United Kingdom. 7 Before Janu ary 2001, data included in “All other.”
 


4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by 8 Before Janu ary 2001, data included in “Latin Ameri can regional.”
 


the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent
 


states by the United States are reported under “Other Europe” as follows: since Decem ber
 


1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former
 


Yu go slav Repub lic of Mace do nia.
 

CAP I TAL MOVEMENTS 99
 

CHART CM-D.—Net Purchases of Long-Term

For eign Secu ri ties by U.S. Inves tors *
 

150 

100 

50 

0 

-50 

1997 1998 1999 2000 2001 2001 

Jan.-June Apr.-June 

(In billions of dollars) 

Note: To facil i tate compar i son of net purchases

dur ing 2001 with those in prior years, the chart

de picts data for all peri ods at an annu al ized rate. 

For eign bonds For eign stocks To tal foreign secu ri ties 

The data on this page repre sent

U.S. inves tors’ purchases and sales 

of long-term foreign secu ri ties as

re ported to the Treasury Inter na­ tional Capi tal (TIC) report ing sys­ tem. However, in the past several 

years, U.S. inves tors also have ac­ quired a substan tial amount of for­ eign stocks, mostly Euro pean, through mergers that involve stock 

swaps. Net acqui si tions through stock swaps amounted to $96 bil­ lion in 1998, $123 billion in 1999, 

$80 billion in 2000, and about $36

bil lion in the first half of 2001. 

(Stock swaps data for the most re- cent quarter are Federal Reserve

Board/Trea sury esti mates and are

sub ject to substan tial revi sions.)

These stock swaps are not reported

un der the TIC report ing system. 

Including the stock swaps, annual 

U.S. net purchases of long-term

for eign secu ri ties have aver aged about $100 billion since the 

mid-1990s, without much varia­ tion from year to year. In the past

few years, the acqui si tions have 

been concen trated in foreign

stocks, as net purchases of foreign bonds have been negli gi ble, far be- low the levels of the mid-1990s. In 

2000, taking into account the esti­ mated $80 billion in foreign stocks

ac quired through mergers, U.S.

res i dents acquired approx i mately $93 billion in foreign stocks. In the 

first half of 2001, U.S. inves tors’ 

net acqui si tions of foreign equi ties

(in clud ing stock swaps) totaled 

$73 billion, in contrast to their $8

bil lion in net sales of foreign

bonds. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Type 1997 1998 1999 2000 

2001 

Jan. - June 

2001 

Apr. - June 

Foreign bonds ..... 48,144 17,349 5,676 4,054 -7,898 -8,802 

Foreign stocks ..... 40,939 -6,212 -15,640 13,088 37,029 15,295 

Total ......... 89,083 11,137 -9,964 17,142 29,131 6,493 

*Net purchases by U.S. inves tors equal net sales by foreign ers,or gross sales minus gross purchases of secu ri ties. 
100 

IN TRO DUC TION: Foreign Currency Posi tions 

The “Treasury Bulle tin” reports foreign currency holdings 

of large foreign exchange market partic i pants. These reports

pro vide infor ma tion on posi tions in deriv a tive instru ments, 

such as foreign exchange futures and options, that are increasingly used in estab lish ing foreign exchange posi tions but were 

not covered in the old reports. 

The infor ma tion is based on reports of large foreign exchange market partic i pants on holdings of six major foreign

cur ren cies (Cana dian dollar, German mark, Japa nese yen, 

Swiss franc, pound sterling and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

Jan u ary 1999, are intended to approx i mate "all other" currency posi tions of report ing insti tu tions. U.S.-based businesses file a consol i dated report for their domes tic and foreign

sub sid iar ies, branches and agencies. U.S. subsid iar ies of foreign enti ties file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 

Code of Federal Regu la tions 128, Subpart C). 

Weekly and monthly reports must be filed throughout the 

cal en dar year by major foreign exchange market partic i pants, 

which are defined as market partic i pants with more than $50 

bil lion equiva lent in foreign exchange contracts on the last 

busi ness day of any calen dar quarter during the previ ous year 

(end March, June, Septem ber or Decem ber). Such contracts 

in clude 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 calen dar 

year by each foreign exchange market partic i pant that had 

more than $5 billion equiva lent in foreign exchange contracts 

on the last business day of any quarter the previ ous year (end 

March, June, Septem ber or Decem ber). 

This infor ma tion is published in seven sections corre sponding to each of the major curren cies covered by the reports. Tables I-1 through VII-1 present the currency data reported 

weekly by major market partic i pants. Tables I-2 through 

VII-2 present more detailed currency data of major market 

par tic i pants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through VII-3 present quarterly consol i dated

cur rency data reported by large market partic i pants and 

FFIEC report ers that do not file weekly reports.

Prin ci pal exchanged under cross-currency inter est rate 

swaps is reported as part of purchases or sales of foreign exchange. Such princi pal also was noted sepa rately on monthly 

and quarterly reports through Decem ber 1998, when this practice was discon tin ued. The net options posi tion, or the net 

delta-equivalent value of an options posi tion, is an esti mate of 

the rela tion ship between an option’s value and an equiva lent

cur rency hedge. The delta equiva lent value is defined as the 

prod uct of the first partial deriv a tive of an option valu a tion

for mula (with respect to the price of the under ly ing currency)

mul ti plied by the notional princi pal of the contract. 
FOR EIGN CURRENCY POSI TIONS 101 

SEC TION I.—Cana dian Dollar Posi tions 

TA BLE FCP-I-1.—Weekly Report of Major Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Cana dian

Pur chased Sold Net options posi tions dol lars per U.S. dollar) 

Re port date (1) (2) (3) (4) 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

336,224 340,098 1,238 1.500 

361,780 366,824 3,136 1.503 

362,945 367,019 1,495 1.512 

369,061 373,207 807 1.513 

372,369 377,011 874 1.499 

388,746 395,363 596 1.510 

374,594 378,688 523 1.529 

366,658 372,903 186 1.537 

364,015 369,750 -595 1.537 

372,931 375,141 -492 1.551 

375,012 372,386 -760 1.558 

354,657 356,632 -198 1.576 

379,717 381,086 -1,038 1.576 

370,287 375,013 -960 1.573 

379,560 386,592 64 1.563 

375,475 383,647 -159 1.564 

371,318 376,596 -151 1.552 

362,835 368,539 -713 1.533 

361,729 364,080 -556 1.539 

372,641 373,148 1,126 1.538 

368,533 373,791 -214 1.552 

405,669 390,624 1,833 1.546 

379,627 380,856 899 1.527 

393,762 396,264 771 1.516 

371,594 375,981 535 1.535 

371,244 374,215 567 1.518 
102 FOR EIGN CURRENCY POSI TIONS 

SEC TION I.—Cana dian Dollar Posi tions, con. 

TA BLE FCP-I-2.—Monthly Report of Major Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Exchange 

rate 

Cross cur- (Ca na dian 

Spot, forward Net delta rency inter- dol lars per 

and future contracts Non-capital items Calls Puts equiva- est rate U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec ........ 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.430 

1998 - Dec ........ 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.532 

1999 - Dec ........ 301,513 299,999 48,830 46,714 29,403 32,548 24,040 25,542 43 n.a. 1.447 

2000 - July ........ 320,210 325,276 68,705 61,632 25,197 25,018 19,356 21,212 1,282 n.a. 1.488 

Aug ........ 332,934 339,272 69,128 61,140 22,890 21,521 17,700 18,330 987 n.a. 1.472 

Sept ........ 322,979 329,937 70,881 63,624 20,808 20,516 16,948 17,738 477 n.a. 1.504 

Oct ......... 348,003 357,793 65,566 61,648 19,131 19,985 16,168 16,653 99 n.a. 1.523 

Nov ........ 360,321 366,124 70,895 64,264 20,609 21,161 16,533 18,898 925 n.a. 1.536 

Dec ........ 368,065 351,224 73,277 69,548 19,303 20,495 18,106 19,916 1,285 n.a. 1.500 

2001 - Jan......... 374,109 378,807 81,520 78,567 19,647 21,860 22,608 24,423 889 n.a. 1.499 

Feb ........ 364,880 370,510 65,016 66,865 21,773 23,567 22,732 23,722 -623 n.a. 1.537 

Mar ........ 377,788 383,933 64,301 62,363 26,069 27,555 24,188 24,324 -1,059 n.a. 1.576 

Apr ......... 372,420 376,494 72,181 67,669 28,054 28,651 27,557 28,786 -610 n.a. 1.537 

May ........ 389,815 391,440 76,282 76,382 31,550 31,906 30,862 33,767 285 n.a. 1.539 

June........ 370,872 372,562 85,177 86,087 32,896 32,739 31,056 31,990 793 n.a. 1.515 

TA BLE FCP-I-3.—Quarterly Report of Large Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Ex change 

Cross cur- rate 

Spot, forward rency inter- (Ca na dian and future contracts Non-capital items Calls Puts Net delta est rate dol lars per

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent swaps U.S. dollar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec ........ 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.430 

1998 - Mar ........ 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.420 

June........ 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.469 

Sept ........ 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.532 

Dec ........ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.532 

1999 - Mar ........ 42,926 40,252 49,479 52,069 373 229 875 341 -2,849 n.a. 1.509 

June........ 26,534 26,029 50,617 45,798 378 n.a. n.a. 358 n.a. n.a. 1.463 

Sept ........ 25,629 25,735 51,562 49,931 182 306 n.a. n.a. n.a. n.a. 1.468 

Dec ........ 22,143 23,486 63,486 65,638 168 n.a. n.a. n.a. n.a. n.a. 1.447 

2000 - Mar ........ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. n.a. 1.449 

June........ 19,402 23,303 49,544 43,279 323 n.a. 406 290 -93 n.a. 1.481 

Sept ........ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 n.a. 1.504 

Dec ........ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 n.a. 1.500 

2001 - Mar ........ 20,884 23,372 46,837 43,740 n.a. n.a. 478 446 71 n.a. 1.576 
FOR EIGN CURRENCY POSI TIONS 103 

SEC TION II.—German Mark Posi tions 

TA BLE FCP-II-1.—Weekly Report of Major Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (Deutsche 

Pur chased Sold Net options posi tions marks per U.S. dollar) 

Re port date (1) (2) (3) (4) 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

12,325 n.a. n.a. 2.106 

12,240 n.a. n.a. 2.087 

12,405 n.a. n.a. 2.093 

12,097 n.a. n.a. 2.122 

12,343 n.a. n.a. 2.089 

11,958 n.a. n.a. 2.106 

11,942 n.a. n.a. 2.132 

11,804 n.a. n.a. 2.151 

11,769 n.a. n.a. 2.119 

11,616 n.a. n.a. 2.104 

12,005 n.a. n.a. 2.147 

11,934 n.a. n.a. 2.184 

11,840 10,922 n.a. 2.195 

11,820 11,173 n.a. 2.170 

11,736 10,963 n.a. 2.205 

11,715 10,996 n.a. 2.211 

11,633 10,920 n.a. 2.183 

11,540 10,798 n.a. 2.190 

11,534 10,794 n.a. 2.211 

11,230 10,575 n.a. 2.216 

11,144 10,462 n.a. 2.284 

10,772 10,055 n.a. 2.282 

10,709 10,038 n.a. 2.304 

10,730 10,054 n.a. 2.289 

10,723 10,117 n.a. 2.289 

10,536 9,897 n.a. 2.274 
104 FOR EIGN CURRENCY POSI TIONS 

SEC TION II.—German Mark Posi tions, con. 

TA BLE FCP-II-2.—Monthly Report of Major Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Cross currency interest rate 

Ex change 

rate 

(Deutsche 

marks per 

U.S. 

Purchased Sold Assets Lia bil i ties Bought Written Bought Written equiva lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1999 - Dec ........ 27,357 35,643 8,371 11,700 9,254 11,991 14,709 11,246 n.a. n.a. 1.942 

2000 - July ........ 17,562 16,505 n.a. n.a. n.a. 4,539 n.a. n.a. n.a. n.a. 2.110 

Aug ........ 15,561 15,945 n.a. n.a. n.a. 4,041 n.a. n.a. n.a. n.a. 2.204 

Sept ........ 15,616 n.a. n.a. n.a. n.a. 3,881 n.a. 3,891 n.a. n.a. 2.218 

Oct ......... 14,333 n.a. n.a. n.a. n.a. 3,948 n.a. 3,542 n.a. n.a. 2.304 

Nov ........ 13,709 n.a. n.a. n.a. n.a. 4,029 n.a. 3,644 n.a. n.a. 2.243 

Dec ........ 11,153 n.a. 20,075 23,477 2,332 2,922 6,418 3,327 n.a. n.a. 2.077 

2001 - Jan......... 12,459 n.a. 19,182 19,652 2,080 2,823 n.a. 2,660 n.a. n.a. 2.089 

Feb ........ 11,879 n.a. 19,111 19,503 n.a. 2,334 n.a. 2,718 n.a. n.a. 2.119 

Mar ........ 11,612 11,041 n.a. n.a. 1,320 n.a. n.a. 2,663 n.a. n.a. 2.117 

Apr ......... 11,342 10,779 n.a. n.a. 1,253 n.a. n.a. 2,407 n.a. n.a. 2.205 

May ........ 10,803 10,052 n.a. n.a. 1,244 n.a. n.a. 2,222 n.a. n.a. 2.314 

June........ 10,252 n.a. n.a. n.a. 1,086 n.a. n.a. 2,149 n.a. n.a. 2.303 

TA BLE FCP-II-3.—Quarterly Report of Large Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Ex change 

rate 

Cross cur­ (Deut sche

Spot, forward rency in­ marks per 

and future contracts Non-capital items Calls Puts Net delta ter est rate U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiva lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec ........ 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.799 

1998 - Dec ........ 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 434,747 1.693 

1999 - Dec ........ 27,357 35,643 8,371 11,700 9,254 11,991 14,709 11,246 n.a. n.a. 1.942 

1998 - Mar ........ 235,890 231,338 129,807 109,527 29,139 24,292 25,243 20,051 -1,648 28,619 1.849 

June........ 242,644 232,986 122,544 102,431 24,910 21,817 24,974 16,914 729 27,753 1.809 

Sept ........ 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.668 

Dec ........ 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.693 

1999 - Mar. ........ 35,238 30,884 78,296 77,336 5,273 3,681 6,945 3,443 -1,786 n.a. 2.106 

June. ....... 29,882 24,365 69,238 69,965 2,430 1,973 n.a. 2,189 n.a. n.a. 1.891 

Sept. ....... 31,152 18,307 61,817 63,678 1,479 1,637 4,370 2,023 n.a. n.a. 1.829 

Dec. ........ 20,244 11,582 65,344 68,401 266 121 n.a. n.a. n.a. n.a. 1.942 

2000 - Mar. ........ 11,985 6,048 34,223 38,156 n.a. n.a. n.a. n.a. n.a. n.a. 2.047 

June........ 10,471 5,011 29,156 30,563 n.a. n.a. n.a. n.a. n.a. n.a. 2.051 

Sept ........ 9,645 n.a. 27,070 23,899 19 32 n.a. n.a. n.a. n.a. 2.218 

Dec ........ 10,587 4,802 36,052 28,045 n.a. n.a. n.a. n.a. n.a. n.a. 2.077 

2001 - Mar ........ 6,132 4,442 17,564 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.148 
FOR EIGN CURRENCY POSI TIONS 105 

SEC TION III.—Japa nese Yen Posi tions 

TA BLE FCP-III-1.—Weekly Report of Major Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (Japa- Pur chased Sold Net options posi tions nese yen per U.S. dollar) 

Re port date (1) (2) (3) (4) 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

163,761 169,309 1,165 113.68 

167,473 172,853 1,093 116.55 

172,464 178,110 1,274 118.90 

169,136 174,514 1,231 117.88 

168,114 173,395 1,139 116.42 

171,697 177,208 1,166 116.41 

175,105 180,498 1,195 116.52 

175,063 180,571 1,235 116.61 

175,466 180,491 1,203 117.38 

178,571 183,715 1,241 120.04 

187,396 192,550 1,322 121.14 

186,530 191,118 1,240 123.45 

187,420 192,544 1,624 122.23 

187,394 192,065 1,374 125.46 

181,138 186,599 1,213 124.81 

186,373 191,466 1,166 122.37 

188,998 193,428 1,146 122.34 

183,616 188,275 1,038 121.91 

188,356 192,724 827 122.20 

185,878 190,517 750 123.65 

186,305 190,762 899 119.85 

187,680 192,363 977 120.41 

186,191 191,616 1,109 120.36 

187,185 192,542 1,071 122.05 

180,277 185,989 905 123.72 

189,587 195,583 789 124.46 
106 FOR EIGN CURRENCY POSI TIONS 

SEC TION III.—Japa nese Yen Posi tions, con. 

TA BLE FCP-III-2.—Monthly Report of Major Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Ex change 

rate 

Cross cur­ (Jap a nese 

Spot, forward rency in­ yen per 

and future contracts Non-capital items Calls Puts Net delta ter est rate U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiva lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec ........ 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.58 

1998 - Dec ........ 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30 

1999 - Dec ........ 146,337 149,239 27,179 23,957 22,474 21,436 36,816 39,114 1,050 n.a. 102.31 

2000 - July ........ 160,266 165,062 24,126 22,463 22,774 22,392 54,979 54,882 1,029 n.a. 109.42 

Aug ........ 160,018 165,632 26,873 25,170 24,214 23,415 54,957 55,112 1,194 n.a. 106.72 

Sept ........ 159,378 163,336 24,925 23,938 22,515 22,006 49,053 49,136 1,207 n.a. 108.21 

Oct ......... 156,295 160,553 24,881 23,216 25,212 25,012 50,612 51,092 1,121 n.a. 109.14 

Nov ........ 160,196 164,953 25,530 23,935 21,408 20,667 51,269 51,843 1,072 n.a. 110.40 

Dec ........ 157,318 162,804 25,262 24,120 19,555 18,884 47,477 48,889 1,142 n.a. 114.42 

2001 - Jan......... 170,052 175,360 28,085 27,095 24,015 22,652 53,084 53,945 1,100 n.a. 116.42 

Feb ........ 178,012 182,917 28,432 27,271 22,101 20,791 50,328 50,878 1,149 n.a. 117.38 

Mar ........ 187,776 194,572 29,381 27,724 26,040 23,018 54,817 56,734 1,529 n.a. 122.23 

Apr ......... 193,385 198,552 26,648 25,841 24,092 22,346 51,532 55,426 901 n.a. 123.57 

May ........ 193,276 198,316 31,383 30,042 32,459 30,105 58,925 60,316 1,062 n.a. 119.20 

June........ 200,324 205,774 27,508 26,345 29,540 21,922 60,726 54,335 908 n.a. 124.77 

TA BLE FCP-III-3.—Quarterly Report of Large Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward Net delta 

and future contracts Non-capital items Calls Puts equivaExchange 

rate 

(Jap a nese

yen per U.S. 

Cross currency inter­ est rate 

Pur chased

Re port date (1) 

Sold 

(2) 

As sets 

(3) 

Li a bil i ties 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

lent 

(9) 

swaps 

(10) 

dol lar) 

(11) 

1997 - Dec ........ 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.58 

1998 - Mar ........ 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.23 

June ....... 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.98 

Sept........ 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.55 

Dec ........ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30 

1999 - Mar ........ 10,407 11,415 8,382 7,703 498 1,041 1,088 748 69 n.a. 118.90 

June ....... 11,020 12,124 9,073 9,372 669 854 1,172 579 -84 n.a. 121.25 

Sept........ 12,546 13,169 9,697 10,067 510 947 1,580 675 -320 n.a. 106.35 

Dec ........ 8,483 9,378 9,278 9,553 398 840 987 539 n.a. n.a. 102.31 

2000 - Mar ........ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. n.a. 102.80 

June ....... 9,758 9,480 6,558 6,359 558 855 992 722 115 n.a. 106.07 

Sept........ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 n.a. 108.21 

Dec ........ 7,538 8,215 6,392 5,286 455 663 727 409 16 n.a. 114.42 

2001 - Mar ........ 11,823 12,188 6,239 5,945 511 678 1,148 512 -84 n.a. 122.23 
FOR EIGN CURRENCY POSI TIONS 107 

SEC TION IV.—Swiss Franc Posi tions 

TA BLE FCP-IV-1.—Weekly Report of Major Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Swiss

Pur chased Sold Net options posi tions francs per U.S. dollar) 

Re port date (1) (2) (3) (4) 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

427,606 433,935 -2,254 1.631 

451,173 454,352 -2,779 1.629 

441,328 445,056 -2,257 1.646 

444,140 446,536 -1,816 1.659 

441,538 441,358 -1,715 1.636 

456,414 458,713 -1,750 1.654 

484,619 487,213 -1,111 1.671 

459,278 459,798 -2,586 1.687 

461,539 460,773 -2,225 1.670 

457,757 459,957 -1,897 1.658 

506,177 504,607 -3,064 1.691 

469,628 467,398 -2,408 1.711 

467,994 460,068 -2,784 1.727 

473,806 466,127 -3,480 1.696 

466,662 460,405 -2,808 1.711 

474,981 467,170 -3,178 1.729 

484,166 475,521 n.a. 1.710 

480,430 476,030 -3,093 1.728 

505,088 499,876 n.a. 1.743 

507,213 503,052 -3,178 1.735 

497,761 494,645 -3,555 1.780 

491,502 486,250 -2,913 1.778 

507,644 504,306 -2,461 1.790 

510,696 505,673 -2,245 1.789 

443,841 440,388 -2,729 1.784 

432,839 426,960 -2,137 1.766 
108 FOR EIGN CURRENCY POSI TIONS 

SEC TION IV.—Swiss Franc Posi tions, con. 

TA BLE FCP-IV-2.—Monthly Report of Major Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Exchange 

rate 

(Swiss 

francs per 

U.S. 

Cross currency interest rate 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Net delta 

equivaPur chased 

Re port date (1) 

Sold 

(2) 

As sets 

(3) 

Li a bil i ties 

(4) 

Bought Written Bought Written lent 

(9) 

dol lar) 

(11) 

swaps 

(5) (6) (7) (8) (10) 

1997 - Dec ........ 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.463 

1998 - Dec ........ 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.375 

1999 - Dec ........ 348,405 346,553 24,246 24,346 63,446 66,092 62,096 58,039 -4,618 n.a. 1.591 

2000 - July ........ 473,180 469,776 36,221 43,337 66,314 69,495 58,315 56,492 -3,300 n.a. 1.671 

Aug ........ 494,864 490,869 46,272 51,063 73,561 71,826 68,213 68,855 -4,016 n.a. 1.742 

Sept ........ 456,709 458,364 37,604 44,327 79,553 74,469 71,046 72,965 -1,090 n.a. 1.727 

Oct ......... 445,195 446,969 44,711 51,168 83,680 81,501 75,315 76,735 -2,119 n.a. 1.798 

Nov ........ 475,265 477,843 48,580 51,858 75,301 74,948 64,606 63,180 -3,199 n.a. 1.730 

Dec ........ 391,980 400,664 67,268 70,627 60,340 58,622 55,933 52,641 -2,020 n.a. 1.613 

2001 - Jan......... 447,647 443,017 63,925 71,067 67,744 66,291 66,222 64,934 -1,214 n.a. 1.636 

Feb ........ 463,309 463,207 58,303 67,451 70,041 67,494 66,720 62,967 -1,599 n.a. 1.670 

Mar ........ 466,813 462,215 64,769 70,358 69,598 62,917 66,583 68,260 -1,662 n.a. 1.727 

Apr ......... 469,703 462,665 62,361 66,898 67,041 64,125 60,632 56,051 -2,848 n.a. 1.735 

May ........ 499,296 493,182 65,605 67,766 76,483 67,282 64,115 66,803 -2,013 n.a. 1.797 

June........ 430,905 427,485 55,723 59,780 63,017 56,534 62,329 60,157 -1,104 n.a. 1.794 

TA BLE FCP-IV-3.—Quar terly Report of Large Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Ex change 

rate 

Cross cur­ (Swiss 

Re port date 

Spot, forward 

and future contracts 

Pur chased Sold 

(1) (2) 

Non-capital items 

As sets Li a bil i ties 

(3) (4) 

Calls

Bought Written 

(5) (6) 

Puts 

Bought Written 

(7) (8) 

Net delta 

equiva lent 

(9) 

rency inter est rate 

swaps 

(10) 

francs per 

U.S. 

dol lar) 

(11) 

1997 - Dec ........ 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.463 

1998 - Mar ........ 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.524 

June........ 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.521 

Sept ........ 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.381 

Dec ........ 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.375 

1999 - Mar ........ 27,949 24,485 n.a. 19,203 n.a. n.a. 1,184 1,076 -298 n.a. 1.482 

June........ 29,910 31,341 25,543 21,297 1,748 n.a. 999 839 -418 n.a. 1.551 

Sept ........ 41,114 42,781 26,958 22,921 n.a. n.a. 4,829 n.a. 165 n.a. 1.495 

Dec ........ 29,996 32,669 26,008 22,409 n.a. n.a. 2,416 1,886 -248 n.a. 1.591 

2000 - Mar ........ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 n.a. 1.664 

June........ 28,559 32,190 23,290 12,700 n.a. n.a. n.a. n.a. n.a. n.a. 1.634 

Sept ........ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. n.a. 1.727 

Dec ........ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. n.a. 1.613 

2001 - Mar ........ 23,310 28,937 24,809 13,015 n.a. n.a. n.a. n.a. n.a. n.a. 1.727 
FOR EIGN CURRENCY POSI TIONS 109 

SEC TION V.—Ster ling Posi tions 

TA BLE FCP-V-1.—Weekly Report of Major Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (U.S.

Pur chased Sold Net options posi tions dollars per pound) 

Re port date (1) (2) (3) (4) 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

504,044 501,805 1,819 1.490 

531,431 530,192 1,541 1.488 

534,692 530,875 1,011 1.473 

542,674 541,297 2,355 1.456 

531,865 531,304 2,300 1.464 

521,608 521,294 2,122 1.454 

528,666 528,214 1,831 1.455 

513,622 514,557 2,394 1.443 

517,916 518,934 2,262 1.445 

520,500 522,281 2,300 1.460 

531,875 530,555 2,337 1.445 

524,935 526,022 2,011 1.430 

550,736 552,362 2,432 1.437 

531,852 533,971 1,895 1.434 

520,421 521,465 1,661 1.437 

511,057 512,102 1,522 1.427 

525,128 525,087 1,754 1.440 

507,119 509,237 1,802 1.432 

522,441 522,746 1,401 1.421 

524,604 523,475 1,661 1.430 

516,206 517,199 1,489 1.419 

526,167 529,931 1,694 1.426 

531,175 534,547 1,956 1.392 

559,747 560,567 1,123 1.391 

529,688 531,160 1,704 1.398 

555,379 557,247 1,033 1.417 
110 FOR EIGN CURRENCY POSI TIONS 

SEC TION V.—Ster ling Posi tions, con. 

TA BLE FCP-V-2.—Monthly Report of Major Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Net delta 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent 

Cross currency interest rate 

swaps 

Ex change 

rate 

(U.S. dollars 

per pound) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec ........ 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.648 

1998 - Dec ........ 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 106,491 1.655 

1999 - Dec ........ 431,852 417,589 82,826 85,068 33,780 40,959 38,668 36,834 -1,112 n.a. 1.618 

2000 - July ........ 515,336 512,512 117,705 115,272 68,323 65,305 59,749 59,849 2,405 n.a. 1.499 

Aug ........ 514,722 513,438 119,784 115,727 65,893 62,687 56,798 60,341 2,658 n.a. 1.449 

Sept ........ 505,152 503,954 134,723 128,031 60,816 57,282 47,924 50,733 2,250 n.a. 1.474 

Oct ......... 508,043 504,514 131,141 129,740 62,564 60,089 43,471 47,039 2,004 n.a. 1.449 

Nov ........ 525,924 520,714 127,240 123,787 57,386 54,895 38,298 40,369 1,819 n.a. 1.426 

Dec ........ 481,136 476,681 132,953 130,552 52,053 49,904 34,092 35,317 1,692 n.a. 1.492 

2001 - Jan......... 532,986 534,464 128,112 120,429 56,783 56,194 38,054 39,293 2,328 n.a. 1.464 

Feb ........ 521,729 522,321 122,989 119,293 55,990 54,464 37,751 37,777 2,080 n.a. 1.445 

Mar ........ 546,986 549,756 139,233 126,469 55,661 54,272 36,644 36,537 1,928 n.a. 1.437 

Apr ......... 507,994 509,576 132,544 121,137 51,910 52,319 33,534 34,242 1,576 n.a. 1.430 

May ........ 520,872 524,805 128,848 114,184 44,646 44,406 40,961 42,894 1,789 n.a. 1.418 

June ........ 539,244 545,753 145,806 128,126 45,060 44,399 41,658 43,666 1,232 n.a. 1.414 

TA BLE FCP-V-3.—Quar terly Report of Large Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Re port date 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Cross cur- Ex change 

rency inter- rate 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written 

Net delta est rate (U.S. dollars 

equivalent swaps per pound)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec .......... 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.648 

1998 - Mar .......... 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.672 

June ......... 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.667 

Sept .......... 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.700 

Dec .......... 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.655 

1999 - Mar .......... 29,752 38,797 49,526 38,258 1,339 1,970 3,120 3,484 -468 n.a. 1.612 

June ......... 33,120 38,967 61,274 50,042 1,672 1,822 1,855 n.a. -448 n.a. 1.577 

Sept .......... 29,234 40,531 55,936 43,129 904 2,315 2,717 n.a. n.a. n.a. 1.647 

Dec .......... 20,688 29,551 59,303 49,273 1,095 1,514 2,415 1,230 n.a. n.a. 1.618 

2000 - Mar .......... 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 n.a. 1.593 

June ......... 28,418 32,246 43,338 34,513 1,581 1,505 1,702 1,275 -44 n.a. 1.517 

Sept .......... 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 n.a. 1.474 

Dec .......... 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 n.a. 1.492 

2001 - Mar .......... 32,458 37,652 69,308 31,535 4,097 3,564 3,510 3,251 412 n.a. 1.437 
FOR EIGN CURRENCY POSI TIONS 111 

SEC TION VI.—U.S. Dollar Posi tions 

TA BLE FCP-VI-1.—Weekly Report of Major Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Pur chased Sold Net options posi tions Exchange rate 

Re port date (1) (2) (3) (4) 

01/03/01 ......................... 

01/10/01 ......................... 

01/17/01 ......................... 

01/24/01 ......................... 

01/31/01 ......................... 

02/07/01 ......................... 

02/14/01 ......................... 

02/21/01 ......................... 

02/28/01 ......................... 

03/07/01 ......................... 

03/14/01 ......................... 

03/21/01 ......................... 

03/28/01 ......................... 

04/04/01 ......................... 

04/11/01 ......................... 

04/18/01 ......................... 

04/25/01 ......................... 

05/02/01 ......................... 

05/09/01 ......................... 

05/16/01 ......................... 

05/23/01 ......................... 

05/30/01 ......................... 

06/06/01 ......................... 

06/13/01 ......................... 

06/20/01 ......................... 

06/27/01 ......................... 

5,048,384 5,081,011 5,724 n.a. 

5,209,174 5,237,323 5,273 n.a. 

5,236,847 5,263,067 3,657 n.a. 

5,233,700 5,247,117 3,975 n.a. 

5,238,135 5,262,666 7,119 n.a. 

5,208,951 5,244,864 6,721 n.a. 

5,220,969 5,239,794 5,772 n.a. 

5,240,216 5,250,711 4,581 n.a. 

5,260,826 5,277,548 4,759 n.a. 

5,246,363 5,267,030 6,404 n.a. 

5,412,752 5,413,944 5,764 n.a. 

5,291,710 5,288,560 5,346 n.a. 

5,494,310 5,489,563 3,821 n.a. 

5,483,899 5,497,004 6,517 n.a. 

5,382,720 5,391,554 3,556 n.a. 

5,385,657 5,399,705 2,870 n.a. 

5,434,007 5,456,018 3,449 n.a. 

5,250,551 5,268,415 5,385 n.a. 

5,339,147 5,367,993 8,530 n.a. 

5,304,616 5,329,321 4,864 n.a. 

5,319,340 5,344,660 3,374 n.a. 

5,326,840 5,347,885 1,657 n.a. 

5,311,476 5,305,325 49 n.a. 

5,381,478 5,397,533 2,460 n.a. 

5,226,319 5,224,742 2,623 n.a. 

5,350,682 5,343,673 3,947 n.a. 
112 FOR EIGN CURRENCY POSI TIONS 

SEC TION VI.—U.S. Dollar Posi tions, con. 

TA BLE FCP-VI-2.—Monthly Report of Major Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Net delta Exchange

Pur chased Sold Assets Lia bil i ties Bought Written Bought Written equiva lent rate 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1999 - Dec........ 4,428,661 4,469,330 - - 554,465 538,078 606,475 464,834 4,031 n.a. 

2000 - July........ 5,096,646 5,101,748 - - 767,980 741,771 629,466 626,458 11,853 n.a. 

Aug........ 5,160,323 5,176,532 - - 815,700 762,732 643,074 638,424 8,835 n.a. 

Sept ....... 5,105,339 5,142,107 - - 1,592,665 717,032 1,323,460 616,124 5,439 n.a. 

Oct ........ 5,043,018 5,061,759 - - 782,150 748,119 655,836 633,993 5,429 n.a. 

Nov........ 5,176,487 5,208,287 - - 770,457 722,232 586,828 570,735 7,624 n.a. 

Dec........ 4,903,805 4,922,496 - - 696,817 665,879 549,766 523,288 5,750 n.a. 

2001 - Jan ........ 5,326,590 5,350,533 - - 765,574 744,974 513,203 477,691 7,235 n.a. 

Feb ........ 5,326,090 5,330,088 - - 776,016 753,297 490,520 458,591 5,278 n.a. 

Mar ........ 5,579,966 5,554,172 - - 778,966 745,837 505,699 478,095 6,150 n.a. 

Apr ........ 5,400,233 5,422,373 - - 767,175 750,434 502,817 499,359 6,392 n.a. 

May ....... 5,398,319 5,463,495 - - 836,284 822,422 572,155 565,696 2,712 n.a. 

June ....... 5,438,873 5,439,278 - - 846,810 818,069 554,864 530,405 5,563 n.a. 

TA BLE FCP-VI-3.—Quar terly Report of Large Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Cross cur­ Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

rency inter est rate Exchange 

Pur chased Sold 

Re port date (1) (2) 

As sets Li a bil i ties 

(3) (4) 

Bought Written 

(5) (6) 

Bought Written 

(7) (8) 

equiva lent 

(9) 

swaps 

(10) 

rate 

(11) 

1999 - Mar ....... 344,488 346,419 - - 45,081 n.a. 24,808 31,891 -2,548 n.a. n.a. 

June ...... 355,215 381,986 - - 30,362 n.a. 14,682 34,477 -4,398 n.a. n.a. 

Sept ...... 369,911 399,707 - - 42,136 n.a. 16,652 32,959 n.a. n.a. n.a. 

Dec ....... 322,693 356,352 - - 38,983 n.a. 13,480 48,511 n.a. n.a. n.a. 

2000 - Mar ....... 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. n.a. 

June ...... 355,103 382,402 - - 32,925 55,328 44,033 47,386 1,030 n.a. n.a. 

Sept ...... 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. n.a. 

Dec ....... 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. n.a. 

2001 - Mar ....... 378,117 395,529 - - 27,336 18,074 23,726 20,003 1,938 n.a. n.a. 
FOR EIGN CURRENCY POSI TIONS 113 

SEC TION VII.—Euro Posi tions 

TA BLE FCP-VII-1.—Weekly Report of Major Market Partic i pants 

[In millions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Euros per

Pur chased Sold Net options posi tions U.S. dollar) 

Re port date (1) (2) (3) (4) 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

2,055,243 2,054,197 -10,428 1.077 

2,123,099 2,130,933 -10,139 1.067 

2,123,706 2,129,218 -10,927 1.070 

2,121,890 2,127,887 -13,694 1.085 

2,166,578 2,164,984 -13,564 1.068 

2,077,595 2,081,201 -13,151 1.077 

2,069,617 2,074,404 -13,604 1.090 

2,122,864 2,134,345 -13,691 1.100 

2,124,216 2,144,449 -13,707 1.083 

2,092,279 2,107,787 -14,497 1.076 

2,155,223 2,180,915 -13,782 1.098 

2,092,978 2,112,739 -13,224 1.117 

2,169,526 2,184,536 -14,796 1.129 

2,177,285 2,201,352 -14,027 1.110 

2,141,837 2,174,314 -11,981 1.127 

2,155,801 2,179,443 -11,470 1.130 

2,151,750 2,175,593 -9,050 1.116 

2,077,704 2,099,986 -8,922 1.120 

2,093,012 2,117,401 -8,434 1.130 

2,081,933 2,107,075 -7,475 1.133 

2,116,641 2,141,269 -7,558 1.168 

2,067,676 2,094,436 -5,820 1.167 

2,113,965 2,140,327 -7,439 1.178 

2,150,868 2,171,319 -7,475 1.171 

2,081,773 2,107,463 -7,585 1.170 

2,150,915 2,167,149 -8,522 1.163 
114 FOR EIGN CURRENCY POSI TIONS 

SEC TION VII.—Euro Posi tions, con. 

TA BLE FCP-VII-2.—Monthly Report of Major Market Partic i pants 

[In millions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Net delta Ex change 

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent rate 

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1999 - Dec ....... 1,452,015 1,461,276 474,121 446,461 409,670 402,166 258,738 242,453 -7,254 0.993 

2000 - July ....... 1,910,382 1,911,813 586,828 537,267 519,554 506,348 369,129 378,158 -10,343 1.079 

Aug ....... 1,992,118 1,998,899 573,805 525,502 454,621 468,412 392,990 386,854 -7,744 1.127 

Sept ....... 2,005,814 2,011,573 608,334 547,769 422,248 422,719 388,872 377,049 -8,987 1.134 

Oct ........ 2,005,978 2,016,298 656,950 559,093 379,876 365,534 351,453 385,327 -6,529 1.178 

Nov ....... 2,121,354 2,119,639 639,786 585,005 300,549 288,753 298,360 334,643 -8,718 1.147 

Dec ....... 1,962,446 1,957,163 657,186 619,882 262,483 249,899 257,504 278,235 -10,079 1.062 

2001 - Jan........ 2,177,901 2,177,193 663,015 614,349 273,426 262,080 235,598 255,172 -13,804 1.068 

Feb ....... 2,104,913 2,123,049 658,959 625,401 260,684 242,446 234,316 254,918 -13,912 1.083 

Mar ....... 2,171,850 2,193,360 656,005 670,869 272,403 255,746 251,019 269,228 -14,661 1.129 

Apr ........ 2,061,270 2,080,334 690,217 732,851 254,806 242,306 228,240 254,410 -8,565 1.127 

May ....... 2,072,166 2,086,962 732,181 763,897 261,525 253,776 286,171 320,604 -7,184 1.183 

June....... 2,151,420 2,164,496 686,946 723,629 279,516 256,091 308,994 332,860 -7,856 1.177 

TA BLE FCP-VII-3.—Quar terly Report of Large Market Partic i pants 

[In billions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Cross cur­ Net delta rency inter est Ex change 

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent rate swaps rate 

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1999 - Mar ....... 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 n.a. 0.929 

June ...... 112,045 121,089 80,972 69,409 3,878 6,839 6,310 4,308 -2,644 n.a. 0.967 

Sept ...... 144,979 139,983 113,959 93,954 6,487 5,727 6,741 4,983 -3,297 n.a. 0.935 

Dec ....... 104,331 98,139 107,006 91,185 5,263 9,552 9,898 7,093 -3,796 n.a. 0.993 

2000 - Mar ....... 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 n.a. 1.047 

June ...... 153,599 144,972 225,865 86,355 10,660 11,704 13,871 12,373 -447 n.a. 1.049 

Sept ...... 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 n.a. 1.134 

Dec ....... 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 n.a. 1.062 

2001 - Mar ....... 158,574 155,162 n.a. 130,515 10,594 9,998 11,679 13,315 1,285 n.a. 1.129 
115 

IN TRO DUC TION: Exchange Stabi li za tion Fund 

To stabi lize the exchange value of the dollar, the Exchange Stabi li za tion Fund (ESF) was estab lished pursu ant to 

chap ter 6, section 10 of the Gold Reserve Act of Janu ary 30, 

1934 (codi fied at 31 United States Code 5302), which authorized estab lish ment of a Treasury fund to be oper ated under the 

ex clu sive control of the Secre tary, with approval of the President. 

Sub se quent amendment of the Gold Reserve Act modified the origi nal purpose somewhat to reflect termi na tion of 

the fixed exchange rate system. 

Re sources of the fund include dollar balances, partially

in vested in U.S. Govern ment secu ri ties, spe cial drawing 

rights (SDRs), and balances of foreign curren cies. Princi pal 

sources of income (+) or loss (-) for the fund are profits (+) or 

losses (-) on SDRs and foreign exchange, as well as inter est 

earned on assets. 

• Ta ble ESF-1 pres ents the assets, lia bil i ties and capi tal 

of the fund. The figures are in U.S. dollars or their equiva lents 

based on current exchange rates computed accord ing to the accrual method of account ing. The capi tal account repre sents the 

orig i nal capi tal appro pri ated to the fund by Congress of $2 billion, minus a subse quent transfer of $1.8 billion to pay for the

ini tial U.S. quota subscrip tion to the Inter na tional Mone tary 

Fund. Gains and losses are reflected in the cumu la tive net income (+) or loss (-) account. 

• Ta ble ESF-2 shows the results of oper a tions by quarter. Figures are in U.S. dollars or their equiva lents computed

ac cord ing to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes real ized profits or losses. “Adjustment for change in valu a tion of SDR holdings and allo ca tions” 

TA BLE ESF-1.—Bal ances as of Dec. 31, 2000, and Mar. 31, 2001 

[In thousands of dollars. Source: Office of the Assis tant Secre tary of the Treasury for Manage ment] 

Jan. 1, 2001, 

through 

Assets, lia bil i ties and capi tal Dec. 31, 2000 Mar. 31, 2001 Mar. 31, 2001 

As sets 

U.S. dollars: 

Held with Treasury: 

U.S. Govern ment secu ri ties ................. 9,929,392 139,867 10,069,259 

Spe cial drawing rights 1 ....................... 10,538,538 -159,831 10,378,707 

For eign exchange and secu ri ties: 

Euro pean euro ............................. 7,373,090 -379,583 6,993,507 

Japa nese yen ............................. 8,271,723 -729,383 7,542,340 

Ac counts receiv able .......................... 170,432 -21,541 148,891 

Total assets ............................... 36,283,175 -1,150,471 35,132,704 

Li a bil i ties and capi tal 

Cur rent lia bil i ties: 

Accounts payable .......................... 50,548 141,330 191,878 

Total current lia bil i ties ..................... 50,548 141,330 191,878 

Other lia bil i ties: 

SDR certif i cates ............................ 2,200,000 - 2,200,000 

SDR allo ca tions ............................ 6,383,644 -207,055 6,176,589 

Total other lia bil i ties ....................... 8,583,644 -207,055 8,376,589 

Cap i tal: 

Capi tal account ............................ 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ...... 27,448,983 -1,084,749 26,364,234 

Total capi tal ............................. 27,648,983 -1,084,749 26,564,234 

Total lia bil i ties and capi tal ................ 36,283,175 -1,150,474 35,132,701 

See footnote on the follow ing page. 
116 EX CHANGE STABI LI ZA TION FUND
 

TA BLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assis tant Secre tary of the Treasury for Manage ment] 

Current quarter Fis cal year to date 

Jan. 1, 2001, Oct. 1, 2000, 

through through 

Mar. 31, 2001 Mar. 31, 2001 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .................................. 

Adjust ment for change in valu a tion 

of SDR holdings and allo ca tions1 ...................... 

Inter est (+) or net charges (-) on: 

SDRs............................................ 

U.S. Govern ment secu ri ties .......................... 

Foreign exchange .................................. 

Commis sions........................................ 

-1,209,852 -1,267,441 

-152,526 -134,916 

46,380 94,646 

137,860 315,335 

93,389 181,685 

- -

Income from oper a tions ........................... -1,084,749 -810,691 

Net income (+) or loss (-) ........................ -1,084,749 -810,691 

Re port of the Secre tary of the Treasury” and those for succeed ing years appeared in subse- 1 Be gin ning July 1974, the Inter na tional Mone tary Fund adopted a technique for valu ing the quent reports through 1980. Quarterly balance sheets begin ning with Decem ber 31, 1938, 

SDRs based on a weighted aver age of exchange rates for the curren cies of selected member have been published in the “Treasury Bulle tin.” Data from incep tion to Septem ber 30, 1978, coun tries. The U.S. SDR holdings and allo ca tions are valued on this basis begin ning July may be found on the statements published in the Janu ary 1979 “Treasury Bulle tin.” 1974. 

Note.—Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 “Annual 
TRUST FUNDS 119 

September 2001 

C-O-R-R-E-C-T-I-O-N N-O-T-I-C-E 

T-O T-R-E-A-S-U-R-Y B-U-L-L-E-T-I-N 

In your copies, please change headnotes for the follow ing trust fund tables as indi cated: 

•	 In the March 2001 issue on page 121 for TABLE TF-13.-Harbor Mainte nance Trust Fund,

Re sults of Oper a tions, the headnote should read [In thousands of dollars. Source: Depart ment 

of the Army Corps of Engi neers] instead of [Source: Depart ment of the Army Corps of

En gi neers]. 

•	 In the March 2000 issue on page 128 for TABLE TF-15.-Highway Trust Fund and in the June 

2001 issue on pages 128 and 129 for both TABLES TF-15 and TF-15A, the headnote should 

read [In billions of dollars. Source: DOT] instead of [In millions of dollars. Source: DOT]. 

•	 In the June 2001 issue on page 130 for TABLE TF-17.-Leaking Under ground Storage Tank 

Trust Fund, Expected Condi tion and Results of Oper a tions, the headnote should read [In

mil lions of dollars. Source: EPA] instead of [Source: EPA]. 
120 TRUST FUNDS 

TA BLE TF-15A.—High way Trust Fund 

The follow ing infor ma tion is released accord ing to the 

pro vi sions of the Byrd Amendment to the Intermodal Surface 

Trans por ta tion Effi ciency Act of 1991 [codi fied at 26 United 

States Code 9503(d)] and repre sents data concern ing the 

High way Trust Fund. The figure described as “unfunded autho ri za tions” is the latest esti mate received from the DOT for 

fis cal 2002. 

The 24-month reve nue esti mates for the highway and 

mass transit accounts, respec tively, include the latest estimates received from Treasury’s Office of Tax Analy sis for excise taxes, net of refunds. They repre sent net highway receipts 

for those peri ods begin ning at the close of fiscal 2002. 

High way Account 

[In billions of dollars. Source: DOT] 

Com mit ments (unobligated balances plus unpaid obli ga tions, FY 2002) .................................................................. 75.586 

less: 

Cash balance (FY 2002) ................................................................................................... .... 21.885 

Un funded autho ri za tions (FY 2002)............................................................................................... 53.701 

24-month reve nue esti mate (fiscal 2003 and 2004) .................................................................................. 60.896 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Com mit ments (unobligated balances plus unpaid obli ga tions, FY 2002) .................................................................. 0.400 

less: 

Cash balance (FY 2002) ................................................................................................... .... 5.536 

Un funded autho ri za tions (FY 2002)............................................................................................... -5.136 

24-month reve nue esti mate (fiscal 2003 and 2004) .................................................................................. 9.622 
TECH NI CAL PAPERS 121
 

Re search Paper Series 

Avail able through the Office of the Assis tant Secre tary 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. 

Copies may be obtained by writing to: 

Ann Bailey, Depart ment of the Treasury 

1500 Pennsyl va nia Ave., NW., Room 4422 

Wash ing ton, D.C. 20220 

Tele phone (202) 622-1519, or fax (202) 622-1294 or 622-2563. 
122
 


Glos sary
 

With Refer ences to Appli ca ble Sections and Tables
 

Source: Finan cial Manage ment Service 

Ac crued discount (SBN-1, -2, -3)—In ter est that accu mu lates 

on savings bonds from the date of purchase until the date of redemp tion or final matu rity, whichever comes first. Series A, B, 

C, D, E, EE, F, I and J are discount or accrual type

bonds—mean ing princi pal and inter est are paid when bonds 

are redeemed. Series G, H, HH and K are current-income 

bonds, and the semian nual inter est paid to their holders is not 

in cluded in accrued discount. 

Amounts outstand ing and in circu la tion (USCC)—In­ cludes 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. 

Aver age discount rate (PDO-2, -3)—In Treasury bill auctions, purchas ers tender compet i tive bids on a discount rate basis. The aver age discount rate is the weighted, or adjusted,

av er age of all bids accepted in the auction. 

Bud get author ity (“Federal Fiscal Oper a tions”)—Congress passes laws giving budget author ity to Govern ment entities, which gives the agencies the power to spend Federal 

funds. Congress can stipu late vari ous crite ria for the spending 

of these funds. For exam ple, Congress can stipu late that a 

given agency must spend within a specific year, number of 

years, or any time in the future. 

The basic forms of budget author ity are appro pri a tions, au­ thor ity to borrow, con tract author ity, and author ity to obli gate 

and expend offset ting receipts and collec tions. The period of 

time during which Congress makes funds available may be

spec i fied as 1-year, multi ple-year or no-year. The available 

amount may be classi fied as either defi nite or indef i nite; a specific amount or an unspec i fied amount can be made available. 

Au thor ity also may be classi fied as current or perma nent. Perma nent author ity requires no current action by Congress. 

Bud get defi cit—The total, cumu la tive amount by which bud- get outlays (spending) exceed budget receipts (income). 

Cash manage ment bills (PDO-2)—Mar ket able Treasury 

bills of irreg u lar matu rity lengths, sold peri od i cally to fund 

short-term cash needs of Treasury. Their sale, having higher

min i mum and multi ple purchase require ments than those of 

other issues, is gener ally restricted to compet i tive bidders. 

Com pet i tive tenders (“Trea sury Financing Oper ations”)—A bid to purchase a stated amount of one issue of

Trea sury secu ri ties at a speci fied yield or discount. The bid is 

ac cepted if it is within the range accepted in the auction. (See

Non com pet i tive tenders.) 

Cou pon issue—The issue of bonds or notes (public debt). 

Cur rency no longer issued (USCC)—Old and new series 

gold and silver certif i cates, Federal Reserve notes, national 

bank notes and 1890 Series Treasury notes. 

Cur rent income bonds (“U.S. Savings Bonds and 

Notes”)—Bonds paying semian nual inter est to holders. Interest is not included in accrued discount. 

Debt outstand ing subject to limi ta tion (FD-6)—The debt 

in curred by the Treasury subject to the statu tory limit set by

Con gress. Until World War I, a specific amount of debt was 

au tho rized to each sepa rate secu rity issue. Begin ning with the 

Sec ond Liberty Loan Act of 1917, the nature of the limi ta tion 

was modi fied until, in 1941, it devel oped into an overall limit 

on the outstand ing Federal debt. As of June 2001, the debt 

limit was $5,950,000 million; the limit may change from year 

to year. 

The debt subject to limi ta tion includes most of Treasury’s 

pub lic debt except secu ri ties issued to the Federal Financing 

Bank, upon which there is a limi ta tion of $15 billion, and certain cate go ries of older debt (total ing approx i mately $595 million as of Febru ary 1991). 

Dis count—The inter est deducted in advance when purchasing notes or bonds. (See Accrued discount.) 

Dis count rate (PDO-2)—The differ ence between par value 

and the actual purchase price paid, annu al ized over a 360-day 

year. Be cause this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any compar i- son with coupon issue secu ri ties. 

Dol lar coins (USCC)—In clude standard silver and nonsilver 

coins. 

Do mes tic series (FD-2)—Non mar ket able, inter est and 

non-interest-bearing secu ri ties issued peri od i cally by Trea­ sury to the Reso lu tion Funding Corpo ra tion (RFC) for investment of funds autho rized under section 21B of the Federal 

Home Loan Bank Act (12 United States Code 1441b). 

Fed eral intrafund transac tions (“Federal Fiscal Oper ations”)—Intrabudgetary transac tions in which payments and 

re ceipts both occur within the same Federal fund group (Federal funds or trust funds). 

Fed eral Reserve notes (USCC)—Is sues by the U.S. Govern­ ment to the public through the Federal Reserve Banks and 

their member banks. They repre sent money owed by the Govern ment to the public. Currently, the item “Federal Reserve 

notes—amounts outstand ing” consists of new series issues. 

The Federal Reserve note is the only class of currency currently issued. 

For eign (“Foreign Currency Posi tions,” IFS-2, -3)—Lo cations other than those included under the defi ni tion of the 

United States. (See United States.) 

For eigner (“Capi tal Movements,” IFS-2)—All insti tu tions 

and indi vid u als living outside the United States, includ ing 

U.S. citi zens living abroad, and branches, subsid iar ies, and 

other affil i ates abroad of U.S. banks and business concerns;

cen tral govern ments, central banks, and other offi cial insti tu­ tions of countries other than the United States; and inter national and regional orga ni za tions, wherever located. Also 

re fers to persons in the United States to the extent that they are 

known by report ing insti tu tions to be acting for foreign ers. 

For eign offi cial insti tu tions (“Capi tal Movements”)—Includes central govern ments of foreign countries, includ ing all 
123
 


Glos sary
 


de part ments and agencies of national govern ments; central 

banks, exchange author i ties, and all fiscal agents of foreign

na tional govern ments that under take activ i ties simi lar to those 

of a treasury, central bank, or stabi li za tion fund; diplo matic 

and consular estab lish ments of foreign national govern ments; 

and any inter na tional or regional orga ni za tion, includ ing subor di nate and affil i ate agencies, created by treaty or conven tion

be tween sover eign states. 

For eign public borrower (“Capi tal Movements”)—Includes foreign offi cial insti tu tions, as defined above, the cor­ po ra tions and agencies of foreign central govern ments,

in clud ing devel op ment banks and insti tu tions, and other agencies that are major ity-owned by the central govern ment or its 

de part ments; and state provin cial and local govern ments of 

for eign countries and their depart ments and agencies. 

For eign-targeted issue (PDO-1, -3)—For eign-targeted is- sues were notes sold between Octo ber 1984 and Febru ary 

1986 to foreign insti tu tions, foreign branches of U.S. insti tutions, foreign central banks or mone tary author i ties, or to in­ ter na tional orga ni za tions in which the United States held 

mem ber ship. Sold as compan ion issues, they could be converted to domes tic (normal) Treasury notes with the same ma­ tu rity and inter est rates. Inter est was paid annu ally. 

Frac tional coins (USCC)—Coins minted in denom i na tions 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Gov ern ment account series (FD-2)—Cer tain trust fund statutes require the Secre tary of the Trea sury to apply monies held 

by these funds toward the issu ance of nonmar ket able special 

se cu ri ties. These secu ri ties are sold directly by Treasury to a 

spe cific Govern ment agency, trust fund or account. Their rate 

is based on an aver age of market yields on outstand ing Treasury obli ga tions, and they may be redeemed at the option of 

the holder. Roughly 80 percent of these are issued to five hold­ ers: the Federal Old-age and Survi vors Insur ance Trust Fund; 

the civil service retire ment and disabil ity fund; the Federal 

Hos pi tal Insur ance Trust Fund; the mili tary retire ment fund; 

and the Unem ploy ment Trust Fund. 

Interfund transac tions (“Federal Fiscal Oper ations”)—Trans ac tions in which payments are made from one 

fund group (either Federal funds or trust funds) to a receipt account in another group. 

In ter na tional Mone tary Fund (“Exchange Stabi li za tion 

Fund,” IFS-1)—(IMF) Estab lished by the United Nations, 

the IMF promotes inter na tional trade, stabil ity of exchange 

and mone tary coop er a tion. Members are allowed to draw from 

the fund. 

Intrabudgetary transac tions (“Federal Fiscal Oper ations”)—These occur when payment and receipt both occur 

within the budget, or when payment is made from off-budget

Fed eral enti ties whose budget author ity and outlays are ex­ cluded from the budget totals. 

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstand ing savings bonds and notes that have 

reached final matu rity and no longer earn inter est. Includes all 

Se ries A-D, F, G, I, J and K bonds. Series E bonds (issued be- tween May 1941 and Novem ber 1965), Series EE (issued 

since Janu ary 1980), Series H (issued from June 1952 through

De cem ber 1979), and savings notes issued between May 1967 

and Octo ber 1970 have a final matu rity of 30 years. Series HH 

bonds (issued since Janu ary 1980) mature after 20 years. 

Non com pet i tive tenders (“Trea sury Financing Oper ations”)—Of fers by an inves tor to purchase Treasury secu ri­ ties at the price equiva lent to the weighted aver age discount 

rate or yield of accepted compet i tive tenders in a Treasury auction. Noncom pet i tive tenders are always accepted in full. 

Off-budget Federal enti ties (“Federal Fiscal Oper ations”)—Fed erally owned and controlled enti ties whose 

trans ac tions are excluded from the budget totals under provi­ sions of law. Their receipts, outlays, and surplus or defi cit are 

not included in budget receipts, outlays or defi cits. Their budget author ity is not included in totals of the budget. 

Out lays (“Federal Fiscal Oper a tions”)—Pay ments on obliga tions in the form of cash, checks, the issu ance of bonds or 

notes, or the matur ing of inter est coupons. 

Own foreign offices (“Capi tal Movements”)—Re fers to 

U.S. report ing insti tu tions’ parent orga ni za tions, branches 

and/or major ity-owned subsid iar ies located outside the 

United States. 

Par value—The face value of bonds or notes, includ ing inter­ est. 

Quar terly financ ing (“Trea sury Financing Oper a­ tions”)—Trea sury has histor i cally offered packages of several “coupon” secu rity issues on the 15th of Febru ary, May,

Au gust and Novem ber, or on the next working day. These is- sues currently consist of a 3-year note, a 10-year note and a 

30-year bond. Treasury sometimes offers addi tional amounts 

of outstand ing long-term notes or bonds, rather than selling 

new secu rity issues. (See Reopening.) 

Re ceipts (“Federal Fiscal Oper a tions”)—Funds collected 

from selling land, capi tal or services, as well as collec tions 

from the public (budget receipts), such as taxes, fines, duties 

and fees. 

Re opening (PDO-3, -4)—The offer for sale of addi tional 

amounts of outstand ing issues, rather than an entirely new issue. A reopened issue will always have the same matu rity date, 

CUSIP-number and inter est rate as the origi nal issue. 

Spe cial drawing rights (“Exchange Stabi li za tion Fund,” 

IFS-1)—In ter na tional assets created by IMF that serve to in- crease inter na tional liquid ity and provide addi tional inter national reserves. SDRs may be purchased and sold among

el i gi ble holders through IMF. (See IMF.) 

SDR allo ca tions are the counter part to SDRs issued by IMF 

based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as lia bil i ties, 

they must be redeemed by ESF only in the event of liqui da tion 

of, or U.S. withdrawal from, the SDR depart ment of IMF or 

can cel la tion of SDRs. 

SDR certif i cates are issued to the Federal Reserve System 

against SDRs when SDRs are legal ized as money. Proceeds of 

mon e ti za tion are depos ited into an ESF account at the Federal 

Re serve Bank of New York. 

Spot (“Foreign Currency Posi tions”)—Due for receipt or 

de liv ery within 2 workdays. 

State and local govern ment series (FD-2)—(SLUGs) Special nonmar ket able certif i cates, notes and bonds offered to 
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Glos sary
 


State and local govern ments as a means to invest proceeds 

from their own tax-exempt financ ing. Inter est rates and matu­ ri ties comply with IRS arbi trage provi sions. SLUGs are offered in both time deposit and demand deposit forms. Time 

de posit certif i cates have matu ri ties of up to 1 year. Notes ma­ ture in 1 to 10 years and bonds mature in more than 10 years.

De mand deposit secu ri ties are 1-day certif i cates rolled over 

with a rate adjust ment daily. 

Stat u tory debt limit (FD-6)—By Act of Congress there is a 

limit, either tempo rary or perma nent, on the amount of public 

debt that may be outstand ing. When this limit is reached, Treasury may not sell new debt issues until Congress increases or 

ex tends the limit. For a detailed listing of changes in the limit 

since 1941, see the Budget of the United States Govern ment. 

(See debt outstand ing subject to limi ta tion.) 

STRIPS (PDO-1, -3)—Sep a rate Trading of Regis tered Inter­ est and Princi pal Secu ri ties. Long-term notes and bonds may 

be divided into princi pal and inter est-paying compo nents, 

which may be transferred and sold in amounts as small as 

$1,000. STRIPS are sold at auction at a mini mum par amount,

vary ing for each issue. The amount is an arithme tic function of 

the issue’s inter est rate. 

Trea sury bills—The shortest term Federal secu rity (matu rity 

dates normally varying from 3 to 12 months), they are sold at a 

dis count. 

Trust fund transac tion (“Federal Fiscal Oper ations”)—An intrabudgetary transac tion in which both payments and receipts occur within the same trust fund group. 

United States—In cludes the 50 States, District of Colum bia,

Com mon wealth of Puerto Rico, Ameri can Samoa, Midway

Is land, Virgin Islands, Wake Island and all other terri to ries and 

pos ses sions. 

U.S. notes (USCC)—Le gal tender notes of five differ ent is- sues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 

notes).