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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

MARCH 2007
Additional Financial Management Service 

Releases on Federal Finances

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March 2007 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

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

 and 52-Week Treasury Bills Outstanding............................................................................................................ 36 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 41 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 42 

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 43 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 43 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 44

SBN-3.—Sales and Redemptions by Period, Series E, EE, and I........................................................................................ 44

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 46 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 47 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 48
March 2007 

IV 

Contents 

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 49 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 49 

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 50 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 50 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 51

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 in the United States 

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

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

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

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

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 80 

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

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

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

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

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

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

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

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 89
March 2007 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 90 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 91 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 92 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 92 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 93 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 94 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 94 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 95 

FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 96 

FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 96 

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants................................................................................................. 97 

FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 98 

FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 98 

SECTION V.—U.S. Dollar Positions 

FCP-V-1.—Weekly Report of Major Market Participants .................................................................................................. 99 

FCP-V-2.—Monthly Report of Major Market Participants............................................................................................... 100 

FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 100 

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants............................................................................................... 101 

FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 102 

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 102 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 103 

ESF-1.—Balance Sheet ..................................................................................................................................................... 103 

ESF-2.—Income and Expense........................................................................................................................................... 104

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction.—Financial Report Excerpt........................................................................................................................... 107 

Financial Report Excerpt ................................................................................................................................................... 108 
March 2007 

VI 

Contents 

TRUST FUNDS 

Introduction.—Airport and Airway Trust Fund................................................................................................................. 120 

TF-1.—Airport and Airway Trust Fund ............................................................................................................................ 121 

Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund....................................................... 122 

TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund................................................................... 123 

Introduction.—Black Lung Disability Trust Fund............................................................................................................. 124 

TF-3.—Black Lung Disability Trust Fund ........................................................................................................................ 124 

Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 126 

TF-4.—Harbor Maintenance Trust Fund........................................................................................................................... 126 

Introduction.—Hazardous Substance Superfund............................................................................................................... 128 

TF-5.—Hazardous Substance Superfund........................................................................................................................... 128 

Introduction.—Highway Trust Fund ................................................................................................................................. 130 

TF-6.—Highway Trust Fund ............................................................................................................................................. 131 

Introduction.—Inland Waterways Trust Fund................................................................................................................... 134 

TF-7.—Inland Waterways Trust Fund............................................................................................................................... 134 

Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 135 

TF-8.—Leaking Underground Storage Tank Trust Fund .................................................................................................. 135 

Introduction.—Nuclear Waste Fund.................................................................................................................................. 136 

TF-9.—Nuclear Waste Fund.............................................................................................................................................. 136 

TF-A.—Chart: Major Trust Funds, Interest on Investments.............................................................................................. 137 

TF-B.—Chart: Major Trust Funds, Receipts and Expenses .............................................................................................. 137 

Introduction.—Reforestation Trust Fund........................................................................................................................... 138 

TF-10.—Reforestation Trust Fund .................................................................................................................................... 138 

Introduction.— Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund)......... 139 

TF-11.—Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund).................... 140 

Introduction.—Oil Spill Liability Trust Fund.................................................................................................................... 142 

TF-12.—Oil Spill Liability Trust Fund ............................................................................................................................. 143 

Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 144 

TF-13.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 144 

Introduction.—Wool Research, Development, and Promotion Trust Fund....................................................................... 145 

TF-14.—Wool Research, Development, and Promotion Trust Fund................................................................................. 145

 

RESEARCH PAPER INDEX............................................................................................................................................ 146

GLOSSARY ...................................................................................................................................................................... 147

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

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

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

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic 

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
March 2007 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product 

The economy continued to expand at a solid pace in the 

final quarter of 2006, as the continued weakness in 

residential investment was more than offset by significant 

strength in real consumer spending and a reduction in the net 

export deficit in the fourth quarter. 

January’s advance estimate of real gross domestic 

product (GDP) reported annualized growth accelerated to 

3.5 percent in the fourth quarter of 2006, following a 2.0 

percent gain in the third quarter. This brought real GDP 

growth to 3.4 percent over the four quarters of 2006. Since 

the second quarter of 2003, quarterly growth has averaged 

3.6 percent. 

Consumer spending posted a robust 4.4 percent 

annualized increase, up sharply from the 2.8 percent pace in 

the third quarter. Declining spending on motor vehicles and 

parts was partially offset by a pickup in spending on 

computers. Spending in the remaining nondurable goods and 

in the services sectors contributed a combined 2.6 

percentage points to GDP growth. For the four quarters of 

2006 consumer spending was up 3.2 percent. 

Investment in business equipment and software edged 

down by 1.8 percent in the fourth quarter after a 7.7 percent 

gain in the third. Average growth for all four quarters of 

2006 for this volatile series was 5.0 percent. A 19.2 percent 

annualized rate of decline in residential investment spending 

extended a four quarter string of negative readings in 

residential building, and reduced GDP growth by 1.2 

percentage point in the fourth quarter. Nonresidential 

investment, which had grown 10.0 percent in the third 

quarter, also recorded its first decline in 14 quarters, slipping 

0.4 percent. Business inventory investment subtracted 0.7 

percentage point to fourth quarter GDP growth, as inventory 

building slowed during the quarter. 

The net export deficit on trade in goods and services 

narrowed $47.4 billion in real terms in the fourth quarter, 

and added 1.6 percentage points to GDP growth. Real 

exports of goods and services showed continued strength, up 

an annualized 10.0 percent after a 6.8 percent gain in the 

third quarter. Meanwhile, real imports of goods and services 

were down 3.2 percent in the fourth quarter, the first decline 

in 15 quarters. For all of 2006 real exports of goods and 

services were up 9.2 percent. 

Growth in real public sector spending rose in the fourth 

quarter, up an annualized 3.7 percent. This increase was 

largely the result of acceleration in Federal defense 

expenditures which increased 11.9 percent after declining in 

the middle two quarters of 2006. Federal outlays added 0.3 

percentage point to GDP growth, while state and local 

outlays added 0.4 percentage point. 

Growth of Real GDP

2.2

0.2

1.2

3.5

7.5

2.7

3.9

3.1

2.6

3.3

4.2

1.8

5.6

2.6

2.0

3.5

2.7 2.4

4.0 3.4

0

2

4

6

8

10

2002 2003 2004 2005 2006

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

March 2007

4 

Inflation 

Fluctuations in energy prices have been the key factor 

behind changes in the overall inflation rate over the past 

several months and were instrumental in the decline in 

overall prices in the fourth quarter of 2006. In the 12 months 

through December 2006, the consumer price index (CPI) 

increased 2.5 percent, notably lower than the 3.4 percent rate 

for the previous 12 months. Inflation slowed as the year 

progressed; measured on a fourth-quarter over fourth-quarter 

basis, the CPI rose 1.9 percent in the fourth quarter of 2006, 

after five consecutive quarterly increases of between 3.3 

percent and 4.0 percent. Lower energy prices accounted for 

the decline; in the 12 months through December 2006, 

energy prices rose by about 2.9 percent, compared with an 

increase of 17.1 percent in the previous 12 months. On a 

fourth-quarter over fourth-quarter basis, energy prices 

declined by 4.2 percent in the fourth quarter of 2006. 

Although the core consumer price index (which excludes 

food and energy) rose 2.6 percent in the 12 months through 

December 2006, somewhat faster than the 2.2 percent 

increase of a year earlier, core inflation eased during the 

latter half of 2006. For the 3 months ending in September 

2006, core inflation rose 2.7 percent, and then increased by 

1.4 percent in the 3 months ending in December 2006. 

Declines in energy prices also contributed to a slower 

rise in the producer price index for finished goods, which 

was up 1.1 percent in the 12 months through December 

2006, compared with 5.4 percent in the previous 12 month 

period. A decline in prices for finished energy goods at the 

producer price level contributed significantly to slowing 

inflation. These prices fell 2 percent in the 12 months 

through December 2006 compared with a nearly 24 percent 

increase of a year earlier. The core index (finished goods 

less food and energy) accelerated to 2.0 percent in the 12 

months through December 2006, compared with an increase 

of only 1.4 percent in the previous 12 months. 

-4

-2

0

2

4

6

8

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

Excluding food and energy

Total

Consumer Prices

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

March 2007 

5

Employment and unemployment 

The labor market finished 2006 on a strong note and data 

suggest employment remained firm at the start of 2007. The 

unemployment rate is low and workers have achieved solid 

gains in real hourly earnings. 

Nonfarm payroll employment increased a moderate 

111,000 in January, but data revisions boosted the job count 

in previous months. Average job growth in December and 

January was about 150,000. Employment increased by more 

than 2.2 million in 2006, an average of 187,000 per month. 

Since employment hit its low point in August 2003, the 

economy has generated more than 7.4 million jobs. 

Following its standard practice, the Bureau of Labor 

Statistics incorporated its annual benchmark revision to 

payroll employment data in early February. The revision, 

which reflects more complete estimates of payrolls using 

unemployment insurance tax records, increased the 

employment level for March 2006 by about 750,000. 

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

Professional and business services and leisure and 

hospitality each posted employment increases of about 

25,000 in January, but that was down from gains of more 

than 50,000 per month in the fourth quarter. Payrolls in 

education and health services rose 31,000 in January, also 

down from its fourth quarter average. Employment in these 

three sectors rose by more than 1.4 million in 2006, or nearly 

two-thirds of the total net jobs created during the year. Retail 

employment rose a slight 4,000 in January after shedding 

more than 40,000 jobs in 2006. 

Goods-producing industries have been affected by the 

housing slowdown and the downshift in auto production. 

Construction employment increased a solid 22,000 in 

January after losing a net 32,000 jobs in the fourth quarter. 

Mild weather across much of the country may have helped 

to boost January’s results. Employment in residential 

specialty trade contractors has declined by more than 

100,000 since its recent peak last February. That is directly 

related to the housing slowdown. However, this effect has 

been partly offset by gains in nonresidential specialty trade 

contractor employment. Manufacturing employment fell by 

16,000 in January. The factory sector lost 84,000 jobs in 

2006. 

The unemployment rate edged up from 4.5 percent to 4.6 

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

4.4 percent. The labor force participation rate (the share of 

the non-institutionalized population over 15 years old in the 

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

but edged back down to 66.3 percent in January. 

The average workweek edged down from 33.9 hours to 

33.8 hours in January causing aggregate production worker 

hours to decline 0.1 percent. Nominal average hourly 

earnings increased 0.2 percent in January and were up 4.0 

percent from a year earlier. Adjusting for inflation, real 

earnings were up 1.7 percent from a year earlier in 

December (latest data available). That marked the largest 

annual real wage increase since 2001. 

Payroll Employment

170

211 202

220

252

124

264

151

194

112

219

163

133

-95

-19

16

-150

-50

50

150

250

350

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2003 2006 2004 2005

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

97 98 99 00 01 02 03 04 05 06 07

(Percent)

Jan. 2007

4.6%
PROFILE OF THE ECONOMY 

March 2007

6 

Real disposable personal income and 

consumer spending 

Personal income and outlays experienced steady growth 

in the fourth quarter of 2006 relative to the first three 

quarters of the year. Nominal personal income grew 

4.9 percent at an annual rate in the fourth quarter of 2006, 

following growth of 5.9 percent in the third quarter. From 

2005 to 2006, personal income grew 6.4 percent at an annual 

rate. Wages and salaries, accounting for more than 50 

percent of personal income, rose at a 6.1 percent annual rate 

in the fourth quarter following a gain of 5.0 percent in the 

third quarter, and increased at a 6.6 percent annual rate in 

2006. 

Growth of personal income receipts on assets slowed to 

3.2 percent at an annual rate after jumping 9.0 percent 

during the third quarter. Growth of personal interest income 

declined at a 2.9 percent annual pace after rising 6.7 percent 

in the third quarter. Rental income in the fourth quarter 

dropped 5.6 percent at an annual rate after climbing 

44.6 percent in the third quarter. The continued cooling of 

the housing market has caused rental activity to increase. 

Real disposable (after-tax) income rose 5.4 percent at an 

annual rate in the fourth quarter following a 4.1 percent gain 

in the third quarter and a 1.5 percent decline in the second 

quarter. For 2006 as a whole, real disposable personal 

income rose 2.7 percent at an annual rate. Real personal 

consumption expenditures increased at a 4.4 percent annual 

pace, 1.6 percent faster than the third quarter growth rate. 

The personal savings rate crept up 0.2 percent to -1.0 percent 

in the fourth quarter from -1.2 percent in the third quarter. 

Consumer spending has been larger than personal disposable 

income since the second quarter of 2005. 

Industrial production and capacity 

utilization 

Industrial production from factories, mines, and utilities 

decreased 0.5 percent at an annual rate in the fourth quarter 

of 2006, after rising at a 4.0 percent pace in the third quarter. 

Over the 12 months ending in December, output increased 

2.4 percent. On an annual basis, industrial production grew 

4.0 percent in 2006, the fastest rate since 2000. However, 

monthly indicators for the fourth quarter of 2006 and into 

early 2007 suggest a slowing in industrial output. 

Manufacturing production, which accounts for about 81 

percent of all industrial output, fell 1.4 percent at an annual 

rate in the fourth quarter (after rising 4.4 percent in the third 

quarter), the first quarterly decline since the third quarter of 

2003. Output of high-technology goods (computers, 

communications equipment, and semiconductors) grew by 

31.8 percent at an annual rate, accelerating from the third 

quarter’s 27.3 percent pace. Production of motor vehicles 

and parts fell 3.6 percent at an annual rate in the fourth 

quarter, after falling 9.8 percent in the third quarter. In the 

12 months through December, output of motor vehicles and 

parts was up 0.9 percent. Apart from automobiles, 

manufacturing output declined at a 1.2 percent annual rate in 

the fourth quarter of 2006. The fourth quarter decline in nonautomobile manufacturing output was partly due to the 

slowdown in residential building activity; production of 

wood products declined nearly 27 percent and primary 

metals production fell about 22 percent in the fourth quarter. 

Production at utilities, accounting for roughly 9 percent 

of total industrial output, rose 4.5 percent at an annual rate in 

the fourth quarter (similar to the 4.6 percent rise in the third 

quarter.) Weather is usually a factor in this sector, and 

unseasonable weather in quarters often causes sharp swings 

in output from 1 month or quarter to the next. For example, 

unseasonably warm weather in December caused utilities 

output to dip by 2.7 percent. Output at mines (the remaining 

10 percent of industrial output) rose 1.6 percent in the fourth 

quarter, following a 0.6 percent gain in the third quarter. 

Restoration of oil and gas extraction operations in the Gulf 

regions helped lead to a 12-month increase in mining output 

of 4.7 percent. 

The capacity utilization rate for the industrial sector 

edged down to 81.7 percent in the fourth quarter from 82.3 

percent in the third quarter. Capacity utilization has trended 

higher over the past 2 years or so; in the fourth quarter it was 

still above its long-term average of 81.0. Capacity utilization 

ranged between 82 and 85 percent from 1994 through 1999. 

In manufacturing, capacity utilization was 80.2 percent in 

the fourth quarter, down from 80.9 percent in the third 

quarter, but it remains above its long-term average of 79.8 

percent. Utilization in the high-technology industries rose 

almost 2 percentage points to 80.8 percent in the fourth 

quarter from 78.7 percent in the third quarter, and remained 

above its long-term average of 78.0 percent. 

Nonfarm productivity and unit labor costs 

Productivity growth picked up at the end of 2006, 

according to preliminary data. Productivity in the nonfarm 

business sector grew at an annual rate of 3.0 percent in the 

fourth quarter following a slight decline in the third quarter. 

Growth in output (4.2 percent) outpaced the rise in hours 

worked (1.2 percent) in the final quarter of the year. For 

2006 as a whole, productivity increased 2.1 percent. That is 

somewhat slower than the 2.5 percent increase registered 

over the four quarters of 2005. Still, the longer-term trend of 

productivity growth appears strong. Since the business cycle 

peak in the first quarter of 2001, productivity has grown at 

an annual rate of 3.0 percent, up from 2.5 percent during the 

preceding 5-year period. 

Hourly compensation costs in the nonfarm business 

sector rose 4.8 percent at an annual rate in the fourth quarter 

and were up by a similar amount for the year as a whole. In 

real terms, compensation increased 3.0 percent over the four 

quarters of 2006, the strongest four-quarter gain in 3 years. 

An alternative measure from the Bureau of Labor 

Statistics, the employment cost index, shows that nominal 

compensation rose 3.3 percent during the four quarters of 

2006. Unlike the productivity series, the employment cost 

index shows data on the two main components of 

compensation–wages and salaries and benefits. Wages and 
PROFILE OF THE ECONOMY 

March 2007 

7

salaries for all civilian workers were up 3.2 percent from a 

year earlier in the fourth quarter. Benefits were up 3.6 

percent. Although the growth in benefit costs has slowed 

over the past 2 years, benefits continue to account for a 

disproportionate share of overall compensation gains. 

Unit labor costs, which represent the interaction of 

productivity and compensation, increased 1.7 percent at an 

annual rate in the fourth quarter, down from the third 

quarter’s 3.2 percent rise. These costs were up 2.8 percent 

over the latest four quarters. Although the growth of unit 

labor costs slowed at the end of 2006, increases remain firm 

compared to recent years. Rising unit labor costs can compel 

some companies to raise prices and could contribute to 

higher inflation. 

Productivity in the manufacturing sector rose 2.2 percent 

at an annual rate in the fourth quarter and was up 3.9 percent 

over the most recent four quarters. Over the past 10 years, 

factory productivity has grown at an average annual rate of 

4.5 percent. Hourly compensation costs in manufacturing 

were up 7.3 percent at an annual rate in the fourth quarter 

and have advanced 4.3 percent over the most recent four 

quarters. Factory unit labor costs increased 5.0 percent at an 

annual rate in the fourth quarter but were up just 0.3 percent 

over the most recent four quarters. 

International transactions 

The U.S. current account deficit continued to grow in the 

third quarter of 2006, widening by roughly $34 billion to 

$902 billion at an annual rate. The third-quarter deficit was 

equivalent to 6.8 percent of GDP, up from 6.6 percent in the 

second quarter. The deterioration in the latest quarter had 

been foreshadowed by growth in the merchandise trade 

deficit, which widened by $32 billion to $874 billion at an 

annual rate. The balance on income (the difference between 

income receipts on U.S. assets abroad and income payments 

on foreign assets in the United States) grew a bit more 

negative in the third quarter, also contributing to the increase 

in the current account deficit. The income balance has 

historically been in surplus but shifted to a deficit in the 

fourth quarter of 2005, in part because foreigners have been 

earning higher returns on their investments in the United 

States than U.S. residents have earned on their foreign 

investments. 

The current account is matched by offsetting transactions 

in the capital and financial accounts, with any differences in 

the recorded flows listed as a statistical discrepancy. Net 

capital account transactions, which consist mainly of debt 

forgiveness and wealth transfers associated with 

immigration, fell to $2.2 billion in the third quarter from 

$4.0 billion in the second quarter. The third-quarter tally was 

in line with the average over the previous 5 calendar years. 

Financial flows into and out of the United States 

accelerated in the third quarter and, on net, amounted to 

nearly $706 billion at an annual rate, up from $613 billion in 

the second quarter. Net foreign purchases of assets in the 

United States strengthened by $142 billion to $1.6 trillion at 

an annual rate, in large part because of a jump in U.S. 

liabilities to unaffiliated foreigners reported by nonbank 

concerns. Foreign purchases of U.S. securities other than 

Treasuries also rose as transactions in U.S. stocks swung 

back to net purchases from net sales in the second quarter. 

However, foreign acquisition of U.S. corporate and 

Federally-sponsored agency bonds slowed, and foreign 

direct investment eased. On the opposite side of the ledger, 

net outlays by U.S. residents for assets abroad rose by just 

$50 billion in the third quarter to $895 billion at an annual 

rate. 

Exchange rate of the dollar 

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

of America’s key trading partners continued to decline in the 

fourth quarter of 2006, extending a trend that began in early 

2002. The nominal exchange value of the dollar (relative to a 

broad index covering the currencies of 26 important U.S. 

trading partners) depreciated nearly 1.5 percent during the 

fourth quarter of 2006. In December, the dollar settled at its 

lowest nominal level in about 9 years. Since peaking in 

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

index has depreciated by close to 18 percent. 

The aggregate decline since 2002 mainly reflected dollar 

weakness against the seven currencies of the United States’ 

major trading partners, including the euro area countries, 

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

Switzerland. Between February 2002 and December 2006, 

the exchange rate of the dollar compared to an index of these 

currencies fell by nearly 28 percent. Over this period, the 

dollar was down by 34 percent against the euro and by 12 

percent against the yen. 

The dollar generally showed much less movement with 

respect to the currencies of the other 19 important trading 

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

strengthened somewhat from February 2002 through the first 

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

against the index of other important trading partners by 

about 8 percent. In December 2006, the dollar was 3.4 

percent lower against this basket of currencies than at the 

February 2002 peak. 
PROFILE OF THE ECONOMY 

March 2007

8 

Interest rates 

At its most recent meeting in January 2007, the Federal 

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

policy-making arm–maintained the Federal funds target 

interest rate at 5.25 percent, where it has stood since late 

June 2006. The Federal Reserve has paused in the most 

recent five meetings, following 17 straight hikes of 25 basis 

points each in the current cycle of monetary tightening 

which began in late June 2004. Before that, the FOMC had 

held the Federal funds target (the rate that banks and other 

financial institutions charge each other for overnight loans) 

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

January 2007 was at its highest level since March 2001. 

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

stood at 5 percent in early February 2007, and had risen by 

about 270 basis points over the past 2 years. The 10-year 

yield had moved little as short rates rose during 2004 and 

2005, but then moved significantly higher starting in early 

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

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

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

has been consistently below 5 percent for the past 6 months. 

Since early December, the rate has trended upward by 

roughly 40 basis points, to 4.8 percent as of early February. 

Mortgage interest rates have generally followed 

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

mid-2005, and moving decisively higher through the first 

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

fixed rate mortgage reached 6.8 percent, its highest level in 

over 4 years. During the latter half of 2006, the mortgage 

rate generally declined in tandem with the 10-year Treasury 

rate to about 6.1 percent in December, but has since 

increased, and stood at 6.3 percent as of early February. 

Corporate bond yields have also generally followed 

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

Baa yield moved higher earlier last year, reaching a recent 

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

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

percent and 6.5 percent. In early February, the yield was 6.4 

percent. The spread between the Baa yield and the 10-year 

Treasury yield, a measure of investor risk appetite, has 

remained essentially unchanged through much of 2005 and 

2006. This spread had widened to as much as 4.0 percentage 

points in October 2002, but over the past 7 months, has 

remained quite stable at about 1.6 percentage points. 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004 2005 20062007

Short-term Interest Rates

Federal funds

rate target

3-month

Treasury bills

(Percent)

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004 2005 20062007

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)
PROFILE OF THE ECONOMY 

March 2007 

9

Housing 

Housing activity remained sluggish in the fourth quarter 

of 2006, but showed continuing signs of stabilization. 

Housing starts and permits continued to decline, and housing 

affordability began to climb. However, sales of single-family 

homes rose after four straight quarters of decline, and the 

homeownership rate remained close to record levels, caused 

in part by level prices and low mortgage rates. 

Housing starts fell to a 1.564 million unit pace in the 

fourth quarter from a 1.714 million rate in the third quarter, 

and well below a three-decade high of 2.123 million the first 

quarter. For 2006 as a whole, starts totaled 1.801 million, 

down roughly 13 percent from the 2.068 million in 2005, the 

highest annual total in over 30 years. Real residential 

investment declined 15.9 percent at an annual rate in the 

fourth quarter, following an 18.8 percent decline in the third 

quarter. Residential investment, a key component of GDP, 

subtracted 1.2 percentage points from real GDP in both the 

third and fourth quarters. Leading housing market indicators 

were mixed as housing permits signaled continued slow 

growth, while measures of builder and buyer sentiment 

indicated a possible pickup in the housing market. The 

number of permits issued for future construction was 1.560 

million at an annual rate in the fourth quarter, the slowest 

quarterly rate since the third quarter of 2000. However, 

measures of consumer homebuying attitudes and home 

builder sentiment improved in the fourth quarter. The 

National Association of Home Builder’s housing market 

index rose 3.0 points from September to December, while 

the net gain for the Michigan survey of consumer 

sentiment’s homebuying conditions index was 16.0 points in 

the fourth quarter. Both of these indexes continued the 

upward trend in January, perhaps signaling that the 

slowdown has decelerated. 

Sales of new single-family homes rose by 3.1 percent at 

an annual rate in the fourth quarter to a 1.061 million unit 

pace from a 1.007 million unit pace in the third quarter. 

Resales of existing single-family homes, accounting for 

nearly 85 percent of all one-family home sales, edged up 

0.2 percent at an annual rate to a 5.487 million unit rate after 

two quarters of decline. The homeownership rate slipped by 

0.2 percentage points to 68.7 percent in the fourth quarter 

but remains at a historically high level, just 0.6 percent 

below its peak in the spring of 2004. Slowing home price 

appreciation should help the homeownership rate stay high. 

The median sales price of new single-family homes rose just 

1.83 percent in 2006 compared to 9.0 percent in 2005, while 

the median price of existing single-family homes remained 

flat in 2006 compared to a 10.6 percent increase in 2005. 

Mortgage interest rates declined steadily in the fourth 

quarter and remain low in early 2007. The average rate on a 

30-year conventional mortgage dropped from 6.36 percent in 

October to 6.14 percent in December, before edging up to 

6.22 percent in January. This is 7.0 basis points higher than 

the 30-year mortgage rate in January 2006, but still below 

the 7-1/2 percent average posted in the second half of the 

1990s. The low mortgage interest rate, along with stagnant 

housing prices, should help boost the affordability of homes 

in the coming months. The National Association of Realtors’ 

housing affordability index crept up to 109.2 in December 

from a reading of 106.5 in September, but remained below 

the 2005 average of 113.0. 

Federal budget 

Budget results for the first 3 months of fiscal year 2007 

show the Federal deficit narrowed to $80.4 billion, an 

improvement of roughly $40 billion compared with the same 

months of fiscal year 2006. Receipts rose $43 billion or 

8.2 percent through 3 months of the fiscal year versus last 

year due to strong growth in individual income and 

employment tax receipts (partly reflecting year-end 

bonuses), and to the quarterly payment of corporate income 

taxes, due in part to strong profit growth. Outlays increased 

by $4.3 billion, or 0.7 percent in the first 3 months of fiscal 

year 2007, partly reflecting less spending for rebuilding 

assistance in the Gulf Coast region. The largest increase in 

outlays was for Medicare, with expenditures up $24 billion 

or nearly 34 percent compared with the first 3 months of 

fiscal year 2006 (the new prescription drug benefit 

contributed $13.1 billion to the increase). Net outlays for 

national defense increased by $12.7 billion through the first 

3 months of the fiscal year compared to the same 3 months 

of fiscal year 2006, or 11.4 percent. Net interest expenses 

fell by $4.9 billion or 8.6 percent from fiscal year 2006 due 

in part to lower short-term interest rates. 

The Administration’s Fiscal Year 2008 Budget was 

released on February 5, 2007. The Federal budget projects 

the deficit will decline from 1.9 percent of GDP in fiscal 

year 2006 to 1.8 percent in the current fiscal year and 1.6 

percent of GDP in fiscal year 2008. The budget projects a 

small surplus in fiscal year 2012. Receipts are projected to 

rise 4.8 percent in fiscal year 2008 and continue to grow at 

an average pace of 5.6 percent through the rest of the 

forecast horizon to fiscal year 2012. Growth in outlays is 

projected to be 4.2 percent in fiscal year 2008 and then slow 

to about 2.8 percent on average in the 4 fiscal years through 

fiscal year 2012. 

The economic projections underpinning the budget 

estimate that real GDP will rise 2.9 percent in calendar 2007 

and increase 3.1 percent in 2008. During the next few years, 

both actual and potential growth are likely to continue to 

moderate to about 3.0 percent – very close to the estimated 

long-term potential rate of growth of the economy – and as a 

result, the unemployment rate is projected to remain at about 

4.8 percent. Consumer price inflation is predicted to remain 

at 2.6 percent in calendar 2007 and 2008, then decline to 

around 2.4 percent a year through 2012. These assumptions 

are very close to the average of private forecasts. 
PROFILE OF THE ECONOMY 

March 2007

10 

Net national saving and investment 

Net national saving has been on a downward trend since 

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

reflecting the growth of Federal Government budget deficits 

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

share of net national product (NNP) declined from an 

average of 12.2 percent in the 1960s to a slim 0.1 percent in 

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

rebounded to 2.2 percent in the first three quarters of the 

year. 

The small reversal was mainly due to an improvement in 

the Federal Government’s fiscal situation. In the first three 

quarters of 2006, the Federal budget deficit narrowed to 1.4 

percent of NNP from 2.8 percent in 2005. State and local 

governments posted a small surplus in the first three quarters 

of 2006, equivalent to 0.1 percent of NNP. Altogether, 

government deficits as a share of NNP averaged 1.3 percent 

in the first three quarters of 2006. 

Private saving (of households and businesses) rose to 3.5 

percent of NNP in the first three quarters of 2006 from 2.9 

percent in 2005. The increase reflected a jump in the 

corporate saving rate to 4.3 percent after hovering around 

3.3 percent from 2002 through 2005. Personal saving as a 

share of NNP has been on the decline since the early 1980s 

and turned negative in 2005 for the first time since the 

1930s, dipping to -0.3 percent. This downward trend 

continued in 2006, with the ratio of personal saving to NNP 

falling to -0.8 percent in the first three quarters of the year. 

Net domestic investment was equivalent to 9.4 percent of 

NNP in the first three quarters of 2006. That was up from 

7.8 percent in 2005. The increase was mostly accounted for 

by a pickup in private industry outlays for structures, 

equipment and software, and inventory, which rose to 8.0 

percent of NNP in the first three quarters of 2006. Net 

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

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

portion of domestic investment has been financed from 

abroad in recent years. In 2006, foreign inflows were 

equivalent to 7.2 percent of NNP in the first three quarters of 

the year. That was up from around 1-1/2 percent of NNP in 

the mid-1990s. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05

Public

Total

(Saving as a percent of NNP)
March 2007 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

March 2007 

12 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source 

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

First-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the first quarter of fiscal 

year 2007 supplements fiscal data reported in the 

December issue of the “Treasury Bulletin.” At the 

time of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $250.8 billion for the first 

quarter of fiscal year 2007. This is an increase of $20.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $18.1 billion and non-withheld receipts 

increased by $6.4 billion during this period. Refunds 

increased by $4.0 billion over the comparable fiscal year 

2006 quarter. There was an increase of $1.5 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2006. 

Corporate income taxes—Net corporate income tax 

receipts were $98.8 billion for the first quarter of fiscal year 

2007. This is an increase of $18.1 billion compared to the 

prior year first quarter. The $18.1 billion change is 

comprised of an increase of $16.7 billion in estimated and 

final payments, and a decrease of $1.4 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2007 were $179.1 billion, an increase of $6.4 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by $4.7 billion, $0.8 billion, and $0.9 billion 

respectively. There was a -$4.5 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of fiscal year 2007, while there was a 

-$3.1 billion adjustment in the first quarter of fiscal year 

2006. 

Unemployment insurance—Unemployment insurance 

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

2007 were $6.0 billion, a decrease of $0.3 billion over the 

comparable quarter of fiscal year 2006. Net State taxes 

deposited in the U.S. Treasury decreased by $0.3 billion to 

$5.2 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.9 billion. 
FEDERAL FISCAL OPERATIONS 

March 2007 

13

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

first quarter of fiscal year 2007. This was a negligible 

change from the comparable quarter of fiscal year 2006. 

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2007 were $16.0 billion, a decrease of 

$1.4 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.4 billion, an 

increase of $0.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.3 billion for the first quarter of fiscal year 2007. 

These receipts represent an increase of $0.1 billion over the 

same quarter in fiscal year 2006. 

Customs duties—Customs duties net of refunds were 

$6.2 billion for the first quarter of fiscal year 2007. This is 

an increase of $0.1 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2007 were $9.3 billion, a 

decrease of $0.1 billion over the comparable prior year 

quarter.

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

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

First quarter 

Oct. - Dec. 

Actual fiscal 

 year to date 2007 

 Budget estimates 

 (Feb. 2007) 

 full fiscal year 2007 

Total on- and off-budget results: 

Total receipts ................................................................ 573,524 573,524 2,540,096 

On-budget receipts ................................................... 438,730 438,730 1,905,966 

Off-budget receipts ................................................... 134,794 134,794 634,130 

Total outlays.................................................................. 653,925 653,925 2,784,267 

On-budget outlays..................................................... 574,093 574,093 2,332,984 

Off-budget outlays..................................................... 79,833 79,833 451,283 

Total surplus or deficit (-) .............................................. -80,401 -80,401 -244,171 

On-budget surplus or deficit (-)................................. -135,362 -135,362 -427,018 

Off-budget surplus or deficit (-)................................. 54,961 54,961 182,847 

Means of financing: 

Borrowing from the public............................................. 58,668 58,668 254,305 

Reduction of operating cash......................................... 21,460 21,460 7,127 

Other means ................................................................. 273 273 -17,261 

Total on- and off-budget financing............................ 80,401 80,401 244,171 

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

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

Source Oct. Nov. Dec. 

Individual income taxes...................................................... 86.2 63.1 101.5 

Corporate income taxes..................................................... 9.4 4.5 85.0 

Employment and general retirement.................................. 57.2 61.2 60.7 

Unemployment insurance .................................................. 2.2 3.6 0.3 

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

Excise taxes ....................................................................... 4.2 5.7 6.1 

Estate and gift taxes .......................................................... 2.3 1.8 2.2 

Customs duties .................................................................. 2.5 2.2 1.5 

Miscellaneous receipts....................................................... 3.5 3.6 2.2

Total budget receipts ..................................................... 167.7 145.9 260.0

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

March 2007 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2005-2006

(In billions of dollars) 

-50

0

50

100

150

200

250

300

DJ F MAMJ J A SOND

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. 

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2007

2006 *

CHART FFO-B.—

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

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

March 2007 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

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

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

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

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

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

 

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

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

 

2005 - Dec................... 241,883 197,571 44,312 r 230,916 r 233,003 -2,087 r 10,967 r -35,432 46,399 78,153 

2006 - Jan ................... 230,010 172,347 57,663 r 209,045 r 168,401 40,644 r 20,964 r 3,946 17,019 25,212 

Feb .................. 112,853 65,092 47,761 r 232,091 r 187,810 44,281 r -119,237 r -122,717 3,480 51,493 

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

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

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

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

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

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

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

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

Nov .................. 145,866 99,872 45,994 221,481 176,294 45,187 -75,615 -76,423 807 47,812 

Dec .................. 259,965 214,177 45,789 215,430 221,281 -5,851 44,535 -7,104 51,639 46,940 

 

Fiscal year 2007 to date ... 573,524 438,731 134,794 653,925 574,092 79,833 -80,401 -135,363 54,960 172,394 

 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve position

on the U.S. 

quota in the 

IMF (deduct) 

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

2002 ...................................... -137 r 207,697 r 220,558 16,667 790 r 18,823 2,457 r -21,497 -2,802 r 157,522 

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

2004 ...................................... -1,769 213,677 379,618 1,390 720 r -23,669 -4,630 r 5,855 662 r 412,324 

2005 ...................................... -547 254,096 296,687 -669 -4,537 r -182 -6,195 r 8,472 778 r 317,520 

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

 

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

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

2005 - Dec............................. 195 73,602 4,745 30,637 29 179 -4,060 10,799 81 -11,160 

2006 - Jan ............................. -163 15,198 9,851 32,227 93 710 -398 1,398 - -21,383 

Feb ............................ -226 6,138 45,128 -50,746 7 -539 * 22,917 - 119,323 

Mar ............................ 132 -2,664 101,148 -9,912 34 -153 -261 -26,213 145 85,372 

Apr............................. -214 36,586 -52,674 70,805 175 904 -151 4,805 - -119,602 

May............................ 212 12,516 -11,448 -50,926 186 347 -620 2,948 - 42,513 

June........................... 64 73,418 -10,647 17,707 -86 -255 1,299 8,850 190 -20,272 

July ............................ -132 3,473 22,227 -8,083 26 172 -443 2,587 - 33,142 

Aug............................ -192 6,321 62,681 -21,260 82 64 -747 -19,652 - 64,890 

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

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

Nov ............................ 134 -3,384 51,330 -36,372 214 -60 -268 -12,201 - 75,615 

Dec ............................ 169 77,663 -30,554 9,763 -20 757 -271 -3,752 - -44,535 

Fiscal year 2007 to date........... 122 113,848 58,668 -21,461 216 529 -1,582 -565 - 80,401 

 

 

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

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

* Less than $500,000. 

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

March 2007 

16 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

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

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

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

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

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

 

2007 - Est...................... 1,168,846 - - 1,168,846 342,057 - 342,057 1,510,903 819,293 - 819,293 

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

 

2005 - Dec..................... 89,588 8,379 1,161 96,806 73,455 2,201 71,254 168,060 59,292 - 59,292 

2006 - Jan ..................... 81,925 50,161 2,558 129,528 12,407 3,013 9,394 138,922 74,028 - 74,028 

Feb .................... 74,715 4,628 45,904 33,439 6,923 2,682 4,242 37,681 60,483 - 60,483 

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

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

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

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

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

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

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

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

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

Dec .................... 95,104 8,273 1,891 101,487 86,643 1,672 84,971 186,458 60,398 - 60,398 

 

Fiscal year 2007 to date... 236,461 28,933 14,624 250,771 106,381 7,587 98,793 349,564 178,049 - 178,049 

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

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

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

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

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

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

 

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

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

 

2005 - Dec .................. 351 * 351 59,643 365 4 361 415 4 419 

2006 - Jan ................... 425 * 425 74,453 2,322 7 2,314 383 4 387 

Feb.................. 451 * 451 60,934 3,331 5 3,326 305 4 309 

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

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

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

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

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

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

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

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

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

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

 

Fiscal year 2007 to date ... 1,052 1 1,051 179,100 6,062 17 6,045 1,070 13 1,083 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

March 2007 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

 

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

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

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

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

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

 

2007 - Est.................... 57,062 25,277 - 25,277 26,766 - 26,766 32,638 14,073 46,711 1,095,966 634,130 

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

 

2005 - Dec................... 6,396 2,006 63 1,943 1,989 68 1,921 1,988 1,152 3,140 197,571 44,312 

2006 - Jan ................... 5,666 1,925 68 1,857 1,995 82 1,914 3,391 1,105 4,496 172,347 57,663 

Feb .................. 4,394 1,767 43 1,724 1,917 73 1,844 1,581 1,060 2,641 65,092 47,761 

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

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

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

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

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

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

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

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

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

Dec.................. 6,131 2,281 88 2,193 2,156 650 1,505 1,322 897 2,219 214,177 45,789 

 

Fiscal year 2007 to date.. 15,997 6,589 303 6,286 7,024 831 6,192 5,788 3,468 9,256 438,731 134,794 

 

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

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

* Less than $500,000. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 

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

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

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

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

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

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

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

 

2005 - Dec .................. 60,424 971 - 971 53 - 53 3,208 - 3,208 2,286 123 2,163

2006 - Jan................... 77,155 809 - 809 50 - 50 3,260 - 3,260 1,603 56 1,547

Feb.................. 64,569 837 50 787 52 - 52 3,141 193 2,948 709 102 606

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

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

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

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

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

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

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

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

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

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

 

Fiscal year 2007 to date.. 186,228 1,866 - 1,866 111 - 111 7,106 -2 7,108 7,326 415 6,910

 
FEDERAL FISCAL OPERATIONS 

March 2007 

18 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

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

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

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

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

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

 

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

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

 

2005 - Dec.............. 319 485 9,955 563 47,218 4,280 1,340 49,732 7,040 3,207 962 2,156 4,099

2006 - Jan .............. 387 555 9,439 594 34,986 8,129 2,000 49,949 8,228 3,444 870 2,122 4,964

Feb ............. 335 442 7,382 451 38,516 5,644 1,407 48,104 6,244 2,853 654 1,637 753

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

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

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

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

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

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

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

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

Nov ............. 335 451 8,665 595 44,039 4,305 1,504 55,844 3,205 3,626 725 1,975 5,732

Dec ............. 305 561 8,905 506 48,485 5,418 2,085 53,608 3,422 3,574 652 1,875 1,689

 

Fiscal year 2007 to 

 date ......................... 1,011 1,524 32,171 1,538 141,181 15,465 5,401 167,540 10,244 11,136 2,164 5,958 10,804 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

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

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

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

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

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

 

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

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

 

2005 - Dec ............. 1,462 4,859 93,067 r 908 9,020 799 4,080 696 493 6 4,017 

2006 - Jan .............. 512 4,471 13,849 r 5,449 3,168 633 4,114 713 489 -93 457 

Feb............. 1,220 4,240 21,243 r 29,368 5,631 699 3,561 682 458 -64 784 

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

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

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

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

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

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

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

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

Nov............. 860 5,197 20,305 1,254 5,865 311 4,221 648 318 51 625 

Dec............. 1,285 4,868 95,909 1,200 9,641 272 4,371 647 356 50 340 

 

Fiscal year 2007 to 

 date............................ 3,561 15,543 138,507 3,028 18,991 483 12,210 2,083 932 12 1,777 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

March 2007 

19

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

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

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

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

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

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

 

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

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

 

2005 - Dec ............. 1,384 423 4,736 92 50,607 2,801 -4,174 -75,318 -396 * r 233,003 -2,087 

2006 - Jan .............. 1,060 384 5,344 115 46,327 1,498 -4,440 374 -1,045 * r 168,401 40,644 

Feb............. 1,150 435 5,119 113 48,809 -45 -3,711 -1,438 -586 - r 187,810 44,281 

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

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

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

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

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

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

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

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

Nov............. 1,242 436 4,852 155 49,512 538 -3,764 -1,541 -607 * 176,294 45,187 

Dec............. 1,431 417 5,142 97 53,463 2,369 -4,150 -80,339 -299 -12,728 221,281 -5,851 

Fiscal year 2007 to 

date ........................ 3,335 1,263 15,745 412 149,962 3,690 -25,653 -83,552 -1,817 -12,728 574,092 79,833 

 

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

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

* Less than $500,000. 

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

March 2007 

20 

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

December 2006 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 250,769 2 - 250,771 230,372 1 - 230,374

Corporation income taxes........................................... 98,794 - - 98,794 80,676 - - 80,676

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 134,794 134,794 - - 129,290 129,290

Employment and general retirement (on-budget)... - - 44,307 44,307 - - 43,441 43,441

Unemployment insurance ....................................... - - 6,045 6,045 - - 6,324 6,324

Other retirement...................................................... - - 1,083 1,083 - - 1,107 1,107

Excise taxes ................................................................ 6,118 151 9,727 15,996 6,965 187 10,217 17,369

Estate and gift taxes ................................................... 6,286 - - 6,286 6,162 - - 6,162

Customs duties ........................................................... 3,815 2,021 357 6,193 3,945 1,804 320 6,068

Miscellaneous receipts................................................ 6,223 2,876 156 9,256 6,208 2,886 304 9,399

Total receipts....................................................... 372,005 5,050 196,468 573,524 334,329 4,878 191,003 530,210

(On-budget)..................................................... 372,005 5,050 61,675 438,730 334,329 4,878 61,713 400,920

(Off-budget)..................................................... - - 134,794 134,794 - - 129,290 129,290

 

Budget outlays: 

Legislative branch ....................................................... 987 19 6 1,012 935 117 21 1,073

Judicial branch ............................................................ 1,237 277 11 1,525 1,167 250 -34 1,383

Department of Agriculture ........................................... 17,891 13,890 390 32,171 18,259 17,987 52 36,298

Department of Commerce........................................... 1,500 38 * 1,538 1,552 65 * 1,617

Department of Defense-military .................................. 139,248 1,892 42 141,181 125,262 3,271 21 128,554

Department of Education ............................................ 15,471 -11 6 15,466 15,165 -11 * 15,154

Department of Energy................................................. 5,689 -288 * 5,401 5,450 -489 * 4,961

Department of Health and Human Services ............... 116,485 125 50,929 167,539 107,739 86 36,204 144,029

Department of Homeland Security.............................. 10,146 46 54 10,245 14,796 9,946 61 24,803

Department of Housing and Urban Development....... 11,616 -480 * 11,136 10,169 -427 -2 9,741

Department of the Interior........................................... 1,971 113 79 2,164 2,438 -43 64 2,458

Department of Justice ................................................. 5,317 606 35 5,958 5,451 459 25 5,936

Department of Labor................................................... 2,921 -94 7,975 10,803 3,018 -433 8,245 10,829

Department of State.................................................... 3,168 263 131 3,562 3,209 132 176 3,516

Department of Transportation..................................... 3,878 30 11,635 15,544 3,967 16 10,562 14,546

Department of the Treasury: 

Interest on the public debt....................................... 138,507 - - 138,507 138,783 - - 138,783

Other ....................................................................... 2,577 326 125 3,028 2,777 415 111 3,304

Department of Veterans Affairs .................................. 19,226 -423 187 18,990 17,743 -346 196 17,592

Corps of Engineers ..................................................... 257 45 182 484 2,050 12 210 2,272

Other defense civil programs...................................... 41,681 -13,827 -15,644 12,211 39,817 -15,405 -13,372 11,040

Environmental Protection Agency............................... 2,261 * -177 2,083 3,027 -100 -934 1,993

Executive Office of the President................................ 931 * - 932 1,542 * - 1,542

General Services Administration ................................ -47 59 - 12 28 -70 - -42

International Assistance Program............................... 3,361 -235 -1,348 1,778 6,771 -193 170 6,747

National Aeronautics and Space Administration ........ 3,334 * * 3,335 3,445 * * 3,445

National Science Foundation...................................... 1,259 11 -8 1,262 1,289 4 6 1,299

Office of Personnel Management ............................... 2,197 -54 13,602 15,745 2,094 44 12,910 15,048

Small Business Administration ................................... 428 -16 * 412 248 -3 * 244

Social Security Administration .................................... 14,832 * 135,130 149,962 12,750 * 129,091 141,841

Other independent agencies....................................... 2,896 288 505 3,690 2,570 1,276 1,760 5,605

Undistributed offsetting receipts: 

Interest .................................................................... - - -83,552 -83,552 - - -80,576 -80,576

Other ....................................................................... -7,961 -18,133 -14,105 -40,199 -1,383 -11,105 -12,954 -25,442

Total outlays........................................................ 563,264 -15,529 106,190 653,925 552,127 5,453 92,013 649,592

(On-budget)..................................................... 563,264 -14,461 25,289 574,093 552,127 6,042 12,377 570,546

(Off-budget)..................................................... - -1,069 80,901 79,833 - -590 79,635 79,046

Surplus or deficit (-)............................................. -191,259 20,580 90,278 -80,401 -217,798 -574 98,991 -119,381

(On-budget)..................................................... -191,259 19,511 36,386 -135,362 -217,798 -1,164 49,336 -169,626

(Off-budget)..................................................... - 1,069 53,892 54,961 - 590 49,655 50,245

- No transactions. 

* Less than $500,000. 

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

21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

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

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

 

2005 - Dec....................................... 627,464 50,258 677,783 172,910 142,212 

2006 - Jan....................................... 594,893 40,428 634,288 122,033 90,840 

Feb ...................................... 634,537 35,131 670,250 104,907 155,071 

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

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

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

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

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

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

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

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

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

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

 

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

March 2007 

22 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note 

accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note 

accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note 

accounts 

(13) 

 

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

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

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

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

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

 

2005 - Dec............................. 4,573 32,053 6,385 43,591 4,243 709 5,135 23,027 

2006 - Jan ............................. 5,606 63,247 5,888 63,247 3,715 1,282 4,942 28,389 

Feb ............................ 5,024 13,082 6,172 60,185 3,973 265 5,155 17,096 

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

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

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

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

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

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

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

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

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

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

 

 

1

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

than Government account series, and taxes. 

2

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

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

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

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

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

under the Federal Insurance Contributions Act beginning January 1950 and under 

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

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

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

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

beginning October 1988. 
March 2007 

23

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

March 2007

24 

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

 Agency 

 securities

 (6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

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

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

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

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

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

 

2005 - Dec ..................... 8,194,251 8,170,413 23,837 3,455,808 3,455,806 2 4,738,443 4,714,607 23,835 

2006 - Jan...................... 8,219,745 8,196,070 23,674 3,471,422 3,471,420 2 4,748,323 4,724,650 23,672 

Feb..................... 8,293,333 8,269,886 23,448 3,499,204 3,499,202 2 4,794,129 4,770,683 23,446 

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

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

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

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

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

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

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

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

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

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

 

Federal debt securities Securities held by Government accounts Securities held by the public 

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

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

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

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

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

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

 

2005 - Dec...................... 8,194,251 55,723 8,138,528 3,455,808 19,141 3,436,667 4,738,443 36,582 4,701,862

2006 - Jan ...................... 8,219,745 56,168 8,163,577 3,471,422 19,557 3,451,865 4,748,323 36,611 4,711,712

Feb ..................... 8,293,333 78,490 8,214,843 3,499,204 41,201 3,458,003 4,794,129 37,289 4,756,840

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

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

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

March 2007 

25

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

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

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

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

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

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

 

2005 - Dec.............................. 205,162 - 3,786 69,097 235,566 29,995 5,368 

2006 - Jan .............................. 205,605 - 3,786 70,277 233,441 29,995 5,201 

Feb ............................. 205,901 - 3,586 32,414 234,545 29,995 5,203 

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

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

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

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

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

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

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

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

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

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

 

 

TABLE FD-2.—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

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

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

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

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

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

 

2005 - Dec......................... 4,714,821 4,165,847 960,701 2,360,155 516,425 328,567 548,975 

2006 - Jan ......................... 4,724,637 4,176,332 952,800 2,360,363 516,418 346,751 548,306 

Feb ........................ 4,771,117 4,259,473 997,284 2,390,260 526,498 345,431 511,644 

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

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

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

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

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

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

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

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

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

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

March 2007

26 

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

2002 ..................... 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

2003 ..................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349 

2004 ..................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

2005 ..................... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

2006 ..................... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

 

2005 - Dec............ 3,080 23,929 9,972 10,687 1,747 357 - 53,975 473,771 

2006 - Jan ............ 3,090 25,290 10,796 10,598 1,866 473 - 51,557 486,671 

 Feb ........... 3,100 27,237 10,854 10,514 2,274 501 - 52,787 473,746 

 Mar ........... 3,113 25,887 11,970 10,407 3,159 571 - 49,800 497,108 

 Apr............ 3,123 29,146 13,470 10,328 3,532 544 - 49,734 497,277 

 May........... 3,065 31,151 13,524 10,240 3,868 454 - 66,332 497,051 

 June.......... 2,978 27,246 13,451 10,452 2,930 575 - 65,279 532,309 

 July ........... 2,992 31,101 12,826 10,375 2,519 609 - 64,277 485,823 

 Aug ........... 3,005 30,895 12,820 10,289 3,091 496 - 68,310 486,480 

 Sept.......... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

 Oct............ 3,042 31,249 11,072 10,113 - 470 - 65,014 535,415 

 Nov ........... 3,055 32,100 11,013 10,046 - 361 - 67,020 535,718 

 Dec ........... 3,068 33,128 12,029 10,265 - 347 - 65,909 534,123 

 

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

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

2002 .............. 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2003 .............. 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

2004 .............. 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

2005 .............. 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

2006 .............. 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

 

2005 - Dec..... 3,506,577 11,661 32,799 29,996 15,320 195,715 670,101 285,941 23,800 1,663,726 

2006 - Jan ..... 3,523,210 11,999 32,850 30,032 15,377 196,841 653,893 288,996 23,749 1,679,132 

 Feb .... 3,513,085 11,894 33,126 30,387 15,372 196,377 650,289 287,856 23,965 1,682,806 

 Mar .... 3,551,185 12,136 32,954 30,384 15,399 196,701 661,190 283,296 23,965 1,693,145 

 Apr..... 3,589,106 11,685 33,142 30,386 15,456 198,773 657,952 295,171 23,964 1,715,423 

 May.... 3,604,230 11,321 33,891 30,787 15,524 198,170 654,859 292,941 21,320 1,719,732 

 June... 3,680,235 11,378 - 30,851 15,548 203,646 670,501 299,470 21,319 1,772,302 

 July .... 3,683,171 10,771 45,776 30,889 15,617 202,715 667,218 300,797 21,319 1,777,547 

 Aug .... 3,689,211 10,262 46,242 31,244 15,645 202,198 664,463 297,012 21,543 1,785,216 

 Sept... 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

 Oct..... 3,762,745 8,703 46,141 31,296 15,784 200,726 686,514 299,621 22,155 1,795,430 

 Nov .... 3,762,962 9,224 46,582 31,802 15,817 199,672 683,367 296,959 23,327 1,796,899 

 Dec .... 3,839,348 9,588 46,487 31,894 15,884 203,922 699,611 305,387 22,367 1,845,339 

 
FEDERAL DEBT 

March 2007 

27

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2002 ..................................... 26,874 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

2005 ..................................... 23,637 - 146 - 23,097 - 394 

2006 ..................................... 23,392 - 112 - 22,899 - 381 

 

2005 - Dec ........................... 23,837 - 161 - 23,278 - 398 

2006 - Jan ............................ 23,674 - 166 - 23,109 - 399 

Feb ........................... 23,448 - 85 - 22,971 - 391 

Mar ........................... 23,584 - 80 - 23,112 - 392 

Apr............................ 23,365 - 85 - 22,891 - 389 

May .......................... 23,577 - 87 - 23,099 - 390 

June ......................... 23,641 - 90 - 23,159 - 391 

July........................... 23,509 - 90 - 23,026 - 393 

Aug........................... 23,317 - 90 - 22,846 - 380 

Sept.......................... 23,392 - 112 - 22,899 - 381 

Oct............................ 23,211 - 112 - 22,717 - 382 

Nov........................... 23,345 - 111 - 22,850 - 383 

Dec........................... 23,514 - 110 - 23,020 - 385 

 

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

March 2007

28 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 9 mos. 

2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

 

2005 - Dec...................... 3,399,628 1,176,549 1,237,702 534,929 276,633 173,815 4 yrs. 9 mos. 

2006 - Jan ...................... 3,431,952 1,182,593 1,260,294 529,361 286,315 173,388 4 yrs. 9 mos. 

Feb ..................... 3,508,777 1,238,763 1,275,570 526,340 292,517 175,586 4 yrs. 9 mos. 

Mar ..................... 3,567,753 1,278,145 1,286,260 534,872 292,674 175,802 4 yrs. 8 mos. 

Apr...................... 3,483,412 1,198,187 1,273,413 543,174 292,741 175,897 4 yrs. 9 mos. 

May..................... 3,492,721 1,178,383 1,288,303 573,995 275,911 176,129 4 yrs. 10 mos. 

June.................... 3,473,551 1,136,203 1,302,488 582,153 276,216 176,491 4 yrs. 10 mos. 

July ..................... 3,501,559 1,130,146 1,319,182 591,937 283,575 176,719 4 yrs. 10 mos. 

Aug ..................... 3,563,832 1,195,210 1,316,350 581,832 290,832 179,608 4 yrs. 10 mos. 

Sept.................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

Oct...................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. 

Nov ..................... 3,594,275 1,186,116 1,328,664 626,014 283,386 170,096 4 yrs. 9 mos. 

Dec ..................... 3,524,921 1,136,717 1,303,590 632,680 282,368 169,566 4 yrs. 10 mos. 

 

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

March 2007 

29

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

 

2005 - Dec....................................... 8,184,000 8,107,019 8,106,870 150 8,170,414 150 63,544 

2006 - Jan ....................................... 8,184,000 8,132,290 8,132,221 69 8,196,070 69 63,849 

Feb ...................................... 8,184,000 8,183,975 8,183,906 69 8,269,886 69 85,980 

Mar ...................................... 8,965,000 8,281,451 8,281,382 69 8,371,156 69 89,775 

Apr....................................... 8,965,000 8,262,718 8,262,647 71 8,355,718 71 93,071 

May...................................... 8,965,000 8,263,812 8,263,741 71 8,356,777 71 93,035 

June..................................... 8,965,000 8,330,646 8,330,572 74 8,420,042 74 89,470 

July ...................................... 8,965,000 8,352,614 8,352,521 92 8,444,347 92 91,826 

Aug ...................................... 8,965,000 8,423,321 8,423,225 97 8,515,034 97 91,809 

Sept..................................... 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

Oct....................................... 8,965,000 8,498,016 8,497,920 96 8,584,329 96 86,409 

Nov ...................................... 8,965,000 8,545,715 8,545,621 95 8,633,246 95 87,625 

Dec ...................................... 8,965,000 8,592,513 8,592,419 94 8,680,224 94 87,805 

 

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

March 2007

30 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ 224,472 24,858 15,291 11,497 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

 

2005 - Dec....................................... 234,407 27,221 18,725 12,735 469 1,123 

2006 - Jan ....................................... 236,924 21,158 18,850 13,050 476 1,123 

Feb ...................................... 246,465 22,104 18,993 13,164 482 1,108 

Mar ...................................... 243,973 23,033 19,133 13,284 486 1,108 

Apr....................................... 246,842 23,308 19,648 13,637 496 1,128 

May...................................... 251,249 22,580 19,648 13,637 499 1,128 

June..................................... 246,122 23,051 19,648 13,637 499 1,146 

July ...................................... 251,390 22,326 19,648 13,637 499 1,561 

Aug ...................................... 256,546 22,382 19,648 13,637 499 1,358 

Sept..................................... 228,065 22,578 20,432 12,911 485 1,358 

Oct....................................... 223,955 16,583 20,512 12,942 486 1,358 

Nov ...................................... 231,064 20,477 20,692 13,054 490 1,429 

Dec ...................................... 226,323 14,636 20,418 13,091 493 1,429 

 

 Department 

 of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

 Bonneville Power 

 Administration 

 (8) 

 Federal Housing 

 Administration 

 (9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

 

2005 - Dec ...................................... 113,474 2,687 7,548 239 12,990 

2006 - Jan ....................................... 117,016 2,687 7,549 239 12,621 

Feb...................................... 121,325 2,687 7,549 - 13,232 

Mar...................................... 121,325 2,772 7,549 - 12,982 

Apr....................................... 122,359 2,707 7,549 - 13,016 

May ..................................... 125,810 2,707 7,549 - 14,277 

June .................................... 123,133 2,707 7,549 - 14,408 

July...................................... 128,209 2,717 7,549 - 14,394 

Aug...................................... 133,043 2,647 7,549 - 14,591 

Sept..................................... 105,522 2,482 6,258 - 16,618 

Oct....................................... 108,836 2,482 6,258 - 14,466 

Nov...................................... 108,836 2,482 6,258 - 14,374 

Dec...................................... 108,836 2,442 6,258 - 15,052 

 
FEDERAL DEBT 

March 2007 

31

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

 (14) 

Other 

(15) 

 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

2005 ...................................... 5,848 2,973 7,695 7,411 

2006 ...................................... 4,911 2,958 9,303 22,249 

 

2005 - Dec ............................ 5,848 3,787 9,506 18,056 

2006 - Jan ............................ 5,848 4,068 11,624 20,615 

Feb ............................ 5,848 4,309 12,953 22,711 

Mar ............................ 4,911 4,582 9,303 23,505 

Apr............................. 4,911 4,856 9,303 23,924 

May ........................... 4,911 5,106 9,303 24,094 

June .......................... 4,911 2,144 9,303 23,987 

July............................ 4,911 2,428 9,303 24,208 

Aug............................ 4,911 2,677 9,303 24,303 

Sept........................... 4,911 2,958 9,303 22,249 

Oct............................. 4,911 3,240 9,303 22,578 

Nov............................ 4,911 3,491 11,903 22,667 

Dec............................ 4,911 3,773 12,347 22,637 

 

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

32 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

Note: Additional information, including auction 

allotments by investor class for marketable Treasury coupon 

and bill securities, is posted on the 7th business day of each 

month at http://www.treas.gov/offices/domestic-finance/ debtmanagement/investor_class_auction.shtml. 

TREASURY FINANCING: OCTOBER-DECEMBER 

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

O C T O B E R 

Auction of 2-Year Notes 

On September 25, 2006, Treasury announced it would 

auction $20,000 million of 2-year notes of Series Z-2008. The 

issue was to refund $23,657 million of securities maturing 

September 30 and to raise new cash of approximately $10,343 

million. 

The notes of Series Z-2008 were dated September 30 and 

issued October 2. They are due September 30, 2008, with 

interest payable on March 31 and September 30 until 

maturity. Treasury set an interest rate of 4-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

eastern daylight saving time (e.d.s.t.) for noncompetitive 

tenders and before 1 p.m. e.d.s.t. for competitive tenders on 

September 27. Tenders totaled $55,300 million; Treasury 

accepted $20,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 4.660 percent with the equivalent price of $99.933494. 

Treasury accepted in full all competitive tenders at yields 

lower than 4.660 percent. Tenders at the high yield were 

allotted 30.42 percent. The median yield was 4.635 percent, 

and the low yield was 4.595 percent. Noncompetitive tenders 

totaled $864 million. Competitive tenders accepted from 

private investors totaled $19,126 million. Accrued interest of 

$0.25412 per $1,000 must be paid for the period from 

September 30 to October 2. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $4,499 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Z-2008 is $1,000. 

Auction of 5-Year Notes 

On September 25, 2006, Treasury announced it would 

auction $14,000 million of 5-year notes of Series N-2011. The 

issue was to refund $23,657 million of securities maturing 

September 30 and to raise new cash of approximately $10,343 

million. 

The notes of Series N-2011 were dated September 30 and 

issued October 2. They are due September 30, 2011, with 

interest payable on March 31 and September 30 until 

maturity. Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on September 28. Tenders totaled 

$38,455 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2007 

33

allotted securities at the high yield of 4.569 percent with an 

equivalent price of $99.694413. Treasury accepted in full all 

competitive tenders at yields lower than 4.569 percent. 

Tenders at the high yield were allotted 8.92 percent. The 

median yield was 4.547 percent, and the low yield was 4.500 

percent. Noncompetitive tenders totaled $142 million. 

Competitive tenders accepted from private investors totaled 

$13,848 million. Accrued interest of $0.24725 per $1,000 

must be paid for the period from September 30 to October 2. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $3,500 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2011 is $1,000. 

Auction of 9-Year 9-Month 2-1/2 Percent Treasury 

Inflation-Protected Security (TIPS) 

On October 10, 2006, Treasury announced it would 

auction $8,000 million of 9-year 9-month 2-1/2 percent TIPS 

to raise new cash. The 9-year 9-month TIPS of Series D-2016 

were dated July 15 and issued October 16. They are due July 

15, 2016, with interest payable on January 15 and July 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

for competitive tenders on October 12. Tenders totaled 

$16,710 million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.426 percent with an 

equivalent adjusted price of $101.503690. Treasury accepted 

in full all competitive tenders at yields lower than 2.426. 

Tenders at the high yield were allotted 40.57 percent. The 

median yield was 2.390 percent, and the low yield was 2.300 

percent. Noncompetitive tenders totaled $30 million. 

Competitive tenders accepted from private investors totaled 

$7,970 million. Adjusted accrued interest of $6.37245 per 

$1,000 must be paid for the period from July 15 to October 

16.Both the unadjusted price of $100.635208 and the 

unadjusted accrued interest of $6.31793 were adjusted by an 

index ratio of 1.00863 for the period from July 15 to October 

16. 

In addition to the $8,000 million of tenders accepted in 

the auction process, Treasury accepted $1,412 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2016 is $1,000. 

Auction of 4-Year 6-Month 2-3/8 Percent TIPS 

On October 19, 2006, Treasury announced it would 

auction $7,000 million of 4-year 6-month 2-3/8 percent TIPS 

to raise new cash. The 4-year 6-month TIPS of Series G-2011 

were dated October 15 and issued October 31. They are due 

April 15, 2011, with interest payable on April 15 and October 

15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

for competitive tenders on October 23. Tenders totaled 

$20,209 million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.691 percent with an 

equivalent adjusted price of $101.365114. Treasury accepted 

in full all competitive tenders at yields lower than 2.691. 

Tenders at the high yield were allotted 94.03 percent. The 

median yield was 2.668 percent, and the low yield was 2.630 

percent. Noncompetitive tenders totaled $67 million. 

Competitive tenders accepted from private investors totaled 

$6,933 million. Adjusted accrued interest of $1.07237 per 

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

October 31.Both the unadjusted price of $98.680030 and the 

unadjusted accrued interest of $1.04396 were adjusted by an 

index ratio of 1.02721 for the period from April 15 to 

October 31. 

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

the auction process, Treasury accepted $2,181 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series G-2011 is $1,000. 

Auction of 2-Year Notes

On October 19, 2006, Treasury announced it would 

auction $20,000 million of 2-year notes of Series AA-2008. 

The issue was to refund $22,482 million of securities 

maturing October 31 and to raise new cash of approximately 

$11,518 million. 

The notes of Series AA-2008 were dated and issued 

October 31. They are due October 31, 2008, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 4-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on October 24. Tenders totaled 

$58,240 million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.894 percent with the 

equivalent price of $99.964216. Treasury accepted in full all 

competitive tenders at yields lower than 4.894 percent. 

Tenders at the high yield were allotted 60.62 percent. The 

median yield was 4.873 percent, and the low yield was 4.850 

percent. Noncompetitive tenders totaled $758 million. 

Competitive tenders accepted from private investors totaled 

$19,242 million. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $2,726 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AA-2008 is $1,000. 
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2007 

Auction of 5-Year Notes 

On October 19, 2006, Treasury announced it would 

auction $14,000 million of 5-year notes of Series P-2011. The 

issue was to refund $22,482 million of securities maturing 

October 31 and to raise new cash of approximately $11,518 

million. 

The notes of Series P-2011 were dated and issued 

October 31. They are due October 31, 2011, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 4-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on October 26. Tenders totaled 

$29,681 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.694 percent with an 

equivalent price of $99.695653. Treasury accepted in full all 

competitive tenders at yields lower than 4.694 percent. 

Tenders at the high yield were allotted 46.66 percent. The 

median yield was 4.670 percent, and the low yield was 4.620 

percent. Noncompetitive tenders totaled $132 million. 

Competitive tenders accepted from private investors totaled 

$13,868 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $2,181 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2011 is $1,000.

N O V E M B E R 

Cash Management Bills 

On November 10, 2006, Treasury announced it would 

auction $11,000 million of 15-day bills. They were issued 

November 15 and matured November 30. The issue was to 

raise new cash. Treasury auctioned the bills on November 13. 

Tenders totaled $33,865 million; Treasury accepted $11,000 

million. The high bank discount rate was 5.170 percent. 

On November 9, Treasury announced it would auction 

$5,000 million of 1-day bills. They were issued November 15 

and matured November 16. The issue was to raise new cash. 

Treasury auctioned the bills on November 14. Tenders totaled 

$24,355 million; Treasury accepted $5,000 million. The high 

bank discount rate was 5.190 percent 

November Quarterly Financing 

On November 1, 2006, Treasury announced it would 

auction $19,000 million of 3-year notes of Series U-2009, and 

$13,000 million of 10-year notes of Series F-2016 to refund 

$57,563 million of Treasury securities maturing on November 

15 and to pay down approximately $25,563 million. 

The 3-year notes of Series U-2009 were dated and issued 

November 15. They are due November 15, 2009, with interest 

payable on May 15 and November 15 until maturity. Treasury 

set an interest rate of 4-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1 p.m. e.s.t. for competitive tenders on November 8. 

Tenders totaled $43,074 million; Treasury accepted $19,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 4.666 

percent with an equivalent price of $99.886450. Treasury 

accepted in full all competitive tenders at yields lower than 

4.666 percent. Tenders at the high yield were allotted 1.91 

percent. The median yield was 4.649 percent, and the low 

yield was 4.593 percent. Noncompetitive tenders totaled $326 

million. Competitive tenders accepted from private investors 

totaled $18,669 million. 

In addition to the $19,000 million of tenders accepted in 

the auction process, Treasury accepted $5,772 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2009 is $1,000. 

The 10-year notes of Series F-2016 were dated and issued 

November 15. They are due November 15, 2016, with interest 

payable on May 15 and November 15 until maturity. Treasury 

set an interest rate of 4-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on November 9. Tenders totaled $28,789 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.627 percent with an 

equivalent price of $99.984133. Treasury accepted in full all 

competitive tenders at yields lower than 4.627 percent. 

Tenders at the high yield were allotted 92.75 percent. The 

median yield was 4.590 percent, and the low yield was 4.540 

percent. Noncompetitive tenders totaled $50 million. 

Competitive tenders accepted from private investors totaled 

$12,925 million. 

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

the auction process, Treasury accepted $2,294 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2016 is $1,000. 

Auction of 2-Year Notes 

On November 22, 2006, Treasury announced it would 

auction $20,000 million of 2-year notes of Series AB-2008. 

The issue was to refund $22,674 million of securities 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2007 

35

maturing November 30 and to raise new cash of 

approximately $11,326 million. 

The notes of Series AB-2008 were dated and issued 

November 30. They are due November 30, 2008, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 4-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on November 28. Tenders totaled $60,462 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.692 percent with an 

equivalent price of $99.873505. Treasury accepted in full all 

competitive tenders at yields lower than 4.692 percent. 

Tenders at the high yield were allotted 67.80 percent. The 

median yield was 4.670 percent, and the low yield was 4.640 

percent. Noncompetitive tenders totaled $893 million. 

Competitive tenders accepted from private investors totaled 

$19,107 million. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $4,338 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AB-2008 is $1,000. 

Auction of 5-Year Notes 

On November 22, 2006, Treasury announced it would 

auction $14,000 million of 5-year notes of Series Q-2011. The 

issue was to refund $22,674 million of securities maturing 

November 30 and to raise new cash of approximately $11,326 

million. 

The notes of Series Q-2011 were dated and issued 

November 30. They are due November 30, 2011, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 4-1/2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on November 29. Tenders totaled $31,951 

million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.507 percent with an 

equivalent price of $99.968974. Treasury accepted in full all 

competitive tenders at yields lower than 4.507 percent. 

Tenders at the high yield were allotted 75.91 percent. The 

median yield was 4.473 percent, and the low yield was 4.440 

percent. Noncompetitive tenders totaled $181 million. 

Competitive tenders accepted from private investors totaled 

$13,819 million. In addition to the $14,000 million of tenders 

accepted in the auction process, Treasury accepted $3,037 

million from FRBs for their own accounts. The minimum par 

amount required for STRIPS of notes of Series Q-2011 is 

$1,000. 

D E C E M B E R 

Cash Management Bills 

On November 28, 2006, Treasury announced it would 

auction $29,000 million of 14-day bills. They were issued 

December 1, 2006 and matured December 15. The issue was 

to raise new cash. Treasury auctioned the bills on November 

29. Tenders totaled $69,636 million; Treasury accepted 

$29,000 million. The high bank discount rate was 5.215 

percent. 

On December 1 Treasury announced it would auction 

$11,000 million of 10-day bills. They were issued December 5 

and matured December 15. The issue was to raise new cash. 

Treasury auctioned the bills on December 4. Tenders totaled 

$39,280 million; Treasury accepted $11,000 million. The high 

bank discount rate was 5.195 percent. 

Auction of 9-Year 11-Month 4-5/8 Percent Notes 

On December 7, 2006, Treasury announced it would 

auction $8,000 million of 9-year 11-month 4-5/8 percent notes 

of Series F-2016. The issue was to raise new cash. 

The notes of Series F-2016 were dated November 15 and 

issued December 15. They are due November 15, 2016, with 

interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on December 13. Tenders totaled $19,866 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.580 percent with an 

equivalent price of $100.348304. Treasury accepted in full all 

competitive tenders at yields lower than 4.580 percent. 

Tenders at the high yield were allotted 85.37 percent. The 

median yield was 4.566 percent, and the low yield was 4.500 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$7,987 million. Accrued interest of $3.83287 per $1,000 must 

be paid for the period from November 15 to December 15. 

The minimum par amount required for STRIPS of notes of 

Series F-2016 is $1,000. 
PUBLIC DEBT OPERATIONS 

March 2007

36 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2007 

Jan. 15........................................................... 3-3/8%-A note 02/06/97 20,075 2,251 17,824 

Jan. 31........................................................... 3-1/8%-M note 01/31/05 29,027 6,091 22,936 

Feb. 15 .......................................................... 6-1/4%-B note 02/18/97 13,104 1,820 11,284 

Feb. 15 .......................................................... 2-1/4%-H note 02/17/04 25,469 1,666 23,803 

Feb. 28 .......................................................... 3-3/8%-N note 02/28/05 32,007 8,672 23,335 

Mar. 31 .......................................................... 3-3/4%-P note 03/31/05 32,001 8,000 24,001 

Apr. 30........................................................... 3-5/8%-Q note 05/02/05 31,998 10,350 21,647 

May 15........................................................... 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

May 31........................................................... 3-1/2%-R note 05/31/05 29,119 7,716 21,403 

June 30.......................................................... 3-5/8%-S note 06/30/05 26,664 6,924 19,741 

July 31........................................................... 3-7/8%-T note 08/01/05 25,870 7,979 17,890 

Aug. 15.......................................................... 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 2-3/4%-K note 08/16/04 24,674 3,220 21,453 

Aug. 31.......................................................... 4%-U note 08/31/05 26,671 7,372 19,300 

Sept. 30......................................................... 4%-V note 09/30/05 26,591 6,861 19,730 

Oct. 31........................................................... 4-1/4%-W note 10/31/05 26,553 7,527 19,026 

Nov. 15.......................................................... 3%-G note 11/15/02 50,620 6,729 43,890 

Nov. 15, 07-12............................................... 1 10-3/8% bond 11/15/82 10,126 2,512 7,614 

Nov. 30.......................................................... 4-1/4%-X note 11/30/05 26,667 7,317 19,350 

Dec. 31.......................................................... 4-3/8%-Y note 01/03/06 26,667 7,152 19,515 

 Total ............................. 600,823 131,310 469,513 

2008

Jan. 15........................................................... 3-5/8%-A note 01/15/98 21,003 2,323 18,680 

Jan. 31........................................................... 4-3/8%-R note 01/31/06 27,168 5,163 22,005 

Feb. 15 .......................................................... 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 3%-E note 02/18/03 27,489 3,762 23,727 

Feb. 15 .......................................................... 3-3/8%-M note 02/15/05 23,885 2,658 21,228 

Feb. 29 .......................................................... 4-5/8%-S note 02/28/06 26,504 4,685 21,819 

Mar. 31 .......................................................... 4-5/8%-T note 03/31/06 26,842 6,341 20,501 

Apr. 30........................................................... 4-7/8%-U note 05/01/06 26,837 4,861 21,976 

May 15........................................................... 5-5/8%-C note 05/15/98 27,191 6,465 20,726 

May 15........................................................... 2-5/8%-F note 05/15/03 33,338 2,013 31,326 

May 15........................................................... 3-3/4%-N note 05/16/05 26,708 4,707 22,001 

May 31........................................................... 4-7/8%-V note 05/31/06 25,933 3,929 22,004 

June 30.......................................................... 5-1/8%-W note 06/30/06 26,499 4,497 22,002 

July 31........................................................... 5%-X note 07/31/06 26,429 5,209 21,219 

Aug. 15, 08-13............................................... 1 12% bond 08/15/83 11,917 3,074 8,843 

Aug. 15.......................................................... 3-1/4%-G note 08/15/03 21,357 4,222 17,135 

Aug. 15.......................................................... 4-1/8%-P note 08/15/05 20,291 2,287 18,004 

Aug. 31.......................................................... 4-7/8%-Y note 08/31/06 26,504 4,504 22,001 

Sept. 15......................................................... 3-1/8%-H note 09/15/03 16,002 1,411 14,591 

Sept. 30......................................................... 4-5/8%-Z note 10/02/06 24,499 5,374 19,125 

Oct. 15........................................................... 3-1/8%-J note 10/15/03 15,996 974 15,022 

Oct 31............................................................ 4-7/8%-AA note 10/31/06 22,728 2,726 20,002 

Nov. 15.......................................................... 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 3-3/8%-K note 11/17/03 18,181 2,427 15,754 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

March 2007 

37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2008 con. 

Nov. 15.......................................................... 4-3/8%-Q note 11/15/05 21,450 3,799 17,651 

Nov 30........................................................... 4-5/8-AB note 11/30/06 24,338 4,338 20,000 

Dec. 15.......................................................... 3-3/8%-L note 12/15/03 16,000 1,322 14,678 

Total............................. 623,757 99,110 524,647 

 

2009 

Jan. 15........................................................... 3-7/8%-A note 01/15/99 19,571 2,899 16,672 

Jan. 15........................................................... 3-1/4%-D note 01/15/04 16,003 1,386 14,617 

Feb. 15 .......................................................... 3%-E note 02/17/04 17,434 1,830 15,604 

Feb. 15 .......................................................... 4-1/2%-R note 02/15/06 22,309 1,582 20,727 

Mar. 15 .......................................................... 2-5/8%-F note 03/15/04 16,001 1,121 14,881 

Apr. 15........................................................... 3-1/8%-G note 04/15/04 16,003 939 15,064 

May 15, 09-14 ............................................... 1 13-1/4% bond 05/15/84 4,481 1,021 3,459 

May 15........................................................... 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

May 15........................................................... 3-7/8%-H note 05/17/04 18,060 4,208 13,852 

May 15........................................................... 4-7/8%-S note 05/15/06 27,380 6,705 20,675 

June 15.......................................................... 4%-J note 06/15/04 15,005 687 14,318 

July 15........................................................... 3-5/8%-K note 07/15/04 15,005 1,234 13,771 

Aug. 15, 09-14............................................... 1 12-1/2% bond 08/15/84 4,388 1,007 3,381 

Aug. 15.......................................................... 6%-C note 08/16/99 27,400 6,658 20,742 

Aug. 15.......................................................... 3-1/2%-L note 08/16/04 17,295 2,500 14,794 

Aug. 15.......................................................... 4-7/8%-T note 08/15/06 23,420 2,418 21,003 

Sept. 15......................................................... 3-3/8%-M note 09/15/04 15,005 148 14,857 

Oct. 15........................................................... 3-3/8%-N note 10/15/04 15,005 610 14,395 

Nov. 15, 09-14............................................... 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15.......................................................... 3-1/2%-P note 11/15/04 18,752 4,104 14,648 

Nov. 15.......................................................... 4-5/8%-U note 11/15/06 24,773 5,772 19,001 

Dec. 15.......................................................... 3-1/2%-Q note 12/15/04 15,002 398 14,604 

Total............................. 368,101 51,046 317,055 

 

2010 

Jan. 15............................................................ 4-1/4%-A note 01/18/00 13,581 1,504 12,077 

Jan. 15............................................................ 3-5/8%-E note 01/18/05 15,005 1,350 13,655 

Feb. 15............................................................ 6-1/2%-B note 02/15/00 23,356 4,800 18,556 

Feb. 15............................................................ 3-1/2%-F note 02/15/05 16,617 2,678 13,939 

Mar. 15............................................................ 4%-G note 03/15/05 15,005 876 14,130 

Apr. 15 ............................................................ 7-8%-D note 10/29/04 29,833 1,095 28,738 

Apr. 15 ............................................................ 4%-H note 04/15/05 15,001 1,356 13,645 

May 15 ........................................................... 3-7/8%-J note 05/16/05 18,749 3,859 14,890 

June 15........................................................... 3-5/8%-K note 06/15/05 14,001 404 13,597 

July 15 ............................................................ 3-7/8%-L note 07/15/05 13,001 7 12,994 

Aug. 15 ........................................................... 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Aug. 15 ........................................................... 4-1/8%-M note 08/15/05 14,963 2,307 12,657 

Sept. 15 .......................................................... 3-7/8%-N note 09/15/05 13,001 453 12,548 

Oct. 15 ............................................................ 4-1/4%-P note 10/17/05 13,001 580 12,421 

Nov. 15 ........................................................... 4-1/2%-Q note 11/15/05 15,961 3,200 12,761 

Dec. 15 ........................................................... 4-3/8%-R note 12/15/05 13,001 610 12,391 

Total............................. 266,513 28,673 237,840 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

March 2007

38 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2011 

Jan. 15.............................................................. 4-1/4%-D note 01/17/06 13,001 50 12,951 

Jan. 15.............................................................. 3-1/2%-A note 01/16/01 12,758 630 12,128 

Feb. 15.............................................................. 5%-B note 02/15/01 23,436 3,583 19,853 

Feb. 28.............................................................. 4-1/2%-E note 02/28/06 17,500 3,628 13,872 

Mar. 31.............................................................. 4-3/4%-F note 03/31/06 17,498 3,792 13,706 

Apr. 15 .............................................................. 2-3/8%-G note 04/28/06 20,518 2,597 17,921 

Apr. 30 .............................................................. 4-7/8%-H note 05/01/06 17,501 3,620 13,881 

May 31.............................................................. 4-7/8%-J note 05/31/06 17,145 3,253 13,891 

June 30............................................................. 5-1/8%-K note 06/30/06 17,500 4,251 13,249 

July 31 .............................................................. 4-7/8%-L note 07/31/06 16,831 3,433 13,398 

Aug. 15 ............................................................. 5%-C note 08/15/01 26,635 3,206 23,430 

Aug. 31 ............................................................. 4-5/8%-M note 08/31/06 17,501 3,500 14,001 

Sept. 30 ............................................................ 4-1/2%-N note 10/02/06 17,500 3,735 13,765 

Oct. 31 .............................................................. 4-5/8%-P note 10/31/06 16,181 2,181 14,001 

Nov. 30 ............................................................. 4-1/2%-Q note 11/30/06 17,037 3,037 14,000 

Total ............................. 268,542 44,495 224,048 

 

2012 

Jan. 15.............................................................. 3-3/8%-A note 01/15/02 6,825 102 6,723 

Feb. 15.............................................................. 4-7/8%-B note 02/15/02 24,780 4,461 20,319 

July 15 .............................................................. 3%-C note 07/15/02 25,839 2,678 23,160 

Aug. 15 ............................................................. 4-3/8%-D note 08/15/02 19,648 3,297 16,351 

Nov. 15 ............................................................. 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 95,204 10,774 84,431 

 

2013 

Feb. 15.............................................................. 3-7/8%-A note 02/18/03 19,498 1,670 17,829 

May 15.............................................................. 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1-7/8%-C note 07/15/03 21,988 322 21,666 

Aug. 15 ............................................................. 4-1/4%-D note 08/15/03 33,521 4,454 29,067 

Nov. 15 ............................................................. 4-1/4%-E note 11/17/03 30,637 2,456 28,181 

Total ............................. 123,898 9,153 114,745 

2014 

Jan. 15.............................................................. 2%-A note 01/15/04 22,941 726 22,215 

Feb. 15.............................................................. 4%-B note 02/17/04 28,081 1,956 26,125 

May 15.............................................................. 4-3/4%-C note 05/17/04 27,303 2,993 24,310 

July 15 .............................................................. 2%-D note 07/15/04 20,347 - 20,347 

Aug. 15 ............................................................. 4-1/4%-E note 08/16/04 24,722 2,235 22,487 

Nov. 15. ............................................................ 4-1/4%-F note 11/15/04 25,473 2,739 22,734 

Total ............................. 148,866 10,649 138,216 

 

2015 

Jan. 15 ............................................................. 1-5/8%-A note 01/18/05 20,085 - 20,085 

Feb. 15.............................................................. 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Feb. 15.............................................................. 4%-B note 02/15/05 24,215 1,367 22,848 

May 15.............................................................. 4-1/8%-C note 05/16/05 24,472 2,471 22,001 

July 15 .............................................................. 1-7/8%-D note 07/15/05 17,640 216 17,424 

Aug. 15 ............................................................. 10-5/8% bond 08/15/85 4,024 1,172 2,852 

Aug. 15 ............................................................. 4-1/4%-E note 08/15/05 22,470 1,472 20,998 

Nov. 15 ............................................................. 4-1/2%-F note 11/15/05 23,221 2,221 21,000 

Nov. 15 ............................................................. 9-7/8% bond 11/29/85 5,585 1,012 4,573 

Total ........................ 152,231 11,776 140,456 

 

 
PUBLIC DEBT OPERATIONS 

March 2007 

39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2016 

Jan. 15............................................................. 2% note 01/17/06 17,288 229 17,059 

Feb. 15 ............................................................ 9-1/4% bond 02/18/86 5,432 1,142 4,290 

Feb. 15 ............................................................ 4-1/2%-B note 02/15/06 21,842 841 21,001 

May 15 ............................................................ 7-1/4% bond 05/15/86 18,824 2,253 16,570 

May 15............................................................. 5-1/8%-C note 05/15/06 23,294 2,294 21,000 

July 15............................................................. 2-1/2%-D note 07/17/06 20,000 3,059 16,942 

Aug. 15............................................................ 4-7/8%-E note 08/15/06 22,557 1,557 21,000 

Nov. 15............................................................ 7-1/2% bond 11/17/86 18,787 2,816 15,971 

Nov. 15............................................................ 4-5/8%-F note 11/15/06 23,294 2,294 21,000 

 Total.......................... 171,317 16,485 154,833 

 

2017 

May 15............................................................ 8-3/4% bond 05/15/87 15,559 2,780 12,779 

Aug. 15 ........................................................... 8-7/8% bond 08/17/87 10,968 2,248 8,720 

Total ......................... 26,528 5,028 21,500 

 

2018 

May 15............................................................ 9-1/8% bond 05/16/88 6,717 1,250 5,468 

Nov. 15 ........................................................... 9% bond 11/22/88 7,174 1,053 6,121 

Total.......................... 13,892 2,303 11,589 

 

2019 

Feb. 15............................................................ 8-7/8% bond 02/15/89 13,090 2,472 10,618 

Aug. 15 ........................................................... 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total ......................... 32,031 5,313 26,718 

 

2020 

Feb. 15............................................................ 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total ......................... 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 8-1/8% bond 08/15/91 9,506 1,883 7,623 

Nov. 15 ........................................................... 8% bond 11/15/91 30,632 4,596 26,036

Total ......................... 60,281 9,626 50,655 

 

2022 

Aug. 15 ........................................................... 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ......................... 17,551 3,110 14,442 

 

2023 

Feb. 15............................................................ 7-1/8% bond 02/16/93 15,782 2,716 13,067 

Aug. 15 ........................................................... 6-1/4% bond 08/16/93 22,659 2,893 19,767 

Total ......................... 38,441 5,608 32,833 

 

2024 

Nov. 15 ........................................................... 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total ......................... 9,604 1,615 7,989 

 

 
PUBLIC DEBT OPERATIONS 

March 2007

40 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2025 

Jan. 15.............................................................. 2-3/8% bond 07/30/04 29,982 3,383 26,599 

Feb. 15.............................................................. 7-5/8% bond 02/15/95 9,509 1,719 7,791 

Aug. 15 ............................................................. 6-7/8% bond 08/15/95 11,187 1,970 9,218 

Total ........................... 50,678 7,071 43,608 

 

2026 

Jan. 15.............................................................. 2% bond 01/31/06 20,339 3,050 17,288 

Feb. 15.............................................................. 6% bond 02/15/96 12,838 1,675 11,163 

Aug. 15 ............................................................. 6-3/4% bond 08/15/96 8,810 1,864 6,946 

Nov. 15 ............................................................. 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total ............................ 52,847 8,313 44,534 

 

2027 

Feb. 15.............................................................. 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ............................................................. 6-3/8% bond 08/15/97 9,197 1,690 7,507 

Nov. 15 ............................................................. 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ........................... 40,740 6,573 34,217 

 

2028 

Apr. 15 .............................................................. 3-5/8% bond 04/15/98 20,944 3,165 17,779 

Aug. 15 ............................................................. 5-1/2% bond 08/17/98 11,776 1,915 9,861 

Nov. 15 ............................................................. 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total ........................... 43,667 6,691 36,976 

 

2029 

Feb. 15.............................................................. 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 .............................................................. 3-7/8% bond 04/15/99 23,938 3,500 20,438 

Aug. 15 ............................................................. 6-1/8% bond 08/16/99 11,179 2,145 9,034 

Total ........................... 46,466 7,315 39,152 

 

2030 

May 15.............................................................. 6-1/4% bond 02/15/00 17,043 2,224 14,819 

Total ........................... 17,043 2,224 14,819 

 

2031 

Feb. 15.............................................................. 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total ........................... 16,428 1,423 15,005 

 

2032 

Apr. 15 .............................................................. 3-3/8% bond 10/15/01 5,699 302 5,397

Total ........................... 5,699 302 5,397 

 

2036 

Feb. 15.............................................................. 4-1/2% bond 2/15/06 26,397 2,398 23,999 

Total ........................... 26,397 2,398 23,999 

1

 This security is not eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.” 
PUBLIC DEBT OPERATIONS 

March 2007 

41

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount 

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2006 - Oct. 05 .................. 2006 - Nov. 02 28 28,213.4 11,672.2 7,687.6 312.5 99.642222 4.600 4.681

 2007 - Jan. 04 91 43,598.6 22,702.6 13,734.8 1,930.3 98.795514 4.765 4.890

 2007 - Apr. 05 182 42,728.5 21,441.2 13,007.5 1,733.6 97.560694 4.825 5.014

Oct. 12................. 2006 - Nov. 09 28 26,509.4 11,889.2 7,690.2 309.9 99.627833 4.785 4.870

 2007 - Jan. 11 91 42,466.0 21,712.9 13,959.6 1,880.6 98.774028 4.850 4.978

 2007 - Apr. 12 182 39,689.5 21,580.2 13,297.2 1,592.9 97.527833 4.890 5.084

Oct. 19................. 2006 - Nov. 16 28 41,084.1 15,524.4 11,705.7 294.4 99.615000 4.950 5.038

 2007 - Jan. 18 91 44,328.0 22,599.6 14,016.6 1,873.5 98.751278 4.940 5.072

 2007 - Apr. 19 182 41,607.4 21,352.4 13,105.3 1,689.7 97.505083 4.935 5.132

Oct. 26................. 2006 - Nov. 24 29 45,279.1 20,827.5 16,684.8 315.3 99.592792 5.055 5.146

 2007 - Jan. 25 91 47,283.1 23,837.3 14,976.1 1,973.9 98.738639 4.990 5.124

 2007 - Apr. 26 182 40,485.6 21,262.1 13,058.1 1,652.1 97.484861 4.975 5.174

Nov. 02 ................ 2006 - Nov. 30 28 45,769.8 24,500.6 20,601.3 398.8 99.604500 5.085 5.176

 2007 - Feb. 01 91 53,089.3 24,229.6 14,963.1 2,007.3 98.742431 4.975 5.108

 2007 - May 03 182 44,576.1 21,450.4 12,922.9 1,802.2 97.494972 4.955 5.153

Nov. 09 ................ 2006 - Dec. 07 28 53,755.7 24,697.3 20,651.0 349.4 99.602944 5.105 5.197

 2007 - Feb. 08 91 49,280.7 24,323.4 14,798.0 2,022.4 98.747486 4.955 5.088

 2007 - May 10 182 43,124.3 21,531.7 13,097.1 1,678.0 97.482333 4.980 5.180

Nov. 16 ................ 2006 - Dec. 14 28 55,743.4 27,448.2 23,620.3 380.0 99.599444 5.150 5.243

 2007 - Feb. 15 91 46,565.6 24,114.4 14,702.8 2,057.5 98.747486 4.955 5.088

 2007 - May 17 182 42,940.2 21,380.2 12,849.0 1,876.1 97.494972 4.955 5.153

Nov. 24 ................ 2006 - Dec. 21 27 64,389.2 29,214.3 25,628.5 371.7 99.613000 5.160 5.252

 2007 - Feb. 22 90 57,790.8 25,000.5 15,871.7 2,047.9 98.765000 4.940 5.071

 2007 - May 24 181 48,039.5 21,250.2 12,882.2 1,837.9 97.516278 4.940 5.136

Nov. 30 ................ 2006 - Dec. 28 28 65,572.1 29,569.1 25,606.1 394.2 99.597889 5.170 5.263

 2007 - Mar. 01 91 49,662.7 25,010.0 16,144.1 1,726.0 98.760125 4.905 5.036

 2007 - May 31 182 44,770.4 22,625.2 14,287.8 1,612.6 97.505083 4.935 5.132

Dec. 07 ................ 2007 - Jan. 04 28 45,228.9 21,662.4 17,581.9 418.2 99.629778 4.760 4.844

 2007 - Mar. 08 91 52,590.4 25,342.1 15,897.6 1,897.5 98.768972 4.870 4.999

 2007 - June 07 182 50,762.8 22,787.0 14,046.7 1,703.9 97.553111 4.840 5.030

Dec. 14 ................ 2007 - Jan. 11 28 34,769.7 14,314.8 10,703.6 296.6 99.629778 4.760 4.844

 2007 - Mar. 15 91 53,139.2 25,358.6 16,065.9 1,834.2 98.786667 4.800 4.926

 2007 - June 14 182 48,241.6 22,752.7 14,051.1 1,740.8 97.540472 4.865 5.057

Dec. 21 ................ 2007 - Jan. 18 28 38,130.1 14,759.1 10,697.0 303.1 99.631333 4.740 4.824

 2007 - Mar. 22 91 46,618.5 23,997.5 15,015.4 1,789.8 98.780347 4.825 4.952

 2007 - June 21 182 41,052.1 21,332.4 13,208.3 1,591.8 97.530361 4.885 5.078

Dec. 28 ................ 2007 - Jan. 25 28 30,218.5 11,702.3 7,701.0 299.1 99.637556 4.660 4.742

 2007 - Mar. 29 91 44,025.4 24,025.9 15,229.9 1,710.2 98.767708 4.875 5.004

 2007 - June 28 182 37,260.8 21,241.7 13,206.5 1,593.7 97.522778 4.900 5.094

 

1

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

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

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

March 2007 

42 

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

01/11/06 01/17/06 4-1/4% note—01/15/11-D 5Y 27,260 13,000 4.370 - 99.466250 

01/12/06 01/17/06 2% TIPS—01/15/16-A 10y 16,609 9,000 2.025 - 99.722833 

01/24/06 01/31/06 2% TIPS—01/15/26 20y 16,568 11,765 2.039 - 98.949064 

01/25/06 01/31/06 4-3/8% note—01/31/08-R 2y 51,525 27,163 4.427 - 99.901510 

02/07/06 02/15/06 4-1/2% note—02/15/09-R 3y 43,942 22,307 4.595 - 99.736583 

02/08/06 02/15/06 4-1/2% note—02/15/16-B 10y 30,985 13,841 4.540 - 99.681335 

02/09/06 02/15/06 4-1/2% bond—02/15/36 30y 29,562 14,841 4.530 - 99.510492 

02/22/06 02/28/06 4-5/8% note—02/29/08-S 2y 53,765 26,500 4.689 - 99.879165 

02/23/06 02/28/06 4-1/2% note—02/28/11-E 5y 34,002 17,500 4.622 - 99.460872 

03/01/06 03/03/06 4.445% bill—03/15/06 12d 64,333 25,000 

03/07/06 03/08/06 4.380% bill—03/14/06 6d 30,051 7,000 

03/09/06 03/15/06 4-1/2% note—02/15/16-B 9y 11m 22,947 8,000 4.760 - 97.955698 

03/14/06 03/14/06 4.410% bill—03/15/06 1d 18,006 4,000 

03/27/06 03/31/06 4-5/8% note—03/31/08-T 2y 51,536 26,834 4.730 - 99.801852 

03/29/06 03/31/06 4-3/4% note—03/31/11-F 5Y 35,055 17,500 4.785 - 99.845985 

03/30/06 04/03/06 4.685% bill—04/17/06 14d 48,464 20,000 

04/05/06 04/06/06 4.675% bill—04/17/06 11d 40,730 13,000 

04/06/06 04/07/06 4.685% bill—04/17/06 10d 27,650 8,000 

04/12/06 04/13/06 4.720% bill—04/17/06 4d 44,766 17,000 

04/12/06 04/17/06 2% TIPS—01/15/16-A 9y 9m 15,623 8,000 2.409 - 99.480271 

04/25/06 04/28/06 2-3/8% TIPS—04/15/11-G 5y 16,042 11,000 2.379 - 100.067434 

04/26/06 05/01/06 4-7/8% note—04/30/08-U 2y 49,910 26,834 4.975 - 99.811765 

04/27/06 05/01/06 4-7/8% note—04/30/11-H 5y 29,665 17,500 4.964 - 99.610037 

05/09/06 05/15/06 4-7/8% note—05/15/09-S 3y 54,873 27,379 4.995 - 99.669485 

05/11/06 05/15/06 5-1/8% note—05/15/16-C 10y 35,124 15,294 5.140 - 99.883851 

05/24/06 05/31/06 4-7/8% note—05/31/08-V 2y 60,706 25,929 4.933 - 99.890815 

05/25/06 05/31/06 4-7/8% note—05/31/11-J 5y 31,468 17,143 4.945 - 99.693242 

05/30/06 06/02/06 4.870% bill—06/15/06 13d 48,407 22,000 

06/05/06 06/06/06 4.875% bill—06/15/06 9d 29,616 9,000 

06/08/06 06/15/06 5-1/8% note—05/15/16-C 9y 11m 21,815 8,000 4.975 - 101.154246 

06/27/06 06/30/06 5-1/8% note—06/30/08-W 2y 54,595 26,497 5.239 - 99.786183 

06/28/06 06/30/06 5-1/8% note—06/30/11-K 5y 32,190 17,500 5.203 - 99.660453 

07/13/06 07/17/06 2-1/2% TIPS—07/15/16-D 10y 17,452 10,588 2.550 - 99.593010 

07/25/06 07/31/06 2% TIPS—01/15/26 19y 6m 16,919 8,235 2.494 - 94.278150 

07/26/06 07/31/06 5% note—07/31/08-X 2y 49,140 26,424 5.090 - 99.830895 

07/27/06 07/31/06 4-7/8% note—07/31/11-L 5y 34,807 16,830 4.995 - 99.474808 

08/07/06 08/15/06 4-7/8% note—08/15/09-T 3y 47,305 23,418 4.898 - 99.936548 

08/09/06 08/15/06 4-7/8% note—08/15/16-E 10y 30,485 14,557 4.930 - 99.569877 

08/10/06 08/15/06 4-1/2% bond—02/15/36 29y 6m 19,278 11,557 5.080 - 91.181992 

08/29/06 08/31/06 4-7/8% note—08/31/08-Y 2y 55,511 26,504 4.921 - 99.913392 

08/30/06 08/31/06 4-5/8% note—08/31/11-M 5y 47,037 17,500 4.738 - 99.502144 

08/30/06 09/01/06 5.170% bill—09/15/06 14d 70,816 29,000 

09/05/06 09/07/06 5.165% bill—09/15/06 8d 38,742 12,000 

09/12/06 09/15/06 4-7/8% note—08/15/16-E 9y 11m 23,245 8,000 4.810 - 100.499835 

09/13/06 09/14/06 5.200% bill—09/15/06 1d 35,137 8,000 

09/27/06 10/02/06 4-5/8% note—09/30/08-Z 2y 59,800 24,499 4.660 - 99.933494 

09/28/06 10/02/06 4-1/2% note—09/30/11-N 5y 41,955 17,500 4.569 - 99.694413 

10/12/06 10/16/06 2-1/2% TIPS—07/15/16-D 9y 9m 18,122 9,412 2.426 - 101.503690 

10/23/06 10/31/06 2-3/8% TIPS—04/15/11-G 4y 6m 22,389 9,181 2.691 - 101.365114 

10/24/06 10/31/06 4-7/8% note—10/31/08-AA 2y 60,966 22,726 4.894 - 99.964216 

10/26/06 10/31/06 4-5/8% note—10/31/11-P 5y 31,861 16,181 4.694 - 99.695653 

11/08/06 11/15/06 4-5/8% note—11/15/09-U 3y 48,845 24,772 4.666 - 99.886450 

11/09/06 11/15/06 4-5/8% note—11/15/16-F 10y 31,083 15,294 4.627 - 99.984133 

11/13/06 11/15/06 5.170% bill—11/30/06 15d 33,865 11,000 

11/14/06 11/15/06 5.190% bill—11/16/06 1d 24,355 5,000 

11/28/06 11/30/06 4-5/8% note—11/30/08-AB 2y 64,800 24,338 4.692 - 99.873505 

11/29/06 11/30/06 4-1/2% note—11/30/11-Q 5y 34,988 17,037 4.507 - 99.968974 

11/29/06 12/01/06 5.215% bill—12/15/06 14d 69,636 29,000 

12/04/06 12/05/06 5.195% bill—12/15/06 10d 39,280 11,000 

12/31/06 12/15/06 4-5/8% note—11/15/16-F 9y 11m 19,866 8,000 4.580 – 100.348304 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
March 2007 

43

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. As of September 1, 2004, 

investors are no longer able to reinvest H and HH bonds or 

exchange E and EE bonds for HH bonds. Series A-D were 

sold from March 1, 1935, through April 30, 1941. Series E 

was on sale from May 1, 1941, through December 31, 1979 

(through June 1980 to payroll savers only). Series F and G 

were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through December 31, 1979. 

Series HH bonds were sold for cash from January 1, 1980, 

through October 31, 1982. Series J and K were sold from 

May 1, 1952, through April 30, 1957. U.S. savings notes 

were on sale May 1, 1967, through June 30, 1970. The notes 

were eligible for purchase by individuals with the 

simultaneous purchase of series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through December 31, 2006 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus accrued 

discount 

(3) 

 Redemptions 1 

(4) 

Interestbearing debt 

(5) 

 Matured 

 non-interest- 

 bearing debt 

(6) 

 

Savings bonds: 

Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 406,357 256,298 662,655 496,115 151,866 14,678 

Series I............................................................ 35,740 6,052 41,792 6,030 35,760 - 

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - - 

Savings notes ................................................. 862 679 1,541 1,471 - 68 

Total ............................................................ 478,860 265,407 744,267 541,889 187,625 14,751 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings 

notes for series H bonds beginning January 1972; however, they exclude exchanges of 

series E and EE bonds for series H and HH bonds. 
U.S. SAVINGS BONDS AND NOTES 

March 2007 

44 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-03 .............................. 452,475 242,351 694,826 493,324 343,936 149,388 192,563 8,938 

2004 2 ................................. 10,334 6,924 17,258 14,618 6,276 8,342 194,062 10,078 

2005 2 ................................. 6,501 6,728 13,229 13,783 6,614 7,170 189,912 13,673 

2006 2.................................. 8,505 7,533 16,038 16,023 8,109 7,914 189,157 14,442 

 

Calendar years: 

1935-03 .............................. 455,904 244,102 700,006 496,206 345,203 151,003 192,160 11,641 

2004 2 ................................. 8,711 6,806 15,517 14,922 6,520 8,402 191,674 12,721 

2005 2 ................................. 7,955 6,843 14,797 14,089 6,883 7,206 191,167 13,936 

2006 2 ................................. 6,290 7,656 13,946 16,674 8,662 8,011 187,625 14,751 

 

2005 - Dec.......................... 1,303 564 1,867 1,284 685 599 191,167 13,936 

2006 - Jan .......................... 1,517 648 2,165 1,722 796 926 191,604 13,942 

Feb ......................... 874 599 1,473 1,176 522 654 191,866 13,976 

Mar ......................... 816 589 1,405 1,330 626 704 191,911 14,006 

Apr.......................... 605 713 1,318 1,227 587 640 191,864 14,145 

May......................... 398 592 990 1,388 720 668 191,424 14,188 

June........................ 285 630 914 1,357 690 667 190,941 14,228 

July ......................... 254 712 966 1,367 738 629 190,391 14,377 

Aug ......................... 262 674 935 1,735 966 769 189,577 14,391 

Sept........................ 233 628 860 1,229 616 613 189,157 14,442 

Oct.......................... 262 773 1,035 1,481 875 605 188,605 14,548 

Nov ......................... 346 540 886 1,297 747 550 188,121 14,622 

Dec ......................... 438 560 999 1,366 779 586 187,625 14,751 

 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

2

 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 

totals. 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-03 ............. 384,193 237,968 622,161 427,510 301,378 153,485 27,353 158,536 8,761 

2004 2 ................ 3,037 5,890 8,927 10,403 4,614 8,274 2,485 153,433 9,903 

2005 2 ................ 2,554 5,553 8,107 11,414 4,474 7,062 122 146,482 13,426 

2006 2................. 1,941 5,502 7,443 12,792 5,112 7,680 - 140,382 14,177 

 

Calendar years: 

1941-03 ............. 385,354 239,466 624,820 428,377 309,708 147,975 29,306 155,722 11,417 

2004 2 ................ 2,951 5,788 8,740 10,704 4,710 8,326 2,332 150,352 12,490 

2005 2 ................ 2,430 5,523 7,953 11,757 4,678 7,085 6 145,349 13,682 

2006 2 ................ 1,832 5,522 7,354 12,680 4,994 7,686 - 139,226 14,480 

 

2005 - Dec......... 294 431 726 1,083 495 588 - 145,349 13,682 

2006 - Jan ......... 202 508 710 1,483 571 912 - 144,579 13,680 

 Feb ........ 94 452 546 964 322 642 - 144,123 13,717 

 Mar ........ 132 425 557 1,094 403 691 - 143,554 13,749 

 Apr......... 129 533 662 1,016 388 627 - 143,064 13,886 

 May........ 139 398 537 1,068 423 645 - 142,490 13,929 

 June....... 148 430 578 1,060 416 644 - 141,965 13,972 

 July ........ 139 505 644 1,059 454 605 - 141,407 14,114 

 Aug ........ 144 455 599 1,238 519 720 - 140,755 14,127 

 Sept....... 134 430 564 887 305 582 - 140,382 14,177 

 Oct......... 151 539 690 911 360 551 - 140,066 14,271 

 Nov ........ 172 408 580 875 364 511 - 139,691 14,352 

 Dec ........ 247 440 687 1,024 468 556 - 139,226 14,480 

See footnotes at end of table. 
U.S. SAVINGS BONDS AND NOTES 

March 2007 

45

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

 Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series I 

 

Fiscal years: 

1998-03 .......... 20,057 1,326 21,383 1,121 1,070 51 - 20,262 - 

2004 2 ............. 4,813 1,034 5,847 766 708 58 - 25,343 - 

2005 2 ............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - 

2006 2.............. 6,563 2,030 8,593 1,949 1,723 226 - 35,825 - 

 

Calendar years: 

1998-03 .......... 22,320 1,579 23,899 1,250 1,190 60 - 22,649 - 

2004 2 ............. 3,444 1,017 4,462 896 829 66 - 26,215 - 

2005 2 ............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 

2006 2 ............. 4,458 2,134 6,592 2,669 2,351 318 - 35,760 - 

 

2005 - Dec...... 1,009 133 1,142 109 98 11 - 31,837 - 

2006 - Jan ...... 1,315 140 1,455 124 111 13 - 33,167 - 

 Feb ..... 780 147 927 98 86 11 - 33,997 - 

 Mar ..... 684 164 848 109 97 12 - 34,736 - 

 Apr...... 476 180 656 101 89 12 - 35,291 - 

 May..... 259 194 453 211 189 22 - 35,533 - 

 June.... 137 200 337 185 163 23 - 35,684 - 

 July ..... 115 207 322 200 177 23 - 35,806 - 

 Aug ..... 118 219 336 375 326 49 - 35,767 - 

 Sept.... 99 197 296 238 208 30 - 35,825 - 

 Oct...... 110 234 345 459 405 54 - 35,711 - 

 Nov ..... 174 132 307 324 285 39 - 35,693 - 

 Dec ..... 192 120 312 245 215 30 - 35,760 - 

 

1

 Exchange of E and EE bonds for H and HH bonds are not included in sales and 

redemption figures. 

2

 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 totals. 
March 2007 

46 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

March 2007 

47

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

 

2005 - Dec....................................... 8,194,251 8,170,413 3,455,808 1 3,455,807 732,861 

2006 - Jan ....................................... 8,219,745 8,196,070 3,471,422 1 3,471,421 745,610 

Feb ...................................... 8,293,333 8,269,886 3,499,204 1 3,499,203 751,565 

Mar ...................................... 8,394,740 8,371,156 3,498,354 1 3,498,353 755,193 

Apr....................................... 8,379,083 8,355,718 3,536,001 1 3,536,000 756,289 

May...................................... 8,380,354 8,356,776 3,549,086 1 3,549,085 758,865 

June..................................... 8,443,683 8,420,042 3,622,594 1 3,622,593 762,595 

July ...................................... 8,467,856 8,444,347 3,624,439 1 3,624,438 760,863 

Aug ...................................... 8,538,350 8,515,034 3,629,882 1 3,629,881 762,732 

Sept..................................... 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

Oct....................................... 8,607,540 8,584,329 3,703,455 1 3,703,454 764,264 

Nov ...................................... 8,656,590 8,633,245 3,703,130 1 3,703,129 768,492 

Dec ...................................... 8,703,738 8,680,224 3,779,021 1 3,779,020 774,988 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

 

2005 - Dec........................................................... 3,981,745 3,451,097 530,647 23,837 23,837 

2006 - Jan ........................................................... 3,979,038 3,449,221 529,818 23,674 23,674 

Feb .......................................................... 4,019,117 3,526,004 493,112 23,448 23,448 

Mar .......................................................... 4,117,609 3,585,206 532,404 23,584 23,584 

Apr........................................................... 4,063,428 3,526,915 536,513 23,365 23,365 

May.......................................................... 4,048,826 3,510,378 538,448 23,577 23,577 

June......................................................... 4,034,853 3,491,421 543,431 23,641 23,641 

July .......................................................... 4,059,045 3,519,546 539,499 23,509 23,509 

Aug .......................................................... 4,122,420 3,581,939 540,481 23,317 23,317 

Sept......................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

Oct........................................................... 4,116,610 3,573,704 542,906 23,211 23,211 

Nov .......................................................... 4,161,624 3,612,518 549,105 23,345 23,345 

Dec .......................................................... 4,126,215 3,566,969 559,246 23,514 23,514 

 
OWNERSHIP OF FEDERAL SECURITIES 

March 2007 

48 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 142.1 225.0 244.2 210.5 350.5 707.0 831.4 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.9 217.2 245.0 202.4 313.7 762.5 855.1 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 142.3 211.3 245.2 211.5 304.3 820.4 836.8 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 143.0 208.2 241.5 224.9 289.8 835.2 864.8 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.7 213.5 239.4 240.8 283.6 908.1 848.8 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.9 221.1 229.5 230.4 283.3 929.7 810.3 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.6 213.4 226.8 226.4 263.7 993.4 830.2 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 140.4 212.8 214.1 227.2 257.0 1,102.1 794.0 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.6 248.1 1,157.6 786.5 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 142.1 214.9 183.1 216.4 243.3 1,182.7 708.2 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.0 223.5 186.8 221.3 235.2 1,230.5 682.3 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.3 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 141.3 212.1 169.4 234.6 238.1 1,250.5 696.9 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 139.0 213.2 160.6 230.8 258.5 1,256.0 614.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 135.5 207.8 151.3 231.7 271.8 1,224.2 660.3 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 133.2 212.6 141.7 257.6 280.8 1,278.7 605.4 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 135.5 211.5 137.5 245.0 288.4 1,272.3 603.4 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 142.9 213.8 133.6 228.1 298.6 1,258.8 496.3 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 150.9 204.8 128.0 222.5 299.2 1,281.4 461.2 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 153.0 198.8 123.4 228.7 304.5 1,268.7 521.7 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,106.9 657.2 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,082.0 523.5 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,057.9 510.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,034.2 490.0 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,029.9 508.1 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 1,000.5 363.1 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 1,005.5 419.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 144.6 155.1 105.7 261.9 328.4 1,051.2 400.8 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 150.6 163.3 114.0 266.1 327.6 1,067.1 381.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 149.0 153.9 122.0 253.8 333.6 1,135.4 304.6 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 151.4 156.3 130.4 256.8 338.6 1,200.8 287.9 

 Dec......... 6,405.7 3,387.2 3,018.5 222.9 194.9 150.8 158.9 139.7 281.0 354.7 1,246.8 268.9 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.6 196.9 162.9 162.1 139.5 296.6 350.0 1,286.3 322.1 

 June ....... 6,670.1 3,505.4 3,164.7 145.5 199.1 167.3 161.3 138.7 302.9 347.9 1,382.8 319.3 

 Sept........ 6,783.2 3,515.3 3,268.0 147.4 201.5 164.6 155.1 137.4 287.7 357.7 1,454.2 362.4 

 Dec......... 6,998.0 3,620.1 3,377.9 154.2 203.8 169.2 147.9 136.5 281.6 364.2 1,533.0 387.5 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 163.2 204.5 167.0 142.5 141.0 281.6 374.1 1,677.1 351.8 

 June ....... 7,274.3 3,742.8 3,531.5 159.9 204.6 170.1 133.6 144.1 259.5 381.2 1,739.6 338.9 

 Sept........ 7,379.1 3,772.0 3,607.0 139.6 204.2 170.6 130.5 147.4 255.8 380.8 1,798.7 379.4 

 Dec......... 7,596.1 3,905.6 3,690.6 127.5 204.4 170.5 130.4 149.7 254.9 387.4 1,853.4 412.3 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 142.0 204.2 174.3 127.1 152.4 261.9 408.0 1,956.3 429.2 

 June ....... 7,836.5 4,033.5 3,803.0 127.3 204.2 177.5 130.1 155.0 249.6 431.5 1,879.6 448.3 

 Sept........ 7,932.7 4,067.8 3,864.9 125.5 203.6 180.9 130.1 159.0 245.6 448.4 1,930.6 441.1 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 181.2 129.4 160.4 252.2 456.2 2,036.0 432.8 

2006 - Mar......... 8,371.2 4,257.2 4,113.9 115.4 206.0 183.0 128.9 162.9 249.7 456.5 2,083.6 528.0 

 June ....... 8,420.0 4,389.2 4,030.8 116.8 205.2 188.4 132.1 164.4 244.9 466.2 2,099.1 413.7 

 Sept........ 8,507.0 4,432.8 4,074.2 113.9 203.7 191.2 129.9 165.2 237.7 468.0 2,147.5 417.0 

 Dec......... 8,680.2 4,558.1 4,122.1 n.a. 202.4 n.a. n.a. n.a. n.a. n.a. 2,225.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 

2004 benchmark to March 2005, and the June 2005 benchmark to February 2006. For 

additional information see: http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
MARKET YIELDS 

March 2007 

49

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

30 years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. These Constant 

Maturity Treasury rates (CMTs) are interpolated from the 

Treasury yield curve and published daily at Treasury’s 

Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The 

yield curve is fitted daily using a hermite cubic spline. For 

inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

quoted in the secondary bond market as of approximately 

3:30 p.m. each trading day. CMT yields are based on 

semiannual interest payments and are read at constant 

maturity points to develop a consistent data series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

Treasury discontinued the 30-year constant maturity 

yield during the time period February 18, 2002, through 

February 8, 2006. Thus, 30-year yields for that time frame 

are not available. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 30-yr. 

 (11) 

 

Monthly average: 

2006 - Jan....................................... 4.12 4.34 4.47 4.45 4.40 4.35 4.35 4.37 4.42 4.65 n.a. 

Feb...................................... 4.38 4.54 4.69 4.68 4.67 4.64 4.57 4.56 4.57 4.73 n.a. 

Mar...................................... 4.55 4.63 4.79 4.77 4.73 4.74 4.72 4.71 4.72 4.91 4.73 

Apr ...................................... 4.61 4.72 4.90 4.90 4.89 4.89 4.90 4.94 4.99 5.22 5.06 

May ..................................... 4.70 4.84 5.01 5.00 4.97 4.97 5.00 5.03 5.11 5.35 5.20 

June.................................... 4.71 4.92 5.17 5.16 5.12 5.09 5.07 5.08 5.11 5.29 5.15 

July ..................................... 4.90 5.08 5.27 5.22 5.12 5.07 5.04 5.05 5.09 5.25 5.13 

Aug ..................................... 5.16 5.09 5.17 5.08 4.90 4.85 4.82 4.83 4.88 5.08 5.00 

Sept .................................... 4.77 4.93 5.08 4.97 4.77 4.69 4.67 4.68 4.72 4.93 4.85 

Oct ...................................... 4.97 5.05 5.12 5.01 4.80 4.72 4.69 4.69 4.73 4.94 4.85 

Nov ..................................... 5.21 5.07 5.15 5.01 4.74 4.64 4.58 4.58 4.60 4.78 4.69 

Dec ..................................... 4.87 4.97 5.07 4.94 4.67 4.58 4.53 4.54 4.56 4.78 4.68 

 

 

End of month: 

2006 - Jan....................................... 4.37 4.47 4.59 4.58 4.54 4.49 4.47 4.49 4.53 4.74 n.a. 

Feb...................................... 4.47 4.62 4.74 4.73 4.69 4.67 4.61 4.57 4.55 4.70 4.51

Mar...................................... 4.65 4.63 4.81 4.82 4.82 4.83 4.82 4.83 4.86 5.07 4.90

Apr ...................................... 4.60 4.77 4.91 4.90 4.87 4.87 4.92 4.98 5.07 5.31 5.17

May ..................................... 4.75 4.86 5.08 5.07 5.04 5.03 5.04 5.06 5.12 5.35 5.21

June.................................... 4.54 5.01 5.24 5.21 5.16 5.13 5.10 5.11 5.15 5.31 5.19

July ..................................... 5.02 5.10 5.18 5.11 4.97 4.93 4.91 4.93 4.99 5.17 5.07

Aug ..................................... 5.12 5.05 5.11 5.01 4.79 4.71 4.70 4.70 4.74 4.95 4.88

Sept .................................... 4.60 4.89 5.02 4.91 4.71 4.62 4.59 4.60 4.64 4.84 4.77

Oct ...................................... 5.18 5.08 5.13 4.99 4.71 4.62 4.57 4.57 4.61 4.81 4.72

Nov ..................................... 5.22 5.03 5.10 4.94 4.62 4.52 4.45 4.45 4.46 4.66 4.56

Dec ..................................... 4.75 5.02 5.09 5.00 4.82 4.74 4.70 4.70 4.71 4.91 4.81

 

* Rates are from the Treasury yields curve. 
March 2007 

50 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, December 31, 2006 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $996,885,420,421 $959,178,864,518 $958,679,731,516 $252,162,866 $246,970,136

Less amounts held by: 

The Treasury....................................... 278,873,778 20,447,234 20,266,173 7,505 173,556

FRBs ................................................... 176,461,778,445 175,661,179,744 175,661,176,387 - 3,357

Amounts in circulation............................. $820,144,768,198 $783,497,237,540 $782,998,288,956 $252,155,361 $246,793,223

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $37,706,555,903 $3,505,529,008 $34,201,026,895 

Less amounts held by: 

The Treasury....................................... 258,426,544 236,450,544 21,976,000 

FRBs ................................................... 800,598,701 69,822,183 730,776,518 

Amounts in circulation............................. $36,647,530,658 $3,199,256,281 $33,448,274,377 

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

March 2007 

51

TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2006 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $9,049,316,340 $8,905,529,500 $143,503 $143,643,337 

$2 ...................................................................... 1,532,419,520 1,400,212,626 132,194,318 12,576 

$5 ...................................................................... 10,492,843,480 10,356,036,390 109,055,410 27,751,680 

$10 .................................................................... 15,986,791,460 15,965,549,690 6,300 21,235,470 

$20 .................................................................... 119,219,518,240 119,199,409,800 3,840 20,104,600 

$50 .................................................................... 62,790,638,100 62,779,137,750 500 11,499,850 

$100 .................................................................. 564,112,426,800 564,079,692,200 10,740,900 21,993,700 

$500 .................................................................. 142,383,000 142,189,000 5,500 188,500 

$1,000 ............................................................... 165,675,000 165,462,000 5,000 208,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $783,497,237,540 $782,998,288,956 $252,155,361 $246,793,223 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Dec. 31, 2006....................................................................................... 820,145 $2,724

Nov. 30, 2006....................................................................................... 806,350 2,685

Oct. 31, 2006........................................................................................ 790,556 2,637

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
March 2007 

55

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

 

2006 - Jan .......................................................................... 65,594 11,044 8,302 38,609 7,639 

 Feb ........................................................................ 65,364 11,044 8,310 38,372 7,638 

 Mar ........................................................................ 65,354 11,043 8,344 38,592 7,376 

 Apr ......................................................................... 66,846 11,041 8,518 40,068 7,219 

 May........................................................................ 67,706 11,041 8,704 40,742 7,219 

 June....................................................................... 67,935 11,041 8,618 40,370 7,906 

 July ........................................................................ 67,559 11,041 8,644 40,414 7,460 

 Aug ........................................................................ 66,606 11,041 8,726 40,124 6,715 

 Sept ....................................................................... 66,217 11,041 8,655 39,902 6,619 

 Oct ......................................................................... 65,588 11,041 8,676 40,294 5,577 

 Nov ........................................................................ 66,705 11,041 8,890 41,465 5,309 

 Dec ........................................................................ 65,895 11,041 8,870 40,943 5,040 

2007 - Jan .......................................................................... 65,063 11,041 8,786 40,381 4,855 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

March 2007 

56 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 

Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 

2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 r....... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break r ........ 5,066,404 1,931,980 493,704 1,052,742 911 384,623 1,791,611 1,297,908 776,836 521,072 44,905 

 

2005 - Dec. r .......... 5,371,689 1,987,422 498,510 1,077,122 948 410,842 1,895,920 1,440,916 769,564 671,352 47,431 

2006 - Jan. r........... 5,450,049 1,999,430 492,783 1,083,500 954 422,192 1,951,509 1,451,751 785,488 666,263 47,359 

Feb. r .......... 5,559,257 2,012,610 487,463 1,096,179 960 428,008 2,001,317 1,495,413 822,443 672,970 49,917 

Mar. r .......... 5,581,716 2,015,432 491,043 1,088,847 967 434,575 2,029,138 1,490,213 800,762 689,451 46,933 

Apr. r........... 5,744,482 2,020,999 478,096 1,099,925 973 442,005 2,167,507 1,509,888 835,762 674,126 46,088 

May r........... 5,872,591 2,037,872 497,907 1,085,956 980 453,029 2,222,602 1,565,398 860,301 705,097 46,719 

June r.......... 5,754,004 2,032,214 490,161 1,081,254 986 459,813 2,097,694 1,564,082 825,125 738,957 60,014 

July r........... 5,833,883 2,058,973 495,814 1,089,493 993 472,673 2,136,020 1,582,237 840,734 741,503 56,653 

Aug ............. 5,868,488 2,071,854 479,277 1,106,375 999 485,202 2,130,893 1,610,469 841,624 768,845 55,272 

Sept ............ 5,915,246 2,086,144 476,153 1,114,081 1,006 494,904 2,167,908 1,602,687 839,880 762,807 58,507 

Oct .............. 6,006,278 2,081,165 445,438 1,132,544 1,013 502,170 2,241,485 1,626,040 856,838 769,202 57,588 

Nov. p ......... 6,182,318 2,094,275 449,931 1,133,560 1,019 509,765 2,341,980 1,685,235 883,544 801,691 60,828 

Dec. p ......... 6,119,114 2,128,175 459,362 1,139,652 1,026 528,135 2,267,066 1,666,890 860,625 806,265 56,983 

 

 1

 Includes Bank for International Settlements for data before June 2006. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. For data as of June 

2006, also includes Bank for International Settlements. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, and end-June 

2005, respectively, and are comparable to those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

March 2007 

57

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

 

2005 - Dec..................................................................... 948 948 77 - 871 

2006 - Jan ..................................................................... 954 954 77 - 877 

Feb .................................................................... 960 960 77 - 883 

Mar .................................................................... 967 967 78 - 889 

Apr..................................................................... 973 973 78 - 895 

May.................................................................... 980 980 79 - 901 

June................................................................... 986 986 79 - 907 

July .................................................................... 993 993 80 - 913 

Aug .................................................................... 999 999 80 - 919 

Sept ................................................................... 1,006 1,006 81 - 925 

Oct ..................................................................... 1,013 1,013 81 - 931 

Nov .................................................................... 1,019 1,019 82 - 938 

Dec .................................................................... 1,026 1,026 82 - 944 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

March 2007 

58 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. Requests for 

public comments on proposed changes are published in the 

Federal Register, and any further modifications are based on 

the comments received. The most recent revisions to selected 

reporting forms and instructions were effective June 30, 2006. 

Copies of the reporting forms and instructions may be 

obtained from the Office of Program Services, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Reporting forms and instructions also may be downloaded 

from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

the data. Notices of these changes and requests for public 
CAPITAL MOVEMENTS 

March 2007 

59

improve the quality of the series by closing known gaps in 

the data. 

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 
CAPITAL MOVEMENTS 

March 2007 

60 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

March 2007 

61

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2006 

Type of Liability 

 Calendar 

 Year 

 2005 r June r July r Aug. r Sept. Oct. Nov. Dec. p 

Total liabilities to all foreigners ................................... 3,186,745 3,447,799 3,503,655 3,481,621 3,517,016 3,576,085 3,710,404 3,618,242 

Payable in dollars .................................................. 3,080,907 3,334,918 3,390,774 3,368,740 3,401,120 3,460,189 3,594,508 3,502,346 

Foreign official institutions ................................. 498,510 490,161 495,814 479,277 476,153 445,438 449,931 459,362 

Deposits, excluding negotiable CDs .............. 45,426 42,323 44,788 49,120 50,291 50,595 51,274 50,959 

U.S. Treasury bills and certificates ................ 201,863 185,138 186,321 189,963 179,394 178,474 186,164 176,829 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 125,663 123,669 121,242 113,441 111,716 100,913 99,150 105,873 

Other liabilities............................................... 125,558 139,031 143,463 126,753 134,752 115,456 113,343 125,701 

Foreign banks (including own foreign 

 offices) and other foreigners ............................ 2,561,604 2,811,600 2,865,535 2,861,298 2,893,996 2,984,531 3,111,732 3,013,899 

Deposits, excluding negotiable CDs .............. 990,014 1,095,239 1,111,715 1,066,497 1,084,111 1,159,043 1,258,359 1,198,960 

U.S. Treasury bills and certificates ................ 56,895 61,417 65,954 64,142 61,433 66,937 68,267 73,174 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 391,355 485,047 509,054 517,431 524,595 532,103 542,360 547,126 

Other liabilities............................................... 1,123,340 1,169,897 1,178,812 1,213,228 1,223,857 1,226,448 1,242,746 1,194,639 

International and regional organizations 1 .......... 20,793 33,157 29,425 28,165 30,971 30,220 32,845 29,085 

Deposits, excluding negotiable CDs .............. 8,361 17,846 16,192 14,792 18,901 19,988 18,977 19,021 

U.S. Treasury bills and certificates ................ 1,085 4,158 2,222 2,522 1,327 814 1,281 800 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 4,096 3,903 4,107 5,293 3,989 3,836 2,888 2,855 

Other liabilities............................................... 7,251 7,250 6,904 5,558 6,754 5,582 9,699 6,409 

Payable in foreign currencies 2 .............................. 105,838 112,881 112,881 112,881 115,896 115,896 115,896 115,896 

Sector: 

Banks and other foreigners............................ 103,880 111,219 111,219 111,219 113,792 113,792 113,792 113,792 

International and regional organizations 1 .......... 1,958 1,662 1,662 1,662 2,104 2,104 2,104 2,104 

Major currencies: 

Canadian dollars............................................ 9,919 9,423 9,423 9,423 9,184 9,184 9,184 9,184 

Euro............................................................... 52,206 54,524 54,524 54,524 52,316 52,316 52,316 52,316 

United Kingdom pounds sterling.................... 8,399 11,462 11,462 11,462 14,686 14,686 14,686 14,686 

Japanese yen ................................................ 12,702 15,231 15,231 15,231 14,419 14,419 14,419 14,419 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars.............................................................. 2,299,950 2,471,586 2,501,874 2,475,948 2,518,666 2,577,112 2,694,398 2,595,689 

Liabilities to own foreign offices ........................ 1,552,323 1,660,959 1,656,589 1,642,920 1,688,010 1,753,015 1,843,548 1,755,383 

Liabilities collaterized by repurchase 

 agreements................................................. 713,327 769,110 782,552 784,614 805,214 791,120 806,512 761,595 

Foreign official institutions ........................ 113,425 131,713 129,603 116,516 121,552 105,079 104,852 112,743 

Foreign banks and other foreigners........... 596,245 634,405 649,496 664,113 679,417 682,821 695,671 645,557 

International and regional organizations 1.......... 3,657 2,992 3,453 3,985 4,245 3,220 5,989 3,295 

Reported by IBFs........................................... 447,584 434,042 413,828 385,470 379,421 382,540 416,926 377,926 

Respondents’ own liabilities payable in 

 foreign currencies 2.......................................... 91,693 100,448 100,448 100,448 100,508 100,508 100,508 100,508 

Reported by IBFs........................................... 33,223 49,015 49,015 49,015 46,483 46,483 46,483 46,483 

Liabilities held in custody for domestic 

 customers and selected other liabilities 3 ......... 795,102 875,765 901,333 905,225 897,842 898,465 915,498 922,045 

Payable in dollars .......................................... 780,957 863,332 888,900 892,792 882,454 883,077 900,110 906,657 

of which: other short-term negotiable 

securities and negotiable CDs................ 319,598 360,162 366,152 361,847 357,003 348,652 355,388 362,639 

 of which: short-term U.S. Government 

 agency securities................................ 136,783 144,070 136,006 121,856 116,927 104,177 105,747 113,755 

 of which: negotiable CDs........................ 53,594 57,078 58,559 61,615 59,876 60,128 64,253 65,272 

Payable in foreign currencies 2 ...................... 14,145 12,433 12,433 12,433 15,388 15,388 15,388 15,388 

 

1

 Principally the International Bank for Reconstruction and Development (World Bank) and 

the Inter-American Development Bank. Beginning with data for June 2006, also includes 

the Bank for International Settlements. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

March 2007 

62 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2006 

Country 2003 2004 2005 r Aug. r Sept. Oct. Nov. Dec. p 

Europe: 

Austria ................................................. 4,841 4,355 3,607 4,345 4,506 4,532 5,069 4,443

Belgium ............................................... 9,642 13,649 17,105 15,949 16,002 16,917 20,403 15,591

Bulgaria ............................................... 224 221 139 176 152 201 140 88

Cyprus 1 .............................................. n.a. n.a. n.a. 453 435 416 553 611

Czech Republic.................................... 2,359 1,661 1,446 1,233 1,348 1,352 1,360 1,352

Denmark.............................................. 3,744 3,151 1,544 2,268 2,401 1,094 1,964 1,003

Finland................................................. 1,821 1,116 3,767 1,410 1,100 1,013 1,196 3,361

France ................................................. 41,727 83,951 76,016 76,613 70,843 69,520 72,451 71,645

Germany.............................................. 53,617 76,040 70,867 68,863 70,514 68,812 70,431 70,590

Greece................................................. 1,266 1,179 1,212 1,196 1,567 1,391 2,295 1,631

Hungary............................................... 345 770 527 642 339 563 496 833

Iceland 1 .............................................. n.a. n.a. n.a. 324 324 322 386 337

Ireland.................................................. 30,888 64,199 68,669 76,849 75,358 75,588 77,263 83,364

Italy...................................................... 6,643 7,683 8,149 8,248 7,789 9,144 11,808 9,279

Kazakhstan 1 ....................................... n.a. n.a. n.a. 6,031 4,953 5,063 4,135 6,139

Luxembourg ........................................ 37,005 52,548 62,804 68,156 74,638 74,545 77,064 73,861

Monaco 1 ............................................ n.a. n.a. n.a. 259 202 243 498 371

Netherlands ......................................... 17,150 20,272 16,460 24,064 25,899 31,449 35,289 27,287

Norway ................................................ 22,471 32,907 27,927 53,617 57,236 41,074 36,488 42,306

Poland ................................................. 3,724 5,680 6,340 7,480 7,261 7,576 8,072 7,475

Portugal ............................................... 1,011 1,676 2,883 2,437 2,754 2,815 2,953 2,563

Romania .............................................. 575 1,636 565 1,170 577 386 292 491

Russia ................................................. 41,694 70,203 101,355 53,421 49,184 46,006 53,192 62,869

Serbia and Montenegro 2 .................... 162 110 119 236 249 307 273 295

Spain ................................................... 10,329 9,078 10,060 9,592 9,289 10,872 9,974 10,814

Sweden................................................ 7,377 6,144 4,796 3,932 3,883 5,061 4,012 3,754

Switzerland .......................................... 111,678 100,660 141,498 43,680 50,216 37,626 37,027 38,644

Turkey.................................................. 13,749 5,189 10,006 10,176 9,939 9,248 10,623 10,628

Ukraine 1 ............................................. n.a. n.a. n.a. 1,398 1,116 1,032 1,400 919

United Kingdom................................... 345,235 501,721 590,505 724,266 718,240 756,329 763,621 684,196

Channel Islands .................................. 20,814 21,327 29,737 27,033 27,643 33,294 31,927 32,872

All other Europe 1................................. 17,478 26,369 23,540 3,575 3,668 4,785 3,851 4,241

Total Europe.................................... 807,569 1,113,495 1,281,643 1,299,094 1,299,625 1,318,575 1,346,507 1,273,853

Memo: Euro Area 3 215,940 335,746 341,599 357,724 360,259 366,597 386,197 374,429

Memo: European Union 4 ................... n.a. n.a. n.a. 1,098,706 1,094,951 1,139,982 1,167,034 1,074,383

Canada .................................................... 37,780 36,499 38,051 46,871 49,162 52,458 52,362 48,426

Latin America: 

Argentina ............................................. 9,880 10,932 9,775 10,354 10,415 10,833 10,790 10,597

Belize 5 ................................................ n.a. n.a. n.a. 249 283 251 253 440

Bolivia 5 ............................................... n.a. n.a. n.a. 2,397 2,228 1,984 1,969 2,100

Brazil.................................................... 17,839 16,912 12,898 15,135 14,818 16,466 20,741 16,763

Chile .................................................... 4,504 7,368 9,045 14,293 15,839 16,260 17,141 16,896

Colombia ............................................. 4,277 6,353 6,521 10,543 10,672 10,962 11,539 11,660

Costa Rica 5 ........................................ n.a. n.a. n.a. 2,013 1,951 2,024 2,649 2,768

Ecuador ............................................... 2,611 2,707 3,426 2,651 2,883 3,054 2,872 3,176

El Salvador 5 ....................................... n.a. n.a. n.a. 2,188 2,072 2,055 2,065 1,940

Guatemala ........................................... 1,557 1,544 1,660 1,557 1,517 1,508 1,430 1,406

Guyana 5 ............................................. n.a. n.a. n.a. 97 102 128 128 98

Honduras 5 .......................................... n.a. n.a. n.a. 2,346 2,260 2,231 2,190 2,300

Mexico ................................................. 36,952 51,954 44,738 51,145 50,049 47,614 46,790 45,991

Nicaragua 5 ......................................... n.a. n.a. n.a. 223 256 278 234 236

Panama ............................................... 4,125 4,641 5,334 5,962 5,895 5,609 6,857 7,126

Paraguay 5 .......................................... n.a. n.a. n.a. 656 676 656 663 646

Peru..................................................... 1,406 1,975 3,062 3,391 3,664 4,087 3,778 4,268

Suriname 5 .......................................... n.a. n.a. n.a. 108 100 103 99 102

Uruguay ............................................... 3,688 4,189 4,976 5,549 5,679 6,069 5,891 6,158

Venezuela............................................ 21,546 24,861 27,535 22,549 23,045 23,751 24,078 22,941

All other Latin America 5 ...................... 6,014 6,422 8,595 8 10 59 9 9

Total Latin America.......................... 114,399 139,858 137,565 153,414 154,414 155,982 162,166 157,621

Caribbean: 

Anguilla 6 ............................................ n.a. n.a. n.a. 2,533 1,481 2,314 1,191 1,536

Antigua and Barbuda 6 ........................ n.a. n.a. n.a. 196 164 188 172 175

Aruba 6 ................................................ n.a. n.a. n.a. 593 657 557 514 406

Bahamas ............................................. 157,689 188,604 213,833 238,274 239,567 242,787 265,511 251,742

Barbados 6 .......................................... n.a. n.a. n.a. 12,388 13,371 13,301 18,018 18,546

Bermuda .............................................. 39,229 93,040 52,361 46,228 51,119 50,269 49,143 51,485

British Virgin Islands 6 ......................... n.a. n.a. n.a. 15,013 15,587 16,450 16,143 16,404

Cayman Islands .................................. 745,754 894,069 922,518 1,139,617 1,163,520 1,202,437 1,266,891 1,253,701

Cuba.................................................... 96 110 120 127 127 128 81 83

Dominican Republic 6 .......................... n.a. n.a. n.a. 3,493 3,528 3,809 3,970 3,794

French West Indies 6 ........................... n.a. n.a. n.a. 39 18 22 25 19

Haiti 6 .................................................. n.a. n.a. n.a. 382 415 487 459 499

Jamaica ............................................... 720 922 970 972 1,082 867 1,031 1,021

Netherlands Antilles............................. 8,739 5,867 6,398 5,954 6,158 6,060 5,206 8,429

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2007 

63

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2006 

Country 2003 2004 2005 r Aug. r Sept. Oct. Nov. Dec. p 

 

Caribbean con. 

St. Kitts and Nevis 6 .......................... n.a. n.a. n.a. 80 73 74 67 61

Trinidad and Tobago......................... 1,259 1,630 2,836 2,733 2,794 2,866 2,759 3,130

Turks and Caicos Islands 6 ............... n.a. n.a. n.a. 229 226 223 157 161

All other Caribbean 6 ........................ 27,662 40,297 32,620 155 134 186 164 165

Total Caribbean ............................ 981,148 1,224,539 1,231,656 1,469,006 1,500,021 1,543,025 1,631,502 1,611,357

Asia: 

Bangladesh 7 .................................... n.a. n.a. n.a. 918 670 655 807 824

China, Mainland ............................... 13,236 52,768 46,466 50,329 55,059 47,048 46,711 44,491

Hong Kong........................................ 49,974 43,913 35,246 36,609 35,962 33,688 40,243 44,236

India.................................................. 14,535 11,178 13,860 16,410 14,859 15,694 18,346 18,793

Indonesia.......................................... 14,374 5,905 4,213 4,685 5,359 3,286 3,852 4,377

Israel................................................. 12,231 11,238 9,828 6,369 9,562 8,821 6,805 7,248

Japan................................................ 170,315 173,872 161,951 145,353 136,845 138,580 136,745 136,945

Jordan 7 ............................................ n.a. n.a. n.a. 1,245 1,252 1,544 1,762 1,511

Korea................................................ 12,659 12,457 27,200 21,998 23,176 23,174 21,980 27,926

Laos 7 .............................................. n.a. n.a. n.a. 106 134 120 124 120

Lebanon............................................ 676 777 797 858 883 947 1,019 1,174

Malaysia ........................................... 1,640 2,837 2,287 3,053 3,344 2,929 3,159 3,847

Pakistan............................................ 2,963 1,196 1,768 1,058 1,167 889 915 1,283

Philippines ........................................ 1,690 2,956 3,780 3,073 3,323 3,485 3,484 3,824

Singapore ......................................... 23,766 28,912 20,291 20,077 17,983 28,967 28,948 30,717

Syria ................................................. 22 21 28 30 28 29 30 26

Taiwan.............................................. 26,835 26,524 23,287 20,044 23,211 19,026 19,484 22,916

Thailand............................................ 7,232 11,356 9,966 10,258 9,985 7,865 8,327 8,320

Yemen 7 ........................................... n.a. n.a. n.a. 186 138 242 193 180

Oil exporting countries 8 .................... 24,787 41,263 50,659 69,812 69,755 72,408 72,129 69,423

All other Asia 7 ................................. 7,656 6,841 7,258 5,275 4,956 5,026 5,129 5,893

Total Asia ..................................... 384,591 434,014 418,885 417,746 417,651 414,423 420,192 434,074

Africa: 

Botswana 9 ....................................... n.a. n.a. n.a. 399 298 194 329 236

Egypt ................................................ 2,336 2,711 4,953 2,772 2,325 1,576 2,681 2,253

Ghana............................................... 596 468 572 459 431 386 342 389

Kenya 9 ............................................ n.a. n.a. n.a. 182 215 242 217 234

Liberia............................................... 181 266 217 560 522 302 339 343

Mauritius 9 ........................................ n.a. n.a. n.a. 241 390 341 409 626

Morocco............................................ 376 156 138 198 174 162 168 198

Mozambique 9 .................................. n.a. n.a. n.a. 127 80 66 96 87

South Africa ...................................... 3,734 3,477 3,054 1,898 1,474 1,379 1,747 1,411

Tanzania 9 ........................................ n.a. n.a. n.a. 340 260 338 259 363

Uganda 9 .......................................... n.a. n.a. n.a. 833 873 879 923 926

Zambia 9 .......................................... n.a. n.a. n.a. 73 98 97 139 143

Zimbabwe 9 ...................................... n.a. n.a. n.a. 91 79 80 81 78

Oil exporting countries 10 .................. 3,608 4,347 6,880 7,846 8,294 4,465 5,287 4,455

All other Africa 9 ............................... 3,131 3,373 4,313 3,699 2,886 3,367 4,306 2,981

Total Africa ................................... 13,962 14,798 20,127 19,718 18,399 13,874 17,323 14,723

Other countries: 

Australia............................................ 14,087 23,579 18,427 27,800 23,146 24,607 24,666 26,003

New Zealand .................................... 2,592 3,725 3,028 4,863 5,247 4,079 4,157 4,541

French Polynesia 11 ......................... n.a. n.a. n.a. 60 79 68 69 64

All other 11 ........................................ 4,174 8,513 14,612 13,222 16,197 16,670 16,511 16,391

Total other ................................... 20,853 35,817 36,067 45,945 44,669 45,424 45,403 46,999

All countries .......................................... 2,360,302 2,999,020 3,163,994 3,451,794 3,483,941 3,543,761 3,675,455 3,587,053

International and regional orgs: 

International organizations............... 18,437 14,550 17,598 23,620 27,839 27,188 30,659 26,930

Regional organizations 12 ................ 3,731 4,303 5,153 6,207 5,236 5,136 4,290 4,259

Total international and 

 regional organizations................ 22,168 18,853 22,751 29,827 33,075 32,324 34,949 31,189

Grand total................................ 2,382,470 3,017,873 3,186,745 3,481,621 3,517,016 3,576,085 3,710,404 3,618,242

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are 

included in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the 

United States are reported under “All other Europe” as follows: Beginning in December 

1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 

for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. 

4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, 

Honduras, Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the 

British Virgin Islands, the Dominican Republic, the French West Indies (primarily 

Guadeloupe and Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos 

Islands are included in “All other Caribbean.” 

7

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All 

other Asia.” 

8

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

9

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, 

Uganda, Zambia, and Zimbabwe are included in “All other Africa.” 

10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations.
CAPITAL MOVEMENTS 

March 2007 

64 

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2006, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

negotiable securities 

Other 

Miscellaneous 

liabilities 3 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners 

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 2

(7) 

Of which: 

other shortterm 

negotiable 

securities 

(excl. CDs) 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 4

(12) 

Europe: 

Austria .................................... 4,443 3,792 1,187 2,605 529 258 376 98 2,004 500 26 651

Belgium .................................. 15,591 14,528 8,923 5,605 1,961 292 1,901 1,180 2,524 4,205 2,465 1,063

Cyprus 5.................................. 611 611 604 7 256 343 4 2 1 5 - -

Czech Republic ...................... 1,352 1,341 287 1,054 178 35 1,003 51 - 57 17 11

Denmark................................. 1,003 931 770 161 112 194 65 71 25 464 - 72

Finland.................................... 3,361 3,203 2,611 592 2,385 70 140 95 357 156 - 158

France .................................... 71,645 68,908 56,636 12,272 22,048 1,300 8,045 2,856 1,111 27,126 6,422 2,737

Germany................................. 70,590 57,197 44,999 12,198 18,127 2,508 4,788 1,055 3,462 24,011 3,247 13,393

Greece.................................... 1,631 1,629 1,576 53 457 733 23 18 10 387 1 2

Hungary.................................. 833 825 304 521 73 150 185 312 11 94 - 8

Ireland .................................... 83,364 83,124 9,576 73,548 2,387 1,723 1,448 55,763 13,891 4,055 3,857 240

Italy......................................... 9,279 7,316 6,448 868 3,583 744 340 87 218 2,293 51 1,963

Kazakhstan 5 .......................... 6,139 6,132 978 5,154 637 7 3,519 1,626 9 334 - 7

Luxembourg ........................... 73,861 72,804 41,140 31,664 7,819 879 8,518 17,191 4,982 355 33,060 1,057

Monaco 5 ................................ 371 369 273 96 108 74 91 5 - 1 90 2

Netherlands ............................ 27,287 24,641 14,611 10,030 3,089 1,787 3,089 4,844 1,611 1,842 8,379 2,645

Norway ................................... 42,306 42,289 37,851 4,438 294 132 236 3,609 569 37,369 80 17

Poland .................................... 7,475 7,465 1,770 5,695 307 234 4,402 1,291 2 1,229 - 10

Portugal.................................. 2,563 2,250 1,748 502 1,487 204 16 466 21 21 36 313

Romania................................. 491 478 265 213 38 37 - 212 1 190 - 13

Russia .................................... 62,869 62,845 17,814 45,031 6,739 289 381 44,641 7 10,786 2 24

Spain ...................................... 10,814 9,026 6,249 2,777 3,164 1,423 604 304 1,807 1,531 193 1,787

Sweden................................... 3,754 3,709 875 2,834 382 233 122 534 2,138 298 2 45

Switzerland ............................. 38,644 28,481 18,837 9,644 10,288 4,759 4,607 4,067 968 3,093 699 10,163

Turkey..................................... 10,628 10,539 2,407 8,132 1,793 99 8,023 92 12 518 2 89

Ukraine 5................................. 919 916 916 - 752 33 - - - 131 - 3

United Kingdom...................... 684,196 657,703 633,275 24,428 130,152 19,313 5,144 11,846 2,946 314,263 174,039 26,493

Channel Islands...................... 32,872 32,778 30,637 2,141 27,749 309 821 299 856 222 2,522 94

All other Europe 5...................... 4,961 4,954 4,065 889 1,437 227 761 28 17 1,813 671 7

Total Europe......................... 1,273,853 1,210,785 947,633 263,152 248,331 38,389 58,651 152,644 39,560 437,349 235,861 63,068

Memo: Euro Area 6............... 374,429 348,419 195,705 152,714 67,036 11,921 29,287 83,958 31,998 66,482 57,737 26,010

Canada.......................................... 48,426 44,139 27,447 16,692 5,632 4,335 6,184 5,653 2,943 13,476 5,916 4,287

Latin America: 

Argentina................................... 10,597 10,474 9,057 1,417 440 7,971 797 245 369 481 171 123

Belize 7 ...................................... 440 439 418 21 173 161 2 6 13 75 9 1

Bolivia 7 ..................................... 2,100 2,092 1,435 657 538 821 82 237 336 73 5 8

Brazil ......................................... 16,763 16,384 14,198 2,186 5,697 4,146 469 1,611 74 3,570 817 379

Chile.......................................... 16,896 16,825 7,439 9,386 3,211 3,750 978 8,334 65 399 88 71

Colombia................................... 11,660 11,630 5,091 6,539 1,099 3,461 4,069 2,149 321 512 19 30

Costa Rica 7 .............................. 2,768 2,759 1,900 859 988 623 151 42 664 280 11 9

Ecuador..................................... 3,176 3,150 2,892 258 430 1,970 29 177 52 360 132 26

El Salvador 7 ............................. 1,940 1,940 1,311 629 669 329 116 369 144 306 7 -

Guatemala ................................ 1,406 1,387 1,276 111 141 1,039 17 59 34 67 30 19

Honduras 7 ................................ 2,300 2,270 2,221 49 1,439 701 1 11 37 67 14 30

Mexico....................................... 45,991 45,341 30,703 14,638 11,258 18,168 8,156 5,876 560 649 674 650

Panama..................................... 7,126 7,071 5,693 1,378 2,490 2,711 359 740 273 299 199 55

Paraguay 7 ................................ 646 640 609 31 111 477 13 9 9 9 12 6

Peru........................................... 4,268 4,253 3,785 468 2,135 1,231 234 203 29 414 7 15

Uruguay .................................... 6,158 6,102 4,589 1,513 1,178 1,648 1,009 275 229 1,613 150 56

Venezuela................................. 22,941 22,642 21,032 1,610 7,497 12,539 465 724 370 638 409 299

All other Latin America 7 ........... 445 445 422 23 103 270 5 7 11 43 6 -

Total Latin America .............. 157,621 155,844 114,071 41,773 39,597 62,016 16,952 21,074 3,590 9,855 2,760 1,777

Caribbean: 

Aruba 8 ...................................... 406 406 344 62 167 119 26 12 24 39 19 -

Bahamas................................... 251,742 250,777 246,833 3,944 162,506 3,325 585 1,686 191 73,474 9,010 965

Barbados 8 ................................ 18,546 18,403 4,383 14,020 3,796 283 616 7,413 5,975 11 309 143

Bermuda ................................... 51,485 51,291 34,859 16,432 3,068 5,526 3,687 11,176 1,328 148 26,358 194

British Virgin Islands 8 ............... 16,404 16,250 9,047 7,203 163 7,959 4,039 1,760 1,096 3 1,230 154

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2007 

65

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2006, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

negotiable securities 

Other 

Miscellaneous 

 liabilities 3 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners 

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 2

(7) 

Of which: 

other shortterm 

negotiable 

securities 

(excl. CDs) 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 4

(12) 

Caribbean, con. 

Cayman Islands....................... 1,253,701 1,241,227 934,363 306,864 497,595 23,960 5,057 26,780 1,854 536,783 149,198 12,474

Dominican Republic 8............... 3,794 3,785 3,601 184 1,059 2,403 103 36 45 40 99 9

Haiti 8........................................ 499 499 467 32 141 203 8 17 7 115 8 -

Jamaica.................................... 1,021 986 937 49 561 214 44 2 3 141 21 35

Netherlands Antilles................. 8,429 8,425 3,174 5,251 1,847 590 4,963 263 25 336 401 4

Trinidad and Tobago................ 3,130 3,096 2,603 493 1,627 444 84 290 10 528 113 34

All other Caribbean 8................ 2,200 2,176 1,937 239 179 546 140 64 29 23 1,195 24

Total Caribbean.................. 1,611,357 1,597,321 1,242,548 354,773 672,709 45,572 19,352 49,499 10,587 611,641 187,961 14,036

Asia: 

China, Mainland....................... 44,491 44,457 19,219 25,238 4,557 1,212 14,767 9,915 508 13,392 106 34

Hong Kong............................... 44,236 43,082 27,203 15,879 12,767 5,339 2,317 12,920 565 2,883 6,291 1,154

India ......................................... 18,793 18,791 4,704 14,087 2,763 1,140 8,432 5,557 11 810 78 2

Indonesia ................................. 4,377 4,377 1,777 2,600 736 392 2,573 11 16 649 - -

Israel ........................................ 7,248 7,239 5,473 1,766 1,060 1,913 833 780 152 2,486 15 9

Japan ....................................... 136,945 127,392 47,671 79,721 21,127 5,118 70,361 5,778 639 19,725 4,644 9,553

Jordan 9 .................................... 1,511 1,507 1,277 230 981 53 204 23 3 242 1 4

Korea........................................ 27,926 27,781 8,176 19,605 4,804 476 4,767 14,528 139 3,018 49 145

Malaysia................................... 3,847 3,846 2,919 927 1,068 122 362 557 3 1,728 6 1

Pakistan ................................... 1,283 1,272 1,145 127 717 127 46 53 5 304 20 11

Philippines................................ 3,824 3,793 2,967 826 1,822 487 443 335 48 603 55 31

Singapore................................. 30,717 29,009 26,237 2,772 20,578 1,288 1,491 936 339 4,294 83 1,708

Taiwan...................................... 22,916 22,886 20,625 2,261 5,221 4,003 1,408 368 467 11,395 24 30

Thailand ................................... 8,320 8,317 7,251 1,066 817 332 969 72 18 6,102 7 3

All other Asia 9.......................... 77,640 76,333 26,020 50,313 12,758 1,444 36,145 11,001 3,149 11,594 242 1,307

Total Asia............................. 434,074 420,082 202,664 217,418 91,776 23,446 145,118 62,834 6,062 79,225 11,621 13,992

Africa: 

Egypt........................................ 2,253 2,253 1,930 323 1,140 89 239 22 62 701 - -

Ghana ...................................... 389 389 289 100 87 28 100 - - 174 - -

Kenya 10 ................................... 234 234 218 16 130 60 11 2 3 28 - -

Liberia ...................................... 343 341 205 136 12 131 56 78 2 59 3 2

Morocco ................................... 198 198 184 14 128 28 - - - 29 13 -

South Africa ............................. 1,411 1,389 959 430 622 166 360 36 34 171 - 22

All other Africa 10 ...................... 9,895 9,870 7,597 2,273 5,269 711 1,932 116 188 1,627 27 25

Total Africa........................... 14,723 14,674 11,382 3,292 7,388 1,213 2,698 254 289 2,789 43 49

Other countries: 

Australia ................................... 26,003 24,878 20,075 4,803 7,097 785 504 3,272 968 10,832 1,420 1,125

New Zealand............................ 4,541 4,500 3,564 936 958 139 483 402 51 2,397 70 41

All other.................................... 16,455 1,038 875 163 124 412 61 97 5 139 200 15,417

Total other........................... 46,999 30,416 24,514 5,902 8,179 1,336 1,048 3,771 1,024 13,368 1,690 16,583

All countries.................................. 3,587,053 3,473,261 2,570,259 903,002 1,073,612 176,307 250,003 295,729 64,055 1,167,703 445,852 113,792

International and regional orgs: 

International organizations....... 26,930 24,837 23,027 1,810 - 17,328 497 185 1,128 - 5,699 2,093

Regional organizations 11 ........ 4,259 4,248 2,403 1,845 - 1,693 303 1,453 89 - 710 11

Total International and 

 regional organizations ...... 31,189 29,085 25,430 3,655 - 19,021 800 1,638 1,217 - 6,409 2,104

Grand total ...................... 3,618,242 3,502,346 2,595,689 906,657 1,073,612 195,328 250,803 297,367 65,272 1,167,703 452,261 115,896

1

 Excludes negotiable certificates of deposit. 

2

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 3

 Includes both banks' own liabilities and banks' customer liabilities to foreigners 

primarily in the form of loans, including loans associated with repurchase agreements, 

and non-negotiable short-term securities. 

4

 These data as of June 30, 2006. 

5

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included 

in "All other Europe." 

6

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. 

7

 Before June 2006, data for Belize, Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay are 

included in "All other Latin America."8

 Before June 2006, data for Aruba, Barbados, British Virgin 

Islands, Dominican Republic, and Haiti are included in "All other Caribbean." 

9

 Before June 2006, data for Jordan are included in "All other Asia." 

10 Before June 2006, data for Kenya are included in "All other Africa." 11 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations.
CAPITAL MOVEMENTS 

March 2007 

66 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

1700

2002 2003 2004 2005 Dec. 2006

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 2005 Dec. 2006 

 

United Kingdom.......................... 203,237 345,235 501,721 590,505 684,196

All other Europe ......................... 483,421 462,334 611,774 691,138 589,657

Caribbean banking centers 1,2.... 837,771 955,536 1,186,221 1,200,444 1,572,483

Japan.......................................... 176,331 170,315 173,872 161,951 136,945

All other Asia .............................. 162,938 214,276 260,142 256,934 297,129

Subtotal .................................... 1,863,698 2,147,696 2,733,730 2,900,972 3,280,410

All other countries ...................... 202,433 234,774 284,143 285,773 337,832

Grand total ............................... 2,066,131 2,382,470 3,017,873 3,186,745 3,618,242

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $3.6 trillion in 

December 2006, an increase 

of $431 billion from yearend 

2005. U.S. banking liabilities 

include foreign holdings of 

U.S. short-term securities but 

exclude foreign holdings of 

U.S. long-term securities. 

U.S. banking liabilities 

increased about $169 billion 

in 2005, about $635 billion 

in 2004, and about $316 

billion in 2003. Much of the 

increase in liabilities to 

foreigners in 2003 reflects 

changes to the reporting 

scope of the TIC reporting 

system effective February 

2003. Between March and 

December of 2003, when 

data were reported on a 

consistent basis, banking 

liabilities increased about 

$136 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more 

than half of U.S. banking 

liabilities is currently 

recorded against the United 

Kingdom and banking 

centers in the Caribbean. 

These financial centers have 

recorded most of the growth 

in banking liabilities in 

recent years. Foreigners 

domiciled in the rest of 

Europe and in Asia account 

for about one-third of U.S. 

banking liabilities. 
 CAPITAL MOVEMENTS 

March 2007 

67

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Type of Claim 

 Calendar 

 Year 

 2004 Sept. Dec. r Mar. r June Sept. p 

Total claims.............................................................. 2,188,441 2,463,685 2,444,149 2,643,991 2,746,206 2,828,699 

Payable in dollars.................................................. 2,026,841 2,316,822 2,289,197 2,468,630 2,549,682 2,642,919 

Own claims on foreigners................................... 1,664,223 1,904,804 1,864,834 2,000,261 2,041,749 2,085,433 

Foreign official institutions............................... 71,892 79,523 72,919 72,745 82,997 97,221 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 1,187,954 1,392,273 1,391,775 1,503,629 1,540,071 1,574,174 

All other foreigners .......................................... 404,377 433,008 400,140 423,887 418,681 414,038 

Claims of domestic customers.............................. 362,618 412,018 424,363 468,369 507,933 557,486 

Payable in foreign currencies .................................. 161,600 146,863 154,952 175,361 196,524 185,780 

Own claims on foreigners ..................................... 129,544 101,745 98,852 107,999 107,808 97,704 

of which: 

Canadian dollars.............................................. 15,336 13,199 13,613 12,308 13,314 12,269 

Euros................................................................ 62,138 53,347 55,919 62,570 57,399 49,206 

United Kingdom pounds sterling...................... 10,388 11,592 10,985 13,021 15,039 14,886 

Japanese yen................................................... 34,207 15,324 10,084 9,624 10,270 10,359 

Claims of domestic customers.............................. 32,056 45,118 56,100 67,362 88,716 88,076 

of which: 

Canadian dollars.............................................. 3,225 2,875 4,536 6,159 4,566 6,581 

Euros................................................................ 17,865 32,446 38,671 41,985 65,812 65,912 

United Kingdom pounds sterling...................... 3,805 4,581 8,621 13,245 11,307 9,938 

Japanese yen................................................... 3,716 633 952 917 1,278 1,799 

Memoranda: 

Total own claims on foreigners ............................. 1,793,767 2,006,549 1,963,686 2,108,260 2,149,557 2,183,137 

Non-negotiable deposits .................................... 719,257 797,705 792,262 882,151 948,129 939,995 

Short-term negotiable instruments 

 (payable in dollars)........................................... 7,858 12,983 9,738 10,679 10,436 10,630 

Resale agreements ............................................ 479,422 535,782 482,090 517,176 503,064 522,664 

Other................................................................... 587,203 660,063 679,596 698,254 687,928 709,848 

Claims on own foreign offices............................... 1,097,873 1,317,432 1,304,277 1,435,358 1,477,657 1,514,185 

Claims reported by IBFs ....................................... 411,693 468,136 478,683 524,667 535,869 545,207 

Payable in dollars............................................... 365,267 440,893 448,031 488,254 498,015 511,023 

Payable in foreign currencies............................. 46,426 27,243 30,652 36,413 37,854 34,184 

Total claims held for domestic customers ............ 394,674 457,136 480,463 535,731 596,649 645,562 

Non-negotiable deposits .................................... 161,039 195,088 193,658 226,345 245,703 236,039 

Short-term negotiable instruments 

 (payable in dollars)........................................... 195,956 220,701 232,059 245,431 265,304 333,366 

Other ..................................................................... 37,679 41,347 54,746 63,955 85,642 76,157 

 

 
CAPITAL MOVEMENTS 

March 2007 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Country 

 Calendar 

 year 

 2004 Mar. June Sept. Dec. r Mar. r June Sept. p

 

Europe: 

Austria .................................................... 5,732 6,167 5,685 6,017 5,432 6,006 6,862 8,469

Belgium................................................... 11,676 15,245 17,581 17,867 14,095 22,054 27,065 19,950

Bulgaria .................................................. 106 45 22 50 23 40 45 38

Czech Republic ...................................... 746 1,124 1,134 2,247 3,413 3,457 3,875 2,578

Denmark................................................. 2,736 1,668 2,008 2,810 2,619 1,884 3,162 1,687

Finland.................................................... 12,365 14,362 11,181 9,610 9,610 10,156 12,909 15,054

France .................................................... 126,728 121,676 143,495 133,850 131,334 142,554 176,148 170,797

Germany................................................. 47,300 58,609 47,392 55,198 48,016 50,795 57,198 54,563

Greece.................................................... 140 132 169 148 106 243 690 888

Hungary.................................................. 192 47 125 112 121 168 50 133

Ireland..................................................... 23,245 26,932 25,109 29,875 41,916 33,406 35,121 47,332

Italy ......................................................... 21,748 22,723 23,712 22,870 23,200 20,011 25,726 35,122

Kazakhstan 1........................................... n.a. n.a. n.a. n.a. n.a. n.a. 501 446

Luxembourg ........................................... 9,151 10,273 9,490 10,332 14,885 15,251 17,672 17,690

Netherlands ............................................ 35,244 26,362 28,819 32,835 30,557 29,267 33,965 37,807

Norway ................................................... 27,739 19,253 34,360 25,914 19,083 26,715 30,051 33,006

Poland .................................................... 222 1,373 768 1,683 1,840 1,186 1,552 1,591

Portugal .................................................. 2,039 2,007 2,166 2,056 1,138 958 1,934 1,950

Romania ................................................. 264 245 265 275 288 272 273 265

Russia..................................................... 1,104 1,175 1,023 1,044 1,320 1,274 1,458 1,746

Spain ...................................................... 11,365 17,575 15,627 12,557 10,809 14,106 11,561 14,823

Sweden................................................... 28,445 30,875 27,992 29,905 27,865 29,696 27,537 37,427

Switzerland............................................. 118,486 96,195 127,408 175,428 151,785 172,207 124,222 141,631

Turkey..................................................... 2,604 2,618 3,049 3,329 3,459 3,341 3,438 4,084

United Kingdom...................................... 567,001 553,537 610,121 635,797 626,351 708,891 721,810 749,619

Channel Islands...................................... 31,814 32,646 32,735 35,416 42,827 42,006 40,083 40,776

All other Europe 1.................................... 6,424 18,410 17,906 17,392 18,996 21,710 1,755 2,134

Total Europe ........................................ 1,094,616 1,081,274 1,189,342 1,264,617 1,231,088 1,357,654 1,366,661 1,441,607

Memo: Euro Area 2 .................................... 306,733 322,063 330,426 333,215 331,098 344,807 406,849 424,446

Memo: European Union 3 .......................... n.a. n.a. n.a. n.a. n.a. n.a. 1,165,159 1,217,776

Canada...................................................... 78,707 75,851 77,062 84,012 94,997 93,152 110,354 104,502

Latin America: 

Argentina ................................................ 2,442 2,317 2,280 2,625 2,507 2,464 2,545 2,354

Bolivia 4 ................................................... n.a. n.a. n.a. n.a. n.a. n.a. 155 173

Brazil....................................................... 14,659 17,735 15,839 14,470 15,621 16,469 16,039 14,955

Chile ....................................................... 6,279 6,673 6,788 6,487 6,990 6,863 7,226 7,115

Colombia ................................................ 2,708 2,657 2,630 2,712 2,506 2,963 2,678 2,714

Costa Rica 4 ............................................ n.a. n.a. n.a. n.a. n.a. n.a. 734 721

Ecuador.................................................. 493 509 588 548 602 588 555 589

El Salvador 4 ........................................... n.a. n.a. n.a. n.a. n.a. n.a. 814 851

Guatemala.............................................. 891 831 893 753 903 1,005 910 904

Honduras 4 .............................................. n.a. n.a. n.a. n.a. n.a. n.a. 409 382

Mexico .................................................... 14,179 14,736 14,917 14,088 15,194 15,377 18,428 18,116

Nicaragua 4 ............................................. n.a. n.a. n.a. n.a. n.a. n.a. 95 93

Panama .................................................. 2,020 2,160 2,375 2,113 2,359 2,555 2,713 2,927

Paraguay 4 .............................................. n.a. n.a. n.a. n.a. n.a. n.a. 41 40

Peru ........................................................ 1,550 1,393 1,543 1,345 1,242 1,200 1,253 1,334

Uruguay.................................................. 422 359 454 491 486 481 425 527

Venezuela .............................................. 3,086 2,874 2,690 2,760 2,613 2,503 2,210 2,586

All other Latin America 4......................... 2,753 2,543 2,497 2,379 2,632 2,568 26 77

Total Latin America.............................. 51,482 54,787 53,494 50,771 53,655 55,036 57,256 56,458

Caribbean: 

Anguilla 5 ................................................ n.a. n.a. n.a. n.a. n.a. n.a. 2,589 3,913

Bahamas ................................................ 126,048 132,868 161,984 167,401 167,880 190,055 239,869 207,743

Barbados 5 .............................................. n.a. n.a. n.a. n.a. n.a. n.a. 391 395

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2007 

69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Country 

 Calendar 

 year 

 2004 Mar. June Sept. Dec. r Mar. r June Sept. p 

 

Caribbean, con. 

Bermuda....................................... 34,495 29,566 30,030 24,011 20,875 24,842 23,106 25,734

British Virgin Islands 5................... n.a. n.a. n.a. n.a. n.a. n.a. 3,258 2,926

Cayman Islands............................ 587,781 594,032 642,189 643,181 619,811 675,797 688,419 693,951

Dominican Republic 5 ................... n.a. n.a. n.a. n.a. n.a. n.a. 403 452

Haiti 5............................................. n.a. n.a. n.a. n.a. n.a. n.a. 49 34

Jamaica ........................................ 351 391 438 423 448 471 592 688

Netherlands Antilles ..................... 5,610 5,725 4,940 5,105 4,558 4,622 4,410 3,962

Trinidad and Tobago .................... 760 690 734 832 957 822 948 792

All other Caribbean 5 .................... 7,843 9,140 9,787 9,560 8,687 9,398 254 361

Total Caribbean......................... 762,888 772,412 850,102 850,513 823,216 906,007 964,288 940,951

Asia: 

China, Mainland. .......................... 9,425 13,355 10,744 17,493 14,957 17,023 19,671 15,413

Hong Kong ................................... 6,316 3,732 8,588 7,530 9,042 8,516 10,903 10,261

India.............................................. 2,298 2,532 2,467 2,866 2,669 2,334 2,098 3,071

Indonesia...................................... 617 556 601 638 523 467 578 470

Israel............................................. 3,119 5,865 3,429 4,860 5,827 4,778 5,378 6,276

Japan............................................ 102,859 89,543 94,252 92,589 114,459 111,641 113,383 137,918

Jordan 6......................................... n.a. n.a. n.a. n.a. n.a. n.a. 23 23

Korea............................................ 16,194 16,172 16,045 17,139 17,470 12,169 18,172 29,424

Lebanon........................................ 49 44 42 46 53 33 22 21

Malaysia ....................................... 1,539 1,605 1,730 1,417 834 987 980 819

Pakistan........................................ 37 57 37 42 33 29 29 62

Philippines .................................... 1,023 853 952 1,112 1,820 1,224 1,264 1,108

Singapore ..................................... 6,604 7,330 7,136 8,937 8,210 7,963 7,494 8,644

Taiwan.......................................... 10,935 12,578 10,753 8,234 8,909 6,680 4,411 5,917

Thailand........................................ 1,450 1,667 6,091 8,778 8,183 7,232 8,281 7,803

Oil exporting countries 7 ............... 10,755 8,579 8,853 13,152 13,670 10,964 13,726 11,941

All other Asia 6 .............................. 240 113 141 221 187 368 163 133

Total Asia................................... 173,460 164,581 171,861 185,054 206,846 192,408 206,576 239,304

Africa: 

Cameroon 8................................... n.a. n.a. n.a. n.a. n.a. n.a. 21 22

Egypt ............................................ 246 361 521 553 661 771 1,156 1,181

Ghana........................................... 22 16 18 11 19 37 32 8

Liberia........................................... 273 251 232 228 267 245 283 313

Morocco........................................ 95 112 95 108 94 84 105 71

South Africa.................................. 631 463 306 312 414 444 653 461

Oil exporting countries 9 ............... 249 342 312 361 339 307 309 335

All other Africa 8 ............................ 191 227 494 207 252 850 259 420

Total Africa ................................ 1,707 1,772 1,978 1,780 2,046 2,738 2,818 2,811

Other countries: 

Australia........................................ 15,211 13,143 14,948 13,260 18,569 21,413 22,248 28,497

New Zealand ................................ 2,243 2,896 2,111 2,732 3,601 3,973 3,188 3,244

All other ........................................ 82 221 109 93 178 416 402 219

Total other countries.................. 17,536 16,260 17,168 16,085 22,348 25,802 25,838 31,960

Total foreign countries ............ 2,180,396 2,166,937 2,361,007 2,452,832 2,434,196 2,632,797 2,733,791 2,817,593

International and regional orgs: 

International organizations........... 6,856 6,095 6,794 10,492 8,086 9,040 10,960 10,274

Regional organizations 10 ............. 1,189 2,635 1,308 361 1,867 2,154 1,455 832

Total international 

 and regional organizations.......... 8,045 8,730 8,102 10,853 9,953 11,194 12,415 11,106

Grand total .............................. 2,188,441 2,175,667 2,369,109 2,463,685 2,444,149 2,643,991 2,746,206 2,828,699

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, Nicaragua and 

Paraguay are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

March 2007 

70 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2006 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total own

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions 

and foreign 

banks 

(4) 

Claims on 

all other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable in 

dollars 

(8) 

Payable in 

foreign 

currencies 

(9) 

Europe: 

Austria ............................................... 8,469 4,200 4,134 660 3,474 66 4,269 3,450 819

Belgium.............................................. 19,950 14,141 13,788 12,648 1,140 353 5,809 2,841 2,968

Czech Republic ................................. 2,578 2,577 2,560 2,535 25 17 1 - 1

Denmark............................................ 1,687 462 300 133 167 162 1,225 1,051 174

Finland............................................... 15,054 12,818 12,739 12,668 71 79 2,236 1,547 689

France ............................................... 170,797 113,813 103,456 90,909 12,547 10,357 56,984 38,721 18,262

Germany............................................ 54,563 20,069 16,222 6,839 9,383 3,847 34,495 17,958 16,536

Greece............................................... 888 149 143 59 84 6 740 3 736

Hungary............................................. 133 115 70 5 65 45 18 - 18

Ireland................................................ 47,332 19,626 18,997 9,519 9,478 629 27,706 24,993 2,713

Italy .................................................... 35,122 26,850 25,425 25,250 175 1,425 8,272 3,143 5,129

Kazakhstan1 ...................................... 446 439 437 300 137 2 7 7 -

Luxembourg ...................................... 17,690 11,868 10,064 2,263 7,801 1,804 5,822 5,086 736

Netherlands ....................................... 37,807 27,307 24,499 8,115 16,384 2,808 10,500 4,394 6,106

Norway .............................................. 33,006 27,024 26,988 25,288 1,700 36 5,982 5,767 215

Poland ............................................... 1,591 1,585 1,560 1,539 21 25 6 1 5

Portugal ............................................. 1,950 1,014 832 585 247 182 935 155 780

Romania ............................................ 265 264 232 9 223 32 1 - 1

Russia................................................ 1,746 1,734 1,669 1,421 248 65 12 3 9

Spain ................................................. 14,823 10,816 9,714 9,580 134 1,102 4,007 874 3,133

Sweden.............................................. 37,427 10,362 10,122 8,160 1,962 240 27,065 26,724 341

Switzerland........................................ 141,631 135,834 132,205 128,120 4,085 3,629 5,797 5,751 46

Turkey................................................ 4,084 3,949 3,611 2,741 870 338 135 8 127

United Kingdom................................. 749,619 609,830 586,730 449,558 137,172 23,100 139,789 126,765 13,024

Channel Islands .................................. 40,776 30,384 30,272 26,325 3,947 112 10,392 8,401 1,991

All other Europe 1............................... 2,172 1,358 1,106 807 299 252 814 744 70

Total Europe ................................... 1,441,607 1,088,588 1,037,875 826,036 211,839 50,713 353,019 278,388 74,631

Memo: Euro Area 2 ............................... 424,446 262,671 240,013 179,095 60,918 22,658 161,775 103,166 58,609

Canada................................................. 104,502 76,316 65,427 53,258 12,169 10,889 28,186 21,767 6,419

Latin America: 

Argentina ........................................... 2,354 2,215 2,170 286 1,884 45 139 126 13

Bolivia 3 .............................................. 173 173 170 7 163 3 - - -

Brazil.................................................. 14,955 14,740 14,386 6,984 7,402 354 215 142 73

Chile .................................................. 7,115 7,109 6,758 2,391 4,367 351 6 5 1

Colombia ........................................... 2,714 2,697 2,671 1,412 1,259 26 17 11 6

Costa Rica 3 ....................................... 721 718 717 309 408 1 3 - 3

Ecuador............................................. 589 583 579 196 383 4 6 6 -

El Salvador 3 ...................................... 851 850 849 413 436 1 1 1 -

Guatemala......................................... 904 902 883 356 527 19 2 2 -

Honduras 3 ......................................... 382 380 380 176 204 - 2 2 -

Mexico ............................................... 18,116 17,991 17,088 955 16,133 903 125 115 10

Panama ............................................. 2,927 2,560 2,314 1,440 874 246 367 365 2

Peru ................................................... 1,334 1,329 1,320 263 1,057 9 5 5 -

Uruguay............................................. 527 525 517 140 377 8 2 2 -

Venezuela ......................................... 2,586 2,450 2,369 423 1,946 81 136 136 -

All other Latin America 3.................... 210 209 209 95 114 - 1 1 -

Total Latin America......................... 56,458 55,431 53,380 15,846 37,534 2,051 1,027 919 108

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2007 

71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2006, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions 

and foreign 

banks 

(4) 

Claims on 

all other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable in 

dollars 

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 207,743 137,006 135,513 131,894 3,619 1,493 70,737 70,624 113 

Bermuda............................................ 25,734 22,046 21,574 77 21,497 472 3,688 3,624 64 

British Virgin Islands 4........................ 2,926 2,717 2,179 18 2,161 538 209 209 - 

Cayman Islands................................. 693,951 536,988 517,768 433,294 84,474 19,220 156,963 155,644 1,319 

Dominican Republic 4 ........................ 452 452 439 88 351 13 - - - 

Jamaica ............................................. 688 688 665 99 566 23 - - - 

Netherlands Antilles .......................... 3,962 3,950 3,945 1,017 2,928 5 12 12 - 

Trinidad and Tobago ......................... 792 745 745 205 540 - 47 47 - 

All other Caribbean 4 ......................... 4,703 4,567 4,434 50 4,384 133 136 136 - 

Total Caribbean.............................. 940,951 709,159 687,262 566,742 120,520 21,897 231,792 230,296 1,496 

Asia: 

China, Mainland ................................ 15,413 15,229 15,223 14,412 811 6 184 184 - 

Hong Kong ........................................ 10,261 9,511 9,202 5,376 3,826 309 750 111 639 

India................................................... 3,071 2,705 2,646 2,266 380 59 366 346 20 

Indonesia........................................... 470 458 439 173 266 19 12 12 - 

Israel.................................................. 6,276 4,879 4,851 4,691 160 28 1,397 1,385 12 

Japan................................................. 137,918 128,975 123,353 115,720 7,633 5,622 8,943 7,779 1,164 

Korea................................................. 29,424 29,105 28,978 27,638 1,340 127 319 270 49 

Malaysia ............................................ 819 799 783 713 70 16 20 4 16 

Pakistan............................................. 62 59 57 42 15 2 3 - 3 

Philippines ......................................... 1,108 1,102 1,094 852 242 8 6 3 3 

Singapore .......................................... 8,644 7,272 5,906 4,750 1,156 1,366 1,372 269 1,103 

Taiwan............................................... 5,917 5,746 5,563 5,004 559 183 171 4 167 

Thailand............................................. 7,803 7,529 7,342 7,336 6 187 274 8 266 

All other Asia ..................................... 12,118 12,057 10,734 10,057 677 1,323 61 52 9 

Total Asia........................................ 239,304 225,426 216,171 199,030 17,141 9,255 13,878 10,427 3,451 

Africa: 

Egypt ................................................. 1,181 624 601 154 447 23 557 4 553 

Ghana................................................ 8 5 5 5 - - 3 3 - 

Liberia................................................ 313 313 304 2 302 9 - - - 

Morocco............................................. 71 71 48 48 - 23 - - - 

South Africa....................................... 461 316 282 222 60 34 145 120 25 

All other Africa ................................... 777 744 740 359 381 4 33 32 1 

Total Africa ..................................... 2,811 2,073 1,980 790 1,190 93 738 159 579 

Other countries: 

Australia............................................. 28,497 16,127 13,549 9,244 4,305 2,578 12,370 11,061 1,309 

New Zealand ..................................... 3,244 1,128 901 444 457 227 2,116 2,074 42 

All other ............................................. 219 219 218 5 213 1 - - - 

Total other countries....................... 31,960 17,474 14,668 9,693 4,975 2,806 14,486 13,135 1,351 

Total foreign countries ................. 2,817,593 2,174,467 2,076,763 1,671,395 405,368 97,704 643,126 555,091 88,035 

International and regional orgs: 

International organizations................ 10,274 8,372 8,372 - 8,372 - 1,902 1,883 19 

Regional organizations 5.................... 832 298 298 - 298 - 534 512 22 

Total international and regional 

 organizations ................................ 11,106 8,670 8,670 - 8,670 - 2,436 2,395 41 

Grand total ................................... 2,828,699 2,183,137 2,085,433 1,671,395 414,038 97,704 645,562 557,486 88,076 

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. 

3

 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in 

“All other Latin America.”

4

 Before June 2006, data for the British Virgin Islands and Dominican Republic are 

included in “All other Caribbean.” 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations 
CAPITAL MOVEMENTS 

March 2007 

72 

 

0

100

200

300

400

500

600

700

800

900

1000

1100

2002 2003 2004 2005 Sept. 2006

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 2005 Sept.2006 

United Kingdom....................... 293,642 385,701 567,001 626,351 749,619

All other Europe ....................... 406,139 401,137 527,615 604,737 691,988

Caribbean banking centers 1,2 . 533,194 612,200 755,954 815,483 934,317

Japan ....................................... 59,792 74,174 102,859 114,459 137,918

All other Asia............................ 53,952 65,922 70,601 92,387 101,386

Subtotal.................................. 1,346,719 1,539,134 2,024,030 2,253,417 2,615,228

All other countries .................... 170,023 160,865 164,411 190,732 213,471

Grand total ............................. 1,516,742 1,699,999 2,188,441 2,444,149 2,828,699

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In September 2006, U.S. claims 

on foreigners reported by U.S. 

banks amounted to about $2.8 

trillion, an increase of $385 

billion from the level recorded at 

yearend 2005. U.S. banking 

claims include holdings of foreign 

short-term securities but exclude 

holdings of foreign long-term 

securities. U.S. banking claims 

increased $256 billion in 2005, 

$488 billion in 2004, and $183 

billion in 2003. In large part, the 

increase in claims in 2003 reflects 

changes to the reporting scope of 

the TIC reporting system effective 

February 2003. Between March 

and December of 2003, when data 

were reported on a consistent 

basis, banking claims increased 

$12 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on foreigners 

are concentrated in international 

financial centers. About 60 

percent of these claims are 

reported opposite the United 

Kingdom and banking centers in 

the Caribbean. The share of 

claims against foreigners 

domiciled in Asia has declined 

over the past several years from 

about 20 percent at the end of 

1996 to less than 10 percent 

currently. 
CAPITAL MOVEMENTS 

March 2007 

73

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 2006 

Type of liability or claim 2002 2003 2004 Sept. r Dec. r Mar. r June Sept. p 

Total liabilities ................................................ 67,664 73,700 92,009 66,468 76,710 75,888 77,775 89,537 

Payable in dollars....................................... 45,087 43,147 55,386 52,307 58,728 57,864 60,167 67,189 

Financial................................................. 18,844 15,515 29,575 17,794 24,003 19,631 19,160 27,266 

Short-term negotiable securities........ n.a. 1,895 1,410 1,520 3,248 1,282 1,787 4,857 

Other .................................................. n.a. 13,620 28,165 16,274 20,755 18,349 17,373 22,409 

Commercial............................................ 26,243 27,632 25,811 34,513 34,725 38,233 41,007 39,923 

Trade payables .................................. 13,469 16,000 16,705 22,651 21,751 24,863 27,942 27,135 

Advance receipts and other............... 12,774 11,632 9,106 11,862 12,974 13,370 13,921 13,872 

Payable in foreign currencies .................... 22,577 30,553 36,623 14,161 17,982 18,024 17,608 22,348 

By major foreign currency: 

Canadian dollars ................................ n.a. 1,630 2,623 2,015 2,525 1,589 1,806 2,978 

Euros.................................................. n.a. 11,159 10,125 5,031 5,041 7,384 4,722 4,341 

United Kingdom pounds sterling........ n.a. 12,031 19,041 3,132 3,640 3,160 3,378 3,153 

Japanese yen..................................... n.a. 2,702 1,860 1,685 2,326 1,638 1,516 1,560 

Other .................................................. n.a. 3,031 2,974 2,298 4,450 4,253 6,186 10,316 

By type of liability: 

Financial............................................. 20,717 28,095 33,272 11,553 15,246 15,076 14,133 19,103 

Short-term negotiable securities.... n.a. 12,107 10,349 3,918 5,802 4,172 4,547 4,970 

Other .............................................. n.a. 15,988 22,923 7,635 9,444 10,904 9,586 14,133 

Commercial........................................ 1,860 2,458 3,351 2,608 2,736 2,948 3,475 3,245 

Trade payables .............................. 1,230 1,174 1,476 1,134 1,299 1,336 1,339 1,318 

Advance receipts and other........... 630 1,284 1,875 1,474 1,437 1,612 1,280 843 

Total claims.................................................... 102,566 100,916 143,232 135,339 144,950 129,849 135,306 148,606

Payable in dollars....................................... 91,551 83,388 94,884 94,286 105,700 91,591 108,485 110,533 

Financial................................................. 65,070 57,894 67,445 66,405 75,802 60,724 75,526 78,370 

Non-negotiable deposits .................... n.a. 33,944 42,005 42,026 42,140 32,700 36,014 29,752 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. 3,047 9,739 11,513 12,888 12,129 12,614 21,439 

Other .................................................. n.a. 21,365 16,314 13,118 20,774 15,920 26,898 27,179 

Commercial............................................ 26,481 25,494 27,439 27,881 29,898 30,867 32,959 32,163 

Trade receivables .............................. 22,635 21,245 24,778 24,817 26,080 27,043 30,038 29,281 

Advance payments and other............ 3,846 4,249 2,661 3,064 3,818 3,824 3,843 3,895 

Payable in foreign currencies .................... 11,015 17,528 48,348 41,053 39,250 38,258 26,821 38,073 

By major foreign currency: 

Canadian dollars ................................ n.a. 2,469 1,841 11,178 9,829 8,267 9,014 11,114 

Euros.................................................. n.a. 4,318 22,212 11,423 10,643 9,937 6,377 7,792 

United Kingdom pounds sterling........ n.a. 4,429 10,805 9,204 8,341 9,061 5,418 5,049 

Japanese yen..................................... n.a. 1,420 7,583 4,076 3,724 3,636 760 889 

Other .................................................. n.a. 4,892 5,907 5,172 6,713 7,357 5,252 13,229 

By type of claim: 

Financial............................................. 6,319 9,453 43,072 37,808 35,592 34,119 23,168 34,180 

Non-negotiable deposits ................ n.a. 1,976 5,878 7,703 8,009 7,890 6,422 4,855 

Short-term negotiable securities.... n.a. 164 153 332 292 236 173 203 

Other .............................................. n.a. 7,313 37,041 29,773 27,291 25,993 16,573 29,122 

Commercial........................................ 4,696 8,075 5,276 3,245 3,658 4,139 3,653 3,893 

Trade receivables .......................... 3,750 7,373 4,451 2,718 3,151 3,491 2,229 2,146 

Advance payments and other........ 946 702 825 527 507 648 502 734 

 

 
CAPITAL MOVEMENTS 

March 2007 

74 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2005 2006 

Country 2001 2002 2003 2004 Sept. Dec. r Mar. r June Sept. p 

Europe: 

Austria.................................. 151 64 82 146 137 68 103 93 41

Belgium 1 .............................. 253 285 163 74 88 73 83 110 118

Bulgaria................................ 3 4 3 2 - - - - 34

Czech Republic.................... 10 13 6 34 13 17 10 14 19

Denmark............................... 148 522 67 41 76 78 72 137 76

Finland ................................. 86 56 47 38 28 20 20 74 47

France.................................. 3,575 6,008 4,443 2,368 2,860 2,631 2,601 3,249 2,362

Germany .............................. 3,249 3,704 4,386 3,935 3,431 3,646 4,154 3,655 10,660

Greece ................................. 410 403 474 248 475 401 344 358 349

Hungary................................ 27 32 11 14 11 12 12 15 14

Ireland .................................. 1,264 785 856 1,070 1,388 1,636 1,312 1,242 1,315

Italy....................................... 1,395 1,271 1,154 795 1,390 1,174 1,220 990 936

Luxembourg 1....................... n.a. n.a. 705 824 583 378 454 368 433

Netherlands.......................... 3,117 2,415 668 668 708 895 1,057 875 1,068

Norway................................. 320 406 445 1,365 795 3,537 449 347 460

Poland.................................. 43 46 26 151 225 229 316 326 317

Portugal................................ 16 17 7 22 28 39 47 49 24

Romania............................... 17 20 30 33 6 4 2 5 6

Russia 2 ................................ 48 38 71 74 115 64 73 120 101

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 14 9 - 2 7 4 5 2 1

Spain.................................... 423 403 1,068 591 384 399 262 567 208

Sweden ................................ 97 115 656 800 431 747 774 170 927

Switzerland .......................... 884 494 1,884 1,078 1,159 1,237 945 1,282 1,526

Turkey .................................. 133 101 302 180 150 137 283 217 230

United Kingdom ................... 25,131 25,180 26,911 32,878 12,801 15,093 12,414 13,724 16,587

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. - 2 502 501 760 35 10

Other Europe ....................... 211 201 188 286 350 250 319 260 382

Total Europe .................... 41,025 42,592 44,653 47,720 28,143 33,271 28,092 28,284 38,251

Canada..................................... 2,577 2,179 3,405 4,578 4,894 4,905 4,752 5,176 6,248

Latin America: 

Argentina.............................. 50 62 125 59 114 148 180 199 173

Brazil .................................... 325 318 475 321 212 288 219 289 282

Chile ..................................... 56 55 60 91 325 387 392 444 474

Colombia.............................. 82 50 118 84 142 106 182 218 231

Ecuador................................ 4 5 21 26 28 10 6 8 28

Guatemala ........................... 13 13 15 10 8 23 18 7 16

Mexico.................................. 935 1,201 1,332 1,968 1,949 2,234 2,769 2,826 2,558

Panama................................ 49 61 52 7 49 56 48 80 57

Peru...................................... 41 21 15 17 3 8 20 10 11

Uruguay................................ 864222331

Venezuela ............................ 168 178 332 451 738 681 499 467 452

Other Latin America 5 ........... 284 503 98 113 83 105 61 112 38

Total Latin America............. 2,015 2,473 2,647 3,149 3,653 4,048 4,397 4,663 4,321

Caribbean: 

Bahamas.............................. 209 74 14 32 74 70 82 65 85

Bermuda................................... 1,551 1,528 1,224 9,230 698 1,704 1,457 1,089 736

British West Indies 6................. 1,672 401 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. 3,154 7,279 6,589 6,522 8,963 8,818 10,585

Cuba..................................... 42 29 2 - - - - - -

Jamaica................................ 12 28 17 24 17 14 15 17 18

Netherlands Antilles............. 46 11 3 14 14 13 11 2 2

Trinidad and Tobago............ 38 33 16 15 13 44 42 42 19

Other Caribbean 5 ................ n.a. n.a. 564 729 849 936 479 995 1,064

Total Caribbean ............... 3,570 2,104 4,994 17,323 8,254 9,303 11,049 11,028 12,509

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2007 

75

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 2006 

Country 2001 2002 2003 2004 Sept. Dec. r Mar. r June Sept. p 

Asia: 

China, Mainland. .................... 735 1,252 1,129 3,983 2,690 3,825 3,744 4,077 3,653

Hong Kong ............................. 560 495 583 668 684 746 783 684 1,148

India........................................ 179 160 86 103 135 158 269 275 381

Indonesia................................ 44 100 60 74 68 89 60 48 51

Israel....................................... 195 350 519 302 223 613 386 417 314

Japan...................................... 5,850 6,124 6,196 5,869 7,196 7,354 7,172 7,447 7,255

Korea...................................... 897 548 1,331 723 1,714 1,743 1,770 1,859 1,627

Lebanon ................................. 57 53 13 35 35 42 27 13 17

Malaysia ................................. 393 140 188 256 384 335 439 417 326

Pakistan.................................. 94 158 233 171 194 230 186 143 151

Philippines.............................. 1,100 108 139 117 102 109 105 120 136

Singapore............................... 1,793 1,796 1,436 822 1,523 1,823 2,705 2,396 2,592

Syria ....................................... 6 13 2 21 2 4 4 3 5

Taiwan.................................... 819 659 441 491 701 1,010 1,275 1,098 1,203

Thailand.................................. 105 118 34 79 194 212 499 789 616

Oil-exporting countries 7......... 2,649 3,993 3,184 2,946 3,897 4,159 5,637 5,991 6,178

Other Asia .............................. 83 247 284 303 306 298 216 230 230

Total Asia ........................... 15,559 16,314 15,858 16,963 20,048 22,750 25,277 26,007 25,883

Africa: 

Congo (formerly Zaire)........... 1 1 86 - - - 1 1 -

Egypt ...................................... 117 128 28 132 121 119 141 131 112

Ghana..................................... 3 2 4 2 - 1 4 3 3

Liberia..................................... 30 1 - 14 2 1 6 69 2

Morocco.................................. 34 42 41 44 40 42 46 43 42

South Africa............................ 111 130 52 36 53 950 953 805 744

Oil-exporting countries 8......... 441 496 464 518 555 590 440 755 591

Other Africa ............................ 152 158 230 332 202 210 145 280 217

Total Africa ......................... 889 958 905 1,078 973 1,913 1,736 2,087 1,711

Other countries: 

Australia ................................. 584 732 1,053 1,047 391 397 466 486 516

New Zealand 9........................ n.a. n.a. 71 51 29 38 28 23 25

All other .................................. 430 238 98 98 80 83 87 7 47

Total other countries .......... 1,014 970 1,222 1,196 500 518 581 516 588

Total foreign countries ... 66,649 67,590 73,684 92,007 66,465 76,708 75,884 77,761 89,511

International and regional orgs: 

International organizations..... - 22 - - - - - - 3

Regional organizations 10 ....... 30 52 16 2 3 2 4 14 23

Total international and 

 regional organizations...... 30 74 16 2 3 2 4 14 26

Grand total ..................... 66,679 67,664 73,700 92,009 66,468 76,710 75,888 77,775 89,537

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2007 

76 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2005 2006 

Country 2001 2002 2003 2004 Sept. Dec. Mar. r June Sept. p 

Europe: 

Austria....................................... 1,985 1,770 1,752 1,816 2,071 2,159 2,309 1,977 2,037

Belgium 1 ................................... 893 991 523 2,307 823 1,822 1,412 525 787

Bulgaria..................................... 13 9 14 37 26 29 14 17 7

Czech Republic......................... 79 62 54 64 47 49 54 55 51

Denmark.................................... 138 112 716 494 290 341 184 135 157

Finland ...................................... 238 624 176 617 728 336 385 408 521

France....................................... 4,371 6,411 5,865 3,713 6,346 5,063 3,947 5,271 4,663

Germany ................................... 2,726 5,447 4,132 6,787 3,405 4,238 3,787 4,134 10,718

Greece ...................................... 339 409 204 199 168 380 241 199 215

Hungary..................................... 66 51 53 46 33 57 58 84 34

Ireland ....................................... 821 516 423 1,672 884 795 468 741 936

Italy............................................ 1,434 2,963 4,069 2,434 3,118 3,702 2,035 2,020 2,028

Luxembourg 1............................ n.a. n.a. 115 127 357 391 354 474 351

Netherlands............................... 2,667 5,138 3,184 7,883 3,610 3,387 3,797 2,201 3,242

Norway...................................... 257 286 315 229 354 402 268 233 324

Poland....................................... 77 79 104 57 51 58 58 71 81

Portugal..................................... 71 222 161 146 123 60 62 85 63

Romania.................................... 34 24 25 47 25 22 26 18 28

Russia 2 ..................................... 137 93 118 157 307 359 731 684 724

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 23 10 13 14 12 17 9 12 10

Spain......................................... 1,042 1,370 1,803 1,242 1,737 2,032 1,232 1,410 1,410

Sweden ..................................... 441 417 779 648 469 503 486 456 508

Switzerland ............................... 1,200 886 2,538 2,506 2,607 1,876 2,184 2,075 2,414

Turkey ....................................... 383 503 474 594 567 638 787 472 519

United Kingdom ........................ 20,343 14,390 15,366 27,699 24,853 24,772 24,671 26,425 35,714

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. - 25 70 16 26 9 29

Other Europe ............................ 362 422 546 607 945 1,315 918 862 1,023

Total Europe ......................... 40,140 43,205 43,522 62,171 54,027 54,820 50,503 51,053 68,594

Canada.......................................... 9,011 7,803 8,381 8,429 16,291 16,122 14,375 15,802 17,551

Latin America: 

Argentina................................... 810 602 398 406 367 350 420 428 507

Brazil ......................................... 3,081 3,036 2,735 2,758 2,692 2,972 2,602 2,684 2,473

Chile .......................................... 242 217 382 346 302 303 317 289 310

Colombia................................... 240 240 234 295 274 299 273 337 364

Ecuador..................................... 62 112 117 86 75 95 97 124 112

Guatemala ................................ 90 79 76 90 114 100 107 135 135

Mexico....................................... 4,466 4,180 2,968 3,756 3,762 4,108 3,644 3,079 3,243

Panama..................................... 105 79 232 177 183 198 240 233 225

Peru........................................... 79 69 73 95 87 117 138 131 138

Uruguay..................................... 20 30 16 13 29 5 11 12 11

Venezuela ................................. 371 392 361 474 546 539 572 526 482

Other Latin America 5 ................ 919 1,102 427 504 512 485 425 265 311

Total Latin America................... 10,485 10,138 8,019 9,000 8,943 9,571 8,846 8,243 8,311

Caribbean: 

Bahamas................................... 1,018 1,069 1,075 1,631 3,703 1,631 2,403 3,841 4,494

Bermuda......................................... 1,287 1,011 1,024 5,358 1,611 2,238 2,303 2,763 2,095

British West Indies 6 .................... 33,060 21,547 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. n.a. 20,067 36,320 30,557 36,416 29,438 29,633 23,854

Cuba.......................................... 2 - 16 8 1 12 2 3 2

Jamaica..................................... 93 94 84 67 65 70 67 72 61

Netherlands Antilles.................. 70 45 32 37 17 42 37 15 16

Trinidad and Tobago................. 45 54 100 120 135 119 143 142 135

Other Caribbean 5 ..................... n.a. n.a. 951 1,085 1,255 1,721 1,077 1,544 1,349

Total Caribbean .................... 35,575 23,820 23,349 44,626 37,344 42,249 35,470 38,013 32,006

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2007 

77

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 2006 

Country 2001 2002 2003 2004 Sept. Dec. Mar. r June Sept. p

 

Asia: 

China, Mainland..................... 1,052 867 1,066 3,688 3,798 4,958 4,600 4,686 4,386

Hong Kong ............................. 1,094 682 832 701 815 941 1,183 1,260 911

India ....................................... 638 743 668 643 550 413 413 618 441

Indonesia................................ 239 280 170 393 616 445 387 392 308

Israel ...................................... 700 453 749 482 475 403 390 452 416

Japan ..................................... 3,610 3,618 2,951 2,848 2,327 2,696 2,663 2,824 2,982

Korea...................................... 1,850 1,738 1,456 1,569 1,220 1,244 1,216 1,065 1,378

Lebanon ................................. 16 21 34 15 18 22 28 30 38

Malaysia................................. 645 521 497 549 494 536 327 386 375

Pakistan ................................. 44 17 34 43 96 57 56 66 41

Philippines.............................. 1,001 708 743 503 420 275 109 302 219

Singapore............................... 1,120 1,044 1,162 1,600 1,425 1,944 1,345 1,525 1,657

Syria ....................................... 11 28 6 14 5 6 7 3 3

Taiwan.................................... 853 696 783 892 865 853 743 996 883

Thailand ................................. 232 237 250 326 302 295 337 340 345

Oil-exporting countries 7......... 985 897 1,046 1,208 1,364 1,800 1,670 2,548 2,935

Other Asia .............................. 189 132 222 309 317 408 288 221 289

Total Asia ........................... 14,279 12,682 12,669 15,783 15,107 17,296 15,762 17,714 17,607

Africa: 

Congo (formerly Zaire)........... - 18 2 1 2 1 4 13 12

Egypt...................................... 233 155 176 159 166 194 213 169 196

Ghana .................................... 7 9 8 4 12 16 13 15 16

Liberia .................................... 28 50 109 102 92 98 89 75 86

Morocco ................................. 35 24 27 33 12 23 26 58 26

South Africa ........................... 293 273 247 193 162 1,075 1,095 980 967

Oil-exporting countries 8......... 137 120 150 162 289 295 349 351 393

Other Africa............................ 326 330 336 281 398 419 396 426 422

Total Africa......................... 1,059 979 1,055 935 1,133 2,121 2,185 2,087 2,118

Other countries: 

Australia ................................. 2,150 3,540 3,619 1,588 1,851 2,144 2,121 2,169 2,198

New Zealand 9........................ n.a. n.a. 208 441 433 420 381 164 159

All other.................................. 383 393 83 245 199 207 197 49 50

Total other countries .......... 2,533 3,933 3,910 2,274 2,483 2,771 2,699 2,382 2,407

Total foreign countries ... 113,082 102,560 100,905 143,218 135,328 144,950 129,840 135,294 148,594

International and regional orgs : 

International organizations..... - 2 1 3 1 - 2 11 4

Regional organizations 10....... - 4 10 11 10 - 7 1 8

Total international and 

 regional organizations...... - 6 11 14 11 - 9 12 12

Grand total ..................... 113,082 102,566 100,916 143,232 135,339 144,950 129,849 135,306 148,606

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2007 

78 

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

Country, September 30, 2006, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

 

Europe: 

Austria ........................................... 41 25 16 2,037 1,983 54 

Belgium 1 ....................................... 118 2 116 787 564 223 

Bulgaria ......................................... 34 - 34 7 4 3 

Czech Republic............................. 19 4 15 51 16 35 

Denmark........................................ 76 3 73 157 73 84 

Finland........................................... 47 37 10 521 179 342 

France ........................................... 2,362 823 1,539 4,663 2,569 2,094 

Germany........................................ 10,660 9,455 1,205 10,718 9,074 1,644 

Greece........................................... 349 25 324 215 65 150 

Hungary......................................... 14 7 7 34 2 32 

Ireland ........................................... 1,315 1,265 50 936 339 597 

Italy................................................ 936 8 928 2,028 535 1,493 

Luxembourg 1 ................................ 433 393 40 351 95 256 

Netherlands................................... 1,068 449 619 3,242 2,712 530 

Norway .......................................... 460 7 453 324 167 157 

Poland ........................................... 317 - 317 81 4 77 

Portugal......................................... 24 5 19 63 32 31 

Romania........................................ 6 - 6 28 9 19 

Russia 2 ......................................... 101 15 86 724 566 158 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 1 - 1 10 - 10 

Spain ............................................. 208 52 156 1,410 626 784 

Sweden ......................................... 927 820 107 508 275 233 

Switzerland.................................... 1,526 145 1,381 2,414 1,364 1,050 

Turkey ........................................... 230 23 207 519 427 92 

United Kingdom............................. 16,587 12,973 3,614 35,714 31,907 3,807 

Channel Islands and 

Isle of Man 4 .............................. 10 10 - 29 3 26 

Other Europe................................. 382 38 344 1,023 865 158 

Total Europe.............................. 38,251 26,584 11,667 68,594 54,455 14,139 

Canada.............................................. 6,248 2,911 3,337 17,551 15,179 2,372 

Latin America: 

Argentina....................................... 173 10 163 507 46 461 

Brazil ............................................. 282 67 215 2,473 1,421 1,052 

Chile .............................................. 474 6 468 310 63 247 

Colombia ....................................... 231 - 231 364 24 340 

Ecuador......................................... 28 - 28 112 32 80 

Guatemala..................................... 16 - 16 135 39 96 

Mexico........................................... 2,558 35 2,523 3,243 1,244 1,999 

Panama......................................... 57 15 42 225 141 84 

Peru............................................... 11 - 11 138 19 119 

Uruguay......................................... 1 - 1 11 1 10 

Venezuela ..................................... 452 - 452 482 128 354 

Other Latin America 5 .................... 38 2 36 311 146 165 

Total Latin America ....................... 4,321 135 4,186 8,311 3,304 5,007 

Caribbean: 

Bahamas ....................................... 85 - 85 4,494 4,463 31 

Bermuda............................................. 736 16 720 2,095 1,631 464 

Cayman Islands 6............................. 10,585 10,016 569 23,854 23,291 563 

Cuba.............................................. - - - 2 - 2 

Jamaica......................................... 18 7 11 61 22 39 

Netherlands Antilles ...................... 2 - 2 16 3 13 

Trinidad and Tobago..................... 19 6 13 135 69 66 

Other Caribbean 5 ......................... 1,064 74 990 1,349 165 1,184 

Total Caribbean......................... 12,509 10,119 2,390 32,006 29,644 2,362 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2007 

79

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

Country, September 30, 2006, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China, Mainland ............................ 3,653 2,921 732 4,386 3,285 1,101 

Hong Kong .................................... 1,148 147 1,001 911 378 533 

India............................................... 381 38 343 441 52 389 

Indonesia....................................... 51 15 36 308 222 86 

Israel.............................................. 314 2 312 416 54 362 

Japan............................................. 7,255 1,223 6,032 2,982 779 2,203 

Korea............................................. 1,627 68 1,559 1,378 495 883 

Lebanon ........................................ 17 3 14 38 11 27 

Malaysia ........................................ 326 8 318 375 119 256 

Pakistan......................................... 151 3 148 41 - 41 

Philippines..................................... 136 19 117 219 151 68 

Singapore...................................... 2,592 94 2,498 1,657 137 1,520 

Syria .............................................. 5 - 5 3 - 3 

Taiwan........................................... 1,203 20 1,183 883 54 829 

Thailand......................................... 616 4 612 345 198 147 

Other Asia ..................................... 230 30 200 289 104 185 

Total Asia .................................... 25,883 5,795 20,088 17,607 7,248 10,359 

Africa: 

Congo (formerly Zaire).................. - - - 12 12 - 

Egypt ............................................. 112 1 111 196 10 186 

Ghana............................................ 3 - 3 16 - 16 

Liberia............................................ 2 1 1 86 86 - 

Morocco......................................... 42 3 39 26 11 15 

South Africa................................... 744 723 21 967 771 196 

Other Africa ................................... 217 13 204 422 154 268 

Total Africa ................................ 1,711 741 970 2,118 1,078 1,040 

Other countries: 

Australia ........................................ 516 77 439 2,198 1,522 676 

New Zealand 7............................... 25 6 19 159 86 73 

All other ......................................... 47 1 46 50 34 16 

Total other countries ................. 588 84 504 2,407 1,642 765 

Total foreign countries .......... 89,511 46,369 43,142 148,594 112,550 36,044 

International and regional orgs: 

International organizations............ 3 - 3 4 - 4 

Regional organizations 8 ............... 23 - 23 8 - 8 

Total international and 

 regional organizations............. 26 - 26 12 - 12 

Grand total ............................ 89,537 46,369 43,168 148,606 112,550 36,056 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2007 

80

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

2002 ......................................... 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 ......................................... 263,580 103,838 159,685 57 8,001,517 7,737,937 155,800 1,440,289 1,284,489 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 r ....................................... 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 - Jan. - Dec. p.................. 198,557 62,530 134,913 1,114 10,956,492 10,757,935 290,760 1,572,175 1,281,415 

 

2005 - Dec. r ............................ 17,024 5,838 10,892 294 599,609 582,585 11,218 94,276 83,058 

2006 - Jan. r. ............................ 1,714 6,378 -5,089 425 853,528 851,814 29,154 125,513 96,359 

Feb. r............................ 19,124 12,679 6,707 -262 867,720 848,596 30,063 127,232 97,169 

Mar. r ............................ 8,823 -7,332 16,481 -326 975,496 966,673 15,509 118,944 103,435 

Apr. r............................. -3,841 11,078 -15,325 406 719,043 722,884 18,005 129,696 111,691 

May r ............................ 17,762 -13,969 30,971 760 1,087,416 1,069,654 36,891 147,871 110,980 

June r ........................... 28,670 -4,702 33,860 -488 911,422 882,752 23,006 125,726 102,720 

July r............................. 11,156 8,239 2,546 371 815,315 804,159 19,537 123,739 104,202 

Aug ............................... 44,103 16,882 27,342 -121 908,244 864,141 33,477 127,242 93,765 

Sept.............................. 1,655 7,706 -6,038 -13 906,746 905,091 25,204 123,864 98,660 

Oct................................ 24,690 18,463 6,395 -168 955,892 931,202 16,110 127,603 111,493 

Nov. p........................... 34,120 1,016 32,489 615 1,000,158 966,038 15,767 140,619 124,852 

Dec. p........................... 10,581 6,092 4,574 -85 955,512 944,931 28,037 154,126 126,089 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign 

 sales 

 (15) 

 

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571 

2003 .............................................................................. 265,743 979,923 714,180 34,737 3,104,232 3,069,495 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 ............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 - Jan. - Dec. p....................................................... 502,971 1,668,587 1,165,616 149,845 6,903,574 6,753,729 

 

2005 - Dec..................................................................... 35,841 107,408 71,567 10,333 421,895 411,562 

2006 - Jan. r .................................................................. 30,234 107,127 76,893 25,229 499,945 474,716 

Feb. r................................................................. 37,689 130,715 93,026 17,826 494,941 477,115 

Mar. r ................................................................. 49,620 151,543 101,923 22,770 577,450 554,680 

Apr. r.................................................................. 40,272 119,269 78,997 12,319 513,772 501,453 

May r ................................................................. 42,826 145,272 102,446 13,960 684,113 670,153 

June r ................................................................ 40,890 135,320 94,430 -1,643 621,723 623,366 

July r.................................................................. 20,545 96,550 76,005 14,411 539,824 525,413 

Aug .................................................................... 39,765 131,907 92,142 7,979 583,110 575,131 

Sept................................................................... 58,958 157,606 98,648 14,639 562,165 547,526 

Oct..................................................................... 40,787 149,072 108,285 26,992 642,661 615,669 

Nov. p................................................................ 65,396 176,737 111,341 6,963 610,618 603,655 

Dec. p................................................................ 35,989 167,469 131,480 -11,600 573,252 584,852 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

March 2007 

81

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 .................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 - Jan. - Sept. p ............................ -246,022 -139,675 1,868,994 2,008,669 -106,347 3,699,449 3,805,796 

 

2005 - Dec. .......................................... -22,036 -5,615 117,158 122,773 -16,421 230,215 246,636 

2006 - Jan. r......................................... -15,350 -3,985 143,287 147,272 -11,365 257,226 268,591 

Feb. r........................................ -11,533 44 146,226 146,182 -11,577 288,877 300,454 

Mar. r ........................................ -21,514 -8,803 171,103 179,906 -12,711 310,443 323,154 

Apr. r......................................... -19,142 -7,659 132,420 140,079 -11,483 283,598 295,081 

May r ........................................ -23,299 -14,990 173,593 188,583 -8,309 388,816 397,125 

June r ....................................... -7,919 -10,091 143,862 153,953 2,172 323,827 321,655 

July r......................................... -21,753 -18,537 123,918 142,455 -3,216 262,693 265,909 

Aug ........................................... -2,907 -9,364 139,924 149,288 6,457 287,599 281,142 

Sept.......................................... -22,799 -13,558 145,881 159,439 -9,241 281,210 290,451 

Oct............................................ -15,047 -6,691 162,901 169,592 -8,356 346,249 354,605 

Nov. p....................................... -37,361 -17,583 190,822 208,405 -19,778 342,699 362,477 

Dec. p....................................... -47,398 -28,458 195,057 223,515 -18,940 326,212 345,152 

 
CAPITAL MOVEMENTS 

March 2007 

82

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2006 2006 2006 2006 

Country 

 Calendar 

 year 

 2005 r 

 (1) 

Jan. 

through 

Dec. 

(2) 

 Oct. 

 through 

 Dec. p 

 (3) 

Calendar 

year 

2005 r 

(4) 

 Jan. 

 through

 Dec. 

 (5) 

 Oct. 

 through 

 Dec. p 

 (6) 

 Calendar 

 year 

 2005 r 

 (7) 

 Jan. 

 through

Dec. 

 (8) 

 Oct. 

 through 

 Dec. p 

 (9) 

Calendar 

year 

2005 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct. 

through 

Dec. p 

(12) 

Europe: 

Austria............................. 53 -927 -720 13 -91 2 -74 379 148 -88 -74 -14

Belgium........................... 500 580 -191 -398 -193 -190 3,625 -635 -519 5,757 1,622 -1,452

Bulgaria........................... -108 -26 15 34 49 36 -12 32 20 -13 -9 -

Cyprus 1 .......................... n.a. n.a. 11 n.a. n.a. 11 n.a. n.a. 209 n.a. n.a. -342

Czech Republic............... 3,072 520 -93 -205 -318 -130 -57 11 6 95 100 12

Denmark ......................... -713 -2,970 -46 540 -14 -38 -921 -354 -251 663 2,161 220

Finland............................ -116 -39 75 52 130 -11 -80 100 47 429 118 -168

France............................. 9,559 -1,600 7,513 500 -261 799 13,156 21,626 9,119 7,675 21,738 9,991

Germany ......................... 14,497 1,471 -677 5,938 4,471 1,265 6,488 -11,919 -17,107 -3,278 -8,164 -4,039

Greece............................ 129 302 -11 16 6 -9 10 67 47 53 -231 -233

Hungary .......................... 19 147 -44 -26 -3,062 -234 190 -1,207 -51 -22 116 22

Ireland............................. 1,246 -1,293 -2,657 3,591 4,175 154 12,184 13,934 4,089 1,660 -1,775 -2,421

Italy ................................. 3,753 255 -207 721 356 -302 -53 -505 177 -2,567 -2,333 -1,311

Kazakhstan 1................... n.a. n.a. 965 n.a. n.a. 1,160 n.a. n.a. 8 n.a. n.a. -2

Luxembourg.................... 2,046 -1,290 -847 1,583 5,045 -261 4,610 4,691 274 7,924 11,611 2,025

Monaco 1......................... n.a. n.a. 69 n.a. n.a. 39 n.a. n.a. 20 n.a. n.a. 57

Netherlands .................... -6,095 690 2,000 1,259 -648 -200 2,772 3,379 1,804 -2,326 -5,428 -3,611

Norway............................ 6,414 5,129 15,420 1,238 8,833 3,037 3,100 5,725 1,451 2,300 -583 -140

Poland............................. 2,352 -1,323 930 -708 -123 -126 -15 -35 1 -9 -46 -27

Portugal .......................... -264 -786 -310 42 -129 -198 21 21 -65 -50 120 -33

Romania ......................... 107 514 427 -145 592 -196 - 2 1 -1 -12 -10

Russia............................. 1,974 5,830 627 3,101 12,738 1,472 5 63 35 -52 -41 -111

Serbia and Montenegro 2... 217 301 254 1 - - 1 - - - -1 -

Spain............................... 3,859 -1,351 -153 213 -265 -259 7,101 6,580 651 -26 289 43

Sweden........................... 1,832 703 -887 252 707 -28 -370 2,238 1,326 -486 664 538

Switzerland ..................... -4,904 -2,884 -2,701 -1,971 -181 175 3,742 9,965 4,101 1,334 1,194 -1,307

Turkey............................. 403 4,320 -810 8 3 - 4 65 66 -43 -79 -19

Ukraine 1 ......................... n.a. n.a. 549 n.a. n.a. 165 n.a. n.a. - n.a. n.a. -4

United Kingdom .............. 134,118 92,605 31,235 40,819 53,552 14,012 168,881 240,657 74,000 19,775 75,464 11,835

Channel Islands .............. 419 -96 -68 54 1,530 1,488 16,570 10,397 1,835 350 96 -958

All other Europe 1 ............ -731 1,033 -22 -958 1,902 -104 831 406 -24 538 35 49

Total Europe ............... 173,638 99,815 49,646 55,564 88,802 21,529 241,709 305,682 81,418 39,592 96,552 8,590

Memo: Euro Area 3.............. 29,167 -3,988 3,815 13,530 12,594 790 49,760 37,717 -1,335 15,163 17,493 -1,223

Memo: European Union 4 .... n.a. n.a. 34,986 n.a. n.a. 14,218 n.a. n.a. 73,903 n.a. n.a. 11,031

Canada ............................... 21,452 17,955 -3,294 12,476 11,684 3,008 2,279 8,182 2,463 16,549 11,822 2,043

Latin America: 

Argentina ........................ 403 32 52 109 81 53 1,248 591 69 -2 183 91

Brazil............................... 12,269 23,100 6,904 629 5,166 841 524 617 326 -218 -348 -280

Chile ............................... -1,507 97 116 335 307 30 226 726 362 121 263 62

Colombia......................... 1,512 -1,832 232 560 623 453 270 957 337 82 117 13

Ecuador .......................... n.a. n.a. 167 n.a. n.a. - n.a. n.a. 42 n.a. n.a. -12

Costa Rica 5 .................... 16 40 6 1 217 150 250 128 -38 -9 -28 -3

Guatemala ...................... 365 -107 58 39 33 12 -6 -32 -2 -4 -7 4

Mexico ............................ 9,756 -308 -5,732 11,874 6,371 5,462 1,618 3,863 999 -266 1,753 378

Panama .......................... 282 36 -49 531 270 36 837 543 -45 202 123 108

Peru ................................ -39 -78 1 767 641 88 433 694 218 18 159 -7

Uruguay .......................... 393 -116 -503 539 324 -87 630 282 103 67 102 25

Venezuela....................... 518 242 313 -13 185 122 500 1,516 52 -111 -191 93

All other Latin America 5 ... -600 763 -222 102 -37 -38 673 150 -4 17 25 16

Total Latin America..... 23,368 21,869 1,343 15,473 14,181 7,122 7,203 10,035 2,419 -103 2,151 488

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2007 

83

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2006 2006 2006 2006 

Country 

Calendar 

year 

2005 r 

(1) 

Jan. 

through 

Dec. 

(2) 

Oct. 

through 

Dec. p 

(3) 

Calendar 

year 

2005 r 

(4) 

 Jan. 

 through

 Dec. 

 (5) 

 Oct. 

 through 

 Dec. p 

 (6) 

Calendar 

year 

2005 r 

(7) 

Jan. 

through 

Dec. 

(8) 

Oct. 

 through 

Dec. p 

 (9) 

Calendar 

year 

2005 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct. 

through 

Dec. p 

(12) 

Caribbean: 

Anguilla 6 ................................... n.a. n.a. -645 n.a. n.a. 3 n.a. n.a. 826 n.a. n.a. 1,111

Bahamas ................................... 5,454 -8,110 -666 -72 377 -71 1,110 2,102 1,056 2,176 -2,011 205

Barbados 6 ................................. n.a. n.a. 1,058 n.a. n.a. 759 n.a. n.a. 300 n.a. n.a. -120

Bermuda .................................... 33,924 2,662 1,059 1,876 2,577 783 5,448 10,611 2,450 4,763 6,125 1,534

British Virgin Islands 6 ................ n.a. n.a. 123 n.a. n.a. 319 n.a. n.a. 245 n.a. n.a. 1,981

Cayman Islands......................... -9,082 -18,698 -6,159 12,467 31,810 7,221 34,154 73,000 26,219 5,034 27,438 12,783

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -135 -174 35 294 216 61 167 40 -9 5 5 2

Netherlands Antilles................... 839 11,451 6,087 -465 278 4 124 403 99 2,657 -517 -256

Trinidad and Tobago.................. -77 626 249 159 27 33 -72 -63 -21 9 48 10

All other Caribbean 6.................. 14,074 2,667 -15 3,045 5,058 107 -443 6,705 173 770 3,933 3

Total Caribbean ..................... 44,997 -9,576 1,126 17,304 40,343 9,219 40,488 92,798 31,338 15,414 35,021 17,253

Asia: 

China, Mainland......................... 37,369 37,709 9,529 22,986 35,605 2,149 26,130 31,251 8,340 -528 465 771

Hong Kong................................. 12,313 16,234 2,609 16,289 32,109 7,094 11,012 14,802 4,794 1,050 -465 -883

India........................................... 526 -730 336 7 248 -5 1 54 85 -179 -300 -97

Indonesia................................... 1,243 2,074 710 -191 -1,291 -358 34 180 28 -62 -6 -9

Israel.......................................... 641 6,004 6,205 270 320 -16 947 286 90 1,312 972 164

Japan......................................... -5,015 2,015 9,170 59,140 45,062 5,813 25,617 12,713 6,163 72 -668 -1,636

Korea......................................... 1,459 6,768 -2,360 4,006 3,370 1,172 775 3,166 1,007 -101 -143 -28

Lebanon..................................... 2 1 4 -3 2 - 5 -11 -7 62 121 54

Malaysia .................................... 1,056 -2,393 -98 1,795 3,187 781 1,315 1,122 295 -165 -20 -2

Pakistan..................................... -39 -42 33 28 -41 -14 32 -14 -3 -5 -5 -2

Philippines ................................. 1,070 -207 -238 380 142 68 74 185 67 146 9 29

Singapore .................................. 2,391 -2,512 -2,606 1,566 -81 -409 1,036 5,992 1,863 7,215 -4,467 -4,350

Syria .......................................... - - - - 1 1 - - - -3 -4 -1

Taiwan....................................... 4,355 -4,690 -1,917 8,983 8,909 2,045 2,962 2,463 572 -356 85 -22

Thailand..................................... 8,423 1,292 1,335 437 -11 3 -3 119 85 -24 -47 -36

Oil exporting countries 7 ............. 2,063 4,183 -2,436 1,810 6,788 663 1,022 5,282 841 1,789 7,965 149

All other Asia.............................. 460 716 168 158 208 85 -27 169 23 -35 -13 -3

Total Asia .............................. 68,317 66,422 20,444 117,661 134,527 19,072 70,932 77,759 24,243 10,188 3,479 -5,902

Africa: 

Egypt ......................................... 59 633 667 17 1 -2 33 42 22 101 -83 -68

Liberia........................................ -11 16 1 -264 -193 -64 140 -117 -190 48 -28 -26

Morocco..................................... 51 199 149 - - - -1 - - -3 -9 -

South Africa ............................... 63 292 190 71 25 8 -27 -58 25 60 87 19

Oil exporting countries 8 ............. 2,027 2,400 -754 4 12 10 85 27 13 -12 11 1

All other Africa ........................... 33 53 14 69 37 14 164 -44 -218 87 111 -33

Total Africa ............................ 2,222 3,593 267 -103 -118 -34 394 -150 -348 281 89 -107

Other countries: 

Australia..................................... 143 -2,579 -415 712 997 -46 6,259 7,299 770 140 959 -62

New Zealand.............................. 994 -68 -98 -113 31 28 76 266 72 80 -248 53

All other countries ...................... 29 12 10 9 72 23 30 24 -16 -148 -24 -4

Total other ............................. 1,166 -2,635 -503 608 1,100 5 6,365 7,589 826 72 687 -13

Total foreign countries ....... 335,160 197,443 69,029 218,983 290,519 59,921 369,370 501,895 142,359 81,993 149,801 22,352

International and regional orgs: 

International organizations......... 2,555 917 466 83 193 60 1,750 272 -212 -42 32 -

Regional organizations 9 ............ 397 197 -104 190 48 -67 1,102 804 25 -1 12 3

Total international and 

 regional organizations.............. 2,952 1,114 362 273 241 -7 2,852 1,076 -187 -43 44 3

Grand total......................... 338,112 198,557 69,391 219,256 290,760 59,914 372,222 502,971 142,172 81,950 149,845 22,355

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included 

in ”All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2007 

84

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2006, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

 sales 

 (8) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria ....................................... 5,082 1,717 419 588 938 761 658 5,330 2,437 418 440 952 342 741 

Belgium...................................... 12,442 2,510 197 1,168 4,442 408 3,716 25,839 2,702 387 1,687 5,894 11,000 4,170 

Bulgaria...................................... 119 48 36 26 8 - 1 51 33 - 6 8 3 1 

Cyprus 1 ..................................... 18,523 36 12 216 2,205 1,562 14,492 20,600 25 1 7 2,547 1,739 16,281 

Czech Republic.......................... 1,731 891 34 6 532 91 177 1,907 984 164 - 520 - 239 

Denmark .................................... 6,323 1,152 50 279 2,906 797 1,139 6,362 1,198 88 530 2,686 521 1,339 

Finland....................................... 2,192 251 233 74 420 129 1,086 2,591 175 243 27 588 96 1,461 

France ....................................... 467,632 245,404 2,642 13,315 177,216 5,627 23,428 441,230 237,891 1,843 4,196 167,224 4,730 25,345 

Germany.................................... 75,789 18,539 3,618 4,648 29,427 10,410 9,146 97,216 19,217 2,353 21,755 33,466 9,198 11,228 

Greece....................................... 1,454 158 9 59 496 62 671 1,943 168 19 12 728 387 629 

Hungary ..................................... 1,273 46 - 28 222 802 175 1,032 90 234 79 200 239 190 

Ireland........................................ 274,164 134,078 8,354 10,987 9,534 106,232 4,979 280,468 136,735 8,200 6,898 11,955 111,680 4,999 

Italy............................................ 28,224 6,386 437 444 9,327 5,300 6,330 25,399 6,592 739 267 10,638 1,045 6,117 

Kazakhstan 1.............................. 4,365 1,775 2,396 16 34 119 25 2,186 810 1,236 8 36 73 23 

Luxembourg............................... 64,327 2,773 33,492 6,401 11,835 3,159 6,667 69,040 3,621 33,753 6,127 9,810 10,049 5,680 

Monaco 1.................................... 946 199 65 39 471 111 61 653 130 26 19 414 6 58 

Netherlands ............................... 60,647 16,898 3,184 3,415 16,660 6,512 13,978 56,999 14,899 3,383 1,611 20,270 3,092 13,744 

Norway....................................... 84,285 43,955 24,850 3,218 5,622 4,043 2,597 67,624 28,535 21,813 1,767 5,762 6,521 3,226 

Poland ....................................... 3,206 2,652 - 2 73 257 222 2,409 1,722 126 1 100 121 339 

Portugal ..................................... 1,665 178 1 13 983 87 403 2,957 488 199 78 1,016 651 525 

Romania .................................... 845 700 138 1 2 1 3 622 273 334 - 12 - 3 

Russia........................................ 6,463 2,800 2,472 74 130 213 774 4,923 2,173 1,000 39 241 195 1,275 

Serbia and Montenegro 2 ........... 651 647 - - - - 4 394 393 - - - - 1 

Spain ......................................... 24,578 3,761 82 10,452 1,483 3,131 5,670 25,697 3,913 341 9,801 1,440 4,078 6,123 

Sweden...................................... 33,248 1,237 373 1,725 10,259 2,646 17,008 33,213 2,124 401 399 9,721 3,172 17,396 

Switzerland ................................ 48,738 4,978 2,309 9,120 19,765 1,884 10,682 49,175 7,679 2,134 5,019 21,072 1,648 11,623 

Turkey........................................ 4,064 1,750 - 79 79 1,506 650 4,739 2,560 - 13 98 1,179 889 

Ukraine 1 .................................... 1,274 833 165 - 23 251 2 338 284 - - 27 23 4 

United Kingdom ......................... 2,551,439 1,405,060 85,803 219,754 327,023 185,340 328,459 2,481,756 1,373,825 71,791 145,754 315,188 219,220 355,978 

Channel Islands ......................... 18,206 1,505 2,161 7,360 3,336 1,237 2,607 14,620 1,573 673 5,525 4,294 860 1,695 

All other Europe 1 ....................... 2,687 882 60 171 844 319 411 6,396 904 164 195 795 3,796 542 

Total Europe.......................... 3,806,581 1,903,799 173,592 293,678 636,293 342,998 456,221 3,733,708 1,854,153 152,063 212,260 627,703 395,665 491,864 

Memo: Euro Area 3 ......................... 1,018,195 432,653 52,668 51,564 262,759 141,819 76,732 1,034,708 428,838 51,878 52,899 263,982 156,349 80,762 

Canada........................................... 262,528 118,394 10,460 10,712 36,187 47,954 38,821 261,457 121,688 7,452 8,249 34,144 49,810 40,114 

Latin America: 

Argentina ................................... 4,966 288 109 153 1,347 2,122 947 4,733 236 56 84 1,256 2,041 1,060 

Brazil.......................................... 37,370 23,651 1,669 373 1,562 3,624 6,491 34,633 16,747 828 47 1,842 6,934 8,235 

Chile .......................................... 5,928 2,186 250 489 826 1,138 1,039 5,792 2,070 220 127 764 790 1,821 

Colombia.................................... 4,812 1,471 602 397 578 1,406 358 3,854 1,239 149 60 565 1,527 314 

Ecuador ..................................... 760 348 41 86 143 96 46 586 181 41 44 155 132 33 

Costa Rica 4 ............................... 798 72 191 156 42 14 323 691 66 41 194 45 14 331 

Guatemala ................................. 484 399 17 3 40 13 12 473 341 5 5 36 74 12 

Mexico ....................................... 30,527 7,722 6,534 1,984 4,031 4,290 5,966 28,816 13,454 1,072 985 3,653 2,663 6,989 

Panama ..................................... 3,544 366 362 431 913 802 670 3,850 415 326 476 805 1,078 750 

Peru ........................................... 1,700 150 112 310 273 519 336 1,388 149 24 92 280 593 250 

Uruguay ..................................... 5,089 2,428 383 203 496 1,042 537 5,508 2,931 470 100 471 1,048 488 

Venezuela.................................. 3,401 549 193 1,235 602 542 280 4,475 236 71 1,183 509 2,203 273 

All other Latin America 4............. 906 494 37 65 153 92 65 1,243 716 75 69 137 207 39 

Total Latin America................ 100,285 40,124 10,500 5,885 11,006 15,700 17,070 96,042 38,781 3,378 3,466 10,518 19,304 20,595 

Caribbean: 

Anguilla 5.................................... 68,864 2,753 3 1,754 57,235 1,152 5,967 67,560 3,398 - 928 56,124 1,571 5,539 

Bahamas.................................... 117,053 44,331 1,934 5,568 34,665 17,590 12,965 114,629 44,997 2,005 4,512 34,460 16,368 12,287 

Barbados 5 ................................. 4,134 1,264 1,731 791 203 79 66 2,669 206 972 491 323 609 68 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2007 

85

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2006, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

Total 

 sales 

(8) 

Marketable 

Treasury 

and 

Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks 

 (12) 

Bonds 

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda ................................... 371,657 93,971 11,466 14,387 196,571 5,501 49,761 365,420 92,912 10,683 11,937 195,037 5,822 49,029

British Virgin Islands 5 ............... 165,602 5,498 619 6,815 115,540 6,283 30,847 163,459 5,375 300 6,570 113,559 8,337 29,318

Cayman Islands ........................ 1,579,938 446,577 113,163 112,254 679,871 58,216 169,857 1,527,676 452,736 105,942 86,035 667,088 59,353 156,522

Cuba ......................................... - - - - -- - - - -- - - -

Jamaica .................................... 1,523 331 159 41 585 366 41 1,380 296 98 50 583 311 42

Netherlands Antilles .................. 27,148 9,441 620 462 10,613 1,546 4,466 20,950 3,354 616 363 10,869 1,225 4,523

Trinidad and Tobago................. 1,667 579 564 50 62 232 180 1,367 330 531 71 52 192 191

All other Caribbean 5 ................. 1,266 159 215 243 383 102 164 1,018 174 108 70 380 167 119

Total Caribbean.................... 2,338,852 604,904 130,474 142,365 1,095,728 91,067 274,314 2,266,128 603,778 121,255 111,027 1,078,475 93,955 257,638

Asia: 

China, Mainland........................ 102,810 49,455 31,415 11,039 2,542 6,981 1,378 78,399 39,926 29,266 2,699 1,771 2,133 2,604

Hong Kong............................ 121,955 22,719 12,501 6,335 4,880 3,776 71,744 118,699 20,110 5,407 1,541 5,763 2,762 83,116

India...................................... 4,306 1,172 5 91 112 28 2,898 4,598 836 10 6 209 105 3,432

Indonesia .............................. 3,468 2,213 - 39 147 104 965 2,759 1,503 358 11 156 49 682

Israel..................................... 13,696 7,029 320 752 3,163 609 1,823 7,569 824 336 662 2,999 110 2,638

Japan.................................... 268,932 108,331 26,130 9,877 10,536 19,128 94,930 253,766 99,161 20,317 3,714 12,172 19,084 99,318

Korea .................................... 25,165 8,673 6,330 1,215 382 2,221 6,344 23,633 11,033 5,158 208 410 1,066 5,758

Lebanon................................ 508 6 - - 301 12 189 420 2 - 7 247 14 150

Malaysia................................ 5,111 309 1,982 313 88 789 1,630 4,519 407 1,201 18 90 217 2,586

Pakistan................................ 273 63 - 3 98 5 104 389 30 14 6 100 2 237

Philippines ............................ 3,065 1,176 212 106 280 884 407 2,881 1,414 144 39 251 389 644

Singapore ............................. 41,069 10,018 2,337 4,479 6,586 4,674 12,975 45,374 12,624 2,746 2,616 10,936 2,221 14,231

Syria ..................................... 1 - 1 - -- - 1 - -- 1 - -

Taiwan .................................. 16,636 2,251 4,035 1,024 3,150 832 5,344 16,309 4,168 1,990 452 3,172 528 5,999

Thailand................................ 4,515 2,844 63 93 156 521 838 3,384 1,509 60 8 192 535 1,080

All other Asia......................... 27,253 9,087 4,948 2,137 8,360 1,219 1,502 28,746 11,355 4,200 1,273 8,214 2,146 1,558

Total Asia.......................... 638,763 225,346 90,279 37,503 40,781 41,783 203,071 591,446 204,902 71,207 13,260 46,683 31,361 224,033

Africa: 

Egypt .................................... 2,113 1,152 2 25 195 56 683 1,740 485 4 3 263 132 853

Liberia................................... 1,682 8 808 95 465 32 274 1,923 7 872 285 491 22 246

Morocco................................ 370 350 - - 7 - 13 213 201 - - 7 1 4

South Africa .......................... 1,405 234 9 26 154 419 563 1,346 44 1 1 135 119 1,046

All other Africa ...................... 1,494 238 56 122 228 115 735 2,257 978 32 327 260 70 590

Total Africa ....................... 7,064 1,982 875 268 1,049 622 2,268 7,479 1,715 909 616 1,156 344 2,739

Other countries: 

Australia................................ 54,530 13,704 4,331 2,110 4,957 6,820 22,608 59,265 14,119 4,377 1,340 5,019 10,001 24,409

New Zealand......................... 2,985 164 533 140 450 1,207 491 2,084 262 505 68 397 351 501

All other ................................ 174 10 54 37 44 5 24 169 - 31 53 48 12 25

Total other countries ......... 57,689 13,878 4,918 2,287 5,451 8,032 23,123 61,518 14,381 4,913 1,461 5,464 10,364 24,935

Total foreign countries .. 7,211,762 2,908,427 421,098 492,698 1,826,495 548,156 1,014,888 7,017,778 2,839,398 361,177 350,339 1,804,143 600,803 1,061,918

International and regional orgs: 

International organizations.... 3,291 2,493 415 223 19 85 56 2,945 2,027 355 435 19 78 31

Regional organizations 6 ....... 2,606 642 835 357 17 539 216 2,910 746 902 332 14 631 285

Total international and 

 regional organizations.... 5,897 3,135 1,250 580 36 624 272 5,855 2,773 1,257 767 33 709 316

Grand total.................... 7,217,659 2,911,562 422,348 493,278 1,826,531 548,780 1,015,160 7,023,633 2,842,171 362,434 351,106 1,804,176 601,512 1,062,234

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “Other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All 

other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2007 

86

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2006 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Markeable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Marketable 

 Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria............................... 22,823 9,961 1,762 2,155 3,877 2,682 2,385 22,943 10,889 1,853 1,776 3,951 1,324 3,150

Belgium............................. 54,995 11,647 779 8,535 19,319 2,032 12,682 72,386 11,067 973 9,169 17,697 21,209 12,270

Bulgaria............................. 240 91 49 44 45 - 11 213 117 - 12 54 3 27

Czech Republic................. 6,263 2,892 671 11 1,950 141 598 6,000 2,372 989 - 1,850 43 746

Denmark ........................... 25,577 5,461 899 1,408 11,015 2,106 4,688 26,416 8,431 913 1,762 8,854 1,736 4,720

Finland .............................. 9,596 1,437 794 353 2,216 997 3,797 9,669 1,476 664 253 2,098 248 4,930

France............................... 1,615,676 841,986 14,149 37,634 618,145 22,683 81,079 1,578,108 843,586 14,410 16,008 596,407 21,552 86,145

Germany ........................... 283,650 83,453 12,367 19,046 95,525 35,670 37,589 289,488 81,982 7,896 30,966 103,688 24,120 40,837

Greece .............................. 5,951 843 96 109 1,896 678 2,328 5,705 541 91 42 2,127 513 2,392

Hungary ............................ 3,336 404 - 171 715 1,319 727 6,747 257 3,062 1,378 599 690 761

Ireland............................... 809,400 441,814 24,019 39,180 37,814 246,158 20,414 808,829 443,107 19,845 25,246 39,589 260,852 20,190

Italy ................................... 96,556 23,117 3,130 1,522 38,286 8,660 21,841 95,353 22,862 2,774 2,027 40,619 6,030 21,040

Luxembourg ...................... 191,706 15,086 73,031 28,009 48,522 9,475 17,583 184,101 16,376 67,986 23,318 36,912 23,622 15,888

Netherlands....................... 203,382 67,624 11,763 10,198 51,679 15,770 46,349 198,101 66,934 12,411 6,819 57,107 11,511 43,319

Norway.............................. 260,721 144,469 63,147 10,612 20,267 12,009 10,217 242,259 139,340 54,314 4,887 20,850 12,757 10,111

Poland............................... 10,738 8,900 153 17 220 796 652 12,206 10,223 276 52 266 589 800

Portugal............................. 7,496 1,811 188 243 3,280 645 1,329 10,405 2,598 317 222 3,160 2,740 1,369

Romania............................ 5,306 3,508 1,314 2 7 458 17 3,878 2,994 722 - 19 140 3

Russia............................... 31,767 12,013 14,706 113 1,043 552 3,340 14,591 6,183 1,968 50 1,084 330 4,976

Serbia and Montenegro 1 .. 1,534 1,444 - - 73 13 4 1,218 1,143 - - 74 - 1

Spain................................. 92,474 23,589 8,028 30,577 6,024 6,920 17,336 102,592 24,940 8,293 23,997 5,735 22,096 17,530

Sweden............................. 122,028 16,338 3,760 3,562 35,531 7,416 55,421 116,474 15,635 3,053 1,324 34,867 5,928 55,667

Switzerland ....................... 180,831 24,067 6,832 23,871 78,564 7,683 39,814 173,050 26,951 7,013 13,906 77,370 7,899 39,911

Turkey............................... 27,106 19,767 4 99 292 2,422 4,522 22,218 15,447 1 34 371 2,020 4,345

United Kingdom................. 9,221,965 5,000,774 347,908 734,905 1,248,085 689,189 1,201,104 8,917,715 4,908,169 294,356 494,248 1,172,621 786,202 1,262,119

Channel Islands ................ 78,277 6,569 4,729 32,405 19,834 6,012 8,728 64,509 6,665 3,199 22,008 19,738 6,023 6,876

All other Europe 1 .............. 95,311 14,504 5,545 1,891 11,318 6,171 55,882 105,829 13,471 3,643 1,485 11,283 15,497 60,450

Total Europe ................. 13,464,704 6,783,570 599,823 986,673 2,355,542 1,088,658 1,650,438 13,091,003 6,683,755 511,021 680,991 2,258,990 1,235,673 1,720,573

Memo: Euro Area 2................ 3,393,704 1,522,369 150,106 177,562 926,583 352,371 264,713 3,377,680 1,526,357 137,512 139,845 909,090 395,816 269,060

Canada ................................. 1,061,513 462,386 55,888 39,956 138,470 207,184 157,629 1,030,646 444,431 44,204 31,774 126,648 218,326 165,263

Latin America: 

Argentina........................... 16,987 1,217 313 1,030 4,950 5,096 4,381 17,014 1,185 232 439 4,767 5,781 4,610

Brazil................................. 130,529 77,445 6,417 1,162 5,569 14,912 25,024 108,924 54,345 1,251 545 5,917 16,772 30,094

Chile.................................. 25,645 12,574 1,059 1,335 3,166 3,468 4,043 24,518 12,477 752 609 2,903 3,430 4,347

Colombia........................... 19,053 5,467 1,729 1,424 1,960 6,959 1,514 20,605 7,299 1,106 467 1,843 8,528 1,362

Ecuador............................. 2,285 147 376 524 183 53 1,002 1,931 107 159 396 211 47 1,011

Guatemala ........................ 2,283 1,847 44 35 151 149 57 2,968 1,954 11 67 158 731 47

Mexico .............................. 130,651 45,346 18,799 7,577 16,446 18,397 24,086 116,013 45,654 12,428 3,714 14,693 15,462 24,062

Panama............................. 14,331 1,999 1,150 1,856 3,430 3,350 2,546 13,310 1,963 880 1,313 3,307 3,568 2,279

Peru .................................. 6,563 285 901 938 969 2,527 943 4,475 363 260 244 810 2,002 796

Uruguay ............................ 15,637 7,131 1,283 645 1,732 3,166 1,680 16,219 7,247 959 363 1,630 4,520 1,500

Venezuela......................... 11,646 1,439 407 3,290 2,271 3,380 859 14,298 1,197 222 1,774 2,462 6,320 2,323

All other Latin America ...... 10,720 6,895 330 609 1,174 1,352 360 10,383 6,132 367 459 1,149 1,845 431

Total Latin America ....... 386,330 161,792 32,808 20,425 42,001 62,809 66,495 350,658 139,923 18,627 10,390 39,850 69,006 72,862

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2007 

87

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2006, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds 

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

 (13) 

 Stocks 

 (14) 

Caribbean: 

Bahamas .............................. 445,932 168,103 9,065 26,233 137,051 51,441 54,039 451,853 176,213 8,688 24,131 139,062 49,989 53,770

Bermuda ............................... 1,510,722 475,191 44,068 52,568 741,501 25,805 171,589 1,496,645 472,529 41,491 41,957 735,376 32,032 173,260

Cayman Islands .................... 5,975,139 1,830,213 427,300 357,147 2,526,488 225,461 608,530 5,833,856 1,848,911 395,490 284,147 2,499,050 221,400 584,858

Cuba..................................... --------------

Jamaica ................................ 6,575 1,872 639 276 2,305 1,379 104 6,543 2,046 423 236 2,300 1,440 98

Netherlands Antilles.............. 140,754 57,848 2,813 1,985 54,153 4,898 19,057 127,505 46,397 2,535 1,582 54,670 4,365 17,956

Trinidad and Tobago............. 7,497 3,035 2,374 188 209 999 692 7,412 2,409 2,347 251 161 1,590 654

All other Caribbean ............... 1,001,433 55,207 9,498 35,052 718,910 22,469 160,297 980,429 52,540 4,440 28,347 714,977 24,331 155,794

Total Caribbean................ 9,088,052 2,591,469 495,757 473,449 4,180,617 332,452 1,014,308 8,904,243 2,601,045 455,414 380,651 4,145,596 335,147 986,390

Asia: 

China, Mainland ............... 310,110 139,168 102,453 37,987 6,996 19,251 4,255 197,471 101,459 66,848 6,736 6,531 6,454 9,443

Hong Kong ........................ 449,555 140,251 53,383 20,443 18,577 15,793 201,108 406,260 124,017 21,274 5,641 19,042 13,938 222,348

India .................................. 16,982 2,837 261 132 484 217 13,051 19,000 3,567 13 78 784 473 14,085

Indonesia........................... 12,662 8,418 54 196 553 873 2,568 10,973 6,344 1,345 16 559 481 2,228

Israel ................................. 41,140 14,632 998 2,799 12,811 916 8,984 34,001 8,628 678 2,513 11,839 1,680 8,663

Japan ................................ 1,095,553 411,532 142,687 34,385 43,798 72,119 391,032 1,034,198 409,517 97,625 21,672 44,466 67,801 393,117

Korea ................................ 114,443 56,319 23,190 4,053 863 5,002 25,016 99,690 49,551 19,820 887 1,006 3,111 25,315

Lebanon ............................ 1,642 13 2 4 1,181 64 378 1,452 12 - 15 1,060 32 333

Malaysia............................ 19,354 5,772 4,992 1,818 749 1,149 4,874 19,388 8,165 1,805 696 769 1,835 6,118

Pakistan ............................ 680 96 5 31 249 21 278 1,781 138 46 45 254 819 479

Philippines......................... 9,710 4,183 495 338 982 2,562 1,150 10,367 4,390 353 153 973 3,093 1,405

Singapore.......................... 157,641 52,285 9,498 15,866 23,972 12,822 43,198 159,548 54,797 9,579 9,874 28,439 8,042 48,817

Syria.................................. 2 - 1 - 1 - - 5 - - - 5 - -

Taiwan .............................. 64,808 11,221 15,335 3,807 12,038 3,446 18,961 59,871 15,911 6,426 1,344 11,953 1,212 23,025

Thailand ............................ 14,688 9,658 81 143 707 865 3,234 13,919 8,366 92 24 754 706 3,977

All other Asia..................... 107,125 33,143 16,799 9,179 36,127 6,116 5,761 83,458 28,244 9,803 3,728 28,175 7,727 5,781

Total Asia...................... 2,416,095 889,528 370,234 131,181 160,088 141,216 723,848 2,151,382 823,106 235,707 53,422 156,609 117,404 765,134

Africa: 

Egypt................................. 4,755 2,021 17 72 669 273 1,703 4,695 1,388 16 30 752 308 2,201

Liberia ............................... 5,268 52 1,528 426 1,737 243 1,282 5,791 36 1,721 543 1,765 164 1,562

Morocco ............................ 801 650 - - 80 - 71 582 451 - - 89 2 40

South Africa....................... 5,642 666 61 87 612 841 3,375 7,340 374 36 145 525 550 5,710

All other Africa................... 10,194 4,160 175 1,058 1,402 956 2,443 6,609 1,707 126 1,075 1,280 237 2,184

Total Africa.................... 26,660 7,549 1,781 1,643 4,500 2,313 8,874 25,017 3,956 1,899 1,793 4,411 1,261 11,697

Other countries: 

Australia ............................ 187,621 48,135 10,638 11,974 20,180 22,480 74,214 189,794 50,714 9,641 4,675 19,221 25,242 80,301

New Zealand..................... 7,186 627 1,047 499 1,351 1,983 1,679 6,365 695 1,016 233 1,599 1,210 1,612

All other............................. 1,284 47 133 122 377 28 577 1,148 35 61 98 401 142 411

Total other countries...... 196,091 48,809 11,818 12,595 21,908 24,491 76,470 197,307 51,444 10,718 5,006 21,221 26,594 82,324

Total foreign 

 countries ............... 26,639,445 10,945,103 1,568,109 1,665,922 6,903,126 1,859,123 3,698,062 25,750,256 10,747,660 1,277,590 1,164,027 6,753,325 2,003,411 3,804,243

International and regional orgs: 

International organizations... 13,110 6,727 1,468 1,165 317 3,210 223 11,553 5,599 1,215 928 285 3,124 402

Regional organizations 3 ..... 13,739 1,939 2,379 1,465 131 6,661 1,164 8,138 1,742 2,331 661 119 2,134 1,151

Total international and 

 regional organizations....... 29,826 11,389 4,066 2,665 448 9,871 1,387 22,904 10,275 3,825 1,589 404 5,258 1,553

 Grand total................... 26,669,271 10,956,492 1,572,175 1,668,587 6,903,574 1,868,994 3,699,449 25,773,160 10,757,935 1,281,415 1,165,616 6,753,729 2,008,669 3,805,796

1

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under “All 

other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
88 CAPITAL MOVEMENTS

March 2007 

-50

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

2003 2004 2005 2006 

Jan.-Dec.

2006 

Oct.-Dec.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2006 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2003 2004 2005 

 2006 

Jan. - Dec. 

2006 

Oct. - Dec. 

United Kingdom.............................. 167,329 254,112 363,593 462,278 131,082

All other Europe.............................. 114,433 110,153 146,910 128,573 30,101

Caribbean banking centers 1,2 ........ 78,538 87,638 102,259 140,470 52,398

Japan .............................................. 176,587 247,114 79,814 59,122 19,510

All other Asia................................... 116,980 130,399 187,284 223,065 38,347

Subtotal....................................... 653,867 829,416 879,860 1,013,508 271,438

All other countries........................... 65,993 87,040 131,680 128,625 22,394

Grand total.................................. 719,860 916,456 1,011,540 1,142,133 293,832

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

2 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent foreign 

investors’ purchases and sales of longterm U.S. securities (that is, U.S. 

Treasury and Government agency 

bonds and notes, and U.S. corporate 

bonds and stocks) as reported to the 

TIC reporting system. Foreign 

investors also acquired U.S. equities 

through mergers and reincorporations 

that involve stock swaps. Net foreign 

acquisitions of U.S. equities through 

stock swaps have been modest, 

amounting to $2 billion in 2003, $36 

billion in 2004, $6 billion in 2005, and 

$4 billion in 2006. (Stock swaps data 

for the most recent quarter are Federal 

Reserve Board/Treasury estimates and 

are subject to substantial revisions.) 

These stock swaps are not reported 

under the TIC reporting system, but 

are available on the TIC web site. The 

TIC website also provides estimates 

from the Federal Reserve Bank of 

New York on principal repayment 

flows on foreign holdings of U.S. 

government agency and corporate 

asset-backed securities (ABS). These 

repayments, also not reported under 

the TIC system, are estimated to have 

reduced foreign net purchases of U.S. 

securities by $123 billion in 2003, $86 

billion in 2004, and $141 billion in 

both 2005 and 2006. 

Net foreign purchases of U.S. 

securities first surpassed $100 billion 

in 1993. In 2003, net foreign 

acquisitions of U.S. securities 

(including stock swaps and accounting 

for ABS repayment flows) totaled 

$599 billion. Net acquisitions picked 

up to $866 billion in 2004, and a bit 

further to $875 billion in 2005. In 

2006, net foreign acquisitions grew to 

a new record of $1,005 billion. 
 CAPITAL MOVEMENTS 

March 2007 

89

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. However, in 

the past several years, U.S. investors 

also have acquired a substantial amount 

of foreign stocks, mostly European, 

through mergers that involve stock 

swaps. In addition, when foreign firms 

reincorporate in the United States, the 

associated stock swap reduces U.S. 

holdings of foreign equity. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, $47 

billion in 2001, $3 billion in 2002, $17 

billion in 2003, -$12 billion in 2004, $4 

billion in 2005, and $29 billion in 

2006. (Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) These 

stock swaps are not reported under the 

TIC reporting system, but are available 

on the TIC web site. 

Including the stock swaps, annual U.S. 

net purchases of long-term foreign 

securities averaged about $100 billion 

from the mid-1990s through 2000, 

without much variation from year to 

year. U.S. investors’ acquisitions of 

foreign securities (including stock 

swaps) then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $176 billion in 

2005. The pace of U.S. acquisitions 

picked up further in 2006, as U.S. 

investors acquired $275 billion in 

foreign securities. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-50

0

50

100

150

200

250

300

350

400

450

500

2002 2003 2004 2005 2006

Jan.-Dec.

2006

Oct.-Dec.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2006

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2002 2003 2004 2005 

2006 

Jan. - Dec. 

2006 

Oct.- Dec. 

Foreign bonds ........ -28,492 -32,046 67,872 45,095 139,675 52,732

Foreign stocks........ 1,493 88,587 84,970 127,296 106,347 47,074

Total ..................... -26,999 56,541 152,842 172,391 246,022 99,806

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
March 2007 

90 

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

March 2007 

91

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

 

07/05/06 .................................................................... 508,785 521,132 5,158 1.1115 

07/12/06 .................................................................... 519,118 529,614 n.a. 1.1353 

07/19/06 .................................................................... 543,677 554,261 n.a. 1.1353 

07/26/06 .................................................................... 541,342 545,792 n.a. 1.1375 

 

08/02/06 .................................................................... 546,296 553,222 n.a. 1.1258 

08/09/06 .................................................................... 568,705 576,862 n.a. 1.1197 

08/16/06 .................................................................... 571,283 582,960 n.a. 1.1160 

08/23/06 .................................................................... 586,116 599,618 5,623 1.1100 

08/30/06 .................................................................... 597,503 613,733 5,877 1.1099 

 

09/06/06 .................................................................... 643,020 656,114 5,545 1.1052 

09/13/06 .................................................................... 657,212 671,129 4,978 1.1191 

09/20/06 .................................................................... 541,582 557,609 n.a. 1.1272 

09/27/06 .................................................................... 542,273 559,066 n.a. 1.1150 

 

10/04/06 .................................................................... 546,922 567,221 n.a. 1.1286 

10/11//06 ................................................................... 551,718 567,450 5,615 1.1357 

10/18/06 .................................................................... 555,531 568,339 5,810 1.1375 

10/25/06 .................................................................... 565,050 578,441 5,944 1.1249 

 

11/01/06 .................................................................... 582,785 594,601 5,035 1.1313 

11/08/06 .................................................................... 575,804 590,256 5,345 1.1275 

11/15/06 .................................................................... 598,260 610,302 5,381 1.1389 

11/22/06 .................................................................... 620,650 629,406 5,847 1.1414 

11/29/06 .................................................................... 637,872 649,235 5,025 1.1356 

 

12/06/06 .................................................................... 667,653 677,514 4,850 1.1468 

12/13/06 .................................................................... 708,256 723,571 5,655 1.1544 

12/20/06 .................................................................... 578,466 594,356 6,644 1.1483 

12/27/06 .................................................................... 585,066 599,587 6,377 1.1610 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

92 

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - Oct ................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Jan ................... 496,281 508,267 159,319 141,922 73,127 67,989 61,951 64,514 3,763 1.1436 

Feb .................. 549,765 561,013 157,333 139,191 68,619 67,529 59,579 60,158 4,360 1.1379 

Mar .................. 494,122 497,767 158,946 143,843 67,081 63,322 74,314 75,763 4,273 1.1670 

Apr................... 519,848 532,981 170,064 154,319 68,240 67,161 78,300 77,958 6,055 1.1203 

May.................. 560,039 580,758 174,499 154,485 72,693 70,186 87,548 88,881 6,156 1.1027 

June................. 505,810 516,196 167,922 149,903 70,159 65,375 76,587 78,921 5,511 1.1150 

July .................. 543,484 550,749 175,085 156,506 68,831 66,468 76,505 76,586 n.a. 1.1309 

Aug .................. 601,998 616,249 170,353 150,803 74,981 71,810 82,379 82,167 5,631 1.1066 

Sept................. 530,755 549,613 169,857 152,331 72,604 66,917 83,597 88,294 5,635 1.1151 

Oct................... 565,745 580,031 173,293 153,737 74,503 65,361 90,281 95,720 5,738 1.1227 

Nov .................. 654,823 674,367 170,986 155,681 77,995 70,318 108,599 112,230 4,454 1.1413 

Dec .................. 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 25,265 32,483 100,674 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

June ................. 28,178 39,883 136,087 86,970 507 n.a. 2,805 762 n.a. 1.2257 

Sept.................. 25,097 32,244 99,718 63,854 665 1,575 2,515 718 n.a. 1.1608 

Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

2006 - Mar................... 24,604 30,803 n.a. n.a. 662 824 2,870 905 -826 1.167 

 June ................. 25,026 29,920 n.a. n.a. 463 758 2,501 688 -700 1.115 

 Sept.................. 24,873 31,760 87,957 n.a. 419 460 2,269 882 -459 1.1151 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

93

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

07/05/06 .................................................................. 278,064 276,235 -516 115.65 

07/12/06 .................................................................. 282,456 279,533 -863 115.41 

07/19/06 .................................................................. 287,453 285,266 -1,080 117.08 

07/26/06 .................................................................. 279,936 277,673 -296 116.85 

 

08/02/06 .................................................................. 291,223 289,538 -916 114.54 

08/09/06 .................................................................. 285,432 283,594 -1,000 115.14 

08/16/06 .................................................................. 291,524 289,366 -439 115.71 

08/23/06 .................................................................. 290,476 287,878 -684 116.43 

08/30/06 .................................................................. 298,937 296,035 -1,113 117.07 

 

09/06/06 .................................................................. 302,375 300,958 -1,386 116.73 

09/13/06 .................................................................. 306,990 305,112 -927 117.47 

09/20/06 .................................................................. 280,846 278,773 -1,207 117.29 

09/27/06 .................................................................. 281,893 279,938 -804 117.53 

 

10/04/06 .................................................................. 278,523 277,287 -625 118.02 

10/11//06 ................................................................. 279,273 278,699 -433 119.49 

10/18/06 .................................................................. 291,736 289,886 -506 119.09 

10/25/06 .................................................................. 289,243 287,439 -813 119.13 

 

11/01/06 .................................................................. 297,528 295,189 -1,085 117.01 

11/08/06 .................................................................. 291,762 289,198 -1,156 117.74 

11/15/06 .................................................................. 301,556 298,798 -973 118.06 

11/22/06 .................................................................. 300,514 296,147 -1,253 116.61 

11/29/06 .................................................................. 319,341 314,657 -1,612 116.29 

 

12/06/06 .................................................................. 340,027 335,364 -1,625 115.07 

12/13/06 .................................................................. 347,315 342,908 -1,372 117.43 

12/20/06 .................................................................. 314,862 310,198 -1,297 118.39 

12/27/06 .................................................................. 307,409 303,358 -1,463 118.76 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

94 

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2004 - Dec.................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Jan .................. 286,285 290,523 58,426 59,445 65,939 65,216 60,360 60,398 -310 116.88 

Feb ................. 297,920 301,628 61,553 62,678 70,232 72,220 62,152 61,094 -530 115.82 

Mar ................. 268,830 270,136 64,722 65,656 77,414 77,856 67,306 65,601 -765 117.48 

Apr.................. 294,033 294,109 64,789 66,067 76,809 77,965 66,271 63,658 -725 113.79 

May................. 285,022 284,069 61,373 61,954 87,985 90,864 71,927 68,004 -1,475 112.26 

June................ 297,203 295,494 63,441 63,875 88,696 89,726 71,975 68,708 -515 114.51 

July ................. 312,459 310,916 62,849 62,834 86,999 93,658 76,131 73,012 -878 114.44 

Aug ................. 318,012 315,284 63,059 63,237 83,278 85,278 76,063 73,256 -1,130 117.35 

Sept................ 299,128 296,874 60,314 60,431 79,864 82,423 77,269 74,421 -833 117.99 

Oct.................. 317,530 315,192 61,954 61,378 83,887 82,683 80,317 79,722 -900 116.82 

Nov ................. 345,933 341,167 58,849 58,313 82,898 85,863 81,961 79,345 -1,470 115.55 

Dec ................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.02 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2003 - Dec................... 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 

Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,612 7,331 5,507 3,017 307 297 544 264 n.a. 107.25 

June ................. 8,523 8,401 5,449 3,034 407 352 597 281 -406 110.92 

Sept.................. 8,014 8,909 6,213 3,353 373 368 734 291 -557 113.31 

Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

2006 - Mar................... 9,559 10,001 9,742 5,812 823 n.a. 1,041 n.a. -78 117.48 

June ................. 8,764 8,954 7,684 4,052 1,066 n.a. 505 n.a. 198 114.51 

Sept.................. 8,828 9,517 6,819 3,433 n.a. n.a. 782 n.a. -57 117.99 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

95

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

07/05/06 .................................................................. 532,171 543,773 10,986 1.2336 

07/12/06 .................................................................. 564,876 576,293 10,626 1.2344 

07/19/06 .................................................................. 607,221 611,406 6,279 1.2497 

07/26/06 .................................................................. 589,828 592,578 6,079 1.2488 

 

08/02/06 .................................................................. 599,874 608,327 7,818 1.2293 

08/09/06 .................................................................. 578,955 584,615 7,977 1.2228 

08/16/06 .................................................................. 618,729 625,693 8,808 1.2272 

08/23/06 .................................................................. 625,211 632,668 9,026 1.2357 

08/30/06 .................................................................. 639,825 649,381 9,093 1.2293 

 

09/06/06 .................................................................. 722,446 731,794 9,954 1.2378 

09/13/06 .................................................................. 775,432 785,635 9,387 1.2491 

09/20/06 .................................................................. 589,567 602,343 9,152 1.2498 

09/27/06 .................................................................. 588,845 604,836 10,195 1.2451 

 

10/04/06 .................................................................. 591,533 610,137 n.a. 1.2517 

10/11//06 ................................................................. 646,507 664,372 n.a. 1.2702 

10/18/06 .................................................................. 639,771 656,411 n.a. 1.2721 

10/25/06 .................................................................. 615,876 629,618 10,804 1.2648 

 

11/01/06 .................................................................. 647,611 662,795 n.a. 1.2433 

11/08/06 .................................................................. 675,548 688,893 n.a. 1.2494 

11/15/06 .................................................................. 723,654 739,875 n.a. 1.2472 

11/22/06 .................................................................. 668,289 687,230 n.a. 1.2276 

11/29/06 .................................................................. 800,281 823,384 n.a. 1.2098 

 

12/06/06 .................................................................. 865,215 885,308 n.a. 1.1933 

12/13/06 .................................................................. 845,335 866,648 n.a. 1.2063 

12/20/06 .................................................................. 630,587 652,668 n.a. 1.2169 

12/27/06 .................................................................. 637,942 660,858 n.a. 1.2253 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

96 

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - Dec................... 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Jan ................... 640,273 653,345 63,431 63,686 115,713 104,059 85,278 70,203 5,369 1.2784 

Feb .................. 733,504 713,614 79,629 83,238 96,619 91,448 102,085 95,749 6,649 1.3111 

Mar .................. 670,466 681,666 71,334 75,656 92,151 84,724 109,725 106,084 9,875 1.3025 

Apr................... 772,327 783,403 91,363 95,077 95,885 91,527 108,354 106,916 9,118 1.2411 

May.................. 644,787 651,170 72,754 73,612 110,911 105,578 122,077 117,845 1,759 1.2159 

June................. 546,074 552,858 69,993 70,944 104,742 94,686 116,673 115,261 10,107 1.2247 

July .................. 576,765 579,881 67,686 69,097 116,188 112,484 122,892 119,621 8,346 1.2311 

Aug .................. 640,777 643,594 65,950 70,881 118,631 120,353 113,945 114,436 9,421 1.2336 

Sept................. 592,282 607,776 61,941 67,928 138,124 135,033 154,166 158,976 13,880 1.2504 

Oct................... 658,618 673,562 65,123 64,107 142,039 128,958 161,356 166,004 12,737 1.2424 

Nov .................. 795,736 813,606 74,946 73,814 139,351 128,709 160,901 169,130 n.a. 1.1966 

Dec .................. 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 

Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,723 29,650 33,587 10,119 491 658 1,623 493 n.a. 1.1956 

June ................. 17,342 30,911 37,253 10,156 538 n.a. 1,415 n.a. n.a. 1.2829 

Sept.................. 14,433 24,616 34,627 9,700 n.a. n.a. 460 230 n.a. 1.2891 

Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

2006 - Mar................... 20,009 28,592 41,540 10,966 n.a. n.a. 745 575 n.a. 1.3025 

June ................. 17,596 21,001 44,998 11,526 n.a. n.a. 623 479 n.a. 1.2247 

Sept.................. 16,647 22,699 44,748 11,102 n.a. n.a. 1,099 590 n.a. 1.2504 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

97

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

07/05/06 .................................................................. 702,589 711,726 5,282 1.8342 

07/12/06 .................................................................. 713,715 721,872 5,012 1.8347 

07/19/06 .................................................................. 752,893 768,098 6,123 1.8377 

07/26/06 .................................................................. 755,857 767,746 6,377 1.8474 

 

08/02/06 .................................................................. 754,444 768,411 5,842 1.8781 

08/09/06 .................................................................. 777,451 793,612 6,447 1.9089 

08/16/06 .................................................................. 784,096 801,042 6,169 1.8999 

08/23/06 .................................................................. 793,842 815,613 5,902 1.8929 

08/30/06 .................................................................. 813,062 832,186 6,268 1.9042 

 

09/06/06 .................................................................. 843,109 864,089 4,763 1.8810 

09/13/06 .................................................................. 862,108 884,053 3,969 1.8767 

09/20/06 .................................................................. 754,536 766,417 3,740 1.8894 

09/27/06 .................................................................. 777,899 799,320 1,847 1.8866 

 

10/04/06 .................................................................. 775,010 795,551 3,168 1.8839 

10/11//06 ................................................................. 800,656 820,305 2,463 1.8568 

10/18/06 .................................................................. 826,123 842,793 2,677 1.8675 

10/25/06 .................................................................. 803,962 820,255 3,401 1.8772 

 

11/01/06 .................................................................. 836,864 855,060 4,024 1.9091 

11/08/06 .................................................................. 831,437 848,284 3,419 1.9057 

11/15/06 .................................................................. 867,406 889,253 2,269 1.8883 

11/22/06 .................................................................. 790,547 812,508 1,551 1.9145 

11/29/06 .................................................................. 933,976 957,450 3,134 1.9492 

 

12/06/06 .................................................................. 944,912 972,140 2,837 1.9692 

12/13/06 .................................................................. 962,927 991,615 2,906 1.9663 

12/20/06 .................................................................. 851,784 882,289 3,083 1.9648 

12/27/06 .................................................................. 848,534 878,409 2,995 1.9566 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

98 

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - Dec................... 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Jan ................... 780,525 786,653 326,750 289,189 64,001 53,548 69,283 77,680 4,421 1.7820 

Feb .................. 812,878 818,829 316,828 276,184 64,768 53,173 60,672 66,684 6,565 1.7539 

Mar .................. 767,026 772,344 347,114 305,150 60,392 51,298 62,114 67,404 6,031 1.7393 

Apr................... 835,022 846,351 354,455 308,103 64,594 53,009 66,218 72,061 8,979 1.8220 

May.................. 836,629 845,419 364,089 312,446 71,914 66,346 72,405 79,071 7,380 1.8732 

June................. 725,150 736,071 355,843 303,614 68,589 63,326 66,706 71,128 5,207 1.8491 

July .................. 755,506 765,260 359,328 314,167 66,022 58,513 68,251 69,619 5,967 1.8685 

Aug .................. 821,972 838,655 377,759 331,135 68,908 63,446 65,708 69,177 6,279 1.9024 

Sept................. 774,062 799,307 375,214 319,165 65,845 63,047 65,939 67,262 1,357 1.8716 

Oct................... 844,905 863,283 405,285 351,894 73,435 67,458 72,904 73,764 3,091 1.9084 

Nov .................. 909,677 934,410 397,105 345,588 86,311 85,218 80,470 80,317 2,279 1.9693 

Dec .................. 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2003 - Dec................... 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 

Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,407 41,451 43,540 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

June ................. 38,305 52,610 89,080 55,471 n.a. 553 3,874 3,555 n.a. 1.7930 

Sept.................. 23,415 35,163 53,991 24,250 n.a. 518 2,639 2,027 -754 1.7696 

Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

2006 - Mar................... 24,371 39,982 61,619 30,338 409 336 n.a. 1,923 -810 1.7393 

June ................. 23,891 37,629 65,463 31,087 394 336 3,774 n.a, -607 1.8491 

Sept.................. 26,799 35,325 53,291 21,040 n.a. n.a. n.a. 1,844 -258 1.8716 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

99

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

07/05/06 ................................................................ 9,554,304 9,815,404 14,316 n.a. 

07/12/06 ................................................................ 9,758,536 10,001,539 9,730 n.a. 

07/19/06 ................................................................ 9,921,507 10,182,370 9,251 n.a. 

07/26/06 ................................................................ 9,803,594 10,076,680 4,702 n.a. 

 

08/02/06 ................................................................ 10,023,600 10,284,975 3,483 n.a. 

08/09/06 ................................................................ 9,930,581 10,168,737 2,532 n.a. 

08/16/06 ................................................................ 10,235,438 10,503,192 2,111 n.a. 

08/23/06 ................................................................ 10,280,050 10,538,456 2,897 n.a. 

08/30/06 ................................................................ 10,569,550 10,828,783 361 n.a. 

 

09/06/06 ................................................................ 10,733,354 10,960,580 2,164 n.a. 

09/13/06 ................................................................ 11,019,969 11,260,077 2,192 n.a. 

09/20/06 ................................................................ 9,847,225 10,092,029 3,188 n.a. 

09/27/06 ................................................................ 10,019,313 10,187,577 6,867 n.a. 

 

10/04/06 ................................................................ 9,703,418 9,789,312 5,126 n.a. 

10/11//06 ............................................................... 9,804,720 9,905,349 5,174 n.a. 

10/18/06 ................................................................ 10,047,996 10,140,322 4,454 n.a. 

10/25/06 ................................................................ 9,915,304 10,006,988 2,065 n.a. 

 

11/01/06 ................................................................ 10,322,943 10,422,621 3,073 n.a. 

11/08/06 ................................................................ 10,144,400 10,243,792 3,518 n.a. 

11/15/06 ................................................................ 10,443,383 10,527,814 4,999 n.a. 

11/22/06 ................................................................ 9,869,031 9,960,939 5,679 n.a. 

11/29/06 ................................................................ 11,426,391 11,509,066 9,349 n.a. 

 

12/06/06 ................................................................ 11,750,991 11,845,498 11,580 n.a. 

12/13/06 ................................................................ 11,866,410 11,952,498 6,347 n.a. 

12/20/06 ................................................................ 10,500,222 10,580,125 4,360 n.a. 

12/27/06 ................................................................ 10,413,409 10,491,842 -2,140 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

100

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2004 - Dec................... 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

2005 - Dec................... 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

2006 - Jan ................... 9,676,836 9,759,459 - - 1,266,208 1,255,752 1,329,021 1,319,006 -2,560 n.a. 

Feb .................. 10,238,070 10,341,610 - - 1,303,788 1,325,440 1,362,419 1,389,471 -13,985 n.a. 

Mar .................. 9,846,501 10,044,878 - - 1,487,695 1,474,882 1,768,511 1,801,401 -26,343 n.a. 

Apr................... 10,778,208 11,007,781 - - 1,567,422 1,496,237 1,635,862 2,709,089 -21,552 n.a. 

May.................. 10,421,788 10,650,275 - - 1,716,677 1,963,147 1,829,209 1,892,706 286 n.a. 

June................. 10,068,313 10,239,643 - - 1,675,501 1,666,363 1,856,663 1,861,828 -13,169 n.a. 

July .................. 10,330,311 10,544,212 - - 1,691,002 1,763,124 1,813,144 1,913,506 -151 n.a. 

Aug .................. 10,871,483 11,065,800 - - 1,741,868 1,773,783 1,870,581 1,939,367 -7,922 n.a. 

Sept................. 10,162,395 10,236,779 - - 1,726,993 1,769,316 1,935,549 1,930,817 -3,040 n.a. 

Oct................... 10,681,385 10,780,324 - - 1,900,053 1,844,507 1,965,291 1,957,859 -8,833 n.a. 

Nov .................. 11,668,046 11,734,248 - - 1,966,802 1,987,505 2,072,970 2,089,732 919 n.a. 

Dec .................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. 

Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 444,804 450,894 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

June.................. 462,876 474,638 - - 13,864 12,139 15,821 10,600 10,440 n.a. 

Sept .................. 435,999 419,841 - - 12,959 11,423 8,008 7,764 9,741 n.a. 

Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 453,038 441,138 - - 21,745 19,340 18,901 20,373 1,909 n.a. 

June.................. 453,241 459,206 - - 16,802 19,028 17,032 18,063 655 n.a. 

Sept. ................. 476,727 484,578 - - 25,157 32,393 21,260 26,633 3,899 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

101

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

07/05/06 ............................................................................. 3,037,364 2,970,439 -13,247 0.7858 

07/12/06 ............................................................................. 3,138,801 3,069,281 -9,526 0.7870 

07/19/06 ............................................................................. 3,220,308 3,147,415 -7,499 0.7962 

07/26/06 ............................................................................. 3,171,896 3,115,946 -8,336 0.7919 

 

08/02/06 ............................................................................. 3,240,151 3,170,715 -7,092 0.7814 

08/09/06 ............................................................................. 3,193,992 3,121,894 -8,471 0.7759 

08/16/06 ............................................................................. 3,304,114 3,226,574 -10,351 0.7774 

08/23/06 ............................................................................. 3,315,201 3,236,022 -8,311 0.7816 

08/30/06 ............................................................................. 3,409,344 3,329,357 -4,212 0.7797 

 

09/06/06 ............................................................................. 3,395,512 3,324,894 -2,157 0.7820 

09/13/06 ............................................................................. 3,520,237 3,448,441 -2,588 0.7869 

09/20/06 ............................................................................. 3,139,445 3,077,492 -1,195 0.7873 

09/27/06 ............................................................................. 3,110,568 3,082,398 -1,942 0.7875 

 

10/04/06 ............................................................................. 2,945,563 2,939,175 -3,150 0.7882 

10/11//06 ............................................................................ 2,978,759 2,973,866 -3,114 0.7970 

10/18/06 ............................................................................. 3,008,999 3,009,920 -4,253 0.7990 

10/25/06 ............................................................................. 2,961,965 2,964,419 -443 0.7942 

 

11/01/06 ............................................................................. 3,062,033 3,060,367 -2,591 0.7830 

11/08/06 ............................................................................. 3,032,562 3,026,463 -2,515 0.7828 

11/15/06 ............................................................................. 3,128,963 3,122,722 -3,747 0.7808 

11/22/06 ............................................................................. 2,870,164 2,860,805 -5,485 0.7735 

11/29/06 ............................................................................. 3,453,066 3,438,859 -9,994 0.7607 

 

12/06/06 ............................................................................. 3,503,922 3,488,507 -13,768 0.7515 

12/13/06 ............................................................................. 3,455,329 3,441,183 -13,765 0.7567 

12/20/06 ............................................................................. 3,050,005 3,030,039 -13,382 0.7586 

12/27/06 ............................................................................. 3,037,426 3,030,114 -8,541 0.7619 

 
FOREIGN CURRENCY POSITIONS 

March 2007 

102

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - Dec................... 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

2006 - Jan ................... 2,956,893 2,928,990 1,359,026 1,303,092 443,204 396,119 415,980 459,950 3,050 0.8225 

Feb .................. 3,164,741 3,144,443 1,335,168 1,293,677 479,987 532,961 419,540 560,126 2,548 0.8386 

Mar .................. 3,097,407 3,057,514 1,407,119 1,341,745 540,036 542,161 431,055 512,088 -3,374 0.8238 

Apr................... 3,471,295 3,407,520 1,721,131 1,666,382 584,294 588,514 445,431 522,863 -850 0.7921 

May.................. 3,080,902 3,007,061 1,482,020 1,424,586 710,526 826,561 459,928 531,130 998 0.7792 

June................. 3,051,598 3,042,657 1,520,413 1,411,160 656,565 766,673 440,688 509,901 -11,244 0.7825 

July .................. 3,150,032 3,121,396 1,444,554 1,389,799 654,064 755,023 447,559 519,735 -10,853 0.7835 

Aug .................. 3,303,572 3,271,323 1,436,080 1,392,072 662,842 756,995 459,556 529,779 -4,385 0.7817 

Sept................. 2,938,940 2,941,237 1,376,828 1,320,973 658,124 723,444 459,974 551,851 -1,928 0.7882 

Oct................... 3,106,968 3,102,984 1,450,067 1,392,160 698,951 688,800 476,597 565,953 -2,437 0.7829 

Nov .................. 3,384,224 3,371,697 1,528,203 1,476,998 668,561 727,152 514,595 566,983 -15,568 0.7541 

Dec .................. 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 

Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 138,011 148,004 206,505 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

June ................. 158,930 176,765 268,363 175,607 9,419 6,000 8,969 8,659 -476 0.8266 

Sept.................. 123,785 150,408 211,076 160,009 6,319 4,585 7,799 6,168 245 0.8293 

Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

2006 - Mar................... 142,022 157,084 226,059 137,973 12,373 7,893 7,038 5,441 -239 0.8238 

June ................. 140,544 144,101 234,265 138,771 8,577 5,389 7,499 4,766 102 0.7825 

Sept.................. 150,655 152,055 223,028 156,394 9,281 5,323 7,344 5,368 -2,413 0.7882 

 
March 2007 

103

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of June 30, 2006, and Sept. 30, 2006 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital June 30, 2006 

July 1, 2006, 

through 

Sept. 30, 2006 Sept. 30, 2006 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 15,547,659 163,386 15,711,045 

Special drawing rights 1 ........................................................... 8,669,587 -15,077 8,654,510 

Foreign exchange and securities: 

European euro ..................................................................... 11,787,593 11,857 11,799,450 

Japanese yen....................................................................... 8,252,239 -239,642 8,012,597 

Accounts receivable................................................................. 135,173 52,463 187,636 

Total assets.......................................................................... 44,392,251 -27,013 44,365,238 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 43,704 3,225 46,929 

Total current liabilities ...................................................... 43,704 3,225 46,929 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,248,217 -14,698 7,233,519 

Total other liabilities ......................................................... 9,448,217 -14,698 9,433,519 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 34,700,330 -15,540 34,684,790 

Total capital...................................................................... 34,900,330 -15,540 34,884,790 

Total liabilities and capital............................................ 44,392,251 -27,013 44,365,238 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

March 2007 

104

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2006, 

through 

Sept. 30, 2006 

Fiscal year to date 

Oct. 1, 2005, 

through 

Sept. 30, 2006 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -329,795 250,331 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... -3,070 24,477 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 13,473 44,319 

U.S. Government securities......................................................... 207,525 684,987 

Foreign exchange ........................................................................ 96,327 328,438 

Commissions ............................................................................... - - 

Income from operations............................................................... -15,540 1,332,552 

Net income (+) or loss (-)............................................................. -15,540 1,332,552 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

107

INTRODUCTION: Financial Report of the United States Government

The following pages are excerpted from the 2006 

Financial Report of the United States Government (Financial 

Report). The report and accompanying information, prepared 

and published annually by the Financial Management Service, 

are modeled after corporate-type reports and are developed on 

an accrual basis of accounting. 

The excerpts represent some of the most noteworthy 

information contained in the Financial Report. Data for the 

Financial Report are compiled from Federal program agency 

accounting systems Governmentwide. Treasury also presents 

a management discussion and analysis, the customary notes 

to the financial statements, a section on stewardship 

information, and supplemental information in the complete 

document. 

The Government Accountability Office (GAO) is 

required by law to audit the Financial Report. GAO’s report, 

as well as the complete Financial Report, can be accessed 

easily through the internet at www.fms.treas.gov/fr.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

108

Financial Statements 

of the United States Government 

for the Years Ended September 30, 2006, 

and September 30, 2005 

Statements of Net Cost 

These statements present the net cost of fiscal years 2006 and 2005 Government operations, which include the 

operations related to earmarked funds, funds financed by specifically identified revenues, often supplemented by other 

financing sources, which remain available over time. For the purposes of this document, “Government” refers to the United 

States Government. It categorizes costs by Chief Financial Officer Act entities and other significant entities. Costs and earned 

revenues are generally presented by department on an accrual basis, while the budget presents costs and revenues by 

obligations and outlays generally on a cash basis. In the Statements of Net Cost, the costs and earned revenues are divided 

between the corresponding departments and entities mentioned above, providing greater accountability by showing the 

relationship of the agencies’ net cost to the Governmentwide net cost. The focus of the budget of the United States is by 

agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users 

in assessing the budget integrity, operating performance, stewardship, and systems and control of the Federal Government. 

These statements contain the following three components: 

• Gross cost—This is the full cost of all the departments and entities. These costs are assigned on a cause-and-effect basis, or 

reasonably allocated to the corresponding departments and entities. 

• Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price. 

• Net cost—This is computed by subtracting earned revenue from gross cost. 

Net cost for Governmentwide reporting purposes includes the General Services Administration (GSA) and the Office of 

Personnel Management (OPM) agency allocations, and is net of intragovernmental eliminations. For this reason, individual 

agency net cost amounts will not agree with the agency’s financial statements. Because of their specific functions, most of 

the costs originally associated with GSA and OPM have been allocated to and reflected in the costs of their user agencies. 

The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the expenses 

from prior and past costs from health and pension plan amendments, and the actuarial gains and losses for these agencies. 

Health and pension benefits that are not reported in the individual agency statements have been allocated out of OPM to the 

agencies. The interest on securities issued by the Department of the Treasury (Treasury) held by the public is part of 

Treasury’s responsibilities, but because of its importance, and the dollar amounts, it is reported separately in these statements. 

Statements of Operations and Changes in Net Position 

These statements report the results of Government operations which include the results of earmarked fund operations. 

They include unearned revenues that are generated principally by the Government’s sovereign power to tax, levy duties, and 

assess fines and penalties. These statements also cover the cost of Government operations, net of revenue earned from the 

sale of goods and services to the public (earned revenues). They further include any adjustments and unreconciled 

transactions that affect the net position. 

Revenue 

Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/Self-Employment 

Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies. These taxes are 

characterized as “unearned” revenue. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

109

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and 

imported liquor, tobacco, firearms, and others. These are also characterized as “unearned” revenue. 

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. 

Therefore, unlike other earned revenues, miscellaneous earned revenues are not subtracted from gross cost to derive net cost. 

It also includes rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development of 

mineral resources on public lands. 

Earmarked revenues are from specifically identified “earmarked” activities during the year. Earmarked revenues are 

required by statute to be used for designated activities, benefits or purposes and must be accounted for separately from the 

rest of the Government’s non-earmarked revenues. Refer to Note 20—Earmarked Funds for detailed information. 

Intragovernmental interest represents interest earned from the investment of surplus earmarked revenues, which finance 

the deficit spending of non-earmarked operations. These investments are recorded as Intragovernmental debt holdings and 

included in Note 10, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by 

Government Accounts. These interest payments, and the associated investments, are eliminated in the consolidation process. 

Net Cost of Government Operations 

The net cost of Government operations (which is gross cost less earned revenue) flows through from the Statements of 

Net Cost. The net cost associated with earmarked activities is separately reported. 

Intragovernmental Transfers 

Intragovernmental transfers reflect amounts required by statute to be transferred from the General Fund of the Treasury 

to earmarked funds, as well as contributions to earmarked funds made by Federal agencies on behalf of their employees, 

beneficiaries, or others. 

Other-Unmatched Transactions and Balances 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due to 

unreconciled differences, agency reporting errors, and timing differences in the consolidated financial statements. Refer to 

Note 1—Summary of Significant Accounting Policies and the Supplemental Information—Unmatched Transactions and 

Balances for detailed information. 

Net Position, Beginning of Period 

The net position, beginning of period, reflects the net position reported on the prior year’s balance sheet as of the end of 

that fiscal year. The net position for earmarked funds is shown separately. 

Prior period adjustments are revisions to adjust the beginning net position and balances presented on the prior year 

financial statements. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 17—Prior Period 

Adjustments-Corrections of Errors for detailed information. 

Net Position, End of Period 

The net position, end-of-period, amount reflects the net position as of the end of the fiscal year. The net position for 

earmarked funds is shown separately. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

110

Reconciliations of Net Operating Cost and Unified Budget 

Deficit 

The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget deficit relate 

to each other. The premise of the reconciliation is that the accrual and budgetary accounting bases share transaction data. 

These statements report the reconciliation of the results of operations (net operating cost) on the Statements of 

Operations and Changes in Net Position to the unified budget deficit in the President’s budget. 

Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis of 

accounting measures used in the Financial Report. These statements begin with the net results of operations (net operating 

cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of Government 

operations on an accrual basis of accounting and reports activities where the bases of accounting for the components of net 

operating cost and the unified budget deficit differed. 

Components of Net Operating Cost Not Part of the 

Budget Deficit 

This information includes the operating components, such as the changes of benefits payable for veterans, military and 

civilian employees, and the environmental liabilities and depreciation expense not included in the budget results. 

Components of the Budget Deficit Not Part of Net 

Operating Cost 

This information includes the budget components, such as capitalized fixed assets, changes in accounts and taxes 

receivable, and increases in other assets not included in the operating results. These items are typically part of the balance 

sheets only, and are not part of the operating results. All Other Reconciling Items represent the net difference that is needed

to balance this statement to the unified budget deficit. 

Statements of Changes in Cash Balance from Unified Budget 

and Other Activities 

The primary purpose of these statements is to report how the annual unified budget deficit relates to the change in the 

Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit normally would 

not result in an equivalent change in the Government’s operating cash balance. 

These statements reconcile the unified budget deficit to the change in operating cash during the fiscal year and explain 

how the budget deficits (fiscal years 2006 and 2005) were financed. A budget deficit is the result of outlays (expenditures) 

exceeding receipts (revenue) during a particular fiscal year. 

In depicting how the unified budget deficits were financed, these statements show that in fiscal years 2006 and 2005, the 

greatest amounts were net new borrowings from the public. Other transactions also required cash disbursements and are not 

part of the repayments of the debt. These other transactions, such as the payment of interest on debt held by the public, 

required cash payments and contributed to the use of cash. These statements show the differences between accrual and cash 

budgetary basis, mainly because of timing differences in the financial statements.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

111

Balance Sheets 

The balance sheets show the Government’s assets and liabilities. When combined with stewardship information, this 

information presents a more comprehensive understanding of the Government’s financial position. All of the line items on 

the balance sheets are described in the Notes to the Financial Statements. The net position for earmarked funds is shown 

separately. 

Assets 

Assets included on the balance sheets are resources of the Government that remain available to meet future needs. The 

most significant assets that are reported on the balance sheets are property, plant, and equipment; inventories; and loans 

receivable. There are, however, other significant resources available to the Government that extend beyond the assets 

presented in these financial statements. Those resources include stewardship assets, including natural resources, and the 

Government’s sovereign powers to tax, regulate commerce, and set monetary policy. 

Liabilities and Net Position 

Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most 

significant liabilities reported on the balance sheets are Federal debt securities held by the public and accrued interest and 

Federal employee and veteran benefits payable. Liabilities also include environmental and disposal liabilities and social 

insurance benefits due and payable as of the reporting date. 

As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader 

than these reported balance sheet liabilities. They include the social insurance programs in the Statements of Social Insurance

and are disclosed in the Supplemental Information—Social Insurance section and a wide range of other programs under 

which the Government provides benefits and services to the people of this Nation, as well as certain future loss 

contingencies. 

The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections 

relating to the many assumptions of the programs, produce a wide range of possible results. Note 23—Social Insurance 

describes the social insurance programs, reports long-range estimates that can be used to assess the financial condition of the

programs, and explains some of the factors that impact the various programs. Using this information, readers can apply their 

own judgment as to the condition and sustainability of the individual programs. 

Each of the social insurance programs has an associated trust fund to account for its activity. The collection of 

earmarked taxes and other earmarked revenue is credited to the corresponding trust fund that will use these funds to meet a 

particular Government purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the 

excess revenue is invested in Treasury securities or “loaned” to the Treasury’s General Fund; therefore, the trust fund 

balances do not represent cash. An explanation of the trust funds for social insurance and many of the other large trust funds 

is included in Note 20—Earmarked Funds and Note 21—Dedicated Collections. That note also contains information about 

trust fund receipts, disbursements, and assets. 

The Government has entered into contractual commitments requiring the future use of financial resources and has 

unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. 

Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the balance sheets, but for 

which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingencies and 

Note 19—Commitments. 

Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique 

access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the 

Government with the ability to meet present obligations and those that are anticipated from future operations and are not 

reflected in net position. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

112

Statements of Social Insurance 

The Statements of Social Insurance provide estimates of the status of the most significant Social Insurance programs; 

Social Security, Medicare, Railroad Retirement, and Black Lung social insurance programs, which are administered by the 

Social Security Administration (SSA), the Department of Health and Human Services (HHS), the Railroad Retirement Board 

(RRB), and the Department of Labor (DOL), respectively. The estimates are actuarial present values1

 of the projections and 

are based on the economic and demographic assumptions representing the trustees’ best estimates as set forth in the relevant 

Social Security and Medicare trustees’ reports and in the relevant agency performance and accountability reports for the 

Railroad Retirement Board and the Department of Labor (Black Lung). 

 

1 Present values recognize that a dollar paid or collected next year is worth less than a dollar today, because a dollar today could be saved and earn a 

year’s worth of interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are 

summed.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

113

United States Government 

Statements of Net Cost 

for the Years Ended September 30, 2006, and September 30, 2005 

 Gross

 Cost 

 Earned 

 Revenue 

Net 

Cost 

Gross 

Cost 

Earned 

Revenue 

Net 

Cost 

(In billions of dollars) 2006 2005 

 

Department of Defense................................ 658.0 24.1 633.9 703.9 26.9 677.0 

Department of Health & Human Services.... 678.8 51.4 627.4 623.4 39.6 583.8 

Social Security Administration...................... 593.1 0.3 592.8 572.1 (2.0) 574.1 

Interest on Treasury Securities held by 

the public ................................................... 221.5 - 221.5 181.2 - 181.2 

Department of Veterans Affairs.................... 117.3 3.5 113.8 276.6 3.4 273.2 

Department of Agriculture ............................ 109.0 11.4 97.6 112.6 19.9 92.7 

Department of Education ............................. 97.3 4.7 92.6 75.6 4.7 70.9 

Department of the Treasury ......................... 85.5 4.1 81.4 82.3 3.1 79.2 

Department of Transportation ...................... 66.6 0.6 66.0 62.4 0.6 61.8 

Department of Energy.................................. 70.9 5.1 65.8 46.8 3.7 43.1 

Department of Homeland Security............... 63.4 6.8 56.6 74.6 6.7 67.9 

Department of Labor .................................... 48.2 - 48.2 50.0 - 50.0 

Department of Housing and Urban 

Development ............................................. 43.0 1.0 42.0 43.6 1.3 42.3 

Department of Justice .................................. 28.6 1.0 27.6 27.3 0.8 26.5 

Office of Personnel Management ................ 34.8 15.1 19.7 33.1 14.4 18.7 

National Aeronautics and Space 

Administration .............................................. 19.2 - 19.2 16.5 0.1 16.4 

Department of the Interior ............................ 20.0 2.9 17.1 19.5 3.2 16.3 

Department of State..................................... 16.0 2.2 13.8 15.6 2.0 13.6 

Agency for International Development......... 10.5 0.1 10.4 13.0 0.2 12.8 

Environmental Protection Agency................ 9.9 0.3 9.6 9.3 0.4 8.9 

Department of Commerce............................ 9.9 1.7 8.2 9.2 1.5 7.7 

Federal Communications Commission ........ 7.9 0.3 7.6 7.2 0.6 6.6 

Railroad Retirement Board........................... 12.1 5.0 7.1 9.5 - 9.5 

National Science Foundation ....................... 5.7 - 5.7 5.5 - 5.5 

Federal Deposit Insurance Corporation....... 1.8 0.1 1.7 1.4 0.2 1.2 

Small Business Administration...................... 1.7 0.3 1.4 1.4 0.4 1.0 

U.S. Nuclear Regulatory Commission ......... 1.0 0.6 0.4 0.9 0.5 0.4 

General Services Administration.................. 0.9 0.5 0.4 0.2 0.4 (0.2) 

National Credit Union Administration........... 0.2 0.1 0.1 0.1 0.2 (0.1) 

Tennessee Valley Authority........................... 9.5 10.0 (0.5) 8.6 8.7 (0.1) 

Export-Import Bank of the United States ..... - 1.3 (1.3) (0.2) 2.5 (2.7) 

Pension Benefit Guaranty Corporation ........ (0.5) 3.8 (4.3) 5.1 4.3 0.8 

U.S. Postal Service ........................................ 58.9 71.6 (12.7) 56.0 68.9 (12.9) 

All other entities .............................................. 27.0 (3.5) 30.5 30.3 7.6 22.7 

Total........................................................... 3,127.7 226.4 2,901.3 3,174.6 224.8 2,949.8 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

114

United States Government 

Statements of Operations and Changes in Net Position 

for the Years Ended September 30, 2006, and September 30, 2005 

(In billions of dollars) 

NonEarmarked 

Funds 

Earmarked 

Funds 2006 

Consolidated

2005 

Consolidated

(Restated) 

 

Revenue: 

Individual income tax and tax withholdings........... 1,045.7 800.4 1,846.1 1,690.1 

Corporation income taxes ..................................... 350.0 - 350.0 271.8 

Unemployment taxes............................................. - 41.4 41.4 40.0 

Excise taxes .......................................................... 24.5 49.6 74.1 71.0 

Estate and gift taxes.............................................. 27.4 - 27.4 24.7 

Customs duties...................................................... 24.7 - 24.7 22.0 

Other taxes and receipts ....................................... 42.8 17.2 60.0 46.7 

Miscellaneous earned revenues ........................... 17.1 - 17.1 19.2 

Intragovernmental interest .................................... - 185.3 185.3 - 

Total revenue ........................................................ 1,532.2 1,093.9 2,626.1 - 

Eliminations ........................................................... (185.3) - 

Consolidated revenue ........................................... 2,440.8 2,185.5 

 

Net Cost: 

Net cost ................................................................. 1,635.1 1,266.2 2,901.3 2,949.8 

Intragovernmental interest .................................... 185.3 - 185.3 - 

Total net cost......................................................... 1,820.4 1,266.2 3,086.6 - 

Eliminations ........................................................... (185.3) 

Consolidated net cost............................................ 2,901.3 2,949.8 

 

Intragovernmental transfers................................. (344.3) 344.3 - - 

Other--Unmatched transactions and balances 

(Note 1)................................................................. 11.0 - 11.0 4.1 

 

Net Operating (Cost)/Revenue.............................. (621.5) 172.0 (449.5) (760.2) 

 

 

Net position, beginning of period ........................ (8,714.1) 247.2 (8,466.9) (7,709.8) 

Prior period adjustments-corrections of errors 

(Note 17 and Note 26) ........................................ - - - 2.9 

Other prior period adjustments (Note 17).............. - - - 0.2 

Net Operating (Cost)/Revenue.............................. (621.5) 172.0 (449.5) (760.2) 

Net position, end of period ................................... (9,335.6) 419.2 (8,916.4) (8,466.9) 

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

115

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit 

for the Years Ended September 30, 2006, and September 30, 2005 

(In billions of dollars) 2006 

2005 

(Restated) 

 

Net operating cost ..................................................................................... (449.5) (760.2) 

Components of Net Operating Cost Not Part of the Budget Deficit:

Increase (decrease) in Liability for Military Employee Benefits (Note 11): 

Increase in military pension liabilities........................................................ 71.7 57.7 

Increase in military health liabilities........................................................... 3.3 108.6 

(Decrease) Increase in other military benefits .......................................... (0.3) 3.3 

Increase in liability for military employee benefits..................................... 74.7 169.6 

 

Increase (Decrease) in Liability for Veterans Compensation (Note 11):

Increase in liabilities for veterans.............................................................. 45.4 150.1 

(Decrease) Increase in liabilities for survivors .......................................... (14.3) 47.2 

Increase in liabilities for burial benefits ..................................................... 0.1 0.5 

Increase in liability for veteran's compensation......................................... 31.2 197.8 

 

Increase in Liabilities for Civilian Employee Benefits (Note 11): 

Increase in civilian pension liabilities......................................................... 75.2 43.6 

Increase in civilian health liabilities ........................................................... 4.5 24.6 

Increase (Decrease) in other civilian benefits ........................................... 1.6 (5.9) 

Increase in liabilities for civilian employee benefits................................... 81.3 62.3 

 

Increase in Environmental Liabilities (Note 12): 

Increase in Energy's environmental liabilities ........................................... 40.5 8.1 

Increase in all others' environmental liabilities.......................................... 4.9 2.5 

Increase in environmental liabilities .......................................................... 45.4 10.6 

 

Depreciation expense .................................................................................. 82.9 79.7 

Property, plant, and equipment disposals and revaluations ....................... 2.4 (43.7) 

Increase in benefits due and payable.......................................................... 12.3 14.1 

(Decrease) Increase in insurance programs ............................................... (20.4) 31.0 

Increase in other liabilities ........................................................................... 21.1 15.1 

Seigniorage and sale of gold ...................................................................... (0.7) (0.8) 

(Decrease) Increase in accounts payable ................................................... (9.5) 7.8 

(Increase) in accounts and taxes receivable ............................................... (2.7) (9.7) 

Components of the Budget Deficit Not Part of Net Operating Cost: 

Capitalized Fixed Assets: 

Department of Defense ............................................................................. (76.4) (28.3) 

Civilian Agencies....................................................................................... (27.3) (25.1) 

Total Capitalized Fixed Assets ............................................................... (103.7) (53.4) 

 

(Increase) in inventory ................................................................................. (9.3) (10.5) 

(Increase) in Securities and Investments..................................................... (6.4) (16.2) 

Decrease (Increase) in other assets............................................................ 0.5 (5.0) 

Principal repayments of precredit reform loans .......................................... 3.5 (2.2) 

 

All Other Reconciling Items...................................................................... (0.8) (4.8) 

 

Unified budget deficit ................................................................................ (247.7) (318.5) 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

116

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2006, and September 30, 2005 

(In billions of dollars) 2006 2005 

 

Unified budget deficit..................................... (247.7) (318.5)

 

Adjustments for Noncash Outlays Included in the Budget: 

Interest accrued by Treasury on debt held by 

the public............................................................. (177.6) (154.4) 

Subsidy expense (Note 4) ............................. 34.3 14.4 

 

Items Affecting the Cash Balance Not Included in the Budget: 

Net Transactions from Financing Activity: 

Repayment of debt held by the public............ 4,248.5 4,317.4 

Borrowings from the public ......................... (4,485.5) (4,614.1) 

Total......................................................... (237.0) (296.7) 

 

Net Transactions from Monetary Activity: 

Increase/(decrease) in special drawing 

rights........................................................ 0.4 (4.5) 

Increase in other monetary assets.............. 3.1 0.3 

(Decrease) in loans to the IMF............................. (6.6) (6.2) 

Total..................................................................... (3.1) (10.4) 

 

Net Transactions from Other Activities: 

Net direct loan activity ................................ (3.7) - 

Interest paid by Treasury on debt held by 

the public ................................................. 171.4 152.2 

Net guaranteed loan activity ....................... (46.9) (20.1) 

(Decrease)/Increase in miscellaneous 

assets ...................................................... (0.5) 0.3 

(Increase)/Decrease in allocations of 

special drawing rights .............................. (0.1) 0.1 

Decrease/(Increase) in deposit fund 

balances .................................................. 1.0 (2.0) 

Decrease in miscellaneous liabilities.............. 0.1 - 

Seigniorage and other equity...................... (0.7) (0.9) 

Reclassification of aged unreconciled 

accounts .................................................. - - 

NRRIT non-Federal securities1

................... 2.1 2.1 

 Prior period adjustment ............................... (2.7) -

Total......................................................... 120.0 131.7 

 

Disposition of deficit...................................... (263.4) (315.4)

 

Increase/(Decrease) in operating cash 

balance....................................................... 15.7 (3.1)

 

Operating Cash: (Note 2)

Operating cash balance beginning of period .. 27.9 31.0 

Operating cash balance end of period........... 43.6 27.9 

 1 For more information, see Railroad Retirement in the Supplemental Information-Social Insurance section. The amount for the 

change in the NRRIT non-Federal Securities reflected above is based on NRRIT amounts reported as of August 31. This differs 

from the amounts reflected in Note 7, Securities and Investments, for NRRIT which are as of September 30. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

117

United States Government 

Balance Sheets 

as of September 30, 2006, and September 30, 2005 

(In billions of dollars) 2006 

2005 

(Restated) 

Assets: 

Cash and other monetary assets (Note 2)...................................... 97.9 85.8 

Accounts and taxes receivable, net (Note 3).................................. 68.8 66.1 

Loans receivable, net (Note 4)........................................................ 220.8 221.8 

Inventories and related property, net (Note 5) ................................ 281.3 272.0 

Property, plant, and equipment, net (Note 6 and Note 26)............. 688.5 670.2 

Securities and investments (Note 7)............................................... 83.8 75.3 

Other assets (Note 8)...................................................................... 55.4 56.7 

Total assets .................................................................................. 1,496.5 1,447.9 

Stewardship property, plant, and equipment 

Stewardship Land (Note 24) and Heritage Assets (Note 25) 

Liabilities: 

Accounts payable (Note 9).............................................................. 58.4 67.9 

Federal debt securities held by the public and accrued interest 

(Note 10)....................................................................................... 4,867.5 4,624.2 

Federal employee and veteran benefits payable (Note 11)............ 4,679.0 4,491.8 

Environmental and disposal liabilities (Note 12)............................. 305.2 259.8 

Benefits due and payable (Note 13) ............................................... 129.3 117.0 

Insurance program liabilities (Note 14) ........................................... 72.8 93.2 

Loan guarantee liabilities (Note 4) .................................................. 66.4 47.7 

Other liabilities (Note 15) ................................................................ 234.3 213.2 

Total liabilities............................................................................... 10,412.9 9,914.8 

Contingencies (Note 18) and Commitments (Note 19) 

Net position: 

Earmarked funds (Note 20)............................................................. 419.2 

Non-earmarked funds ..................................................................... (9,335.6) 

Total net position........................................................................ (8,916.4) (8,466.9) 

Total liabilities and net position.................................................. 1,496.5 1,447.9 

The accompanying notes are an integral part of these financial statements.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

118

United States Government 

Statements of Social Insurance 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

 ************UNAUDITED*********** 

(In billions of dollars) 2006 2005 2004 2003 2002

Federal Old-Age, Survivors and Disability Insurance (Social Security): (Note 23) 

Contributions and Earmarked Taxes from: 

Participants who have attained age 62......................................... 533 464 41 35 34

Participants ages 15-61................................................................ 16,568 15,290 14,388 13,576 13,048

Future participants (under age 15 and births during period)............... 15,006 13,696 12,900 12,213 11,893

All current and future participants .............................................. 32,107 29,450 27,699 26,147 25,289

Expenditures for Scheduled Future Benefits for: 

Participants who have attained age 62......................................... 5,866 5,395 4,933 4,662 4,402

Participants ages 15-61................................................................ 26,211 23,942 22,418 21,015 20,210

Future participants (under age 15 and births during period)............... 6,480 5,816 5,578 5,398 5,240

All current and future participants .............................................. 38,557 35,154 32,928 31,075 29,851

Present value of future expenditures less future revenue............. 6,4491 5,7042 5,2293 4,9274 4,5625

Federal Hospital Insurance (Medicare Part A): (Note 23) 

Contributions and Earmarked Taxes from: 

Participants who have attained eligibility age 65 .......................... 192 162 14 12 12

Participants who have not attained eligibility age 15-64 ............... 5,685 5,064 4,820 4,510 4,408

Future participants (under age 15 and births during period)).............. 4,767 4,209 4,009 3,773 3,753

All current and future participants .............................................. 10,644 9,435 8,976 8,411 8,286

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age 65 .......................... 2,397 2,179 2,168 1,897 1,747

Participants who have not attained eligibility age 15-64 ............... 15,633 12,668 12,054 10,028 9,195

Future participants (under age 15 and births during period)).............. 3,904 3,417 3,246 2,653 2,470

All current and future participants .............................................. 21,934 18,264 17,468 14,577 13,412

Present value of future expenditures less future revenue............. 11,2901 8,8292 8,4923 6,1664 5,1265

Federal Supplementary Medical Insurance (Medicare Part B): (Note 23) 

Premiums from: 

Participants who have attained eligibility age 65 .......................... 40 363 33 28 25

Participants who have not attained eligibility age 15-64 ............... 3,167 2,900 2,665 2,148 1,856

Future participants (under age 15 and births during period)).............. 90 924 89 68 60

All current and future participants .............................................. 4,481 4,187 3,889 3,119 2,708

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age 65 .......................... 1,773 1,622 1,475 1,306 1,132

Participants who have not attained eligibility age 15-64 ............... 12,433 11,541 10,577 8,845 7,463

Future participants (under age 15 and births during period)).............. 3,407 3,408 3,277 2,622 2,238

All current and future participants .............................................. 17,613 16,571 15,329 12,773 10,833

Present value of future expenditures less future revenue6

.............. 13,1311 12,3842 11,4403 9,6534 8,1255

Federal Supplementary Medical Insurance (Medicare Part D): (Note 23)

Premiums and State Transfers from: 

Participants who have attained eligibility age 65 .......................... 17 185 17

Participants who have not attained eligibility age 15-64 ............... 1,700 1,790 1,857 

Future participants (under age 15 and births during period)).............. 49 572 61

All current and future participants .............................................. 2,366 2,547 2,651 

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age 65 .......................... 79 880 77

Participants who have not attained eligibility age 15-64 ............... 7,338 7,913 7,566 

Future participants (under age 15 and births during period)).............. 2,121 2,440 2,431 

All current and future participants .............................................. 10,250 11,233 10,770 

Present value of future expenditures less future revenue6...................... 7,8841 8,6862 8,1193
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2007 

119

United States Government 

Statements of Social Insurance 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

 ************UNAUDITED*********** 

(In billions of dollars) 2006 2005 2004 2003 2002

Railroad Retirement: (Note 23) 

Contributions and Earmarked Taxes from: 

Participants who have attained eligibility ...................................... 5 4 4 4 3 

Participants who have not attained eligibility ................................ 40 37 37 40 40 

Future participants........................................................................ 56 41 39 41 41 

All current and future participants .............................................. 100 82 80 85 83 

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility ...................................... 92 84 81 80 74 

Participants who have not attained eligibility ................................ 84 73 72 73 76 

Future participants........................................................................ 25 16 14 14 13 

All current and future participants .............................................. 201 173 167 167 162 

Present value of future expenditures less future revenues 7 .............. 101 1 91 2 87 3 83 4 79 5

 

Black Lung (Part C): (Note 23) 

Present value of future expenditures less future revenues 8 .............. (4) 9 (5) 10 (4) 11 (4) 12 (5) 13

1 The projection period is 1/1/2006 - 12/31/2080 and the valuation date is 1/1/2006. 2 The projection period is 1/1/2005 - 12/31/2079 and the valuation date is 1/1/2005. 3 The projection period is 1/1/2004 - 12/31/2078 and the valuation date is 1/1/2004. 4 The projection period is 1/1/2003 - 12/31/2077 and the valuation date is 1/1/2003. 5 The projection period is 1/1/2002 - 12/31/2076 and the valuation date is 1/1/2002. 6 These amounts represent the present value of the transfers from the General Fund of the Treasury to the Supplementary Medical 

Insurance Trust Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare & 

Medicaid Services’ (CMS) Financial Report but are not income from the Governmentwide perspective of this report. 7 These amounts approximate the present value of the financial interchange and transfers from the General Fund of the Treasury to the 

Social Security Equivalent Benefit (SSEB) Account (see discussion of Railroad Retirement Program in the required supplemental 

information section of this report). They are included as income in the Railroad Retirement Financial Report but are not income from the 

Governmentwide perspective of this report. 

8

 Does not include interest expense accruing on the outstanding debt.

9 The projection period is 9/30/2006 - 9/30/2040 and the valuation date is 9/30/2006. 10 The projection period is 9/30/2005 - 9/30/2040 and the valuation date is 9/30/2005. 11 The projection period is 9/30/2004 - 9/30/2040 and the valuation date is 9/30/2004. 12 The projection period is 9/30/2003 - 9/30/2040 and the valuation date is 9/30/2003. 13 The projection period is 9/30/2002 - 9/30/2040 and the valuation date is 9/30/2002. 

Totals do not necessarily equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
TRUST FUNDS 

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120

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of Treasury in fiscal year 1971, according to 

provisions of the Airport and Airway Revenue Act of 1970 

[49 United States Code 1742(a), repealed]. The Tax Equity 

and Fiscal Responsibility Act of 1982 (Public Law 97-248, 

dated September 3, 1982) reestablished the trust fund in the 

Internal Revenue Code (26 United States Code 9502) 

effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. 

The Taxpayers Relief Act of 1997 (Public Law 105-35), 

effective October 1, 1997, extended the aviation excise 

taxes for 10 years. The taxes now expire on September 30, 

2007. The Act included other provisions that: 

• Converted the 10 percent ad valorem tax on 

domestic passenger tickets to a combination of ad 

valorem/flight segment tax over 3 years, beginning October 

1, 1997. Beginning October 1999 through September 30, 

2007, the tax is 7.5 percent, plus in calendar year 2006, a 

$3.30 tax per segment. 

• Retained the existing freight waybill and general 

aviation jet fuel/gas taxes. It also retained a special rule 

applied to flights between the continental United States and 

Alaska or Hawaii. The $6 departure tax is indexed to the 

Consumer Price Index. Effective calendar year 2006, the 

tax is $7.30. 

• Imposed a new 7.5 percent tax on payments to 

airlines for frequent flyer and similar awards by banks and 

credit card companies, merchants and frequent flyer 

program partners, such as other airlines, hotels and rental 

car companies, and other businesses. 

• Increased the $6 international departure tax to $12 

per passenger and added a $12 international arrival tax, 

indexed to the Consumer Price Index. Effective 2006, the 

tax is $14.50. 

• Lowered ticket tax rates on flights to certain rural 

airports to 7.5 percent without a flight segment tax 

component. 

• Transferred revenues from the 4.3 cents-per-gallon 

aviation fuel tax previously dedicated to reducing the 

national deficit from the general fund to the Airport and 

Airway Trust Fund. 

The Administration is proposing the current tax system 

be replaced by a mix of adjusted taxes and user fees. This 

will decrease both revenue and outlays from the trust fund 

beginning in fiscal year 2009. 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the trust fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by law, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the trust fund during the past fiscal 

year and those expected during the next 5 fiscal years. 
TRUST FUNDS 

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121

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2006 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2005 ................................................................................................................................................................................................ $11,290,130,291

Receipts: 

Excise taxes (transferred from general fund): 

Liquid fuel other than gasoline.............................................................. 4041............................................................................................ 790,152,000

Gasoline................................................................................................ 4081............................................................................................ 16,915,000

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)................................................................................. 7,423,297,472

Use of international travel facilities....................................................... 4261 (c)....................................................................................... 1,993,697,000

Transportation of property, cargo ......................................................... 4271............................................................................................ 478,614,000

Gross excise taxes ....................................................................................................................................................................................... 10,702,675,472

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline.................................................................. 4041............................................................................................ 105,873,000

Gasoline................................................................................................................................................................................................................ 7,036,000

Total refunds of taxes ....................................................................................................................................................................................... 112,909,000

Net taxes........................................................................................................................................................................................................... 10,589,766,472

Interest on investments......................................................................................................................................................................................... 494,760,249

Total receipts .................................................................................................................................................................................................... 11,084,526,721

Offsetting collections................................................................................................................................................................................................. 108,346,690

Expenses: 

Operations ............................................................................................................................................................................................................ 5,485,673,312

Grants in aid.......................................................................................................................................................................................................... 3,840,567,197

Facilities and equipment....................................................................................................................................................................................... 2,506,700,626

Research, engineering, and development............................................................................................................................................................ 140,725,681

Air carriers............................................................................................................................................................................................................. 64,296,937

Total expenses.................................................................................................................................................................................................. 12,037,963,753

Offsetting collections................................................................................................................................................................................................. 108,346,690

Balance Sept. 30, 2006 ............................................................................................................................................................................................ $10,336,693,259

 

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011 

[In millions of dollars. Source: DOT] 

2007 2008 2009 2010 2011 

Balance Oct. 1 ............................................................................ 10,336 10,159 8,628 9,188 10,190

Receipts: 

Excise taxes, net of refunds.................................................... 11,426 12,094 4,323 4,674 5,062

Interest on investments........................................................... 495 478 404 378 381

Offsetting collections............................................................... 210 51 50 50 51

Total receipts ...................................................................... 12,131 12,623 4,777 5,102 5,494

Expenses: 

Gross Outlays ......................................................................... 12,308 14,154 4,217 4,100 4,173

Balance Sept. 30......................................................................... 10,159 8,628 9,188 10,190 11,511
TRUST FUNDS 

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122

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year 1993, according to provisions of the 

Energy Policy Act of 1992 (42 United States Code 2297g). 

Receipts represent (1) fees collected from domestic public 

utilities based on their pro rata share of purchases of 

separative work units from the Department of Energy (DOE) 

and (2) appropriations toward the Government contribution 

based on the balance of separative work unit purchases. 

Expenditures from the fund are for the purpose of (1) 

decontamination and decommissioning of the three gaseous 

diffusion plants, (2) remedial actions and related 

environmental restoration costs at the gaseous diffusion 

plants, and (3) reimbursement to uranium/thorium producers 

for the costs of decontamination, decommissioning, 

reclamation, and remedial action of uranium/thorium sites 

that are incident to sales to the U.S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

congruent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

The Secretary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to 

Congress, after consultation with the Secretary of Energy. 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-1, as amended) authorizes funding to ensure annual 

deposits to the fund of $518.2 million before adjustments for 

inflation. The Act stipulates that the Government deposit 

$369.6 million, adjusted for inflation, annually. The Act also 

calls for deposits of $150 million from domestic public 

utility assessments. Between the fiscal years of 1993 and 

2006, the total Government contribution amount authorized 

by the Act was $5,749.5 million. During that time span, the 

Government contributed only $4,910.4 million to the fund. 

The resulting shortfall in authorized Government 

contributions is, therefore, $839.1 million. 
TRUST FUNDS 

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123

TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal Year 2006 

[Source: DOE] 

Balance Oct. 1, 2005 ................................................................................................................................................................................. $14,990,779 

Receipts: 

 

Fees collected........................................................................................................................................................................................ 651,819,575 

Penalties collected ................................................................................................................................................................................. - 

Interest on investments.......................................................................................................................................................................... 194,100,190 

Total receipts...................................................................................................................................................................................... 845,919,765 

Outlays: 

 

DOE, decontamination and decommissioning activities........................................................................................................................ 502,897,049 

Cost of investments................................................................................................................................................................................ 331,466,386 

Total outlays....................................................................................................................................................................................... 834,363,435 

Balance Sept. 30, 2006.............................................................................................................................................................................. $26,547,109 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011 

[In thousands of dollars. Source: DOE] 

 2007 2008 2009 2010 2011

Balance Oct. 1 ......................................................................... 26,547 1 1 1 1

Receipts: 

 

Fees collected...................................................................... 665,170 452,000 452,000 46,500 -

Interest collected.................................................................. 167,886 168,070 161,936 149,247 132,572

Total receipts ................................................................... 833,056 620,070 613,936 195,747 132,572

Outlays: 

 

DOE, decontamination and decommissioning fund ............ 663,927 615,275 773,422 525,666 566,124

Costs of investments ........................................................... 195,675 4,795 -159,486 -329,919 -433,552

Total outlays..................................................................... 859,602 620,070 613,936 195,747 132,572

Balance Sept. 30...................................................................... 1 1 1 1 1
TRUST FUNDS 

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124

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established 

on the books of the Treasury in fiscal year 1978 according to 

the Black Lung Benefits Revenue Act of 1977 (Public Law 

95-227). The Black Lung Benefits Revenue Act of 1981 

(Public Law 97-119) reestablished the fund in the Internal 

Revenue Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year 

moratorium on interest payments ended on September 30, 

1990. Payment of interest on advances resumed in fiscal 

year 1991. The Omnibus Budget Reconciliation Act of 1987 

(Public Law 100-203, title X, section 10503), signed 

December 22, 1987, extends the temporary increase in the 

coal tax through December 31, 2013. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to 

the trust fund subject to adjustments in later transfers to 

actual tax receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the 

Treasury in interest-bearing public debt securities. Any 

interest earned will be credited to the fund. Also credited, if 

necessary, will be repayable advances from the general fund 

to meet outlay requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund 

are administrative expenses incurred by the Department of 

Health and Human Services (HHS) and the Treasury, 

repayments of advances from the general fund and interest 

on advances. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress after consultation with 

the Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the 

past fiscal year and the expected condition and operations of 

the fund during the next 5 fiscal years. 

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2006 

[Source: DOL] 

Balance Oct. 1, 2005 ........................................................................................................................................................................................... $41,375,141 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 302,856,000 

$0.55 tax on surface coal............................................................................................................................................................................. 134,496,000 

4.4 percent tax on underground coal........................................................................................................................................................... 35,557,000 

4.4 percent tax on surface coal.................................................................................................................................................................... 134,478,000 

Fines, penalties, and interest....................................................................................................................................................................... 548,748 

Collection—responsible mine operators...................................................................................................................................................... 4,414,442 

Recovery of prior year funds........................................................................................................................................................................ - 

Repayable advances from the general fund................................................................................................................................................ 445,000,000 

Total receipts............................................................................................................................................................................................ 1,057,350,190 

Net receipts .............................................................................................................................................................................................. 1,057,350,190 

Outlays: 

Treasury administrative expenses................................................................................................................................................................... 342,154 

Salaries and expenses—DOL—departmental management .......................................................................................................................... 24,239,000 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 344,000 

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 33,050,000 

Total outlays................................................................................................................................................................................................. 57,975,154 

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 307,066,878 

Interest on repayable advances....................................................................................................................................................................... 694,963,681 

Total expenses............................................................................................................................................................................................. 1,002,030,559 

Balance Sept. 30, 2006 ........................................................................................................................................................................................ 38,719,619 

Cumulative debt, end of year ............................................................................................................................................................................... $9,631,556,899 
TRUST FUNDS 

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125

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011* 

[In thousands of dollars. Source: DOL] 

 2007 2008 2009 2010 2011 

Balance Oct. 1 ........................................................................................ 38,719 38,540 38,256 38,040 37,907

Receipts: 

Excise taxes....................................................................................... 624,000 629,000 640,000 659,000 679,000

Advances from the general fund........................................................ 404,000 437,000 437,000 432,000 422,000

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 1,068,719 1,068,000 1,079,000 1,093,000 1,103,000

Outlays: 

Benefit payments ............................................................................... 293,203 270,763 257,033 244,794 230,794

Administrative expenses.................................................................... 58,517 58,237 59,967 62,206 62,206

Interest on repayable advances ........................................................ 717,178 739,284 762,216 786,133 810,421

Total outlays................................................................................... 1,068,898 1,068,284 1,079,216 1,093,133 1,103,421

Balance Sept. 30.................................................................................... 38,540 38,256 38,040 37,907 37,486

Cumulative debt, end of year................................................................. 11,893,830 12,330,830 12,767,830 13,199,830 13,621,830

 

Note.—Detail may not add to totals due to rounding. * These numbers do not include the administration’s legislative proposal to restructure the 

trust fund’s debt, thus enabling the debt to be retired in fiscal year 2040. 
TRUST FUNDS 

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126

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriation acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal year 

1995 (Public Law 103-331, September 28, 1994), section 

339, waived collection of charges or tolls on the Saint 

Lawrence Seaway in accordance with section 13(b) of the 

Act of May 13, 1954 (as in effect on April 1, 1987). 

Legislation was passed in the North American Free Trade 

Agreement Implementation Act (Public Law 103-182, 

section 683), which amends paragraph (3) of section 9505(c) 

of the IRC of 1986, to authorize payment of up to $5 million 

annually to Treasury for all expenses of administration 

incurred by the Treasury, the U.S. Army Corps of Engineers 

and the Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance fee unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause 

5) and enjoined the Customs Service from collecting the fee. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next 5 fiscal years. 

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2006 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2005 ............................................................................................................................................................................................................ $2,785,384,341 

Receipts: 

Excise taxes: 

Imports .......................................................................................................................................................................................................................... 953,592,060 

Exports.......................................................................................................................................................................................................................... - 

Domestic ....................................................................................................................................................................................................................... 65,758,215 

Passengers ................................................................................................................................................................................................................... 10,127,713 

Foreign trade................................................................................................................................................................................................................. 177,022,264 

Interest on investments................................................................................................................................................................................................. 130,430,433 

Total receipts ............................................................................................................................................................................................................ 1,336,930,685 

Expenses: 

Corps of Engineers ........................................................................................................................................................................................................... 779,000,000 

Saint Lawrence Seaway Development Corporation/DOT................................................................................................................................................ 16,121,160 

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................. 3,000,000 

Operating expenses, miscellaneous returns .................................................................................................................................................................... - 

Total expenses.............................................................................................................................................................................................................. 798,121,160 

Balance Sept. 30, 2006 ........................................................................................................................................................................................................ $3,324,193,866 
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127

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2007 2008 2009 2010 2011 

Balance Oct. 1 ..................................................................................................... 3,324.0 3,965.0 4,746.0 5,642.0 6,722.0

Receipts: 

Harbor maintenance fee .................................................................................. 1,264.0 1,367.0 1,461.0 1,561.0 1,663.0

Interest on investments.................................................................................... 175.0 213.0 232.0 306.0 357.0

Total receipts ............................................................................................... 1,439.0 1,580.0 1,693.0 1,867.0 2,020.0

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo..................................................................................... -----

Corps of Engineers operation, maintenance, 

and administrative expenses ....................................................................... 779.0 780.0 778.0 768.0 758.0

Corps of Engineers construction ..................................................................... -----

Saint Lawrence Seaway Development Corporation/DOT............................... 16.0 16.0 16.0 16.0 16.0

Administrative expenses for Department of Homeland Security 

(Customs Service).................................................................................................... 3.0 3.0 3.0 3.0 3.0

Total outlays................................................................................................. 798.0 799.0 797.0 787.0 777.0

Balance Sept. 30.................................................................................................. 3,965.0 4,746.0 5,642.0 6,722.0 7,965.0

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
TRUST FUNDS 

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128

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million, expired in 1995. To implement the Superfund 

program, amounts are appropriated from the Superfund to 

the Environmental Protection Agency (EPA) for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 

TABLE TF-5.—Hazardous Substance Superfund 

Results of Operations, Fiscal Year 2006 

[Source: EPA] 

Balance Oct. 1, 2005 ...................................................................................................................................................................................... $95,300,000 

Receipts: 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ 1,100,000 

General fund appropriation ......................................................................................................................................................................... 1,189,800,000 

Cost recoveries ........................................................................................................................................................................................... 59,700,000 

Fines and penalties..................................................................................................................................................................................... 2,500,000 

Interest on investments............................................................................................................................................................................... 102,900,000 

Offsetting collections................................................................................................................................................................................... - 

Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. - 

Total receipts........................................................................................................................................................................................... 1,356,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,242,000,000 

Other expenses........................................................................................................................................................................................... 37,700,000 

Total expenses........................................................................................................................................................................................ 1,279,700,000 

Balance Sept. 30, 2006................................................................................................................................................................................... $171,600,000 

Note.—Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the actual 

status of this trust fund. As a result, this table may be revised in future reports and other 

resources should be utilized for accurate trust fund reporting. 
TRUST FUNDS 

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129

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2007-20111

[In millions of dollars. Source: EPA] 

2007 2008 2009 2010 2011

Balance Oct. 1 ................................................................................................. 172 154 153 152 151

Receipts: 

Interest ......................................................................................................... 151 151 151 151 151

Recoveries, fines, and penalties.................................................................. 57 57 57 57 57

Fines and penalties...................................................................................... 2 2 2 2 2

Taxes ........................................................................................................... - - - - -

Offsetting collections.................................................................................... - - - - -

General revenues ........................................................................................ 1,043 1,091 1,091 1,091 1,091

Total receipts ........................................................................................... 1,253 1,301 1,301 1,301 1,301

Appropriations 2................................................................................................ 1,220 1,244 1,244 1,244 1,244

Other expenses................................................................................................ 51 58 58 58 58

Balance Sept. 30.............................................................................................. 154 153 152 151 150

1

 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 

2

 Fiscal year 2007 appropriation represents estimated funding level of full-year Continuing 

Resolution as of February 5, 2007. 
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130

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to provisions 

of the Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway surface transportation and other acts 

since 1959. Section 1110(d) of the Safe, Accountable, 

Flexible, Efficient Transportation Equity Act: A Legacy For 

Users (SAFETEA-LU) (Public Law 109-59) extended the 

Highway Trust Fund to be available for making expenditures 

before September 30, 2009 (October 1, 2009, in the case of 

expenditures for administrative expenses). 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund. These transfers are made twice 

monthly based on estimates by the Secretary of the Treasury, 

subject to later adjustments to reflect the amount of actual 

tax receipts. Amounts available in the fund exceeding outlay 

requirements are invested in non-interest-bearing public debt 

securities. 

Within the fund is a mass transit account, funded by a 

portion of the excise tax collections under sections 4041 and 

4081 of the IRC (title 26 United States Code). The funds 

from this account are used for expenditures in accordance 

with chapter 53 of title 49 United States Code, the 

Intermodal Surface Transportation Efficiency Act of 1991 

(Public Law 102-240), the Transportation Equity Act for the 

21st Century (TEA-21), and SAFETEA-LU. The remaining 

excise taxes are included in a separate account within the 

trust fund commonly referred to as the highway account. 

Expenditures from this account are made according to the 

provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next 5 fiscal 

years. 

In addition, the Secretary of the Treasury is required by 

26 U.S.C. 9503(d)(7) to report to specified Congressional 

Committees any estimate which he, in consultation with the 

Secretary of Transportation, makes pursuant to 26 U.S.C. 

9503(d)(1) or any determination which he makes pursuant to 

26 U.S.C. 9503(d)(2). The Congressional Committees are 

the Committee on Ways and Means of the House of 

Representatives, the Committee on Finance of the Senate, 

the Committees on the Budget of both Houses, the 

Committee on Transportation and Infrastructure of the 

House of Representatives, and the Committee on 

Environment and Public Works of the Senate. 
TRUST FUNDS 

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131

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2006 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

 

Balance Oct. 1, 2005 ........................................................................................................................................................................................... $12,542,497,455 

Receipts: Excise taxes (transferred from general fund): Gasoline ........................................................................................................4081 ......................................................................................... 24,667,951,000 

Diesel and special motor fuels......................................................................4041 ......................................................................................... 9,906,181,000 

Highway tires.................................................................................................4071 ......................................................................................... 488,210,000 

Retail tax on trucks........................................................................................4051 ......................................................................................... 3,618,945,000 

Heavy vehicle use.........................................................................................4481 ......................................................................................... 1,403,550,000 

Total excise taxes .................................................................................................................................................................................... 40,084,837,000 

Less refunds and tax credits (reimbursed to general fund): 

Diesel fuel, bus use......................................................................................................................................................................................... 27,968,000 

Diesel .............................................................................................................................................................................................................. 465,959,000 

Gasohol........................................................................................................................................................................................................... 2,436,000 

Gasoline used to make gasohol ..................................................................................................................................................................... 696,000 

Gasoline .......................................................................................................................................................................................................... 385,209,320 

Special fuel...................................................................................................................................................................................................... 887,000 

Total refunds and tax credits ................................................................................................................................................................... 883,155,320 

Less transfers: 

To Land and Water Conservation Fund ...................................................................................................................................................... 1,000,000 

To Aquatic Resources Trust Fund............................................................................................................................................................... 426,295,000 

To general fund............................................................................................................................................................................................ 21,018,000 

Total transfers .......................................................................................................................................................................................... 448,313,000 

Other income: 

Fines and penalties...................................................................................................................................................................................... 10,960,835 

Cash Management Improvement Act interest (net)..................................................................................................................................... 1,138,794 

Transportation Infrastructure Finance and Innovation Act loan subsidy reestimate................................................................................... 13,439,000 

Total other income ................................................................................................................................................................................... 25,538,629 

Net receipts .......................................................................................................................................................................................... 38,778,907,309 

Expenses: 

Federal Highway Administration: 

Federal aid to highways............................................................................................................................................................................... 32,840,184,747 

Right-of-way revolving fund ......................................................................................................................................................................... 619,047 

Other ............................................................................................................................................................................................................ 146,454,073 

Total ......................................................................................................................................................................................................... 32,987,257,867 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 434,634,409 

Federal Transit Administration..................................................................................................................................................................... 1,952,116,441 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 208,359,928 

Highway traffic safety grants.................................................................................................................................................................... 279,243,549 

National driver register............................................................................................................................................................................. 2,645,782 

Total ..................................................................................................................................................................................................... 490,249,259 

Federal Railroad Administration: 

Other agencies............................................................................................................................................................................................. 16,121,160 

Total expenses......................................................................................................................................................................................... 35,880,379,136 

Balance Sept. 30, 2006........................................................................................................................................................................................ $15,441,025,628 

Note: Detail may not add to totals due to rounding. Note: Fiscal Year 2006 beginning balance includes data for the Highway Account and 

Mass Transit Account. 
TRUST FUNDS 

March 2007 

132

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2007 2008 2009 2010 2011

Balance Oct. 1 ............................................................... 15 16 13 8 2

Receipts: 

Excise taxes, net of refunds....................................... 40 41 42 43 43

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 40 41 42 43 43

Outlays........................................................................... 39 44 47 49 50

Balance Sept. 30............................................................ 16 13 8 2 -5

 

Mass Transit Account 

 2007 2008 2009 2010 2011

 

Balance Oct. 1 .................................................................... 6 7 6 4 1

Receipts: 

Excise taxes, net of refunds............................................ 5 5 5 5 5

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5 5 5 5 5

Outlays................................................................................ 4 6 7 8 8

Balance Sept. 30................................................................. 7 6 4 1 -2

 

Highway Account 

 2007 2008 2009 2010 2011

 

Balance Oct. 1 ......................................................................... 9 9 7 4 -

Receipts: 

Excise taxes, net of refunds................................................. 35 36 37 37 38

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 35 36 37 37 38

Outlays..................................................................................... 35 38 40 41 42

Balance Sept. 30...................................................................... 9 7 4 - -4

Unfunded authorizations (EOY)............................................... 72 69 72 68 64

48-month revenue estimate..................................................... 148 151 153 155 157

 

Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

 March 2007 

133

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2008. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2008. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2008) .............................................................................................................. 88 

less: 

 

Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 6 

Unfunded authorizations (fiscal year 2008)........................................................................................................................................................................ 82 

48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 151 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2008) .............................................................................................................. 12 

less: 

 

Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 6 

Unfunded authorizations (fiscal year 2008)........................................................................................................................................................................ 6 

48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 21 
TRUST FUNDS 

March 2007 

134

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury in fiscal year 1984, pursuant to section 203 of the 

Inland Waterways Revenue Act of 1978 (Public Law 95-

502) and continued pursuant to section 1405 of the Water 

Resources Development Act of 1986 (Public Law 99-662, 

codified at 26 United States Code 9506). Under 26 United 

States Code 9506(b), amounts from taxes on fuel used in 

commercial transportation on inland waterways, as 

determined by the Secretary of the Treasury, are 

appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. These 

amounts are transferred quarterly from the general fund 

based on estimates made by the Secretary, subject to 

adjustments in later transfers to the amounts of actual tax 

receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. The Inland Waterways Revenue Act of 1978 (Public 

Law 95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for 

construction and rehabilitation expenditures for navigation 

on the inland and intracoastal waterways of the United States 

described in 33 United States Code 1804. Expenditures must 

be otherwise authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next 5 fiscal years. 

TABLE TF-7.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2006 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2005........................................................................................................................................................................................... $352,602,360

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 80,807,000

Interest on investments.................................................................................................................................................................................... 9,368,993

Total receipts................................................................................................................................................................................................ 90,175,993

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 175,106,627

Balance Sept. 30, 2006........................................................................................................................................................................................ $267,671,726

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2007 2008 2009 2010 2011 

 

Balance Oct. 1....................................................................................................... 268 188 163 137 109 

Receipts: 

Fuel taxes.......................................................................................................... 84 85 86 87 88 

Interest on investments..................................................................................... 12 11 10 9 8 

Total receipts................................................................................................. 96 96 96 96 96 

Transfers: 

Corps of Engineers ........................................................................................... 176 121 122 124 127 

Balance Sept. 30................................................................................................... 188 163 137 109 78 

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

 March 2007 

135

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-510, 

codified at 26 United States Code 9508), as amended by the 

Superfund Amendments and Re-authorization Act of 1986 

(Public Law 99-499, dated October 17, 1986), sections 

13163(c) and 13242(d)(42) of the Omnibus Budget 

Reconciliation Act of 1993 (Public Law 103-66, dated August 

10, 1993), and section 1032(e)(13) of the Taxpayer Relief Act 

of 1987 (Public Law 105-34, dated August 5, 1997). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 

TABLE TF-8.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal Year 2006 1

[Source: EPA] 

Balance Oct. 1, 2005 2 ................................................................................................................................................................................... $2,351,000,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 211,000,000 

Interest........................................................................................................................................................................................................ 99,000,000 

Gross tax receipts .................................................................................................................................................................................. 310,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... - 

Total undisbursed balances ................................................................................................................................................................... - 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 86,000,000 

Total expenses....................................................................................................................................................................................... 86,000,000 

Balance Sept. 30, 2006.................................................................................................................................................................................. $2,575,000,000 

1

 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of this trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

2

 The fiscal year 2005 end of the year balance has been adjusted upward since the March 

2006 Treasury Bulletin was published to reflect the fiscal year 2005 end of year balance as 

reported in the Department of Treasury’s Final Leaking Underground Storage Tank Trust 

Fund (20X8153) Monthly Statement dated September 30, 2005. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011* 

[In millions of dollars. Source: EPA] 

 2007 2008 2009 2010 2011 

 

Balance Oct. 1................................................................................................................. 2,575 2,804 3,039 3,274 3,509 

Receipts: 

Taxes........................................................................................................................... 196 199 199 199 199 

Interest ........................................................................................................................ 104 109 109 109 109 

Total receipts........................................................................................................... 300 308 308 308 308 

Appropriations ................................................................................................................. 69 73 73 73 73 

Other Expenses .............................................................................................................. 2 - - - - 

Balance Sept. 30............................................................................................................. 2,804 3,039 3,274 3,509 3,744 

 

NOTE.—Fiscal year 2007 appropriation represents estimated funding level of full-year 

Continuing Resolution as of February 5, 2007. 
TRUST FUNDS 

March 2007 

136

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222(c)]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate, taking into 

consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except that the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2006 

[Source: DOE] 

Balance Sept. 30, 2005........................................................................................................................................................................................ $3,658,080 

Receipts: 

 

Fees collected.................................................................................................................................................................................................. 751,537,563 

Penalties and interest on fee payments...........................................................................................................................................................

- 

Interest on investments.................................................................................................................................................................................... 541,656,667 

Total receipts................................................................................................................................................................................................ 1,293,194,230 

Nonexpenditure transfers: 

SF-1151 transfers in (+)................................................................................................................................................................................... - 

SF-1151 transfers out (-).................................................................................................................................................................................. - 

Net nonexpenditure transfers....................................................................................................................................................................... - 

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 202,064,624 

Cost investments.............................................................................................................................................................................................. 1,043,882,300 

Total outlays................................................................................................................................................................................................. 1,245,946,924 

Balance Sept. 30, 2006........................................................................................................................................................................................ 50,905,386 

 
TRUST FUNDS 

 March 2007 

137

CHARTS TF-A and B.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various 

Government agencies. See tables TF-1, TF-3, TF-5, TF-6 and TF-9.] 

0

300

600

900

1200

1500

1800

Nuclear

Waste

Fund

Airport

and

Airway

Trust Fund

Hazardous

Substance

Superfund

2005

2006 Interest on

Investments,

Fiscal Years

2005-2006

(In millions of dollars)

0

5

10

15

20

25

30

35

40

45

Highway

Trust Fund

Airport

and

Airway

Trust Fund

Hazardous

Substance

Superfund

Nuclear

Waste

Fund

Black

Lung

Trust Fund

Receipts

Expenses

Receipts and

Expenses,

Fiscal Year

2006

(In billions of dollars)
TRUST FUNDS 

March 2007 

138

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606a(c) (1) to be submitted by the Secretary of the 

Treasury, after consultation with the Secretary of 

Agriculture, on the financial condition and the results of the 

operations of the trust fund during the past fiscal year and on 

its expected condition and operations during the next fiscal 

year. 

TABLE TF-10.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2006 

[Source: Department of Agriculture] 

Balance Oct. 1, 2005 ........................................................................................................................................................................................... $25,675,288 

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,458 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts................................................................................................................................................................................................ 30,000,458 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 30,672,175 

Total expenses............................................................................................................................................................................................. 30,672,175 

Adjustment ........................................................................................................................................................................................................... - 

Balance Sept. 30, 2006........................................................................................................................................................................................ $25,003,571 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2007 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 25,003 

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000 

Redemption of investment .............................................................................................................................................................................. - 

Total receipts............................................................................................................................................................................................... 30,000 

Outlays ................................................................................................................................................................................................................ 30,114 

Balance Sept. 30................................................................................................................................................................................................. 24,889 
TRUST FUNDS 

 March 2007 

139

INTRODUCTION: Sport Fish Restoration and Boating Safety Trust Fund 

(Formerly Aquatic Resources Trust Fund)

The Aquatic Resources Trust Fund (ARTF) was 

established on the books of the Treasury pursuant to the 

Deficit Reduction Act of 1984 [Public Law 98-369, division 

A, title X, section 1016(a), approved July 18, 1984]. The 

ARTF was restructured and renamed the Sport Fish 

Restoration and Boating Trust Fund by the Safe, 

Accountable, Flexible, Efficient Transportation Equity Act: 

A Legacy for Users or “SAFETEA-LU” [Public Law 109-

59, title XI, subtitle B, part 2, section 11115, approved 

August 10, 2005,] as amended by the Sportfishing and 

Recreational Boating Safety Amendments Act of 2005 

[Public Law 109-74, approved September 29, 2005]. 

Funding of ARTF programs was extended several times 

before a transportation bill was finally enacted—P.L. 109-14 

(through June 30, 2005), P.L. 109-20 (through July 19, 

2005), P.L. 109-35 (through July 21, 2005), P.L. 109-37 

(through July 27, 2005), P.L. 109-40 (through July 30, 

2005), and P.L. 109-42 (through August 14, 2005). P.L. 109-

59 (The Transportation Equity Act) comprehensively 

amended and reauthorized the Sport Fish Restoration 

Program to (beginning in fiscal year 2006) permanently 

appropriate boat safety funding and modify distribution of 

funds whereby all accounts will annually receive a fixed 

percentage of the total fund revenue, eliminated the ARTF to 

create a Sport Fish Restoration and Boating Trust Fund, and 

modified the excise tax on certain sport fishing equipment. 

P.L. 109-74 funded sport fishing and boating safety 

programs from the Highway Trust Fund through the end of 

fiscal year 2006. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, section 11211(i)(2) and (3)] were 

transferred from the Highway Trust Fund to the Sport Fish 

Restoration and Boating Trust Fund. In addition, amounts 

equivalent to the excise taxes received on sport fishing 

equipment and import duties on fishing tackle, yachts, and 

pleasure craft are appropriated into the fund. 

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950, the purposes of section 13106 of title 46, 

United States Code, the purpose of section 7404)d) of the 

Transportation Equity Act for the 21st Century, and the 

Coastal Wetlands Planning, Protection and Restoration Act 

(as amended by SAFETEA-LU). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities with the 

interest credited to the fund. 

Annual reports to Congress required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 
TRUST FUNDS 

March 2007 

140

TABLE TF-11.—Sport Fish Restoration and Boating Safety Trust Fund 

Sport Fish Restoration Results of Operations, Fiscal Year 2006 

(Formerly Aquatic Resources Trust Fund)

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2005 ............................................................................................................................................................................................ $511,695,464

Revenue: 

Tax revenue: 

Gas, motorboat ............................................................................................................................................................................................. 330,630,000

Fish equipment.............................................................................................................................................................................................. 90,963,000

Electric trolling sonar..................................................................................................................................................................................... -

Customs/import duties .................................................................................................................................................................................. 40,346,207

Gas, motorboat small engines ...................................................................................................................................................................... 96,956,000

Total, tax revenue ..................................................................................................................................................................................... 558,895,207

Investment revenue: 

Interest on investments................................................................................................................................................................................. 52,969,758

Loss on sale of securities.............................................................................................................................................................................. -

Total, investment revenue......................................................................................................................................................................... 52,969,758

Total revenue ............................................................................................................................................................................................ 611,864,965

Nonexpenditure transfers: 

Transfer to Interior......................................................................................................................................................................................... 347,017,822

Transfer to U.S. Coast Guard ....................................................................................................................................................................... 90,085,207

Transfer to Corps of Engineers..................................................................................................................................................................... 63,059,645

Total nonexpenditure transfers ................................................................................................................................................................. 500,162,674

Balance Sept. 30, 2006......................................................................................................................................................................................... $623,397,755

Sport Fish Restoration and Boating Safety Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2007-2011 

[In thousands of dollars. Source: Department of the Interior] 

2007 2008 2009 2010 2011 

Balance Oct. 1 ..................................................................................... 623,398 657,813 681,012 704,215 728,530

Receipts/revenue: 

Taxes ............................................................................................ 589,000 607,000 626,000 646,000 666,000

Interest .......................................................................................... 48,804 54,003 58,206 62,521 67,194

Transfers....................................................................................... - - - - -

Total receipts ............................................................................ 637,804 661,003 684,206 708,521 733,194

Expenses: 

Expenses/transfers ....................................................................... 603,389 637,804 661,003 684,206 708,521

Total expenses.......................................................................... 603,389 637,804 661,003 684,206 708,521

Balance Sept. 30............................................................................... 657,813 681,012 704,215 728,530 753,203
 TRUST FUNDS 

March 2007 

141

Sport Fish Restoration and Boating Safety Trust Fund 

Boat Safety Results of Operations, Fiscal Year 2006 

(Formerly Aquatic Resources Trust Fund)

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2005........................................................................................................................................................................................... $94,735,262 

Revenue: 

Investment revenue: 

Interest on investments ................................................................................................................................................................................... 3,144,586 

Loss on sale of securities................................................................................................................................................................................ - 

Total investment revenue................................................................................................................................................................................ 3,144,586 

Total revenue .............................................................................................................................................................................................. 3,144,586 

Nonexpenditure transfers: 

U.S. Coast Guard............................................................................................................................................................................................ - 

U.S. Fish and Wildlife...................................................................................................................................................................................... 28,155,000 

Total nonexpenditure transfers ................................................................................................................................................................... 28,155,000 

Balance Sept. 30, 2006....................................................................................................................................................................................... $69,724,848 

Sport Fish Restoration and Boating Safety Trust Fund 

Boat Safety Expected Condition and Results of Operations, Fiscal Years 2007-2011 

[In thousands of dollars. Source: Department of Transportation] 

2007 2008 2009 2010 2011 

Balance Oct. 1 ............................................................................. 69,725 50,764 35,865 25,044 11,539

Receipts/revenue: 

Taxes ....................................................................................... -----

Interest ..................................................................................... 3,458 2,240 1,466 870 551

Transfers.................................................................................. - - - - -

Total receipts ....................................................................... 3,458 2,240 1,466 870 551

Expenses: 

Expenses/outlays..................................................................... -----

Transfers FWS, USCG ............................................................ 22,419 17,139 12,287 14,375 12,090

Total expenses..................................................................... 22,419 17,139 12,287 14,375 12,090

Balance Sept. 30.......................................................................... 50,764 35,865 25,044 11,539 -
TRUST FUNDS 

March 2007 

142

INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus Budget 

Reconciliation Act of 1986 (Public Law 99-509). It was made 

effective on January 1, 1990, by section 7811(m)(3) of the 

Omnibus Budget Reconciliation Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollution 

Act of 1990 (Public Law 101-380). The Energy Policy Act of 

2005 (Public Law 109-58) reinstated the tax on petroleum to 

ensure continued viability of the fund. 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. The tax is not applied during any calendar quarter if the 

Secretary of the Treasury estimates that, as of the close of the 

preceding calendar quarter, the unobligated balance in the 

fund exceeds $2.7 billion. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) are 

met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 
TRUST FUNDS 

 March 2007 

143

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2006 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2005 ..................................................................................................................................................................................................... $580,826,723 

Revenue: 

Tax on crude oil/petroleum products ......................................................................................................................................................................... - 

Other income.............................................................................................................................................................................................................. - 

Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... - 

Cost recoveries .......................................................................................................................................................................................................... 7,336,016 

Fines and penalties.................................................................................................................................................................................................... 6,628,490 

Excise Taxes.............................................................................................................................................................................................................. 54,212,000 

Net revenue before interest ................................................................................................................................................................................... 68,176,506 

Investment Income: 

Interest on investments.............................................................................................................................................................................................. 25,242,560 

Realized gain ............................................................................................................................................................................................................. - 

Total investment income ........................................................................................................................................................................................ 25,242,560 

Total revenue ......................................................................................................................................................................................................... 93,419,066 

Expenditures: 

Treasury administrative expense – BPD ................................................................................................................................................................... 70,000 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. 4,227,257 

Transfer to Interior...................................................................................................................................................................................................... 6,902,924 

Transfer to EPA.......................................................................................................................................................................................................... 15,329,584 

Transfer to DOT-Research and Special Programs Administration ........................................................................................................................... 14,850,000 

Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 94,701,594 

Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 1,000,000 

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... 46,035,000 

Transfer to North Pacific ............................................................................................................................................................................................ - 

Total nonexpenditures transfers ............................................................................................................................................................................ 183,046,359 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 183,116,359 

Balance Sept. 30, 2006.................................................................................................................................................................................................. $491,129,430 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011 

[In millions of dollars. Source: Department of Homeland Security] 

2007 2008 2009 2010 2011

 Balance Oct. 1 .................................................................................................... 491 471 468 503 562

 Estimated receipts .............................................................................................. 229 235 244 256 266

 Estimated expenses ........................................................................................... 249 238 209 197 182

 Balance Sept. 30 ................................................................................................ 471 468 503 562 646
TRUST FUNDS 

March 2007 

144

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was 

created on the books of the Treasury by section 9202 of the 

Revenue Act of 1987 (Public Law 100-203, approved 

December 22, 1987). Excise taxes on diphtheria, pertussis, 

tetanus, measles, mumps, rubella, polio, hepatitis B, 

haemophilus influenza type b, varicella, rotavirus, 

pneumococcal conjugate vaccines, hepatitis A (26 United 

States Code 4131), and trivalent influenza are appropriated 

into the trust fund, which is the source of funds to pay 

compensation awards for a vaccine-related injury or death 

occurring after October 1, 1988, as well as program 

administrative expenses. Additionally, two new vaccines 

have been added for coverage effective February 1, 2007; 

the meningococcal vaccine and the human papillomavirus 

vaccine. 

Annual reports to Congress, required by 26 United 

States Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 

TABLE TF-13.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2006 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2005 ........................................................................................................................................................................................... $2,204,182,331 

Receipts: 

Excise tax receipts ........................................................................................................................................................................................... 184,148,750 

Interest on investments.................................................................................................................................................................................... 84,785,066 

Total receipts................................................................................................................................................................................................ 268,933,816 

Outlays: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... 3,794,670 

U.S. Department of Justice expenses ............................................................................................................................................................. 6,269,670 

General fund transfer – program management ............................................................................................................................................... 2,448 

Total outlays................................................................................................................................................................................................. 10,066,788 

Nonexpenditure transfers: 

Transfer to health resources............................................................................................................................................................................ 74,564,000 

Total outlays/transfers.................................................................................................................................................................................. 84,630,788 

Balance Sept. 30, 2006........................................................................................................................................................................................ $2,388,485,359 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2007-2011 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2007 2008 2009 2010 2011 

Balance Oct. 1 ........................................................................................ 2,388,485 2,590,902 2,799,695 3,015,052 3,237,173

Receipts (from tax) ................................................................................. 189,672 195,363 201,223 207,260 213,478

Interest on investments....................................................................... 99,609 102,598 105,675 108,846 112,111

Total receipts .................................................................................. 289,281 297,961 306,898 316,106 325,589

Outlays: 

U.S. Court of Federal Claims expenses ............................................. 3,794 3,794 3,794 3,794 3,794

U.S. Department of Justice expenses ................................................ 6,269 6,269 6,269 6,269 6,269

Total outlays.................................................................................... 10,063 10,063 10,063 10,063 10,063

Nonexpenditure transfers: 

Transfers to health resources............................................................. 76,801 79,105 81,478 83,922 86,440

Total outlays/transfers .................................................................... 86,864 89,168 91,541 93,985 96,503

Balance Sept. 30..................................................................................... 2,590,902 2,799,695 3,015,052 3,237,173 3,466,259

Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

 March 2007 

145

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal year 2000 with a sunset 

provision effective January, 1, 2004, according to provisions 

of the Trade and Development Act of 2000 (Public Law 

106-200, signed May 18, 2000). The Trade Act of 2002 

(Public Law 107-210, signed August 6, 2002) extended the 

sunset provision to January 1, 2006. The Miscellaneous 

Trade and Technical Corrections Act of 2004 (Public Law 

108-429, signed December 3, 2004) extended the sunset 

provision to 2008. The Pension Protection Act of 2006 

(Public Law 109-280, signed August 17, 2006) extended the 

sunset provision to 2010. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,500,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide 

grants to a nationally recognized council established for the 

development of the United States wool market for the 

development of the United States wool market for the 

following purposes: 

• Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

• Disseminate information on improvements to United 

States wool producers. 

• Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 

TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund 

Results of Operations, Fiscal Year 2006 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2005................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30, 2006............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2007 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1.......................................................................................................................................................................................................... - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30...................................................................................................................................................................................................... - 
TECHNICAL PAPERS 

March 2007 

146

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
March 2007 

147

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of December 2006, the 

debt limit was $8,965,000 million; the limit may change from 

year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 
GLOSSARY 

March 2007 

148

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), Series HH bonds (issued since January 1980 

through October 1982) mature in 20 years, and savings notes 

issued between May 1967 and October 1970 have a final 

maturity of 30 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 
GLOSSARY 

March 2007 

149

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-3)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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