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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

JUNE 2009
Additional Financial Management Service 

Releases on Federal Finances

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BULLETIN

The Treasury Bulletin is for sale

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The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Financial Management Service, Governmentwide Accounting, Budget Reports Division. Statistical 

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www.fms.treas.gov/ 
June 2009 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 19 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 19

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 21 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 22 

FD-2.—Debt Held by the Public ......................................................................................................................................... 23 

FD-3.—Government Account Series................................................................................................................................... 24 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 25 

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

 Private Investors .................................................................................................................................................... 26 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 27 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 28

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 30 

TREASURY FINANCING ................................................................................................................................................. 30 

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 37 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 38 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 39 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 40 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 41

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 42 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 42

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 43 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 43 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 44
June 2009 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 47 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 47 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 

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

 Residents of Foreign Countries.............................................................................................................................. 49

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 50 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 53 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 54 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 56 

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

 with Respect to Selected Countries...................................................................................................................... 58 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 59 

CM-II-2.—Total Claims by Country ................................................................................................................................... 60 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 

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

 with Respect to Selected Countries...................................................................................................................... 64

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............................................................................................................... 65 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 66 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 68 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 70 

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 ............................................ 72 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 74 

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

 and Country, during (first quarter).................................................................................................................... 76 

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

 and Country, during (calendar year) ................................................................................................................. 78 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81 

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 83 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 84 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 85 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Country ................. 86
June 2009 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 87 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 88 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 89 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 89 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 90 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 91 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 91 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 92 

FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 93 

FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 93 

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants................................................................................................. 94 

FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 95 

FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 95 

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 100 

ESF-1.—Balance Sheet ..................................................................................................................................................... 100 

ESF-2.—Income and Expense........................................................................................................................................... 101

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Black Lung Disability Trust Fund............................................................................................................. 105 

TF-3.—Black Lung Disability Trust Fund ........................................................................................................................ 106 

Introduction.—Highway Trust Fund ................................................................................................................................. 107 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 107

RESEARCH PAPER SERIES........................................................................................................................................... 108

GLOSSARY ...................................................................................................................................................................... 110

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

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

rounding; p = Preliminary; n.a. = Not available; r = Revised. 
June 2009 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
June 2009 

3

Growth of Real GDP

3.8

1.3

4.8

2.7

0.8

1.5

4.8

-0.2

0.9

-6.3 -6.1

-0.5

4.8

3.0 2.8

0.1

2.6

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2005 2006 2007 2008 2009

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of May 18, 2009 

Introduction 

U.S. economic conditions deteriorated significantly 

during the latter half of 2008, and in early December 2008 

the National Bureau of Economic Research (NBER) 

determined that the economy had been in recession since 

December 2007. The December 2007 business cycle peak 

marked the end of a 73-month expansion that began in 

November 2001. The previous expansion, which began in 

March 1991 and peaked in March 2001, had lasted 120 

months. Economic conditions, particularly in labor markets, 

have continued to deteriorate in 2009, although very recently 

there have been tentative signs that the pace of deterioration 

is slowing. 

Headline inflation, which peaked in July 2008 on the 

back of rising energy and other commodity prices, retreated 

sharply during the latter half of last year, and most recently, 

the headline consumer price level declined. Core inflation (a 

measure excluding food and energy) has remained relatively 

contained, falling to the lower end of recent ranges in April. 

Conditions in housing and financial markets deteriorated 

through most of 2008 but in the first few months of this year, 

have begun to show signs of limited improvement. Stock 

market indexes dropped significantly in 2008 but have 

trended higher since early March. Most economists see some 

growth in the second half of 2009, boosted by the American 

Recovery and Reinvestment Act (ARRA) of 2009. 

Growth 

Growth in the U.S. economy contracted in the final two 

quarters of 2008, and fell 0.8 percent over the whole year, 

the first four-quarter decline since 1991. In the third quarter 

of 2008, real gross domestic product (GDP) fell by 0.5 

percent at an annual rate, mainly due to a drop in consumer 

spending, and in the fourth quarter, GDP plunged 6.3 

percent–the largest quarterly decline since 1982. During the 

first quarter of 2009, real GDP fell another 6.1 percent, 

reflecting steep declines in business and residential 

investment (the latter for the 13th straight quarter) as well as 

a sharp drop in inventory investment. Although government 

spending also fell, consumer spending and net exports both 

rose. 

Growth of consumer spending–which accounts for about 

70 percent of GDP–began to slow in the spring of 2007. 

Over 2008, consumption fell 1.3 percent, the largest fourquarter drop since 1974. Personal consumption expenditures 

rose 2.2 percent in the first quarter of 2009, however, 

recovering from the fourth quarter’s 4.3 percent drop. 

Residential investment–mostly residential homebuildingaccounts for only about 3-1/2 percent of GDP, but the 

ongoing decline in this sector has been a significant drag on 

real GDP growth since early 2006. In the first quarter of 

2009, residential investment plunged 38.0 percent, the 13th 

straight quarterly decline and the largest since the housing 

correction began 3 years ago. Residential investment 

subtracted 1.4 percentage points from real GDP growth, a bit 

more than the 0.9 percentage point average reduction during 

the previous 12 quarters. Despite the first quarter’s 

particularly steep decline, there have been some modest 

signs of stabilization. Single-family starts have been roughly 

stable for the past 3 months, and in both February and 

March, exceeded permits. However, sales of new and 

existing single-family homes declined in March. The 

inventory of unsold homes continued to shrink in March but 

remained at a historically high level relative to the current 

sales pace. 

 House prices continued to fall on a year-over-year basis, 

but one measure has registered monthly gains recently. 

According to the Federal Housing Financing Authority 

(FHFA), prices for purchased homes rose by 0.7 percent in 

February, extending a 1.0 percent increase in January. This 

measure has not risen for 2 straight months since early 2007. 

Even so, the FHFA home price index was 6.5 percent lower 

than a year ago. Other measures, such as the S&P/CaseShiller indexes, indicate that home prices continue to fall in 

most major U.S. cities. The Case-Shiller 20-city index is 

down 18.6 percent over the year through February, and is 31 

percent below its mid-2006 peak. 
PROFILE OF THE ECONOMY 

June 2009

4 

Business activity outside of homebuilding slowed in 

2008 and in the first quarter of 2009. Nonresidential fixed 

investment–about 10 percent of GDP–declined by 5.2 

percent in 2008. After declining by 22.8 percent in the final 

quarter of 2008, business investment plunged by 37.9 

percent at an annual rate in the first quarter–the largest 

decline on record. Outlays for equipment and software 

tumbled by 33.8 percent, the most since the late 1950s, while 

spending on structures fell by a record 44.2 percent. 

Altogether, the drop in business investment subtracted 4.7 

percentage points from real GDP growth in the first quarter. 

Export growth had been a key driver of growth in 2007 

and most of 2008, but in the final quarter of 2008, the 

contribution declined significantly. Exports account for 

about 12 percent of GDP, while imports, which are 

subtracted from GDP, account for about 17 percent. Real 

exports fell 30 percent in the first quarter of 2009, year-overyear, after declining about 24 percent in the fourth quarter of 

2008–a sharp contrast with increases averaging nearly 7 

percent in the first three quarters of last year. Real imports 

declined 34 percent in the first quarter of 2009, the sixth 

consecutive quarterly decline and the largest since early 

1975. As a result, net exports contributed 2.0 percentage 

points to first quarter growth in real GDP, in line with the 

boosts of roughly 1 to 3 percent in the first three quarters of 

2009. 

Public sector purchases–which account for roughly 20 

percent of GDP–fell 3.9 percent at an annual rate in the first 

quarter, subtracting 2.1 percentage points from real GDP 

growth and constituting the first decline in government 

purchases since the final quarter of 2005. Federal spending 

declined 4.0 percent in the first quarter, a sharp contrast with 

the 8.3 percent average increase in the previous four 

quarters. State and local government finances deteriorated 

sharply, with expenditures plunging 6.4 percent in the first 

quarter of 2009, following average increases of 9 percent in 

the previous four quarters. 

Labor Markets 

Labor market conditions deteriorated throughout 2008 

and the deterioration worsened in early 2009. Since the 

recession began in December 2007, a total of 5.7 million 

jobs have been lost through April, including over 2.7 million 

jobs during the first 4 months of this year alone. On a 

percentage basis, the 16-month decline is the largest since 

1950. Nonfarm payrolls fell by an average of 158,000 per 

month during the first three quarters of 2008, then dropped 

by an average of 553,000 per month in the final quarter and 

by an average of more than 700,000 per month during the 

first quarter of 2009. Payroll employment fell by 539,000 in 

April 2009. The unemployment rate has trended higher, with 

particularly steep increases over the past few months: 

unemployment jumped to 8.9 percent in April 2009, the 

highest rate since September 1983, and was 4.5 percentage 

points above the March 2007 low of 4.4 percent. A measure 

of unemployment that includes workers who are 

underemployed and those who are only marginally attached 

to the labor force rose to 15.8 percent in April 2009–up from 

8.7 percent in December 2007, and a record high for this 

indicator, which dates to 1994. 

 Job losses have been spread broadly across most sectors. 

Since the start of the recession, manufacturing payrolls have 

declined by 1.6 million, and construction payrolls have 

declined by 1.2 million. However, a few sectors have 

continued to see job growth, including health care and 

education, which together added nearly 590,000 jobs to 

payrolls between December 2007 and April 2009. 
PROFILE OF THE ECONOMY 

June 2009 

5

Payroll Employment

206

88

255

151 109 105 71 80

-113

-153

-707

-553

-208

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2006 2009 2007 2008

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

00 01 02 03 04 05 06 07 08 09

(Percent)

Apr. 2009

8.9%

-1

0

1

2

3

4

5

6

7

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

Excluding food and energy Total

Consumer Prices

(Percent change from a year earlier)

Food

Inflation 

Rising food prices and the energy price surge through the 

middle of last year boosted headline inflation, which peaked 

at 5.6 percent in the 12 months through July 2008 and has 

since retreated sharply, largely due to the reversal in the 

energy price run-up but also to the significant slowing in 

consumer and business spending. Headline consumer prices 

fell 0.7 percent in the year ending April 2009, plummeting 

from the 3.9 percent year-earlier pace and representing the 

second consecutive 12-month decline. Prior to March, it had 

been over 50 years since a 12-month decline in the CPI had 

been recorded. For the 3 months ending in April 2009, 

headline consumer prices were up at an annual rate of 0.9 

percent. Core consumer prices (excluding food and energy) 

rose by 1.9 in the year through April 2009, well below the 

year-earlier pace of 2.3 percent and still close to 2004 lows. 

In the 3 months ending in April 2009, core prices increased 

2.5 percent. 

Energy prices reached record highs in mid-summer 2008, 

but have fallen sharply since then. The retail price of regular 

gasoline–which hit a record of $4.11 per gallon in early July 

2008–stood at $2.24 per gallon in the week ended May 11–

roughly 40 percent lower than a year ago. The front-month 

futures price for West Texas Intermediate (WTI) crude oil 

traded to a record $147 per barrel in mid-July 2008, but has 

since dropped by about $90 to roughly $58 per barrel in midMay. Compared with one year ago, oil prices are now about 

$50 per barrel lower. 

Food prices began rising much more rapidly in early 

2007 and continued to accelerate in 2008, remaining above 

the overall inflation rate. Most recently, however, food 

prices edged down 0.1 percent in February as well as March 

and fell 0.2 percent in April. Consumer food prices rose by 

3.3 percent in the 12 months through April, slower than the 

5.1 percent pace of a year earlier and the slowest rate of 

increase since February 2007. 
PROFILE OF THE ECONOMY 

June 2009

6 

Federal Budget 

The federal budget deficit widened to $459 billion in 

fiscal year 2008 (3.2 percent of GDP), following 3 years of 

improvement that had trimmed the deficit to $162 billion 

(1.2 percent of GDP) in fiscal year 2007. Outlays grew by 

9.3 percent in fiscal year 2008 compared with fiscal year 

2007, and included stimulus payments associated with the 

Economic Stimulus Act of 2008. Weak economic growth 

weighed on receipts, which fell by 1.7 percent. 

In fiscal year 2009, the budget deficit is projected to rise 

to $1.75 trillion (12.3 percent of GDP). Expenditures are 

expected to grow by 32 percent, partly reflecting the 

Troubled Assets Relief Program (TARP) outlays and 

spending associated with the stimulus package enacted in 

mid-February. Receipts are projected to fall by 13 percent, 

due in part to falling employment and income and declining 

asset values. The deficit will narrow in subsequent years, 

averaging 3.1 percent of GDP from fiscal year 2012 to fiscal 

year 2019. 

Economic Policy 

Key policy actions taken during the first quarter are 

setting the stage for recovery in the second half of the year. 

The ARRA puts $787 billion toward stimulating domestic 

demand, and is expected to create or save an estimated 3.5 

million jobs in a range of industries from clean energy to 

health care. By the end of 2010, the ARRA is expected to 

raise GDP by more than 3 percent. 

 In addition to the ARRA, the Treasury Department 

recently introduced several new initiatives to stabilize and 

strengthen our financial system under the umbrella of the 

Financial Stability Plan (FSP). The FSP includes the Capital 

Assistance Program (CAP), which is designed to ensure that 

major financial institutions have adequate capital to lend 

even in a worse-than-expected economic environment. The 

Public Private Investment Program (PPIP) will use private 

and government capital to purchase legacy assets in order to 

help jump-start the market for private real-estate-related 

assets that have been a core factor in the current financial 

crisis. In response to falling home prices, the Administration 

introduced the Making Home Affordable Plan to support 

lower mortgage rates and help millions of homeowners 

refinance and avoid foreclosure. Finally, as a mechanism to 

unlock frozen credit markets, the Consumer and Business 

Lending Initiative was created to restart activity in the 

secondary markets for securitized loans, lower borrowing 

costs, and restore the flow of credit. Together these efforts 

will help lay the foundations necessary for economic 

recovery and clear the credit conduits to support future 

growth. 

Financial Markets 

Financial markets came under unprecedented stress last 

fall, but a wide range of measures have been taken as part of 

the Emergency Economic Stabilization Act (EESA) of 2008, 

enacted in early October, as well as the ARRA. Credit 

market conditions have since improved, although some 

indicators still suggest that several important sectors remain 

challenged. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in August 

2007, and has since cut the rate to a range of 0 percent to 

0.25 percent set at the December 2008 Federal Open Market 

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

lowest level in history. The target range was maintained at 

the FOMC’s most recent meeting in late April, when the 

Committee observed some slowing in the pace of economic 

contraction but also downside risks to inflation. The Federal 

Reserve has greatly expanded its tools to increase liquidity 

in credit markets and ease lending terms to sectors that need 

a temporary injection. These include a variety of facilities 

and funds directed at specific financial markets, including 

commercial paper and money market funds. Although these 

facilities were set to expire this spring, the Federal Reserve 

extended the programs through October 30, 2009. The 

expiration date of the Term Asset-Backed Securities Loan 

Facility (TALF) remains December 31, 2009, and other 

liquidity facilities, such as the Term Auction Facility (TAF) 

do not have a fixed expiration date. At the April meeting, the 

FOMC clarified that it will increase purchases of agency 

mortgage-backed securities by up to $1.25 trillion by the end 

of 2009, and will purchase $300 billion in longer-term 

Treasury securities by autumn. 

Equity market indexes fell very sharply last year, and 

volatility rose to record levels. The Standard & Poor’s 

(S&P) 500 index declined 38.5 percent last year, compared 

with a 3.5 percent gain in 2007. The loss was the largest 

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

only 90 stocks) dropped 47 percent. In early May, however, 

the S&P was about flat on the year, and since a 12-year low 

on March 9, the index has gained 34.5 percent. The S&P 

stock market volatility index (VIX), often used as a measure 

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

80 percent in late October, after hovering in a range of 20 to 

30 percent for most of 2008. The VIX has since retreated to 

about 35 percent as of early May. 

Long-term Treasury interest rates have been buffeted by 

a variety of factors, including flight-to-quality flows in 

response to financial market pressures, as well as, concerns 

about the increase in supply that will be necessary to fund 

the Treasury’s emergency support programs. After trading 

between 3.5 percent and 4.5 percent for most of 2008, the 

yield dropped off sharply starting in mid-November, 

reaching 2.1 percent in late December. Since then, the 10-

year note yield has trended higher, reaching 3.2 percent as of 

early May. The 3-month Treasury bill yield, by contrast, 

generally trended lower throughout 2008 under the relatively 

steady influence of safe-haven demand for short-term liquid 

assets. The yield reached an all-time low of slightly above 

zero by the end of December, but has risen since then to 
PROFILE OF THE ECONOMY 

June 2009 

7

about 0.2 percent as of early May. The 2-year to 10-year 

Treasury yield spread, one measure of the steepness of the 

yield curve, has widened noticeably since mid-2007. A 

steepening yield curve may suggest rising uncertainty about 

long-term prospects. 

Key interest rates on private securities have risen sharply 

relative to Treasury rates, reflecting an increase in financial 

risk and concerns by financial market participants about 

short-term liquidity difficulties facing a number of 

institutions. The spread between the 3-month London Interbank Offered Rate (LIBOR) and the 3-month Treasury bill 

rate (the TED spread, a measure of inter-bank liquidity and 

credit risk) had averaged less than 50 basis points before the 

crisis began to worsen in August 2007 rose to an all-time 

high of nearly 460 basis points in early October 2008. 

Improvements in short-term credit have narrowed the spread 

to about 85 basis points in early May. The spread between 

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

averaged 170 basis points through most of 2007, before the 

financial market turmoil emerged. It peaked at nearly 620 

basis points last December and has narrowed since then to 

about 500 basis points in early May–still very high by 

historical standards. 

Rates for conforming mortgages have trended lower in 

recent months, but jumbo mortgage rates have continued to 

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

mortgage has been trending lower since October of last year, 

and had fallen to about 4.8 percent as of late April. The 

jumbo-conforming spread had widened to 160 basis points 

by the end of last year, well up from the more typical 20 to 

25 basis point spread seen prior to the onset of the housing 

and credit market problems. This spread has widened again 

to about 150 basis points as of early May. 

Long-Term Interest Rate Spreads

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009

(Percent)

Corporate Baa to

Treasury Ten-Year Yield Spread

Treasury Two-Year

to Ten-Year Yield Spread

Short-Term Interest Rate Spreads

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009

(Percent)

TED Spread

Libor-OIS Spread
June 2009 

8 

Foreign Trade and Exchange Rates 

Although the U.S. trade balance (which measures trade 

in goods and services) and current account (which also 

includes investment income flows and unilateral transfers) 

remain in deficit, both deficits have narrowed appreciably in 

recent years, largely due to an improvement in the trade 

balance. The merchandise trade deficit reached $838 billion 

in 2006, but declined to $819 billion in 2007, and was $821 

billion in 2008. Last year’s leveling off mainly reflected the 

lower value–and to a small extent, lower volume–of oil 

imports in the latter half of the year. The current account 

balance has been in deficit almost continuously since the 

early 1980s, and in 2006, reached a record $788 billion, 

equivalent to 6.0 percent of GDP. In 2007, the deficit 

narrowed to $731 billion, or 5.3 percent of GDP, and in 

2008, the current account narrowed further to $673 billion, 

equivalent to 4.7 percent of GDP. 

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

currencies of seven major trading partners (the euro area 

countries, Japan, Canada, the United Kingdom, Australia, 

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002, but most recently, has begun to 

stabilize. Between February 2002 and January 2009, the 

exchange value of the dollar compared to an index of these 

currencies fell by about 15 percent. Between April 2007 and 

April 2009, however, the dollar appreciated by 4.0 percent 

against these currencies. Over the longer timeframe, the 

dollar depreciated by 26 percent against the yen, and by 34 

percent against the euro, but over the past 2 years, the dollar 

has depreciated by about 17 percent against the yen and has 

appreciated by roughly 2.5 percent against the euro. The 

dollar has also appreciated against an index of currencies of 

19 other important trading partners (including China, India, 

and Mexico). Between February 2002 and January 2009, the 

dollar appreciated by about 0.5 percent against this basket of 

currencies, and over the past 2 years, firmed by nearly 5.5 

percent. 
June 2009 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

June 2009 

10 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the second quarter of fiscal 

year 2009 supplements fiscal data reported in the 

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

of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $174.4 billion for the second 

quarter of fiscal year 2009. This is a decrease of $55.5 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $30.6 billion and non-withheld 

receipts decreased by $12.6 billion during this period. 

Refunds increased by $12.3 billion over the comparable 

fiscal year 2008 quarter. There was a decrease of $1.4 billion 

in accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2008. 

Corporate income taxes—Net corporate income tax 

receipts were $5.9 billion for the second quarter of fiscal 

year 2009. This is a decrease of $31.1 billion compared to 

the prior year second quarter. The $31.1 billion change is 

comprised of a decrease of $16.8 billion in estimated and 

final payments, and an increase of $14.2 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2009 were $224.2 billion, an increase of $0.1 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $0.9 billion, $0.2 billion, and -$1.0 billion 

respectively. There was a $2.0 billion accounting adjustment 

for prior years’ employment tax liabilities made in the 

second quarter of fiscal year 2009, while there was a $0.6 

billion adjustment in the second quarter of fiscal year 2008. 

Unemployment insurance—Unemployment insurance 

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

2009 were $4.8 billion, a decrease of $0.6 billion over the 

comparable quarter of fiscal year 2008. Net State taxes 

deposited in the U.S. Treasury decreased by $0.5 billion to 

$3.6 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $1.2 billion.
FEDERAL FISCAL OPERATIONS 

June 2009 

11

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

second quarter of fiscal year 2009. This was a negligible 

change from the comparable quarter of fiscal year 2008. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2009 were $14.3 billion, a decrease of 

$1.2 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.8 billion, an 

increase of $0.1 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.5 billion for the second quarter of fiscal year 2009. 

These receipts represent a decrease of $1.0 billion over the 

same quarter in fiscal year 2008. 

Customs duties—Customs duties net of refunds were 

$5.3 billion for the second quarter of fiscal year 2009. This 

is a decrease of $1.2 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2009 were $7.0 billion, a 

decrease of $6.8 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $7.8 billion.

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

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

 Second quarter 

 Jan. - Mar. 

Actual fiscal 

year to date 2009 

Total on- and off-budget results: 

Total receipts ............................................................... 442,394 989,834

On-budget receipts .................................................. 267,102 670,516

Off-budget receipts .................................................. 175,292 319,318

Total outlays................................................................. 913,995 1,946,633

On-budget outlays.................................................... 757,510 1,698,694

Off-budget outlays.................................................... 156,484 247,938

Total surplus or deficit (-) ............................................. -471,600 -956,799

On-budget surplus or deficit (-)................................ -490,407 -1,028,178

Off-budget surplus or deficit (-)................................ 18,807 71,379

Means of financing: 

Borrowing from the public ............................................ 465,416 1,026,310

Reduction of operating cash........................................ 97,821 102,782

Other means ................................................................ -94,366 -172,293

Total on- and off-budget financing........................... 471,600 956,799

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2009 

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

Source Jan. Feb. Mar. 

Individual income taxes...................................................... 124.5 8.7 41.2 

Corporate income taxes..................................................... 4.5 -2.1 3.4 

Employment and general retirement.................................. 83.3 67.8 73.1 

Unemployment insurance .................................................. 1.1 3.3 0.3 

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

Excise taxes ....................................................................... 5.0 4.2 5.0 

Estate and gift taxes .......................................................... 2.4 1.2 1.9 

Customs duties .................................................................. 2.1 1.7 1.5 

Miscellaneous receipts....................................................... 2.8 2.0 2.2

Total budget receipts ..................................................... 226.1 87.3 129.0

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

June 2009 

12 

CHART FFO-A.—

Monthly Receipts and Outlays, 2008-2009

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

400

MAM J J ASONDJ FM

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

350

400

450

500

550

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise taxes Misc. 

receipts 

Custom

duties

Estate/gift

taxes

* Prior-year data are for the comparable year.

2009

2008 *

CHART FFO-B.—

Budget Receipts by Fiscal Year to Date, 2008-2009

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

June 2009 

13

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 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) 

 

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

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

2006 ............................ 2,406,675 1,798,293 608,382 2,654,873 2,232,804 422,069 -248,197 -434,510 186,313 546,436 

2007 ............................ 2,567,672 1,932,584 635,088 2,729,199 2,275,562 453,636 -161,527 -342,978 181,452 499,976 

2008 ............................ r 2,523,642 r 1,865,597 658,045 r 2,978,440 r 2,503,689 r 474,751 r -454,798 r -638,092 r 183,294 1,035,015 2009 - Est.................... 2,156,654 1,501,784 654,870 3,997,842 3,479,621 518,221 -1,841,188 -1,977,837 136,649 2,881,875 

2010 - Est.................... 2,332,645 1,649,422 683,223 3,591,076 3,041,947 549,129 -1,258,431 -1,392,525 134,094 1,589,123 

2008 - Mar................... 178,816 120,840 57,976 227,028 177,070 49,958 -48,212 -56,230 8,018 82,503 

Apr................... 403,751 333,059 70,692 244,469 199,021 45,448 159,282 134,038 25,244 -59,357 

May.................. 124,272 70,392 53,880 290,199 239,019 51,180 -165,927 -168,628 2,700 25,284 

June................. 259,912 199,010 60,902 226,365 228,631 -2,266 33,547 -29,621 63,168 103,474 

July .................. 160,494 110,050 50,444 263,261 217,179 46,082 -102,767 -107,129 4,362 91,775 

Aug .................. 157,016 106,449 50,567 268,930 218,692 50,237 -111,914 -112,243 330 60,044 

Sept................. r 272,228 r 218,144 54,083 r 226,494 r 169,541 r 56,953 r 45,734 r 48,604 r -2,870 376,498 

Oct................... r 164,847 117,998 46,849 402,024 354,566 47,457 -237,177 -236,569 -608 546,654 

Nov .................. 144,782 94,377 50,405 309,179 258,676 50,503 -164,397 -164,299 -98 88,115 

Dec .................. 237,811 191,039 46,772 321,435 327,942 -6,507 -83,624 -136,903 53,279 41,709 

2009 - Jan ................... 226,109 161,462 64,647 312,654 264,889 47,765 -86,544 -103,426 16,882 -64,215 

Feb .................. 87,328 34,133 53,195 280,111 225,475 54,635 -192,783 -191,342 -1,440 245,229 

Mar .................. 128,957 71,507 57,450 321,230 267,146 54,084 -192,273 -195,639 3,365 249,178 

Fiscal year 2009 to date ... 989,834 670,516 319,318 1,946,633 1,698,694 247,937 -956,798 -1,028,178 71,380 1,106,670 

 

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) 

 

2004 ...................................... -1,769 213,677 379,618 1,390 720 -23,669 -4,630 6,517 662 412,986 

2005 ...................................... -547 254,096 296,687 -669 -4,537 -182 -6,195 9,250 778 318,298 

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

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 782 161,527 

2008 ...................................... 145 267,438 767,722 296,371 117 1,552 286 -15,354 759 454,795 2009 - Est.............................. -177 153,056 2,728,642 -301,608 * * * -1,189,062 * 1,841,188 

2010 - Est.............................. -278 238,320 1,350,528 - * * * -92,097 * 1,258,431 2008 - Mar............................. 486 6,685 76,304 35,111 204 730 21 7,749 225 48,212 

Apr............................. -302 28,843 -88,501 94,569 -125 90 -48 23,705 - -159,282 

May ........................... 8 -8,422 33,713 -126,805 4 240 859 6,512 - 165,927 

June .......................... 356 97,463 6,367 39,414 78 305 125 -107 115 -33,547 

July............................ -183 -24,999 116,591 8,240 -77 320 -304 -5,645 - 102,767 

Aug............................ -101 -15,069 75,012 -54,683 -278 -176 -159 -18,418 24 111,914 

Sept........................... -139 41,472 334,887 364,735 -77 509 -25 -15,777 295 -45,737 

Oct............................. 2,465 54,614 494,505 243,350 -417 440 -314 -14,269 - 237,177 

Nov............................ -2,317 -5,478 91,276 -112,502 23 -28 2,908 -36,478 - 164,397 

Dec............................ 100 66,695 -24,887 -135,809 317 577 339 -26,255 190 83,624 

2009 - Jan ............................. -265 -15,667 -48,813 -170,896 -293 444 -2 -35,390 - 86,544 

Feb ............................ -337 -15,802 260,695 30,572 -134 361 -64 -37,177 - 192,783 

Mar ............................ -196 -4,552 253,534 42,503 168 -661 584 -18,667 - 192,273 Fiscal year 2009 to date ....... -550 79,810 1,026,310 -102,782 -336 1,133 3,451 -168,236 190 956,798 

 

Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents 

released by the Office of Management and Budget on May 7, 2009. 

* Less than $500,000. 

- No Transactions 

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

June 2009 

14 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

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 2,213 785,810 

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

2008 .................. 970,195 455,398 279,845 1,145,748 354,293 49,947 304,346 1,450,093 854,485 2,461 852,024 

 

2009 - Est.......... 953,006 - - 953,006 146,758 - 146,758 1,099,764 846,405 - 846,405 

2010 - Est.......... 1,051,431 - - 1,051,431 178,933 - 178,933 1,230,364 879,373 - 879,373 

 

2008 - Mar......... 89,041 11,008 43,417 56,632 37,997 5,428 32,569 89,201 73,443 - 73,443 

Apr......... 75,392 214,619 45,985 244,025 48,105 6,433 41,672 285,697 91,281 - 91,281 

May........ 71,492 7,805 57,645 21,651 8,784 1,737 7,046 28,697 68,472 - 68,472 

June....... 73,436 54,806 19,688 108,554 61,970 3,642 58,328 166,882 78,458 - 78,458 

July ........ 76,858 6,581 17,314 66,124 12,492 2,210 10,282 76,406 64,842 - 64,842 

Aug ........ 70,653 4,611 5,001 70,263 5,466 1,549 3,917 74,180 65,051 - 65,051 

Sept....... 76,035 59,089 3,527 131,597 58,537 4,906 53,631 185,228 73,309 2,461 70,848 

Oct......... 79,525 14,554 7,756 86,323 9,926 9,845 81 86,404 61,916 - 61,916 

Nov ........ 67,870 3,663 11,437 60,095 4,209 2,215 1,994 62,089 66,825 - 66,825 

Dec ........ 103,431 8,187 2,738 108,880 51,345 3,052 48,293 157,173 63,790 - 63,790 

2009 - Jan ......... 75,792 54,612 5,945 124,459 9,734 5,202 4,532 128,991 82,939 - 82,939 

Feb ........ 74,704 4,120 70,107 8,717 4,696 6,751 -2,056 6,661 67,267 - 67,267 

Mar ........ 83,889 8,792 51,455 41,227 22,315 18,923 3,392 44,619 72,657 - 72,657 

 

Fiscal year 2009 

 to date................ 485,211 93,928 149,438 429,701 102,225 45,988 56,236 485,937 415,394 - 415,394 

 

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) 

 

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

2008 ............................ 4,445 12 4,433 856,457 39,642 115 39,527 4,121 44 4,165 

 

2009 - Est.................... 4,321 - 4,321 850,726 44,030 - 44,030 4,435 26 4,461 

2010 - Est.................... 4,296 - 4,296 883,669 52,364 - 52,364 4,311 26 4,337 

 

2008 - Mar................... 439 * 439 73,882 366 14 353 321 4 325 

Apr................... 383 2 380 91,661 7,682 18 7,663 321 4 325 

May ................. 418 - 418 68,890 12,759 13 12,746 391 3 394 

June ................ -68 * -68 78,390 696 10 686 318 3 322 

July.................. 436 1 435 65,277 2,827 12 2,815 384 3 387 

Aug.................. 389 * 389 65,440 4,500 13 4,487 316 4 320 

Sept................. 459 * 459 71,307 2 9 -7 323 4 327 

Oct................... 388 - 388 62,304 2,014 6 2,007 391 3 394 

Nov.................. 383 * 383 67,208 2,980 4 2,976 319 3 322 

Dec.................. 369 * 368 64,158 245 3 242 391 3 394 

2009 - Jan ................... 353 * 353 83,292 1,154 6 1,149 316 4 320 

Feb.................. 538 * 538 67,805 3,349 1 3,348 320 2 323 

Mar.................. 425 * 425 73,081 348 11 338 321 3 324 

 

Fiscal year 2009 to date.... 2,456 * 2,455 417,848 10,090 31 10,060 2,058 18 2,077 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2009 

15

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service 

fund and all

other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget

(46) 

 

2004 ....................... 69,855 25,579 749 24,831 21,806 723 21,083 19,652 12,628 32,280 1,345,040 534,744 

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

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

2007 ....................... 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 15,185 47,228 1,932,584 635,088 

2008 ....................... 67,334 29,824 980 28,844 28,537 969 27,568 33,598 16,049 49,647 1,865,593 658,045 

2009 -Est................ 66,280 26,341 - 26,341 23,942 - 23,942 24,894 16,216 41,110 1,501,784 654,870 

2010 -Est................ 74,745 19,808 - 19,808 23,911 - 23,911 27,533 15,914 43,447 1,649,422 683,223 

2008 - Mar.............. 5,500 2,510 105 2,405 2,172 102 2,070 3,801 1,278 5,079 120,840 57,976 

Apr ............. 5,636 4,735 105 4,630 2,177 101 2,075 4,802 1,261 6,063 333,059 70,692 

May ............ 5,262 2,089 95 1,994 2,223 65 2,158 2,990 1,140 4,130 70,392 53,880 

June ........... 5,942 2,371 73 2,298 2,397 91 2,306 1,952 1,134 3,086 199,010 60,902 

July............. 5,933 2,605 69 2,536 2,732 54 2,678 2,995 1,466 4,461 110,050 50,444 

Aug............. 5,384 1,930 79 1,851 2,306 80 2,226 1,233 1,895 3,128 106,449 50,567 

Sept............ 7,684 2,140 96 2,044 2,585 102 2,483 1,917 1,241 3,158 218,141 54,083 

Oct ............. 3,911 2,181 85 2,097 2,727 94 2,633 3,607 1,489 5,097 117,998 46,849 

Nov............. 5,321 2,387 112 2,274 2,310 85 2,225 1,333 1,033 2,366 94,377 50,405 

Dec............. 5,185 2,293 107 2,186 2,165 127 2,038 4,826 1,609 6,435 191,039 46,772 

2009 - Jan.............. 5,042 2,432 46 2,387 2,134 50 2,085 1,361 1,483 2,844 161,462 64,647 

Feb............. 4,248 1,438 195 1,244 1,743 61 1,682 192 1,826 2,018 34,133 53,195 

Mar............. 4,994 2,048 130 1,919 1,636 114 1,522 652 1,507 2,159 71,507 57,450 

Fiscal year 2009 

 to date....................... 28,701 12,779 675 12,107 12,715 531 12,185 11,971 8,947 20,919 670,516 319,318 

Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents 

released by the Office of Management and Budget on May 7, 2009. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net

 (34) 

 

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

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

2008............................ 900,150 12,048 56 11,992 653 - 653 37,441 1,057 36,385 19,742 1,438 18,304 

2009 - Est ................... 899,217 11,282 - 11,282 371 - 371 35,998 - 35,998 18,629 - 18,629

2010 - Est ................... 940,370 11,697 - 11,697 670 - 670 37,535 - 37,535 24,843 - 24,843 

2008 - Mar .................. 74,560 864 30 834 58 - 58 3,170 335 2,835 1,518 -256 1,773

Apr .................. 99,649 901 - 901 60 - 60 3,298 - 3,298 1,458 82 1,376

May ................. 82,030 947 9 938 45 - 45 2,160 294 1,865 2,554 140 2,413

June ................ 79,398 1,074 - 1,074 54 - 54 3,251 - 3,251 1,669 107 1,562

July.................. 68,479 1,054 - 1,054 53 - 53 3,190 - 3,190 1,701 65 1,637

Aug.................. 70,247 1,143 12 1,131 32 - 32 2,689 289 2,400 1,955 134 1,821

Sept................. 71,626 1,764 5 1,759 100 - 100 5,574 138 5,436 515 126 389

Oct .................. 64,706 265 - 265 14 - 14 912 - 912 2,782 63 2,720

Nov.................. 70,506 942 - 942 53 - 53 3,171 - 3,171 1,293 137 1,155

Dec.................. 64,794 898 - 898 50 - 50 3,021 - 3,021 1,384 169 1,216

2009 - Jan................... 84,760 876 - 876 49 - 49 2,946 - 2,946 1,192 21 1,171

Feb.................. 71,476 928 71 857 59 - 59 2,830 355 2,475 1,023 166 857

Mar.................. 73,743 854 - 854 48 - 48 2,736 - 2,736 1,504 148 1,356 

Fiscal year 2009 to date.. 429,985 4,763 71 4,692 273 - 273 15,616 355 15,261 9,178 704 8,475

 
FEDERAL FISCAL OPERATIONS 

June 2009 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

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

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

2006 ....................... 4,129 5,820 93,533 6,374 499,350 93,427 19,653 614,313 69,100 42,434 9,063 23,320 43,139

2007 ....................... 4,307 6,008 84,427 6,479 528,590 66,372 20,117 672,036 39,172 45,559 10,497 23,351 47,543

2008 ....................... 4,429 r 6,345 90,786 7,726 594,680 65,957 21,404 700,501 40,683 49,086 9,880 26,544 58,840

 

2009 - Est............... 4,880 6,808 116,243 11,772 665,018 49,684 29,322 817,769 49,183 65,132 11,489 29,024 121,949

2010 - Est............... 5,789 7,202 132,861 15,766 685,096 100,542 46,302 880,751 49,258 54,762 12,954 30,283 106,083 

2008 - Mar.............. 353 469 7,345 525 44,512 4,907 1,059 46,289 3,427 3,755 825 2,140 3,854

Apr.............. 512 509 5,276 511 48,986 4,572 2,384 62,436 3,173 3,687 575 2,187 5,895

May............. 351 602 5,972 643 51,253 8,758 2,390 73,706 3,126 7,316 711 2,006 6,870

June............ 352 560 6,085 887 45,880 4,542 1,073 45,114 3,918 3,873 869 2,255 3,801

July ............. 359 520 5,762 670 51,475 3,853 1,823 62,356 3,203 3,654 1,011 2,278 5,745

Aug ............. 345 529 6,872 719 51,647 4,630 553 71,118 3,388 3,536 437 1,993 5,863

Sept ............ 389 r 550 6,271 671 52,024 5,549 4,522 46,577 4,169 3,411 978 2,296 5,528

Oct.............. 378 706 14,704 748 66,078 5,609 2,184 76,469 5,060 3,884 889 2,292 6,492

Nov ............. 343 473 8,064 745 45,627 4,286 1,620 44,875 4,419 3,685 880 2,262 5,566

Dec ............. 706 528 11,518 1,119 60,484 6,042 2,027 63,502 5,907 4,145 988 2,570 8,913

2009 - Jan .............. 343 503 10,852 777 47,009 5,921 1,601 73,151 4,210 3,737 793 1,890 9,750

Feb ............. 324 497 10,278 1,235 48,258 6,591 1,617 61,628 3,631 3,510 835 1,895 9,625

Mar ............. 357 535 9,057 655 49,428 5,351 1,907 60,167 4,333 3,828 866 2,141 12,388 

Fiscal year 2009 to 

 date ......................... 2,451 3,242 64,473 5,279 316,884 33,800 10,956 379,792 27,560 22,789 5,251 13,050 52,734

 

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) 

 

2004 ....................... 10,925 54,872 321,566 54,330 59,585 4,732 41,732 8,329 3,349 -452 13,660 

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

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

2007 ....................... 13,749 61,701 429,978 60,623 72,820 3,918 47,112 8,258 2,957 32 12,764 

2008 ....................... 17,505 64,945 451,154 97,665 84,783 5,077 45,784 7,938 1,172 342 11,403 

2009 - Est............... 22,372 79,723 392,321 640,098 96,477 12,615 48,494 8,421 757 1,423 13,640 

2010 - Est............... 28,553 90,517 454,493 43,864 108,756 9,519 48,563 10,760 747 2,290 21,998 

 

2008 - Mar.............. 1,357 4,935 23,024 13,084 4,141 376 3,993 713 92 189 341 

Apr.............. 668 4,406 22,362 9,523 7,058 333 3,232 576 93 -12 1,784 

May ............ 2,244 5,428 22,388 19,226 11,017 371 3,771 675 80 135 -331 

June ........... 1,220 5,965 110,973 15,380 3,372 364 3,864 637 72 24 1,015 

July............. 1,284 6,521 24,068 2,000 7,261 483 3,948 570 82 -4 1,244 

Aug............. 1,892 6,169 29,937 1,806 10,236 500 3,074 697 272 -97 542 

Sept............ 1,347 6,881 19,883 -5,771 4,284 487 3,875 695 -130 -34 2,282 

Oct.............. 2,372 6,606 18,984 116,733 11,568 634 3,922 645 82 20 2,344 

Nov............. 1,697 5,318 18,559 91,285 4,059 629 5,238 653 40 -73 2,215 

Dec............. 2,037 6,253 97,775 53,764 10,969 906 5,683 743 55 65 -175 

2009 - Jan .............. 1,482 4,245 3,133 52,444 7,499 369 6,957 581 71 16 810 

Feb............. 1,384 4,182 10,311 36,101 7,672 402 5,469 647 50 -52 924 

Mar............. 1,465 4,451 19,830 63,820 4,383 501 4,613 689 58 306 613 

Fiscal year 2009 to 

 date ......................... 10,437 31,055 168,592 414,147 46,150 3,441 31,882 3,958 356 282 6,731 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

June 2009 

17

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

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

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

2006 .................. 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 2,232,803 422,069 

2007 .................. 15,861 5,529 58,431 1,175 621,761 18,271 -61,774 -177,963 -6,762 -13,700 2,275,562 453,636 

2008 .................. 17,834 5,848 64,393 527 657,799 45,196 -66,178 -191,537 -18,285 -1,790 r 2,503,689 r 474,751

 

2009 - Est.......... 19,574 6,687 68,453 2,304 724,994 158,701 -68,181 -185,804 -6,259 -17,241 3,479,621 518,221 

2010 - Est.......... 18,444 8,143 71,467 1,320 749,094 76,782 -76,075 -197,627 -7,131 -1,050 3,041,947 549,129 

 

2008 - Mar......... 1,486 463 6,061 66 51,620 1,841 -4,201 -720 -1,288 * 177,070 49,958 

Apr......... 1,541 396 6,390 61 54,759 484 -4,094 -2,931 -2,863 -1 199,021 45,448 

May ....... 1,593 440 5,331 69 59,244 2,226 -4,591 -1,543 -1,279 * 239,019 51,180 

June ...... 1,618 513 5,432 79 55,573 -1,560 -4,285 -88,768 -2,555 -1,780 228,631 -2,266

July........ 1,550 658 6,039 63 55,137 17,865 -4,537 -1,560 -2,119 -1 217,179 46,082 

Aug........ 1,446 609 6,206 89 58,821 3,528 -4,506 -3,114 -809 * 218,692 50,237 

Sept....... 1,872 570 400 75 52,131 11,560 -4,407 -1,030 -1,413 * r 169,541 r 56,953

Oct......... 1,483 477 6,008 82 59,153 6,380 -18,701 -1,906 -357 * 354,566 47,457 

Nov........ 1,426 492 5,604 81 52,073 10,777 -4,260 52 -144 -9,389 258,676 50,503 

Dec........ 1,810 452 5,335 101 58,693 304 -4,968 -86,222 -594 - 327,942 -6,507

2009 - Jan ......... 1,185 437 6,624 74 60,358 7,095 -4,211 3,196 -248 * 264,889 47,765 

Feb........ 1,345 432 5,870 1,285 59,839 5,677 -4,894 483 -364 -6,577 225,475 54,635 

Mar........ 1,677 450 6,730 72 56,394 10,012 -4,569 -864 -414 - 267,146 54,084 

 

Fiscal year 2009 

to date ............... 8,926 2,740 36,171 1,695 346,510 40,245 -41,603 -85,261 -2,121 -15,966 1,698,694 247,937 

 

Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents 

released by the Office of Management and Budget on May 7, 2009. 

* Less than $500,000. 

- No transactions. 

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

June 2009 

18 

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

March 2009 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............................................... 429,672 30 - 429,701 503,506 27 - 503,532

Corporation income taxes........................................... 56,236 - - 56,236 129,470 - - 129,470

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 319,317 319,317 - - 317,477 317,477

Employment and general retirement (on-budget)... - - 98,531 98,531 - - 98,014 98,014

Unemployment insurance ....................................... - - 10,059 10,059 - - 11,138 11,138

Other retirement...................................................... - - 2,077 2,077 - - 2,091 2,091

Excise taxes ................................................................ 6,907 501 21,293 28,701 7,398 386 23,710 31,494

Estate and gift taxes ................................................... 12,106 - - 12,106 13,491 - - 13,491

Customs duties ........................................................... 7,476 4,029 681 12,185 8,840 4,056 746 13,642

Miscellaneous receipts................................................ 13,286 7,047 586 20,919 18,723 6,185 714 25,621

Total receipts....................................................... 525,683 11,606 452,545 989,834 681,427 10,654 453,889 1,145,969

(On-budget)..................................................... 525,683 11,606 133,227 670,517 681,427 10,654 136,412 828,492

(Off-budget)..................................................... - - 319,317 319,317 - - 317,477 317,477

 

Budget outlays: 

Legislative branch ....................................................... 2,165 283 2 2,451 2,098 16 7 2,121

Judicial branch ............................................................ 2,841 374 26 3,241 2,940 175 -41 3,075

Department of Agriculture ........................................... 46,781 17,154 537 64,472 41,728 12,139 681 54,547

Department of Commerce........................................... 3,986 1,293 * 5,280 3,513 112 * 3,625

Department of Defense-military .................................. 315,047 1,815 23 316,885 290,194 3,198 24 293,415

Department of Education ............................................ 34,197 -403 6 33,800 34,542 -499 8 34,051

Department of Energy................................................. 11,924 -967 - 10,957 11,377 -2,718 * 8,659

Department of Health and Human Services ............... 272,091 -151 107,851 379,792 243,768 149 95,276 339,192

Department of Homeland Security.............................. 25,399 1,979 182 27,560 21,343 -1,753 115 19,706

Department of Housing and Urban Development....... 22,916 -127 * 22,789 24,294 -683 -2 23,610

Department of the Interior........................................... 5,057 -70 265 5,252 4,823 226 250 5,299

Department of Justice ................................................. 12,210 889 -48 13,051 12,910 635 -16 13,529

Department of Labor ................................................... 10,128 56 42,549 52,733 4,831 -974 21,281 25,139

Department of State.................................................... 10,023 67 347 10,438 8,451 7 393 8,851

Department of Transportation..................................... 4,046 -258 27,266 31,054 5,993 -254 23,835 29,575

Department of the Treasury: 

Interest on the public debt....................................... 168,592 - - 168,592 221,541 - - 221,541

Other ....................................................................... 413,304 893 -51 414,147 56,274 -727 -46 55,501

Department of Veterans Affairs .................................. 46,895 -1,272 527 46,150 42,154 -1,103 504 41,556

Corps of Engineers ..................................................... 3,227 141 75 3,442 2,102 69 367 2,538

Other defense civil programs...................................... 61,838 -3,723 -26,233 31,882 59,168 -11,449 -23,699 24,020

Environmental Protection Agency............................... 4,495 -67 -470 3,958 4,559 -114 -358 4,088

Executive Office of the President................................ 356 * - 357 702 * * 702

General Services Administration ................................ 83 199 * 283 70 259 * 330

International Assistance Program............................... 8,351 -440 -1,179 6,731 9,926 -645 -4,414 4,866

National Aeronautics and Space Administration ........ 8,924 2 * 8,927 8,221 -8 * 8,214

National Science Foundation...................................... 2,672 47 22 2,741 2,612 36 12 2,660

Office of Personnel Management ............................... 4,488 -595 32,277 36,170 4,378 -513 30,729 34,595

Small Business Administration ................................... 1,698 -3 * 1,695 98 -7 * 91

Social Security Administration .................................... 32,253 -10 314,267 346,510 29,928 -12 292,218 322,135

Other independent agencies....................................... 5,302 20,953 13,989 40,243 5,145 265 5,682 11,093

Undistributed offsetting receipts: 

Interest .................................................................... - - -85,261 -85,261 - - -92,591 -92,591

Other ....................................................................... -1,873 -26,859 -30,958 -59,690 -7,006 -11,744 -28,261 -47,012

Total outlays........................................................ 1,539,417 11,201 396,012 1,946,632 1,152,680 -15,916 321,958 1,458,722

(On-budget)..................................................... 1,539,308 12,267 147,117 1,698,694 1,152,680 -13,059 91,984 1,231,605

(Off-budget)..................................................... 109 -1,066 248,895 247,938 - -2,857 229,974 227,118

Surplus or deficit (-)............................................. -839,502 27 56,504 -956,799 -471,253 26,569 131,930 -312,753

(On-budget)..................................................... -839,394 -1,038 -13,919 -1,028,178 -471,253 23,713 44,428 -403,112

(Off-budget)..................................................... -109 1,066 70,423 71,379 - 2,857 87,502 90,359

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2009 

19

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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 

2007 ................................................ 8,455,356 528,724 8,983,992 1,571,322 1,548,300 

2008 ................................................ 9,947,954 530,425 10,151,438 1,602,823 1,633,393 

 

2008 - Mar....................................... 770,080 45,335 814,287 152,098 118,114 

Apr....................................... 940,794 53,189 994,580 154,020 58,854 

May...................................... 898,793 37,593 936,721 108,037 234,507 

June..................................... 822,259 49,684 871,584 156,942 117,886 

July ...................................... 785,812 40,315 825,849 111,929 103,966 

Aug ...................................... 781,045 36,826 818,446 102,232 156,341 

Sept..................................... 1,248,995 48,868 970,065 152,727 115,790 

Oct....................................... 1,513,643 40,509 1,283,783 108,703 135,722 

Nov ...................................... 801,868 35,649 939,874 101,651 111,797 

Dec ...................................... 799,185 55,150 989,379 161,413 162,177 

2009 - Jan ....................................... 912,889 40,310 1,124,877 120,405 119,623 

Feb ...................................... 828,709 34,888 833,021 108,724 108,729 

Mar ...................................... 1,010,666 41,716 1,009,644 133,781 134,015 

 

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

June 2009 

20 

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

and Tax and Loan Note Account Balances, con. 1

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

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) 

 

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 

2007 ...................................... 5,539 69,698 29,504 98,264 3,239 75 5,216 23,961 

2008 ...................................... 32,988 39,129 32,988 135,752 2,973 - 5,181 17,751 

 

2008 - Mar............................. 5,552 40,587 6,590 40,587 4,346 6,603 5,150 17,731 

Apr............................. 4,955 135,752 7,417 135,752 3,437 - 5,328 26,304 

May............................ 4,620 9,282 6,342 98,302 2,973 - 4,766 32,453 

June........................... 4,978 48,338 7,413 48,338 4,167 124 5,020 16,190 

July ............................ 5,256 56,300 6,720 56,300 4,024 241 5,070 9,714 

Aug ............................ 4,681 2,192 5,658 25,373 4,275 830 4,806 7,745 

Sept........................... 32,988 39,129 32,988 39,129 3,899 1,177 5,757 16,359 

Oct............................. 43,998 12,109 136,672 79,897 3,987 8,172 33,898 24,884 

Nov ............................ 66,385 1,964 91,193 12,109 17,355 1,722 55,834 5,209 

Dec ............................ 106,123 1,199 132,738 2,181 41,646 1,199 90,197 1,912 

2009 - Jan ............................. 23,548 1,981 106,123 2,043 23,548 1,199 46,983 1,927 

Feb ............................ 23,502 1,976 75,506 2,124 20,266 1,756 36,532 1,960 

Mar ............................ 67,151 1,742 114,510 2,114 23,502 1,206 62,945 1,917 

 

 

1 This report does not include Supplementary Financing Program balances.

2

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

other than Government account series, and taxes. 

3

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

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

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

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

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

and employees under the Federal Insurance Contributions Act beginning January 1950 

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

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

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

taxes beginning April 1970; and individual estimated income taxes beginning October 

1988. 
June 2009 

21

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

June 2009

22 

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) 

 

2004............................... 7,403,236 7,379,053 24,183 3,075,687 3,075,687 1 4,327,549 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 

2007............................... 9,030,612 9,007,653 22,959 3,958,417 3,958,411 6 5,072,195 5,049,242 22,953 

2008............................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098 

 

2008 - Mar ..................... 9,461,058 9,437,594 23,464 4,103,552 4,103,546 6 5,357,506 5,334,048 23,458 

Apr ..................... 9,400,719 9,377,557 23,163 4,133,040 4,133,034 6 5,267,679 5,244,523 23,157 

May .................... 9,411,969 9,388,798 23,170 4,110,207 4,110,201 6 5,301,762 5,278,597 23,164 

June ................... 9,515,532 9,492,006 23,527 4,206,987 4,206,981 6 5,308,545 5,285,025 23,521 

July..................... 9,608,823 9,585,479 23,344 4,182,264 4,182,258 6 5,426,559 5,403,221 23,338 

Aug..................... 9,668,997 9,645,755 23,243 4,166,662 4,166,656 6 5,502,335 5,479,099 23,237 

Sept.................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098 

Oct ..................... 10,599,663 10,574,094 25,569 4,266,386 4,266,380 6 6,333,277 6,307,714 25,563 

Nov..................... 10,684,427 10,661,175 23,252 4,260,586 4,260,581 6 6,423,841 6,400,594 23,246 

Dec..................... 10,723,156 10,699,805 23,352 4,327,160 4,327,154 6 6,395,996 6,372,651 23,346 

2009 - Jan...................... 10,655,167 10,632,080 23,087 4,311,381 4,311,375 6 6,343,786 6,320,705 23,081 

Feb..................... 10,899,894 10,877,144 22,750 4,295,278 4,295,273 6 6,604,615 6,581,871 22,744 

Mar..................... 11,149,495 11,126,941 22,554 4,290,609 4,290,603 6 6,858,886 6,836,338 22,548 

 

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) 

 

2004 ............................... 7,403,236 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 41,370 3,622,403 4,866,593 40,005 4,826,588 

2007 ............................... 9,030,612 82,078 8,948,534 3,958,417 42,796 3,915,621 5,072,195 39,282 5,032,913 

2008 ............................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635 

 

2008 - Mar...................... 9,461,058 74,722 9,386,336 4,103,552 39,782 4,063,771 5,357,506 34,940 5,322,565 

Apr...................... 9,400,719 74,042 9,326,677 4,133,040 40,427 4,092,613 5,267,679 33,615 5,234,064 

May .................... 9,411,969 60,000 9,351,969 4,110,207 26,016 4,084,192 5,301,762 33,984 5,267,777 

June ................... 9,515,532 59,733 9,455,799 4,206,987 25,332 4,181,655 5,308,545 34,401 5,274,145 

July..................... 9,608,823 61,431 9,547,392 4,182,264 25,608 4,156,656 5,426,559 35,823 5,390,736 

Aug..................... 9,668,997 61,663 9,607,334 4,166,662 25,075 4,141,587 5,502,335 36,588 5,465,748 

Sept.................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635 

Oct...................... 10,599,663 66,851 10,532,813 4,266,386 28,713 4,237,672 6,333,277 38,138 6,295,140 

Nov..................... 10,684,427 65,816 10,618,610 4,260,586 28,392 4,232,194 6,423,841 37,424 6,386,416 

Dec..................... 10,723,156 62,737 10,660,419 4,327,160 28,271 4,298,889 6,395,996 34,466 6,361,529 

2009 - Jan ...................... 10,655,167 59,228 10,595,939 4,311,381 28,158 4,283,222 6,343,786 31,070 6,312,717 

Feb ..................... 10,899,894 59,063 10,840,831 4,295,278 27,859 4,267,420 6,604,616 31,204 6,573,411 

Mar ..................... 11,149,495 59,682 11,089,813 4,290,609 27,741 4,262,868 6,858,886 31,941 6,826,945 

 
FEDERAL DEBT 

June 2009 

23

 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) 

 

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 

2007 ....................................... 197,126 - 2,986 88,153 296,513 29,995 6,126 

2008 ....................................... 194,253 - 2,986 107,498 260,238 29,995 3,569 

 

2008 - Mar.............................. 195,425 - 4,886 99,903 286,344 29,995 4,897 

Apr.............................. 195,327 - 4,886 100,366 286,818 29,995 4,326 

May ............................ 195,225 - 3,286 100,448 280,017 29,995 4,265 

June ........................... 195,003 - 3,086 100,989 275,203 29,995 4,214 

July............................. 194,753 - 2,986 103,836 265,534 29,995 4,053 

Aug............................. 194,467 - 2,986 104,441 261,553 29,995 3,972 

Sept............................ 194,253 - 2,986 107,498 260,238 29,995 3,569 

Oct.............................. 194,236 - 3,986 112,814 254,564 29,995 3,058 

Nov............................. 194,216 - 3,986 113,884 253,455 29,995 2,618 

Dec............................. 194,075 - 3,986 115,117 249,318 29,995 2,637 

2009 - Jan .............................. 193,810 - 4,986 115,508 244,800 29,995 2,037 

Feb ............................. 194,057 - 4,986 117,375 241,929 29,995 1,846 

Mar ............................. 193,975 - 5,986 119,543 240,096 29,995 1,594 

 

 

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) 

 

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 

2007 .................................. 5,049,306 4,428,405 954,607 2,456,100 560,922 456,776 620,900 

2008 .................................. 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540 

 

2008 - Mar......................... 5,334,116 4,712,665 1,153,879 2,513,108 571,738 473,940 621,451 

Apr......................... 5,244,195 4,622,476 1,020,681 2,539,859 571,760 490,175 621,719 

May ....................... 5,278,699 4,665,461 1,114,547 2,475,730 580,983 494,202 613,238 

June ...................... 5,285,064 4,676,573 1,055,697 2,542,526 580,995 497,355 608,490 

July........................ 5,403,382 4,802,224 1,130,970 2,573,863 580,982 516,410 601,158 

Aug........................ 5,479,100 4,881,685 1,221,987 2,555,609 582,815 521,274 597,415 

Sept....................... 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540 

Oct......................... 6,302,794 5,704,139 1,904,060 2,685,691 578,915 535,472 598,655 

Nov........................ 6,396,591 5,798,435 1,998,226 2,673,928 591,492 534,789 598,156 

Dec........................ 6,369,319 5,774,190 1,861,187 2,791,514 591,867 529,622 595,129 

2009 - Jan ......................... 6,317,299 5,726,162 1,792,889 2,825,174 591,890 516,209 591,137 

Feb ........................ 6,579,163 5,988,974 1,979,787 2,891,334 606,670 511,183 590,189 

Mar ........................ 6,833,543 6,242,353 2,027,691 3,084,283 617,628 512,751 591,190 
FEDERAL DEBT 

June 2009

24 

End of fiscal 

year or month 

Federal 

Savings and 

Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance Trust 

Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life

Insurance 

Fund 

(14) 

Postal 

Service Fund

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

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 

2007 ..................... 3,182 39,248 12,205 9,752 979 596 - 74,923 555,118 

2008 ..................... 3,320 59,090 12,811 9,272 1,605 624 - 72,432 614,991 

 

2008 - Mar ........... 3,278 46,939 11,578 9,530 1,000 489 - 66,964 619,613 

 Apr............ 3,303 47,217 13,055 9,437 1,000 522 - 66,208 620,206 

 May .......... 3,298 42,827 10,659 9,355 1,200 463 - 79,931 602,364 

 June ......... 3,304 50,137 9,979 9,535 1,200 451 - 79,108 602,547 

 July........... 3,311 58,847 8,831 9,453 1,000 457 - 76,487 604,285 

 Aug........... 3,316 54,265 7,026 9,380 1,000 461 - 77,310 607,055 

 Sept.......... 3,320 59,090 12,811 9,272 1,605 624 - 72,432 614,991 

 Oct............ 3,320 54,795 10,906 9,186 1,200 561 - 68,300 697,150 

 Nov........... 3,319 59,364 10,804 9,119 1,200 367 - 67,362 691,988 

 Dec........... 3,325 59,850 10,386 9,294 1,200 364 - 61,805 689,981 

2009 - Jan ............ 3,325 56,323 9,886 9,205 1,000 469 - 53,958 682,586 

 Feb ........... 3,326 57,782 9,545 9,123 1,000 501 - 48,370 682,383 

 Mar ........... 3,327 63,639 9,738 9,020 1,200 525 - 38,252 683,460 

 

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) 

 

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 

2007 .............. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 1,968,262 

2008 .............. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

 

2008 - Mar .... 4,183,685 9,696 48,441 33,753 16,699 214,556 699,976 323,477 23,132 2,054,564 

 Apr..... 4,213,642 9,892 48,579 33,765 16,729 216,189 696,704 330,969 23,104 2,076,763 

 May.... 4,190,825 9,405 47,860 34,184 16,746 215,358 693,556 323,086 18,725 2,081,808 

 June .. 4,288,079 7,361 47,778 34,205 16,776 220,133 708,884 337,668 18,770 2,140,243 

 July.... 4,266,035 7,466 33,671 34,234 16,805 218,802 705,751 322,707 18,834 2,145,094 

 Aug.... 4,250,862 7,714 32,182 34,375 16,833 217,423 702,187 314,158 19,081 2,147,096 

 Sept... 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

 Oct..... 4,358,403 8,432 29,519 34,494 17,184 214,667 726,483 310,991 19,244 2,151,971 

 Nov.... 4,353,747 7,593 24,611 34,963 17,179 213,094 722,953 316,700 19,379 2,153,752 

 Dec.... 4,421,658 7,855 25,496 35,032 17,661 215,810 738,870 321,910 19,415 2,203,404 

2009 - Jan ..... 4,406,044 7,362 24,355 35,079 14,107 216,320 734,906 318,373 19,475 2,219,315 

 Feb .... 4,391,447 7,357 22,681 35,278 14,652 214,514 731,109 314,163 19,698 2,219,965 

 Mar .... 4,388,682 7,186 23,739 35,294 15,004 212,929 727,303 314,082 19,741 2,224,243 

 
FEDERAL DEBT 

June 2009 

25

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Farm Credit 

System Financial 

Assistance 

Corporation 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other 

(6) 

 

2004 ............................ 24,183 200 325 23,253 243 163 

2005 ............................ 23,637 146 - 23,097 235 159 

2006 ............................ 23,392 112 - 22,899 225 156 

2007 ............................ 22,959 85 - 22,506 215 153 

2008 ............................ 23,104 69 - 22,680 204 150 

 

2008 - Mar................... 23,464 69 - 23,035 210 150 

Apr................... 23,163 66 - 22,735 210 151 

May ................. 23,170 67 - 22,741 210 152 

June ................ 23,527 65 - 23,101 210 151 

July.................. 23,344 69 - 22,910 210 155 

Aug.................. 23,243 69 - 22,820 204 149 

Sept................. 23,104 69 - 22,680 204 150 

Oct................... 25,569 69 - 25,146 204 149 

Nov.................. 23,252 69 - 22,828 204 151 

Dec.................. 23,352 69 - 22,926 204 151 

2009 - Jan ................... 23,087 69 - 22,661 204 152 

Feb .................. 22,750 69 - 22,337 199 145 

Mar .................. 22,554 33 - 22,177 199 146 

 

 

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

June 2009

26 

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) 

 

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 

 

2008 - Mar...................... 4,127,033 1,607,155 1,323,534 702,527 319,481 174,336 4 yrs. 5 mos. 

Apr...................... 4,079,776 1,509,658 1,366,837 709,124 338,330 155,827 4 yrs. 6 mos. 

May..................... 4,162,323 1,618,739 1,329,756 718,171 333,602 162,056 4 yrs. 6 mos. 

June.................... 4,203,532 1,580,568 1,396,177 730,327 334,145 162,224 4 yrs. 6 mos. 

July ..................... 4,328,809 1,668,784 1,439,791 716,694 364,351 162,453 4 yrs. 5 mos. 

Aug ..................... 4,386,440 1,774,790 1,390,479 706,395 351,906 162,870 4 yrs. 5 mos. 

Sept.................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 

Oct...................... 5,238,827 2,462,352 1,496,698 764,782 352,076 162,919 3 yrs. 10 mos. 

Nov ..................... 5,312,125 2,540,826 1,490,667 761,948 355,148 163,536 3 yrs. 10 mos. 

Dec ..................... 5,307,633 2,406,537 1,607,484 776,147 354,202 163,262 3 yrs. 10 mos. 

2009 - Jan ...................... 5,260,475 2,331,996 1,631,789 773,548 360,402 162,741 3 yrs. 11 mos. 

Feb ..................... 5,505,532 2,543,867 1,659,368 776,956 358,570 166,771 3 yrs. 11 mos. 

Mar ..................... 5,759,709 2,601,162 1,790,274 833,981 357,716 176,575 3 yrs. 11 mos. 

 

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

June 2009 

27

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) 

 

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 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

 

2008 - Mar....................................... 9,815,000 9,358,135 9,358,082 53 9,437,594 53 79,512 

Apr....................................... 9,815,000 9,298,567 9,298,517 50 9,377,557 50 79,041 

May...................................... 9,815,000 9,324,137 9,324,086 51 9,388,799 51 64,714 

June..................................... 9,815,000 9,427,901 9,427,850 51 9,492,006 51 64,156 

July ...................................... 10,615,000 9,520,220 9,520,169 51 9,585,480 51 65,310 

Aug ...................................... 10,615,000 9,580,508 9,580,457 51 9,645,755 51 65,299 

Sept..................................... 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

Oct....................................... 11,315,000 10,504,702 10,504,651 51 10,574,094 51 69,444 

Nov ...................................... 11,315,000 10,595,725 10,595,674 51 10,661,175 51 65,502 

Dec ...................................... 11,315,000 10,640,274 10,640,223 51 10,699,805 51 59,583 

2009 - Jan ....................................... 11,315,000 10,569,310 10,569,296 14 10,632,080 14 62,784 

Feb ...................................... 12,104,000 10,814,630 10,814,616 14 10,877,145 14 62,529 

Mar ...................................... 12,104,000 11,066,217 11,066,203 14 11,126,941 14 60,738 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

June 2009

28 

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) 

 

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 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448 

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456 

 

2008 - Mar....................................... 230,254 12,820 23,447 14,354 440 1,448 

Apr....................................... 229,880 12,287 23,613 14,478 442 1,448 

May ..................................... 233,312 11,960 23,878 14,621 444 1,448 

June .................................... 229,296 11,555 23,959 14,624 447 1,448 

July...................................... 234,242 9,101 23,703 14,789 447 1,448 

Aug...................................... 240,154 9,167 24,588 14,686 467 1,456 

Sept..................................... 252,783 9,691 24,789 14,780 479 1,456 

Oct....................................... 298,445 16,067 25,003 14,908 484 1,456 

Nov...................................... 326,003 18,862 25,155 15,022 488 1,456 

Dec...................................... 357,973 9,673 25,659 15,171 490 1,456 

2009 - Jan ....................................... 410,516 12,043 25,921 15,291 494 1,456 

Feb ...................................... 432,532 12,499 26,194 15,407 495 1,456 

Mar ...................................... 479,064 13,567 26,761 15,533 497 1,456 

 

 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) 

 

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 

2007 ................................................ 103,973 2,241 4,573 - 17,609 

2008 ................................................ 128,331 2,186 4,832 - 21,957 

 

2008 - Mar....................................... 115,120 2,201 4,573 - 14,430 

Apr ...................................... 115,120 2,100 4,573 - 13,746 

May ..................................... 115,894 2,200 4,573 - 14,913 

June .................................... 116,026 2,200 4,573 - 15,156 

July...................................... 123,152 2,240 4,573 - 14,567 

Aug...................................... 129,383 2,200 4,573 - 13,664 

Sept..................................... 128,331 2,186 4,832 - 21,957 

Oct....................................... 144,402 2,186 4,832 - 23,148 

Nov...................................... 145,018 2,151 4,832 - 22,948 

Dec...................................... 145,131 2,151 4,832 - 22,868 

2009 - Jan....................................... 167,659 2,246 4,832 - 27,938 

Feb...................................... 168,602 2,246 4,832 - 31,124 

Mar...................................... 174,838 2,161 4,832 - 40,926 

 
FEDERAL DEBT 

June 2009 

29

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) 

 

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 

2007 ...................................... 4,364 2,945 11,366 22,872 

2008 ...................................... 2,929 3,096 9,463 28,793 

 

2008 - Mar............................. 4,364 4,597 9,133 23,327 

Apr............................. 4,364 4,881 9,133 23,696 

May ........................... 4,364 5,149 9,138 24,728 

June .......................... 3,552 2,221 9,138 24,397 

July............................ 3,573 2,518 9,138 24,993 

Aug............................ 2,768 2,796 9,463 24,942 

Sept........................... 2,929 3,096 9,463 28,793 

Oct............................. 2,929 3,394 9,463 50,174 

Nov............................ 2,929 3,683 9,463 73,996 

Dec............................ 3,151 3,990 9,463 113,939 

2009 - Jan ............................. 3,309 4,294 9,463 135,570 

Feb ............................ 3,309 4,555 8,310 153,501 

Mar ............................ 3,309 4,857 8,902 181,425 

 

Note.—Detail may not add to totals due to rounding. 
June 2009 

30 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

• Table PDO-1 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

• Table PDO-2 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. Issues of cash 

management bills also are presented. 

Note: Additional information, including maturity 

schedules of interest-bearing marketable public debt securities 

other than regular weekly and 52-week Treasury bills 

outstanding, can now be found on the Bureau of Public Debt’s 

website at http://www.treasurydirect.gov/govt/ reports/pd/pd_ 

pdotables_downloadable_files.htm. 

Note: On April 30, 2008, Treasury announced the 

reintroduction of the 52-week bill. The first auction of this 

security took place on June 3, 2008. 

Note: Cash managements bills that are identified below 

are issued as part of the Supplementary Financing Program 

(SFP). For more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: JANUARY-MARCH 

[Source: Bureau of the Public Debt, Office of Financing] 

J A N U A R Y 

Cash Management Bills 

On December 29, 2008, Treasury announced it would 

auction $35,000 million of 62-day bills. They were issued 

January 2, 2009 and matured March 5. The issue was part of 

the Supplementary Financing Program (SFP). Treasury 

auctioned the bills on December 30, 2008. Tenders totaled 

$82,618 million; Treasury accepted $35,000 million. The high 

bank discount rate was 0.140 percent. 

On January 5, 2009, Treasury announced it would auction 

$35,000 million of 70-day bills. They were issued January 8 

and matured March 19. The issue part of the SFP. Treasury 

auctioned the bills on January 7. Tenders totaled $124,431 

million; Treasury accepted $35,000 million. The high bank 

discount rate was 0.100 percent. 

On January 12, Treasury announced it would auction 

$30,000 million of 56-day bills. They were issued January 15 

and matured March 12. The issue was part of the SFP. 

Treasury auctioned the bills on January 14. Tenders totaled 

$96,214 million; Treasury accepted $30,000 million. The high 

bank discount rate was 0.085 percent. 

On January 15, Treasury announced it would auction 

$35,000 million of 70-day bills. They were issued January 22 

and will mature April 2. The issue was part of the SFP. 

Treasury auctioned the bills on January 21. Tenders totaled 

$92,744 million; Treasury accepted $35,000 million. The high 

bank discount rate was 0.100 percent. 

On January 26, Treasury announced it would auction 

$35,000 million of 70-day bills. They were issued January 29 

and matured April 9. The issue was part of the SFP. Treasury 

auctioned the bills on January 28. Tenders totaled $87,057 

million; Treasury accepted $35,001 million. The high bank 

discount rate was 0.200 percent. 

52-Week Bills 

On January 8, 2009, Treasury announced it would auction 

$22,000 million of 364-day Treasury bills. They were issued 

January 15 and will mature January 14, 2010. The issue was 

to refund $129,037 million of all maturing bills and pay down 

approximately $37 million. Treasury auctioned the bills on 

January 13. Tenders totaled $67,109 million; Treasury 

accepted $22,000 million. That included $164 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.430 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2009 

31

Auction of 3-Year Notes 

On January 5, 2009, Treasury announced it would auction 

$30,000 million of 3-year notes of Series U-2012. The issue 

was to refund $32,351 million of securities maturing January 

15 and to raise new cash of approximately $21,649 million. 

The notes of Series U-2012 were dated and issued 

January 15. They are due January 15, 2012, with interest 

payable on July 15 and January 15 until maturity. Treasury set 

an interest rate of 1-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 7. Tenders totaled $66,280 

million; Treasury accepted $30,000 million. All

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.200 percent with the 

equivalent price of $99.779650. Treasury accepted in full all 

competitive tenders at yields lower than 1.200 percent. 

Tenders at the high yield were allotted 47.24 percent. The 

median yield was 1.120 percent, and the low yield was 1.000 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$29,965 million. 

In addition to the $30,000 million of tenders accepted in 

the auction process, Treasury accepted $2,484 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series U-2012 is $100. 

Auction of 9-Year 10-Month 3-3/4 Percent Notes 

On January 5, 2009, Treasury announced that it would 

auction $16,000 million of 9-year 10-month 3-3/4 percent 

notes of Series F-2018. The issue was to refund $32,351 

million of securities maturing January 15 and to raise new 

cash of approximately $21,649 million. 

The notes of Series F-2018 were dated November 15, 

2008 and issued January 15, 2009. They are due November 

15, 2018, with interest payable on May 15 and November 15 

until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 8. Tenders totaled $41,400 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.419 percent with an 

equivalent price of $111.579767. Treasury accepted in full all 

competitive tenders at yields lower than 2.419 percent. 

Tenders at the high yield were allotted 73.60 percent. The 

median yield was 2.349 percent, and the low yield was 1.990 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors totaled 

$15,993 million. Accrued interest of $6.31906 per $1,000 

must be paid for the period from November 15 to January 15. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,325 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2018 is $100. 

Auction of 10-Year Treasury Inflation Protected 

Security (TIPS) 

On December 31, 2008, Treasury announced it would 

auction $8,000 million of 10-year TIPS. The issue was to 

refund $32,351 million of securities maturing January 15 and 

to raise new cash of approximately $21,649 million. 

The 10-year TIPS of Series A-2019 were dated and 

issued January 15. They are due January 15, 2019, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 2-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 6. Tenders totaled $19,834 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.245 percent with an 

equivalent adjusted price of $98.930505. Treasury accepted in 

full all competitive tenders at yields lower than 2.245. Tenders 

at the high yield were allotted 64.99 percent. The median yield 

was 2.199 percent, and the low yield was 1.500 percent. 

Noncompetitive tenders totaled $261 million. Competitive 

tenders accepted from private investors totaled $7,739 million. 

In addition to the $8,000 million of tenders accepted in 

the auction process, Treasury accepted $662 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2019 is $100. 

Auction of 20-Year TIPS 

On January 22, 2009, Treasury announced it would 

auction $8,000 million of 20-year TIPS to raise new cash. 

The 20-year TIPS of January 2029 were dated January 15 

and issued January 30. They are due January 15, 2029, with 

interest payable on July 15 and January 15 until maturity.

Treasury set an interest rate of 2-1/2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 26. Tenders totaled $15,328 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.500 percent with an 

equivalent adjusted price of $99.063837. Treasury accepted in 

full all competitive tenders at yields lower than 2.500. Tenders 

at the high yield were allotted 56.67 percent. The median yield 
32 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2009 

was 2.310 percent, and the low yield was 0.990 percent. 

Noncompetitive tenders totaled $161 million. Competitive 

tenders accepted from private investors totaled $7,839 million. 

Adjusted accrued interest of $1.02622 per $1,000 must be 

paid for the period from January 15 to January 30. Both the 

unadjusted price of $99.998826 and the unadjusted accrued 

interest of $1.03591 were adjusted by an index ratio of 

0.99065, for the period from January 15 to January 30. The 

minimum par amount required for STRIPS of TIPS of January 

2029 is $100. 

F E B R U A R Y 

Cash Management Bills 

On February 2, 2009, Treasury announced it would 

auction $30,000 million of 49-day bills. They were issued 

February 5 and matured March 26. The issue was part of the 

SFP. Treasury auctioned the bills on February 4. Tenders 

totaled $93,474 million; Treasury accepted $30,000 million. 

The high bank discount rate was 0.290 percent. 

On February 17, Treasury announced it would auction 

$35,000 million of 272-day bills. They were issued February 

20 and will mature November 19, 2009. This issue was to 

raise new cash. Treasury auctioned the bills on February 19. 

Tenders totaled $86,266 million; Treasury accepted $35,000 

million. The high bank discount rate was 0.645 percent. 

On February 23, Treasury announced it would auction 

$40,000 million of 294-day bills. They were issued February 

26 and will mature December 17, 2009. The issue was to raise 

new cash. Treasury auctioned the bills on February 25. 

Tenders totaled $100,215 million; Treasury accepted $40,000 

million. The high bank discount rate was 0.705 percent. 

Auction of 2-Year Notes 

On January 22, 2009, Treasury announced it would 

auction $40,000 million of 2-year notes of Series U-2011. The 

issue was to refund $20,005 million of securities maturing 

February 2 and to raise new cash of approximately $49,995 

million. 

The notes of Series U-2011 were dated January 31 and 

issued February 2. They are due January 31, 2011, with 

interest payable on July 31 and January 31 until maturity.

Treasury set an interest rate of 0-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 27. Tenders totaled $107,638 

million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.925 percent with an 

equivalent price of $99.901394. Treasury accepted in full all 

competitive tenders at yields lower than 0.925 percent. 

Tenders at the high yield were allotted 33.41 percent. The 

median yield was 0.871 percent, and the low yield was 0.783 

percent. Noncompetitive tenders totaled $422 million. 

Competitive tenders accepted from private investors totaled 

$39,578 million. Accrued interest of $0.04834 per $1,000 

must be paid for the period from January 31 to February 2. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $1,698 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2011 is $100. 

Auction of 5-Year Notes 

On January 22, 2009, Treasury announced it would 

auction $30,000 million of 5-year notes of Series G-2014. The 

issue was to refund $20,005 million of securities maturing 

February 2 and to raise new cash of approximately $49,995 

million. 

The notes of Series G-2014 were dated January 31 and 

issued February 2. They are due January 31, 2014, with 

interest payable on July 31 and January 31 until maturity.

Treasury set an interest rate of 1-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 29. Tenders totaled $59,261 

million; Treasury accepted $30,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.820 percent with an 

equivalent price of $99.667162. Treasury accepted in full all 

competitive tenders at yields lower than 1.820 percent. 

Tenders at the high yield were allotted 72.98 percent. The 

median yield was 1.740 percent, and the low yield was 1.590 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$29,965 million. Accrued interest of $0.09669 per $1,000 

must be paid for the period from January 31 to February 2. 

In addition to the $30,000 million of tenders accepted in 

the auction process, Treasury accepted $1,273 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2014 is $100. 

52-Week Bills 

On February 5, 2009, Treasury announced it would 

auction $23,000 million of 364-day Treasury bills. They were 

issued February 12 and will mature February 11, 2010. The 

issue was to refund $75,985 million of all maturing bills and 

to raise new cash of approximately $44,015 million. Treasury 

auctioned the bills on February 10. Tenders totaled $64,850 

million; Treasury accepted $23,000 million. That included 

$149 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.610 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2009 

33

February Quarterly Financing 

On February 4, 2009, Treasury announced it would 

auction $32,000 million of 3-year notes of Series V-2012, 

$21,000 million of 10-year notes of Series B-2019 and 

$14,000 million of 30-year Bonds of February 2039 to refund 

$36,330 million of Treasury securities maturing on February 

15 and to raise new cash of approximately $30,670 million. 

The 3-year notes of Series V-2012 were dated February 

15 and issued February 17. They are due February 15, 2012, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 1-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 10. Tenders totaled $85,556 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.419 percent with an 

equivalent price of $99.871395. Treasury accepted in full all 

competitive tenders at yields lower than 1.419. Tenders at the 

high yield were allotted 61.41 percent. The median yield was 

1.373 percent, and the low yield was 1.300 percent. 

Noncompetitive tenders totaled $98 million. Competitive 

tenders accepted from private investors totaled $31,902 

million. Accrued interest of $0.07597 per $1,000 must be paid 

for the period from February 15 to February 17. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $1,629 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series V-2012 is $100. 

The 10-year notes of Series B-2019 were dated February 

15 and issued February 17. They are due February 15, 2019, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 2-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 11. Tenders totaled $46,511 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.818 percent with an 

equivalent price of $99.411068. Treasury accepted in full all 

competitive tenders at yields lower than 2.818. Tenders at the 

high yield were allotted 91.42 percent. The median yield was 

2.710 percent, and the low yield was 2.500 percent. 

Noncompetitive tenders totaled $54 million. Competitive 

tenders accepted from private investors totaled $20,946 

million. Accrued interest of $0.15193 per $1,000 must be paid 

for the period from February 15 to February 17. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $1,069 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series B-2019 is $100. 

The 30-year Bonds of February 2039 were dated 

February 15 and issued February 17. They are due February 

15, 2039, with interest payable on August 15 and February 15 

until maturity. Treasury set an interest rate of 3-1/2 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on February 12. Tenders totaled 

$28,280 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.540 percent with an 

equivalent price of $99.264139. Treasury accepted in full all 

competitive tenders at yields lower than 3.540. Tenders at the 

high yield were allotted 45.13 percent. The median yield was 

3.415 percent, and the low yield was 3.300 percent. 

Noncompetitive tenders totaled $33 million. Competitive 

tenders accepted from private investors totaled $13,967 

million. Accrued interest of $0.19337 per $1,000 must be paid 

for the period from February 15 to February 17. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $713 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of February 2039 is $100. 

M A R C H 

Cash Management Bills 

On March 2, 2009, Treasury announced it would auction 

$35,000 million of 63-day bills. They were issued March 5 

and will mature May 7, 2009. The issue was part of the SFP. 

Treasury auctioned the bills on March 4. Tenders totaled 

$101,091 million; Treasury accepted $35,000 million. The 

high bank discount rate was 0.220 percent. 

On March 2, 2009, Treasury announced it would auction 

$30,000 million of 70-day bills. They were issued March 12 

and will mature May 21, 2009. The issue was part of the SFP. 

Treasury auctioned the bills on March 6. Tenders totaled 

$106,755 million; Treasury accepted $30,000 million. The 

high bank discount rate was 0.210 percent. 

On March 16, 2009, Treasury announced it would auction 

$35,000 million of 56-day bills. They were issued March 19 

and will mature May 14, 2009. The issue was part of the SFP. 

Treasury auctioned the bills on March 18. Tenders totaled 

$112,098 million; Treasury accepted $35,002 million. The 

high bank discount rate was 0.180 percent. 
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2009 

On March 16, 2009, Treasury announced it would auction 

$30,000 million of 77-day bills. They were issued March 26 

and will mature June 11, 2009. The issue was part of the SFP. 

Treasury auctioned the bills on March 20. Tenders totaled 

$85,209 million; Treasury accepted $30,001 million. The high 

bank discount rate was 0.220 percent. 

Auction of 2-Year Notes 

On February 19, 2009, Treasury announced it would 

auction $40,000 million of 2-year notes of Series V-2011. The 

issue was to refund $18,003 million of securities maturing 

February 28 and to raise new cash of approximately $75,997 

million. 

The notes of Series V-2011 were dated February 28 and 

issued March 2. They are due February 28, 2011, with interest 

payable on August 31 and February 28 until maturity. 

Treasury set an interest rate of 0-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 24. Tenders totaled $105,292 

million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.961 percent with an 

equivalent price of $99.830481. Treasury accepted in full all 

competitive tenders at yields lower than 0.961 percent. 

Tenders at the high yield were allotted 78.83 percent. The 

median yield was 0.900 percent, and the low yield was 0.790 

percent. Noncompetitive tenders totaled $407 million. 

Competitive tenders accepted from private investors totaled 

$39,593 million. Accrued interest of $0.04755 per $1,000 

must be paid for the period from February 28 to March 2. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $2,143 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2011 is $100. 

Auction of 5-Year Notes

On February 19, 2009, Treasury announced it would 

auction $32,000 million of 5-year notes of Series H-2014. The 

issue was to refund $18,003 million of securities maturing 

February 28 and to raise new cash of approximately $75,997 

million. 

The notes of Series H-2014 were dated February 28 and 

issued March 2. They are due February 28, 2014, with interest 

payable on the last calendar day of August and February until 

maturity. Treasury set an interest rate of 1-7/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 25. Tenders totaled $70,712 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.985 percent with an 

equivalent price of $99.479306. Treasury accepted in full all 

competitive tenders at yields lower than 1.985 percent. 

Tenders at the high yield were allotted 79.01 percent. The 

median yield was 1.937 percent, and the low yield was 1.800 

percent. Noncompetitive tenders totaled $51 million. 

Competitive tenders accepted from private investors totaled 

$31,949 million. Accrued interest of $0.10190 per $1,000 

must be paid for the period from February 28 to March 2. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $1,714 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2014 is $100. 

Auction of 7-Year Notes 

On February 19, 2009, Treasury announced it would 

auction $22,000 million of 7-year notes of Series G-2016. The 

issue was to refund $18,003 million of securities maturing 

February 28 and to raise new cash of approximately $75,997 

million. 

The notes of Series G-2016 were dated February 28 and 

issued March 2. They are due February 29, 2016, with interest 

payable on the last calendar day of August and February until 

maturity. Treasury set an interest rate of 2-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 26. Tenders totaled $46,314 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.748 percent with an 

equivalent price of $99.221940. Treasury accepted in full all 

competitive tenders at yields lower than 2.748 percent. 

Tenders at the high yield were allotted 67.47 percent. The 

median yield was 2.670 percent, and the low yield was 2.500 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors totaled 

$21,893 million. Accrued interest of $0.14266 per $1,000 

must be paid for the period from February 28 to March 2. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $1,178 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2016 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2009 

35

52-Week Bills 

On March 5, 2009, Treasury announced it would auction 

$24,000 million of 364-day Treasury bills. They were issued 

March 12, and will mature March 11, 2010. The issue was to 

refund $117,995 million of all maturing bills and to raise new 

cash of approximately $31,005 million. Treasury auctioned 

the bills on March 10. Tenders totaled $84,142 million; 

Treasury accepted $24,000 million. That included $209 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.700 percent. 

Auction of 3-Year Notes 

On March 5, 2009 Treasury announced it would auction 

$34,000 million of 3-year notes of Series W-2012. The issue 

was to refund $14,880 million of securities maturing March 

15 and to raise new cash of approximately $48,120 million. 

The notes of Series W-2012 were dated March 15 and 

issued March 16. They are due March 15, 2012, with interest 

payable on September 15 and March 15 until maturity. 

Treasury set an interest rate of 1-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 10. Tenders totaled $76,955 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.489 percent with the 

equivalent price of $99.667005. Treasury accepted in full all 

competitive tenders at yields lower than 1.489 percent. 

Tenders at the high yield were allotted 10.54 percent. The 

median yield was 1.419 percent, and the low yield was 1.330 

percent. Noncompetitive tenders totaled $99 million. 

Competitive tenders accepted from private investors totaled 

$33,901 million. Accrued interest of $0.03736 per $1,000 

must be paid for the period from March 15 to March 16. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $605 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2012 is $100. 

Auction of 9-Year 11-Month 2-3/4 Notes 

On March 5, 2009, Treasury announced that it would 

auction $18,000 million of 9-year 11-month 2-3/4 percent 

notes of Series B-2019. The issue was to refund $14,880 

million of securities maturing March 15 and to raise new cash 

of approximately $48,120 million. 

The notes of Series B-2019 were dated February 15 and 

issued March 16. They are due February 15, 2019, with 

interest payable on August 15 and February 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 11. Tenders totaled $38,452 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.043 percent with an 

equivalent price of $97.504473. Treasury accepted in full all 

competitive tenders at yields lower than 3.043 percent. 

Tenders at the high yield were allotted 19.88 percent. The 

median yield was 2.980 percent, and the low yield was 2.750 

percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors totaled 

$17,875 million. Accrued interest of $2.20304 per $1,000 

must be paid for the period from February 15 to March 16. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $320 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2019 is $100. 

Auction of 29-Year 11-Month 3-1/2 Percent Bonds 

On March 5, 2009, Treasury announced that it would 

auction $11,000 million of 29-year 11-month 3-1/2 percent 

Bonds of February 2039. The issue was to refund $14,880 

million of securities maturing March 15 and to raise new cash 

of approximately $48,120 million. 

The Bonds of February 2039 were dated February 15 and 

issued March 16. They are due February 15, 2039, with 

interest payable on August 15 and February 15 until maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on March 12. Tenders totaled $26,419 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.640 percent with an 

equivalent price of $97.456658. Treasury accepted in full all 

competitive tenders at yields lower than 3.640 percent. 

Tenders at the high yield were allotted 22.68 percent. The 

median yield was 3.597 percent, and the low yield was 3.490 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors totaled 

$10,997 million. Accrued interest of $2.80387 per $1,000 

must be paid for the period from February 15 to March 16. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $196 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of February 2039 is $100. 
36 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2009 

Auction of 2-Year Notes 

On March 19, 2009, Treasury announced it would auction 

$40,000 million of 2-year notes of Series W-2011. The issue 

was to refund $18,001 million of securities maturing March 

31 and to raise new cash of approximately $79,999 million. 

The notes of Series W-2011 were dated and issued March 

31. They are due March 31, 2011, with interest payable on 

September 30 and March 31 until maturity. Treasury set an 

interest rate of 0-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 24. Tenders totaled $108,277 

million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.949 percent with an 

equivalent price of $99.853739. Treasury accepted in full all 

competitive tenders at yields lower than 0.949 percent. 

Tenders at the high yield were allotted 41.80 percent. The 

median yield was 0.900 percent, and the low yield was 0.842 

percent. Noncompetitive tenders totaled $454 million. 

Competitive tenders accepted from private investors totaled 

$39,546 million. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $1,896 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2011 is $100. 

Auction of 5-Year Notes 

On March 19, 2009, Treasury announced it would auction 

$34,000 million of 5-year notes of Series J-2014. The issue 

was to refund $18,001 million of securities maturing March 

31 and to raise new cash of approximately $79,999 million. 

The notes of Series J-2014 were dated and issued March 

31. They are due March 31, 2014, with interest payable on 

September 30 and March 31 until maturity. Treasury set an 

interest rate of 1-3/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 25. Tenders totaled $68,803 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.849 percent with an 

equivalent price of $99.529266. Treasury accepted in full all 

competitive tenders at yields lower than 1.849 percent. 

Tenders at the high yield were allotted 19.34 percent. The 

median yield was 1.750 percent, and the low yield was 1.490 

percent. Noncompetitive tenders totaled $45 million. 

Competitive tenders accepted from private investors totaled 

$33,955 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $1,612 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2014 is $100. 

Auction of 7-Year Notes 

On March 19, 2009, Treasury announced it would auction 

$24,000 million of 7-year notes of Series H-2016. The issue 

was to refund $18,001 million of securities maturing March 

31 and to raise new cash of approximately $79,999 million. 

The notes of Series H-2016 were dated and issued March 

31. They are due March 31, 2016, with interest payable on 

September 30 and March 31 until maturity. Treasury set an 

interest rate of 2-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 26. Tenders totaled $60,521 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.384 percent with an 

equivalent price of $99.942292. Treasury accepted in full all 

competitive tenders at yields lower than 2.384 percent. 

Tenders at the high yield were allotted 10.47 percent. The 

median yield was 2.312 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$23,889 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $1,138 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2016 is $100.
PUBLIC DEBT OPERATIONS 

June 2009 

37

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On

 competitive

 basis 

 (5) 

 On non-

 competitive

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate

 (percent) 4

 (9) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2009 - Jan. 02. ................. 2009 - Jan. 29 27 74,368.7 28,285.2 21,564.6 264.6 99.997750 0.030 0.030

 Apr. 02 90 63,463.5 26,000.0 24,460.1 1,339.9 99.987500 0.050 0.051

 July 02 181 67,701.6 27,000.0 26,062.9 928.0 99.874306 0.250 0.254

Jan. 08.................. Feb. 05 28 91,700.4 26,418.2 23,343.7 322.7 99.995333 0.060 0.061

 Apr. 09 91 80,865.3 26,000.0 24,290.8 1,464.3 99.962083 0.150 0.152

 July 09 182 88,119.5 27,000.0 25,676.3 1,023.7 99.838222 0.320 0.325

Jan. 15.................. Feb. 12 28 92,503.0 29,938.0 23,539.7 360.4 99.998444 0.020 0.020

 Apr. 16 91 83,047.3 26,000.2 24,213.8 1,461.4 99.969667 0.120 0.122

 July 16 182 86,274.4 27,000.2 25,509.8 1,090.4 99.853389 0.290 0.294

Jan. 22.................. Feb. 19 28 95,943.7 33,781.6 29,570.5 429.6 99.997667 0.030 0.030

 Apr. 23 91 82,609.6 27,000.3 24,982.7 1,717.7 99.964611 0.140 0.142

 July 23 182 72,612.5 27,000.2 25,259.6 1,330.6 99.838222 0.320 0.325

Jan. 29.................. Feb. 26 28 108,239.6 38,285.1 30,907.9 351.1 99.996889 0.040 0.041

 Apr. 30 91 78,284.5 29,000.1 26,396.0 1,620.1 99.962083 0.150 0.152

 July 30 182 73,915.5 28,000.0 26,084.2 1,100.8 99.825583 0.345 0.350

Feb. 05 ................. Mar. 05 28 102,107.3 36,418.1 33,473.5 289.8 99.977833 0.285 0.289

 May 07 91 86,199.8 29,000.1 27,188.6 1,561.4 99.931750 0.270 0.274

 Aug. 06 182 73,653.2 29,000.2 27,583.4 1,191.8 99.802833 0.390 0.396

Feb. 12 ................. Mar. 12 28 113,064.1 41,938.2 35,635.1 365.1 99.980556 0.250 0.254

 May 14 91 89,934.0 31,000.1 29,326.5 1,474.4 99.914056 0.340 0.345

 Aug. 13 182 91,576.9 30,000.9 28,415.4 1,135.4 99.757333 0.480 0.488

Feb. 19 ................. Mar. 19 28 110,546.1 39,781.6 35,635.0 365.1 99.982111 0.230 0.233

 May 21 91 97,029.8 31,000.1 29,221.2 1,628.9 99.917847 0.325 0.330

 Aug. 20 182 90,293.1 30,000.1 28,532.3 1,242.7 99.762389 0.470 0.478

Feb. 26 ................. Mar. 26 28 106,417.7 40,285.2 32,609.9 468.8 99.984056 0.205 0.208

 May 28 91 97,281.0 31,000.0 28,483.9 1,604.8 99.924167 0.300 0.304

 Aug. 27 182 91,138.5 30,000.1 27,859.9 1,168.5 99.749750 0.495 0.503

Mar. 05 ................. Apr. 02 28 118,034.7 36,419.4 33,329.4 435.2 99.988333 0.150 0.152

 June 04 91 96,439.5 31,000.3 29,469.6 1,530.7 99.929222 0.280 0.284

 Sept. 03 182 86,959.9 29,000.1 27,488.7 1,256.4 99.777556 0.440 0.447

Mar. 12 ................. Apr. 09 28 111,170.6 39,938.0 33,626.2 373.8 99.989889 0.130 0.132

 June 11 91 99,768.8 31,000.1 29,182.0 1,618.1 99.939333 0.240 0.243

 Sept. 10 182 89,350.9 30,000.1 28,554.3 1,245.8 99.767444 0.460 0.467

Mar. 19 ................. Apr. 16 28 111,950.2 38,781.6 34,627.8 372.2 99.989889 0.130 0.132

 June 18 91 90,525.4 30,000.4 28,374.2 1,526.2 99.936806 0.250 0.254

 Sept. 17 182 90,173.7 29,000.1 27,293.1 1,324.5 99.775028 0.445 0.452

Mar. 26 ................. Apr. 23 28 125,159.2 41,285.4 33,913.7 387.9 99.996111 0.050 0.051

June 25 91 98,430.8 31,000.0 28,652.3 1,432.3 99.943125 0.225 0.228

Sept. 24 182 88,584.0 29,000.1 26,884.0 1,116.1 99.802833 0.390 0.396

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

June 2009

38 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

12/30/08 01/02/09 0.140% bill—03/05/09 62d 82,618 35,000 

01/07/09 01/08/09 0.100% bill—03/19/09 70d 124,431 35,000 

01/06/09 01/15/09 2-1/8% TIPS—01/15/19-A 10y 20,496 8,662 2.245 - 98.930505 

01/07/09 01/15/09 1-1/8% note—01/15/12-U 3y 68,763 32,484 1.200 - 99.779650 

01/08/09 01/15/09 3-3/4% note—11/15/18-F 9y 10m 42,725 17,325 2.419 - 111.579767 

01/13/09 01/15/09 0.430% bill—01/14/10 364d 67,109 22,000 

01/14/09 01/15/09 0.085% bill—3/12/09 56d 96,214 30,000 

01/21/09 01/22/09 0.100% bill—04/02/09 70d 92,744 35,000 

01/28/09 01/29/09 0.200% bill—04/09/09 70d 87,057 35,001 

01/26/09 01/30/09 2-1/2% TIPS—01/15/29 20y 15,328 8,000 2.500 - 99.063837 

01/27/09 02/02/09 0-7/8% note—01/31/11-U 2y 109,336 41,698 0.925 - 99.901394 

01/29/09 02/02/09 1-3/4% note—01/31/14-G 5y 60,534 31,273 1.820 - 99.667162 

02/04/09 02/05/09 0.290% bill—03/26/09 49d 93,474 30,000 

02/10/09 02/12/09 0.610% bill—02/11/10 364d 64,850 23,000 

02/10/09 02/17/09 1-3/8% note—02/15/12-V 3y 87,185 33,629 1.419 - 99.871395 

02/11/09 02/17/09 2-3/4% note—02/15/19-B 10y 47,580 22,069 2.818 - 99.411068 

02/12/09 02/17/09 3-1/2% bond—02/15/39 30y 28,993 14,713 3.540 - 99.264139 

02/19/09 02/20/09 0.645% bill—11/19/09 272d 86,266 35,000 

02/25/09 02/26/09 0.705% bill—12/17/09 294d 100,215 40,000 

02/24/09 03/02/09 0-7/8% note—02/28/11-V 2y 107,435 42,143 0.961 - 99.830481 

02/25/09 03/02/09 1-7/8% note—02/28/14-H 5y 72,426 33,714 1.985 - 99.479306 

02/26/09 03/02/09 2-5/8% note—02/29/16-G 7y 47,492 23,178 2.748 - 99.221940 

03/04/09 03/05/09 0.220% bill—05/07/09 63d 101,091 35,000 

03/06/09 03/12/09 0.210% bill—05/21/09 70d 106,755 30,000 

03/10/09 03/12/09 0.700% bill—03/11/10 364d 84,142 24,000 

03/10/09 03/16/09 1-3/8% note—03/15/12-W 3y 77,560 34,605 1.489 - 99.667005 

03/11/09 03/16/09 2-3/4% note—02/15/19-B 9y 11m 38,772 18,320 3.043 - 97.504473 

03/12/09 03/16/09 3-1/2% bond—02/15/39 29y 11m 26,615 11,196 3.640 - 97.456658 

03/18/09 03/19/09 0.180% bill—05/14/09 56d 112,098 35,002 

03/20/09 03/26/09 0.220% bill—06/11/09 77d 85,209 30,001 

03/24/09 03/31/09 0-7/8% note—03/31/11-W 2y 110,173 41,896 0.949 - 99.853739 

03/25/09 03/31/09 1-3/4% note—03/31/14-J 5y 70,414 35,612 1.849 - 99.529266 

03/26/09 03/31/09 2-3/8% note—03/31/16-H 7y 61,658 25,138 2.384- 99.942292 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
June 2009 

39

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

June 2009 

40 

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) 

 

2004 ................................................ 7,403,236 7,379,053 3,075,687 142 3,075,545 698,207 

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 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

 

2008 - Mar....................................... 9,461,058 9,437,594 4,103,552 1 4,103,551 586,473 

Apr....................................... 9,400,719 9,377,557 4,133,040 1 4,133,039 543,805 

May...................................... 9,411,969 9,388,798 4,110,207 - 4,110,207 481,632 

June..................................... 9,515,532 9,492,006 4,206,987 - 4,206,987 473,303 

July ...................................... 9,608,823 9,585,479 4,182,264 - 4,182,264 473,303 

Aug ...................................... 9,668,997 9,645,755 4,166,662 - 4,166,662 473,303 

Sept..................................... 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

Oct....................................... 10,599,663 10,574,094 4,266,386 - 4,266,386 483,606 

Nov ...................................... 10,684,427 10,661,175 4,260,586 - 4,260,586 477,868 

Dec ...................................... 10,723,156 10,699,805 4,327,160 - 4,327,160 489,694 

2009 - Jan ....................................... 10,655,167 10,632,080 4,311,381 - 4,311,381 499,079 

Feb ...................................... 10,899,894 10,877,144 4,295,278 - 4,295,278 508,952 

Mar ...................................... 11,149,495 11,126,941 4,290,609 - 4,290,609 538,647 

 

 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) 

 

2004 .................................................................... 3,605,159 3,147,752 457,407 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 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

 

2008 - Mar........................................................... 4,747,569 4,145,887 601,682 23,464 23,464 

Apr........................................................... 4,700,712 4,098,756 601,956 23,163 23,163 

May.......................................................... 4,796,960 4,203,552 593,408 23,170 23,170 

June......................................................... 4,811,716 4,223,123 588,594 23,527 23,527 

July .......................................................... 4,929,913 4,348,820 581,092 23,344 23,344 

Aug .......................................................... 5,005,790 4,428,587 577,203 23,243 23,243 

Sept......................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

Oct........................................................... 5,824,102 5,245,754 578,348 25,569 25,569 

Nov .......................................................... 5,922,721 5,344,797 577,924 23,252 23,252 

Dec .......................................................... 5,882,951 5,307,950 575,001 23,352 23,352 

2009 - Jan ........................................................... 5,821,620 5,250,837 570,783 23,087 23,087 

Feb .......................................................... 6,072,915 5,503,440 569,475 22,750 22,750 

Mar .......................................................... 6,297,685 5,727,474 570,212 22,554 22,554 

 
OWNERSHIP OF FEDERAL SECURITIES 

June 2009 

41

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

Other 

investors 9

(12) 

 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 141.3 212.1 169.5 234.6 238.1 1,250.5 696.9 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 139.0 213.2 160.6 230.8 258.5 1,256.0 614.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.5 185.9 135.5 207.8 151.4 231.7 271.8 1,224.2 660.3 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 133.2 212.6 141.7 257.6 280.8 1,278.7 605.4 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 135.5 211.5 137.5 245.0 288.4 1,272.3 603.4 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 142.9 213.8 133.6 228.1 298.6 1,258.8 496.3 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 150.9 204.8 128.0 222.5 299.2 1,281.4 461.1 

 Dec......... 5,776.1 2,542.2 3,233.9 248.7 186.4 153.0 198.8 123.4 228.7 304.5 1,268.7 521.7 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,106.9 657.2 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,082.0 523.5 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,057.9 510.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,034.2 490.0 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,029.9 508.1 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 1,000.5 363.1 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 1,005.5 419.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 144.6 155.1 105.7 261.9 328.4 1,051.2 400.8 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 150.6 163.3 114.0 266.1 327.6 1,067.1 381.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 149.0 153.9 122.0 253.8 333.6 1,135.4 304.6 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 151.4 156.3 130.4 256.8 338.6 1,200.8 287.9 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 150.8 158.9 139.7 281.0 354.7 1,246.8 269.2 

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 1,286.3 322.0 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 167.3 161.3 138.7 302.3 347.9 1,382.8 320.0 

 Sept........ 6,783.2 3,515.3 3,268.0 147.0 201.5 164.6 155.5 137.4 287.1 357.7 1,454.2 363.1 

 Dec......... 6,998.0 3,620.1 3,377.9 153.3 203.8 169.2 148.6 136.5 280.8 364.2 1,533.0 388.4 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.9 204.4 167.0 143.6 141.0 280.8 374.1 1,677.1 351.9 

 June ....... 7,274.3 3,742.8 3,531.5 158.7 204.6 170.2 134.9 144.1 258.7 381.2 1,739.6 339.5 

 Sept........ 7,379.1 3,772.0 3,607.0 138.5 204.1 170.6 140.8 147.4 255.0 381.7 1,798.7 370.1 

 Dec......... 7,596.1 3,905.6 3,690.6 125.0 204.4 170.5 151.0 149.7 254.1 389.1 1,853.4 393.3 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.8 204.2 174.3 158.0 152.4 261.1 412.0 1,956.3 395.2 

 June ....... 7,836.5 4,033.5 3,803.0 127.0 204.2 177.5 171.3 155.0 248.7 444.0 1,879.6 395.8 

 Sept........ 7,932.7 4,067.8 3,864.9 125.4 203.6 180.9 164.8 159.0 244.7 467.6 1,930.6 388.2 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 181.2 153.8 160.4 251.3 481.4 2,036.0 384.1 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.4 206.0 183.0 153.0 161.3 248.7 486.1 2,084.5 475.9 

 June ....... 8,420.0 4,389.2 4,030.8 117.4 205.2 188.4 150.9 161.2 244.2 499.4 1,979.8 484.2 

 Sept........ 8,507.0 4,432.8 4,074.2 113.8 203.7 198.2 151.6 160.6 235.7 502.1 2,027.3 481.2 

 Dec......... 8,680.2 4,558.1 4,122.1 115.1 202.4 204.2 153.0 159.0 250.7 516.9 2,105.0 415.8 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.9 200.3 218.5 155.1 150.8 264.2 535.0 2,196.7 432.5 

 June ....... 8,867.7 4,715.1 4,152.6 110.6 198.6 229.2 156.1 142.1 267.2 550.3 2,193.9 304.6 

 Sept........ 9,007.7 4,738.0 4,269.7 119.8 197.1 242.9 161.4 133.4 306.2 541.4 2,237.2 330.2 

 Dec......... 9,229.2 4,833.5 4,395.7 129.9 196.5 255.6 164.5 123.3 362.6 531.5 2,352.9 278.8 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 127.4 195.4 268.1 165.0 123.6 464.7 523.6 2,507.5 367.4 

 June ....... 9,492.0 4,685.8 4,806.2 114.9 195.0 275.0 164.7 123.9 460.7 522.2 2,635.3 314.5 

 Sept........ 10,024.7 4,692.7 5,332.0 130.9 194.3 289.7 167.2 123.2 617.7 535.7 2,801.9 471.5 

 Dec......... 10,699.8 4,806.4 5,893.4 107.4 194.1 295.3 170.1 126.4 769.1 522.7 3,078.7 629.7 

2009 - Mar......... 11,126.9 4,785.2 6,341.7 n.a. 194.0 n.a. n.a. n.a. n.a. n.a. 3,267.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information see: 

http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2009

42 

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: 

2008 - Apr...................................... 1.07 1.31 1.58 1.74 2.05 2.23 2.84 3.19 3.68 4.44 4.44 

May .................................... 1.76 1.76 1.86 2.06 2.45 2.69 3.15 3.46 3.88 4.60 4.60 

June................................... 1.72 1.89 2.19 2.42 2.77 3.08 3.49 3.73 4.10 4.74 4.69 

July .................................... 1.60 1.66 1.98 2.28 2.57 2.87 3.30 3.60 4.01 4.62 4.57 

Aug .................................... 1.68 1.75 1.97 2.18 2.42 2.70 3.14 3.46 3.89 4.53 4.50 

Sept ................................... 0.89 1.15 1.64 1.91 2.08 2.32 2.88 3.25 3.69 4.32 4.27 

Oct ..................................... 0.29 0.69 1.23 1.42 1.61 1.86 2.73 3.19 3.81 4.45 4.17 

Nov .................................... 0.09 0.19 0.74 1.07 1.21 1.51 2.29 2.82 3.53 4.27 4.00 

Dec .................................... 0.03 0.03 0.26 0.49 0.82 1.07 1.52 1.89 2.42 3.18 2.87 

2009 - Jan...................................... 0.05 0.13 0.30 0.44 0.81 1.13 1.60 1.98 2.52 3.46 3.13 

Feb..................................... 0.22 0.30 0.46 0.62 0.98 1.37 1.87 2.30 2.87 3.83 3.59 

Mar..................................... 0.10 0.22 0.43 0.64 0.93 1.31 1.82 2.42 2.82 3.78 3.64 

 

End of month: 

2008 - Apr...................................... 1.17 1.43 1.64 1.85 2.29 2.49 3.03 3.34 3.77 4.49 4.49 

May .................................... 1.98 1.89 2.01 2.22 2.66 2.93 3.41 3.68 4.06 4.74 4.72 

June................................... 1.60 1.90 2.17 2.36 2.63 2.91 3.34 3.61 3.99 4.59 4.53 

July .................................... 1.55 1.68 1.89 2.27 2.52 2.81 3.25 3.56 3.99 4.63 4.59 

Aug .................................... 1.63 1.72 1.97 2.17 2.36 2.60 3.10 3.45 3.83 4.47 4.43 

Sept ................................... 1.02 0.92 1.60 1.78 2.00 2.28 2.98 3.38 3.85 4.43 4.31 

Oct ..................................... 0.12 0.46 0.94 1.34 1.56 1.80 2.80 3.29 4.01 4.74 4.35 

Nov .................................... 0.02 0.01 0.44 0.90 1.00 1.27 1.93 2.35 2.93 3.71 3.45 

Dec .................................... 0.11 0.11 0.27 0.37 0.76 1.00 1.55 1.87 2.25 3.05 2.69 

2009 - Jan...................................... 0.15 0.24 0.36 0.51 0.94 1.32 1.85 2.27 2.87 3.86 3.58 

Feb..................................... 0.16 0.26 0.45 0.72 1.00 1.40 1.99 2.69 3.02 3.98 3.71 

Mar..................................... 0.17 0.21 0.43 0.57 0.81 1.15 1.67 2.28 2.71 3.61 3.56 

 

* Rates are from the Treasury yields curve. 
June 2009 

43

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2009 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,085,949,863,148 $1,044,174,631,905 $1,043,688,580,411 $241,239,866 $244,811,628

Less amounts held by: 

The Treasury....................................... 308,003,129 10,055,858 10,025,849 7,505 22,504

FRBs ................................................... 181,928,966,144 180,090,593,104 180,090,584,476 - 8,628

Amounts in circulation............................. $903,712,893,875 $864,073,982,943 $863,587,970,086 $241,232,361 $244,780,496

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $41,775,231,243 $5,121,689,008 $36,653,542,235 

Less amounts held by: 

The Treasury....................................... 297,947,271 255,198,712 42,748,559 

FRBs ................................................... 1,838,373,040 649,365,063 1,189,007,977 

Amounts in circulation............................. $39,638,910,932 $4,217,125,233 $35,421,785,699 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2009

44 

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2009 

[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 ................................................................................ $9,217,168,789 $9,074,323,558 $143,503 $142,701,728 

$2 ................................................................................ 1,671,410,074 1,539,287,228 132,110,218 12,628 

$5 ................................................................................ 10,620,935,820 10,485,371,420 108,759,410 26,804,990 

$10 .............................................................................. 15,586,970,720 15,565,997,310 6,300 20,967,110 

$20 .............................................................................. 120,578,759,840 120,558,649,620 3,840 20,106,380 

$50 .............................................................................. 63,424,537,400 63,413,032,950 500 11,503,950 

$100 ............................................................................ 642,660,985,700 642,638,781,000 198,000 22,006,700

$500 ............................................................................ 142,283,000 142,075,000 5,500 202,500 

$1,000 ......................................................................... 165,631,000 165,382,000 5,000 244,000 

$5,000 ......................................................................... 1,780,000 1,710,000 - 70,000 

$10,000 ....................................................................... 3,520,000 3,360,000 - 160,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $864,073,982,943 $863,587,970,086 $241,232,361 $244,780,496 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Mar. 31, 2009 ....................................................................................... 903,713 $2,950 

Feb. 28, 2009 ....................................................................................... 897,487 2,932 

Jan. 31, 2009 ....................................................................................... 887,597 2,901 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

June 30, 1960 ...................................................................................... 32,064 177 

June 30, 1955 ...................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 Based on Bureau of the Census’ estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
June 2009 

47

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) 

 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 

 

2008 - Apr .......................................................................... 74,372 11,041 9,767 49,311 4,253 

May......................................................................... 75,170 11,041 9,771 49,247 5,111 

June........................................................................ 75,740 11,041 9,849 49,613 5,237 

July ......................................................................... 74,832 11,041 9,772 49,089 4,930 

Aug ......................................................................... 72,560 11,041 9,494 47,252 4,774 

Sept........................................................................ 71,834 11,041 9,418 46,626 4,750 

Oct.......................................................................... 69,763 11,041 9,001 45,288 4,433 

Nov ......................................................................... 73,378 11,041 9,023 45,970 7,344 

Dec ......................................................................... 77,648 11,041 9,340 49,584 7,683 

2009 - Jan .......................................................................... 75,364 11,041 9,047 47,595 7,680 

Feb ......................................................................... 73,199 11,041 8,913 45,628 7,616 

Mar ......................................................................... 74,958 11,041 9,082 46,634 8,201 

Apr.......................................................................... 75,115 11,041 9,098 46,725 8,250 

 

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. Excludes 

outstanding reciprocal currency swaps with the foreign central banks. At end-April 

2009 swaps outstanding were $249.302 billion: $130.1 billion with the European 

Central Bank, $11.651 billion with the Swiss National Bank, $13.488 billion with the 

Bank of England, $39.810 billion with the Bank of Japan, $3.605 billion with the 

Federal Reserve Bank of Australia, $23 billion with the Bank of Sweden, $5.425 billion 

with the National Bank of Denmark, $5.0 billion with the Bank of Norway, $3.221 

billion with the Bank of Mexico and $14 billion with the Bank of Korea. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2009 

48 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break........... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 ........ 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break .......... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ....................... 5,371,689 2,012,633 498,510 1,102,333 948 410,842 1,895,920 1,415,705 769,564 646,141 47,431 

2006 - June 8 ......... 6,067,606 2,070,222 493,689 1,112,617 986 462,930 2,189,215 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,316 2,275,684 493,689 1,211,819 986 569,190 2,189,215 1,536,930 1,041,237 495,693 54,487 

2006 ....................... 6,500,815 2,372,146 461,656 1,271,174 1,026 638,290 2,415,205 1,663,272 1,102,362 560,910 50,192 

2007 - June 8.......... 7,095,223 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,922,800 1,257,884 664,916 50,129 

Series Break .......... 7,206,880 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,756,192 1,257,884 498,308 47,563 

2007 ....................... 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776 

2008 - June 8.......... 7,777,669 3,098,974 573,913 1,523,888 1,155 1,000,017 2,542,023 2,094,235 1,378,226 716,009 42,437 

Series Break .......... 7,803,261 3,330,189 573,913 1,683,160 1,155 1,071,960 2,542,023 1,887,185 1,378,226 508,959 43,864 

 

2008 - July r ........... 7,833,164 3,349,634 599,271 1,693,228 1,163 1,055,972 2,521,080 1,917,615 1,384,344 533,271 44,834 

Aug. r.......... 7,879,386 3,351,382 609,819 1,698,076 1,171 1,042,316 2,523,715 1,958,134 1,396,671 561,463 46,154 

Sept. r......... 7,849,420 3,371,378 634,690 1,703,020 1,179 1,032,489 2,579,833 1,856,527 1,279,547 576,980 41,681 

Oct .............. 8,089,070 3,386,521 666,917 1,701,936 1,187 1,016,481 2,848,299 1,812,277 1,200,821 611,456 41,972 

Nov ............. 8,041,089 3,378,818 697,981 1,675,731 1,194 1,003,911 2,834,250 1,777,304 1,166,017 611,287 50,717 

Dec ............. 7,929,912 3,383,222 707,855 1,679,582 1,203 994,582 2,709,808 1,783,194 1,160,084 623,110 53,688 

2009 - Jan .............. 7,918,862 3,394,052 728,185 1,677,642 1,211 987,014 2,752,161 1,717,591 1,081,786 635,805 55,057 

Feb. p ......... 7,821,410 3,407,591 746,910 1,675,683 1,218 983,780 2,636,398 1,724,201 1,064,794 659,407 53,219

Mar. p ......... 7,902,663 3,428,400 742,083 1,704,709 1,227 980,381 2,666,697 1,759,464 1,073,320 686,144 48,102

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, 

end-June 2007, and end-June 2008 respectively, and are comparable to those shown for 

the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2009 

49

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

 

2004 .............................................................................. 1,630 1,630 825 805 

2005 .............................................................................. 948 948 77 871 

2006 .............................................................................. 1,026 1,026 82 944 

2007 .............................................................................. 1,111 1,111 88 1,022 

 

2008 - Mar..................................................................... 1,133 1,133 90 1,043 

Apr ..................................................................... 1,140 1,140 91 1,050 

May .................................................................... 1,148 1,148 91 1,057 

June................................................................... 1,155 1,155 92 1,064 

July .................................................................... 1,163 1,163 92 1,071 

Aug .................................................................... 1,171 1,171 93 1,078 

Sept ................................................................... 1,179 1,179 93 1,086 

Oct ..................................................................... 1,187 1,187 94 1,093 

Nov .................................................................... 1,194 1,194 94 1,100 

Dec .................................................................... 1,203 1,203 95 1,108 

2009 - Jan ..................................................................... 1,211 1,211 96 1,115 

Feb..................................................................... 1,218 1,218 96 1,122 

Mar..................................................................... 1,227 1,227 97 1,130 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

June 2009 

50 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website 

information.)TIC data aggregates are also published in the 

Federal Reserve Bulletin and are used in the U.S. international 

transactions and investment position compilations published 

by the Department of Commerce in the Survey of Current 

Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data 

forinternational organizations, and information for the 

European Central Bank is distributed across the individual 

euro-area countries. For prior dates, information for these 

organizations is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

June 2009 

51

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 
CAPITAL MOVEMENTS 

June 2009 

52 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

June 2009 

53

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] 

2008 2009 

Type of Liability 

 Calendar 

 Year 

 2007 Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners............................... 4,706,310 4,518,661 4,741,439 4,731,836 4,615,010 4,600,799 4,485,023 4,514,364 

Payable in dollars............................................... 4,426,409 4,281,114 4,503,892 4,494,289 4,373,468 4,359,257 4,243,481 4,272,822 

Foreign official institutions ............................. 596,660 634,690 666,917 697,981 707,855 728,185 746,910 742,083 

Deposits, excluding negotiable CDs.......... 49,872 56,369 57,864 57,777 60,755 58,112 51,201 45,906 

U.S. Treasury bills and certificates ............ 198,378 276,781 360,550 427,152 457,876 486,912 521,171 542,706 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 182,061 142,690 104,797 80,747 62,665 67,633 56,703 47,942 

Other liabilities............................................ 166,349 158,850 143,706 132,305 126,559 115,528 117,835 105,529 

Foreign banks (including own foreign 

offices) and other foreigners .......................... 3,802,509 3,622,752 3,812,492 3,763,639 3,629,383 3,593,438 3,460,683 3,499,508 

Deposits, excluding negotiable CDs.......... 1,474,307 1,414,353 1,616,540 1,677,625 1,640,945 1,563,233 1,483,136 1,489,040 

U.S. Treasury bills and certificates ............ 101,872 224,748 280,696 289,010 282,482 234,865 268,471 299,780 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 638,532 570,754 552,691 546,074 540,489 581,555 567,729 556,613 

Other liabilities............................................ 1,587,798 1,412,897 1,362,565 1,250,930 1,165,467 1,213,785 1,141,347 1,154,075 

International and regional organizations 1 ..... 27,240 23,672 24,483 32,669 36,230 37,634 35,888 31,231 

Deposits, excluding negotiable CDs.......... 17,784 12,346 6,838 9,079 9,066 7,003 6,745 8,080 

U.S. Treasury bills and certificates ............ 288 286 7,929 15,076 16,196 19,400 19,798 14,838 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 4,023 5,577 6,132 5,819 5,939 6,217 5,849 4,584 

Other liabilities............................................ 5,145 5,463 3,584 2,695 5,029 5,014 3,496 3,729 

Payable in foreign currencies 2 .......................... 279,901 237,547 237,547 237,547 241,542 241,542 241,542 241,542 

Sector: 

Banks and other foreigners........................ 278,807 236,628 236,628 236,628 240,509 240,509 240,509 240,509 

International and regional organizations 1 ...... 1,094 919 919 919 1,033 1,033 1,033 1,033 

Major currencies: 

Canadian dollars ........................................ 18,855 13,428 13,428 13,428 10,139 10,139 10,139 10,139 

Euro............................................................ 153,143 121,560 121,560 121,560 121,418 121,418 121,418 121,418 

United Kingdom pounds sterling................ 18,176 11,219 11,219 11,219 11,687 11,687 11,687 11,687 

Japanese yen............................................. 49,098 59,310 59,310 59,310 74,123 74,123 74,123 74,123 

Memoranda: 

Respondents’ own liabilities payable in 

dollars............................................................. 3,301,255 3,060,278 3,191,097 3,130,411 3,007,821 2,962,675 2,803,760 2,806,359 

Liabilities to own foreign offices..................... 2,021,262 1,944,293 2,171,139 2,140,775 2,024,456 2,036,176 1,922,153 1,958,780 

Liabilities collaterized by repurchase 

agreements ............................................... 1,109,129 896,042 753,845 657,822 577,756 608,224 590,072 582,966 

Foreign official institutions ..................... 154,617 146,211 128,621 119,177 116,275 104,561 105,364 90,245 

Foreign banks and other foreigners....... 950,367 747,062 623,316 536,812 458,305 499,716 481,736 489,722 

International and regional organizations 1..... 4,145 2,769 1,908 1,833 3,176 3,947 2,972 2,999 

Reported by IBFs ....................................... 481,998 471,792 592,037 624,528 608,883 568,960 548,388 547,982 

Respondents’ own liabilities payable in 

foreign currencies 2 ........................................ 261,508 225,860 225,860 225,860 234,994 234,994 234,994 234,994 

Reported by IBFs ....................................... 69,985 58,261 58,261 58,261 62,009 62,009 62,009 62,009 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 ...... 1,143,547 1,232,523 1,324,482 1,375,565 1,372,195 1,403,130 1,446,269 1,473,011 

Payable in dollars....................................... 1,125,154 1,220,836 1,312,795 1,363,878 1,365,647 1,396,582 1,439,721 1,466,463 

of which: other short-term negotiable 

securities and negotiable CDs............ 503,938 432,149 375,991 348,714 337,176 352,979 332,332 311,181 

 of which: short-term U.S. Government 

agency securities ................................ 201,286 156,136 131,585 116,188 102,088 108,761 105,244 92,495 

 of which: negotiable CDs ...................... 94,664 100,729 90,717 86,416 87,853 90,880 76,739 78,188 

Payable in foreign currencies 2 .................. 18,393 11,687 11,687 11,687 6,548 6,548 6,548 6,548 

 

 1

 Principally the International Bank for Reconstruction and Development (World Bank) and 

the Inter-American Development Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

June 2009 

54 

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 2008 2009 

Country 2005 2006 2007 Nov. r Dec. Jan. Feb. Mar. p 

Europe: 

Austria ............................................... 3,607 3,934 3,575 1,566 2,513 1,690 1,639 1,804

Belgium ............................................ 17,105 15,595 22,437 12,200 15,804 15,840 13,178 14,247

Bulgaria ............................................. 139 88 148 99 118 136 111 130

Cyprus 1 ............................................ n.a. 634 1,068 885 759 1,324 1,163 1,287

Czech Republic................................. 1,446 1,353 1,433 957 679 723 598 640

Denmark............................................ 1,544 969 791 4,477 4,497 4,109 3,884 6,453

Finland............................................... 3,767 3,362 1,456 1,691 1,590 1,601 1,352 1,839

France ............................................... 76,016 83,606 73,355 72,493 55,093 49,660 45,733 43,256

Germany............................................ 70,867 92,815 145,955 150,500 150,487 144,472 143,077 143,950

Greece............................................... 1,212 1,488 1,357 1,818 1,997 1,864 1,589 941

Hungary............................................. 527 820 1,219 1,848 780 642 779 724

Iceland 1 ............................................ n.a. 431 667 1,034 1,089 1,127 1,086 742

Ireland ............................................... 68,669 84,414 123,913 160,869 177,179 165,230 169,282 167,804

Italy.................................................... 8,149 9,301 10,421 13,083 8,535 8,826 9,203 9,850

Kazakhstan 1 ..................................... n.a. 6,145 5,945 11,975 13,743 14,252 10,759 9,540

Luxembourg ..................................... 62,804 73,989 108,463 94,436 117,967 93,403 91,728 98,240

Monaco 1 .......................................... n.a. 380 206 373 314 301 286 344

Netherlands....................................... 16,460 26,781 26,125 42,340 35,193 38,005 38,628 40,379

Norway .............................................. 27,927 42,401 48,309 22,897 17,920 14,254 18,146 11,248

Poland ............................................... 6,340 7,475 19,651 9,604 4,729 5,005 6,171 5,421

Portugal............................................. 2,883 2,720 2,999 2,100 2,163 1,582 2,156 1,728

Romania............................................ 565 492 581 626 641 2,259 3,618 3,356

Russia .............................................. 101,355 62,736 104,741 60,555 72,953 68,387 77,956 85,392

Serbia and Montenegro 2 .................. 119 295 532 182 182 132 206 228

Spain ................................................. 10,060 9,805 13,022 16,042 17,282 16,301 16,985 15,827

Sweden ............................................. 4,796 3,890 7,723 4,178 3,780 2,730 3,067 3,633

Switzerland........................................ 141,498 63,546 58,468 57,566 57,035 58,398 64,924 61,060

Turkey ............................................... 10,006 10,457 12,139 18,177 20,278 22,612 22,232 19,699

Ukraine 1 ............................................ n.a. 919 1,392 5,372 4,041 3,133 3,861 4,134

United Kingdom................................. 590,505 926,069 1,051,764 725,349 668,658 645,079 643,580 680,499

Channel Islands ............................... 29,737 33,857 25,391 14,045 11,721 11,136 10,977 15,322

All other Europe 1 .............................. 23,540 3,852 4,897 7,366 7,899 6,753 6,665 6,492

Total Europe.................................. 1,281,643 1,574,620 1,880,143 1,516,704 1,477,620 1,400,967 1,414,619 1,456,210

Memo: Euro Area 3 .......................................... 341,599 407,811 533,078 570,716 586,873 540,221 536,176 541,634

Memo: European Union 4 ................ n.a. 1,349,799 1,619,013 1,318,681 1,271,683 1,201,572 1,198,466 1,243,064

Canada.................................................. 38,051 49,396 68,274 71,223 75,634 75,576 75,797 68,909

Latin America: 

Argentina........................................... 9,775 10,628 12,090 13,076 12,818 12,745 13,179 14,013

Belize 5 .............................................. n.a. 484 307 311 298 313 323 291

Bolivia 5 ............................................ n.a. 2,123 2,559 4,458 4,544 4,517 4,496 4,038

Brazil ................................................. 12,898 16,271 24,887 18,571 17,613 17,455 15,281 16,813

Chile .................................................. 9,045 16,926 15,731 16,331 15,778 16,436 16,275 15,563

Colombia ........................................... 6,521 11,702 11,038 10,951 10,370 11,745 12,146 10,853

Costa Rica 5 ..................................... n.a. 2,967 2,502 2,288 2,004 2,215 2,187 2,333

Ecuador............................................. 3,426 3,431 3,296 3,738 3,597 3,731 3,803 4,060

El Salvador 5 ..................................... n.a. 1,964 2,352 2,576 2,927 3,030 2,978 3,104

Guatemala......................................... 1,660 1,444 1,851 1,982 1,868 1,896 1,882 2,089

Guyana 5 .......................................... n.a. 98 141 286 276 220 255 292

Honduras 5 ....................................... n.a. 2,594 2,162 1,557 1,546 1,513 1,592 1,592

Mexico............................................... 44,738 45,846 53,234 62,700 70,179 66,244 62,985 59,652

Nicaragua 5 ....................................... n.a. 238 215 265 301 340 338 526

Panama............................................. 5,334 7,183 7,062 8,677 10,813 10,832 10,520 10,723

Paraguay 5 ........................................ n.a. 672 693 690 667 703 683 736

Peru................................................... 3,062 4,281 5,286 4,688 4,704 3,962 4,023 4,031

Suriname 5 ........................................ n.a. 128 128 125 157 120 175 130

Uruguay............................................. 4,976 6,139 6,503 6,749 7,491 7,632 7,982 7,309

Venezuela ......................................... 27,535 22,883 23,588 27,725 26,777 23,680 23,049 24,058

All other Latin America 5.................... 8,595 8 15 48 48 54 47 52

Total Latin America ....................... 137,565 158,010 175,640 187,792 194,776 189,383 184,199 182,258

Caribbean: 

Anguilla 6 .......................................... n.a. 3,149 13,065 13,231 10,800 10,423 8,900 8,583

Antigua and Barbuda 6 ..................... n.a. 186 217 122 115 128 122 120

Aruba 6 .............................................. n.a. 408 265 686 737 780 785 859

Bahamas ........................................... 213,833 257,200 286,669 305,429 334,379 315,106 291,499 268,998

Barbados 6 ........................................ n.a. 18,680 21,602 16,761 17,050 17,690 13,877 13,350

Bermuda............................................ 52,361 55,502 49,865 46,627 46,831 40,325 44,820 42,391

British Virgin Islands 6 ...................... n.a. 22,082 35,092 41,213 38,796 37,812 40,062 43,892

Cayman Islands ............................... 922,518 1,316,517 1,488,182 1,593,189 1,460,320 1,538,481 1,461,223 1,469,209

Cuba.................................................. 120 82 80 89 89 90 91 92

Dominican Republic 6 ....................... n.a. 3,895 3,813 3,006 3,088 3,093 3,567 3,616

French West Indies 6 ........................ n.a. 19 35 27 26 29 31 24

Haiti 6 ................................................ n.a. 495 555 478 540 473 519 607

Jamaica............................................. 970 1,056 1,358 922 1,015 899 931 868

Netherlands Antilles .......................... 6,398 8,503 10,131 5,686 6,544 9,840 8,808 5,886

See footnotes at end of table.
CAPITAL MOVEMENTS 

June 2009 

55

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 2008 2009 

Country 2005 2006 2007 Nov. r Dec. Jan. Feb. Mar. p 

 

Caribbean, con. 

St. Kitts and Nevis 6 ....................... n.a. 90 122 150 138 122 133 122

Trinidad and Tobago...................... 2,836 3,354 3,389 4,060 3,950 3,533 3,704 3,951

Turks and Caicos Islands 6 ............ n.a. 165 213 209 227 180 162 163

All other Caribbean 6 ..................... 32,620 157 189 162 170 248 163 161

Total Caribbean.......................... 1,231,656 1,691,540 1,914,842 2,032,047 1,924,815 1,979,252 1,879,397 1,862,892

Asia: 

Bangladesh 7 ................................. n.a. 824 889 2,386 3,472 3,271 3,615 3,536

China, Mainland ............................ 46,466 44,474 94,369 234,750 223,748 248,068 236,838 248,170

Hong Kong ..................................... 35,246 44,639 47,133 52,805 54,439 53,873 44,854 62,723

India................................................ 13,860 18,813 18,257 23,393 28,613 31,656 36,838 39,271

Indonesia........................................ 4,213 4,386 5,223 6,748 9,963 9,780 11,285 15,016

Israel............................................... 9,828 7,327 7,812 15,633 20,831 21,862 23,840 25,138

Japan.............................................. 161,951 141,655 190,122 229,989 240,313 227,986 218,744 216,635

Jordan 7 ......................................... n.a. 2,146 1,179 2,159 2,243 2,299 2,039 2,546

Korea, South .................................. 27,200 28,099 35,215 15,423 15,778 16,435 15,961 14,868

Laos 7 ............................................ n.a. 120 380 42 66 61 59 73

Lebanon ......................................... 797 1,168 1,032 1,174 1,434 1,542 1,456 1,625

Malaysia ......................................... 2,287 3,847 2,852 2,227 2,211 2,319 2,749 4,685

Pakistan.......................................... 1,768 1,282 1,464 2,226 4,175 3,613 4,003 3,406

Philippines...................................... 3,780 3,857 4,927 8,361 9,551 10,536 7,998 6,746

Singapore....................................... 20,291 30,831 38,704 44,231 45,037 44,862 46,749 45,891

Syria ............................................... 28 25 24 32 65 57 42 48

Taiwan............................................ 23,287 22,952 25,952 30,734 30,321 31,276 30,448 32,110

Thailand.......................................... 9,966 8,319 14,189 19,956 18,733 23,345 26,138 14,894

Yemen 7 ......................................... n.a. 179 202 296 212 363 347 306

Oil exporting countries 8 ................. 50,659 70,314 80,593 125,549 118,592 114,637 109,041 108,244

All other Asia 7 ............................... 7,258 5,893 5,052 6,513 7,101 6,475 6,881 6,559

Total Asia ................................... 418,885 441,150 575,570 824,627 836,898 854,316 829,925 852,490

Africa: 

Botswana 9 .................................... n.a. 236 925 425 375 414 306 334

Egypt .............................................. 4,953 2,252 3,683 8,661 9,396 9,264 9,913 9,801

Ghana............................................. 572 389 346 289 316 304 294 285

Kenya 9 .......................................... n.a. 234 612 310 341 321 317 506

Liberia............................................. 217 469 422 436 427 432 442 529

Mauritius 9 ...................................... n.a. 641 6,436 983 946 692 701 795

Morocco.......................................... 138 198 180 458 378 610 675 1,167

Mozambique 9 ............................... n.a. 87 126 121 141 79 64 74

South Africa.................................... 3,054 1,565 1,649 2,653 2,926 2,323 2,644 2,462

Tanzania 9 ..................................... n.a. 363 407 776 681 476 367 378

Uganda 9 ....................................... n.a. 926 1,233 284 329 424 437 467

Zambia 9 ........................................ n.a. 143 190 147 140 140 133 102

Zimbabwe 9 ................................... n.a. 78 105 87 81 86 95 97

Oil exporting countries 10 ............... 6,880 4,457 6,131 3,882 4,374 4,968 4,012 4,236

All other Africa 9 ............................. 4,313 2,981 3,443 7,471 6,446 7,242 7,566 7,854

Total Africa ................................. 20,127 15,019 25,888 26,983 27,297 27,775 27,966 29,087

Other countries: 

Australia ......................................... 18,427 26,178 14,891 22,421 29,574 22,610 24,120 18,336

New Zealand ................................. 3,028 4,543 3,190 3,931 3,815 4,939 4,722 4,354

French Polynesia 11 ....................... n.a. 63 83 122 138 142 136 161

All other 11 ...................................... 14,612 18,704 19,455 12,398 7,180 7,172 7,221 7,403

Total other ................................. 36,067 49,488 37,619 38,872 40,707 34,863 36,199 30,254

All countries........................................ 3,163,994 3,979,223 4,677,976 4,698,248 4,577,747 4,562,132 4,448,102 4,482,100

International and regional orgs: International organizations............ 17,598 26,862 24,236 30,079 32,571 34,797 32,572 27,718

Regional organizations 12 ............. 5,153 4,274 4,098 3,509 4,692 3,870 4,349 4,546

Total international and 

 regional organizations............... 22,751 31,136 28,334 33,588 37,263 38,667 36,921 32,264

Grand total ............................. 3,186,745 4,010,359 4,706,310 4,731,836 4,615,010 4,600,799 4,485,023 4,514,364

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. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, 

Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British 

Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and 

Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All 

other Caribbean.” 

7

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 

8

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

9

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, 

Zambia, and Zimbabwe are included in “All other Africa.” 

10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2009 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2009, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 1,804 1,748 963 785 398 267 518 110 13 430 12 56

Belgium............................. 14,247 13,893 2,649 11,244 1,696 401 2,902 2,254 6,088 374 178 355

Cyprus .............................. 1,287 1,285 1,253 33 916 333 30 - 3 4 - 1

Czech Republic................. 640 640 239 401 127 62 401 - - 30 20 -

Denmark........................... 6,453 6,451 5,596 855 470 122 523 152 53 5,131 - 2

Finland.............................. 1,839 1,714 364 1,349 102 81 417 382 503 153 75 126

France .............................. 43,256 39,996 34,489 5,507 8,513 2,540 4,865 247 209 13,229 10,392 3,260

Germany........................... 143,950 81,896 66,091 15,805 29,204 1,882 9,492 3,715 1,690 35,707 206 62,053

Greece.............................. 941 908 672 235 151 444 216 8 11 77 - 33

Hungary............................ 724 700 228 472 107 71 421 15 3 60 23 24

Ireland............................... 167,804 167,579 37,511 130,069 17,798 3,221 33,001 74,289 19,149 11,328 8,794 225

Italy................................... 9,850 8,751 5,133 3,619 3,006 990 3,348 23 41 1,334 10 1,099

Kazakhstan....................... 9,540 9,307 1,921 7,386 1,901 17 7,386 - - 3 - 233

Luxembourg...................... 98,240 97,582 13,291 84,291 7,132 2,151 43,897 23,653 15,705 1,961 3,082 659

Monaco............................. 344 344 48 296 8 40 294 - 2 - - -

Netherlands ...................... 40,379 38,596 23,896 14,700 4,629 2,437 5,650 6,275 1,945 13,129 4,531 1,783

Norway ............................. 11,248 11,142 4,963 6,179 843 99 5,812 204 163 3,984 37 106

Poland .............................. 5,421 5,406 2,052 3,354 107 286 1,417 1,934 3 1,659 - 15

Portugal ............................ 1,728 1,685 1,235 450 907 285 336 97 17 43 - 44

Romania ........................... 3,356 3,348 502 2,846 32 57 2,844 1 1 413 - 8

Russia............................... 85,392 84,793 10,586 74,207 8,333 631 73,153 1,052 2 760 862 599

Spain ................................ 15,827 13,959 11,020 2,939 6,027 2,098 2,315 436 92 2,970 20 1,868

Sweden............................. 3,633 3,329 1,349 1,980 357 295 384 635 478 1,119 61 304

Switzerland ....................... 61,060 59,191 17,215 41,976 10,276 3,362 32,382 8,878 704 2,079 1,510 1,869

Turkey............................... 19,699 19,647 2,866 16,781 1,983 230 16,762 3 13 653 3 52

Ukraine ............................. 4,134 4,134 4,134 - 2,079 71 - - - 1,984 - -

United Kingdom ................ 680,499 635,248 605,332 29,916 201,763 18,115 20,352 2,408 2,196 210,637 179,777 45,251

Channel Islands................ 15,322 15,187 5,458 9,729 4,260 763 7,498 1,626 392 131 517 135

All other Europe.................. 7,592 7,541 5,331 2,209 1,822 878 2,097 77 19 2,646 2 51

Total Europe .................. 1,456,210 1,335,999 866,387 469,612 314,948 42,229 278,714 128,473 49,495 312,028 210,112 120,211

Memo: Euro Area 4 ........ 541,634 470,037 198,899 271,138 80,560 17,342 107,097 111,491 45,468 80,779 27,300 71,597

Canada ................................... 68,909 63,966 47,674 16,292 5,551 6,420 7,004 3,524 4,782 29,660 7,025 4,943

Latin America: 

Argentina............................ 14,013 13,875 10,977 2,898 488 10,072 2,390 61 444 297 123 138

Belize.................................. 291 291 268 23 54 138 5 4 14 76 - -

Bolivia................................. 4,038 3,955 1,420 2,535 314 1,060 2,080 407 48 43 3 83

Brazil................................... 16,813 16,574 15,470 1,104 4,975 4,939 409 578 62 4,065 1,546 239

Chile ................................... 15,563 15,304 9,021 6,283 3,449 3,854 2,735 3,437 87 1,694 48 259

Colombia ............................ 10,853 10,808 5,085 5,723 898 3,610 4,735 536 452 570 7 45

Costa Rica.......................... 2,333 2,324 1,536 788 720 544 419 263 106 271 1 9

Ecuador.............................. 4,060 4,020 3,400 620 714 2,478 409 17 76 171 155 40

El Salvador......................... 3,104 3,098 1,426 1,672 433 641 1,024 572 76 351 1 6

Guatemala.......................... 2,089 2,033 1,849 184 218 1,095 58 86 40 529 7 56

Honduras............................ 1,592 1,575 1,500 75 796 652 8 6 61 52 - 17

Mexico................................ 59,652 56,192 36,535 19,657 10,357 19,764 17,045 1,328 1,257 6,093 348 3,460

Panama.............................. 10,723 10,565 7,881 2,684 3,090 4,471 1,995 464 223 276 46 158

Paraguay............................ 736 734 693 41 149 521 13 14 13 15 9 2

Peru.................................... 4,031 3,862 2,414 1,448 615 1,310 54 1,344 47 488 4 169

Uruguay.............................. 7,309 7,247 5,734 1,513 974 2,571 1,079 126 279 2,071 147 62

Venezuela .......................... 24,058 23,414 21,827 1,587 3,879 16,374 481 482 624 1,263 311 644

All other Latin America....... 1,000 999 974 25 182 456 1 6 18 333 3 1

Total Latin America........ 182,258 176,870 128,010 48,860 32,305 74,550 34,940 9,731 3,927 18,658 2,759 5,388

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2009 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2009, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean: 

Aruba........................................ 859 859 787 72 192 437 21 17 34 34 124 -

Bahamas.................................. 268,998 268,548 265,167 3,381 218,737 4,964 2,325 396 266 39,057 2,803 450

Barbados.................................. 13,350 13,273 2,617 10,656 2,164 415 5,360 3,632 1,655 38 9 77

Bermuda .................................. 42,391 40,994 10,202 30,792 319 9,222 17,443 12,569 759 86 596 1,397

British Virgin Islands ................ 43,892 42,047 19,506 22,541 1 18,608 20,847 771 665 - 1,155 1,845

Cayman Islands....................... 1,469,209 1,441,505 1,087,360 354,145 496,091 102,886 52,502 17,708 3,294 659,498 109,526 27,704

Dominican Republic................. 3,616 3,605 2,662 943 387 2,165 428 480 35 98 12 11

Haiti .......................................... 607 606 574 32 145 337 5 9 18 89 3 1

Jamaica.................................... 868 847 822 25 329 297 15 5 5 196 - 21

Netherlands Antilles................. 5,886 5,783 4,421 1,362 2,198 557 486 738 125 803 876 103

Trinidad and Tobago................ 3,951 3,759 2,398 1,361 1,805 279 1,144 109 11 314 97 192

All other Caribbean 9,265 7,527 7,356 171 129 6,676 82 30 59 7 544 1,738

Total Caribbean.................. 1,862,892 1,829,353 1,403,872 425,481 722,497 146,843 100,658 36,464 6,926 700,220 115,745 33,539

Asia: 

China, Mainland....................... 248,170 248,163 51,320 196,843 19,462 9,946 191,181 5,257 346 21,915 56 7

Hong Kong............................... 62,723 61,597 33,338 28,259 12,270 6,175 13,261 14,044 878 8,957 6,012 1,126

India ......................................... 39,271 39,203 7,047 32,156 2,335 1,770 22,214 9,833 13 2,926 112 68

Indonesia ................................. 15,016 15,016 3,281 11,735 2,088 214 8,573 3,133 23 968 17 -

Israel ........................................ 25,138 25,084 9,150 15,934 1,302 1,832 15,638 117 179 6,014 2 54

Japan ....................................... 216,635 150,720 83,585 67,135 38,147 7,305 60,671 4,176 513 39,030 878 65,915

Jordan ...................................... 2,546 2,546 1,720 826 967 57 718 1 107 696 - -

Korea, South............................ 14,868 14,328 6,094 8,234 1,635 714 947 5,695 1,542 3,729 66 540

Malaysia................................... 4,685 4,684 2,349 2,335 1,179 146 2,253 59 21 1,023 3 1

Pakistan ................................... 3,406 3,406 3,075 331 750 184 275 26 2 2,146 23 -

Philippines................................ 6,746 6,733 5,547 1,186 1,718 521 1,141 2 43 3,184 124 13

Singapore................................. 45,891 44,317 33,471 10,846 26,417 1,437 9,935 694 211 5,499 124 1,574

Taiwan...................................... 32,110 32,074 28,608 3,466 6,156 6,396 2,740 149 554 16,065 14 36

Thailand ................................... 14,894 14,891 2,148 12,743 776 299 12,661 50 17 1,086 2 3

All other Asia............................ 120,391 120,334 44,834 75,500 15,208 1,694 63,418 7,686 4,387 26,772 1,169 57

Total Asia............................. 852,490 783,096 315,567 467,529 130,410 38,690 405,626 50,922 8,836 140,010 8,602 69,394

Africa: 

Egypt........................................ 9,801 9,801 2,719 7,082 816 138 6,986 14 82 1,765 - -

Ghana ...................................... 285 285 285 - 149 54 - - - 82 - -

Kenya....................................... 506 506 493 13 147 88 11 1 1 258 - -

Liberia ...................................... 529 517 307 210 5 204 152 56 1 98 1 12

Morocco ................................... 1,167 1,167 1,163 4 492 52 - 1 1 619 2 -

South Africa ............................. 2,462 2,461 1,976 485 1,531 184 452 7 26 246 15 1

All other Africa.......................... 14,337 14,102 10,610 3,492 5,897 854 3,460 11 21 3,849 10 235

Total Africa........................... 29,087 28,839 17,553 11,286 9,037 1,574 11,061 90 132 6,917 28 248

Other countries: 

Australia ................................... 18,336 18,159 12,346 5,813 6,912 1,376 2,430 1,473 1,709 3,671 588 177

New Zealand............................ 4,354 4,335 2,235 2,100 825 213 2,046 32 20 1,189 10 19

All other.................................... 7,564 974 906 68 245 321 7 10 51 337 3 6,590

Total other........................... 30,254 23,468 15,487 7,981 7,982 1,910 4,483 1,515 1,780 5,197 601 6,786

All countries.................................. 4,482,100 4,241,591 2,794,550 1,447,041 1,222,730 312,216 842,486 230,719 75,878 1,212,690 344,872 240,509

International and regional 

orgs: International organizations....... 27,718 26,745 8,305 18,440 - 5,580 14,248 1,910 2,282 - 2,725 973

Regional organizations5........... 4,546 4,486 3,504 982 - 2,500 590 364 28 - 1,004 60

Total International and 

 regional organizations ...... 32,264 31,231 11,809 19,422 - 8,080 14,838 2,274 2,310 - 3,729 1,033

Grand total ...................... 4,514,364 4,272,822 2,806,359 1,466,463 1,222,730 320,296 857,324 232,993 78,188 1,212,690 348,601 241,542

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2009 

58 

0

500

1000

1500

2000

2500

 2005 2006 2007 2008 Mar. 2009

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2005 2006 2007 2008 Mar. 2009

 

United Kingdom........................ 590,505 926,069 1,051,764 668,658 680,499

All other Europe ....................... 691,138 648,551 828,379 808,962 775,711

Caribbean banking centers 1 ..... 1,200,444 1,666,987 1,877,001 1,897,683 1,841,099

Japan........................................ 161,951 141,655 190,122 240,313 216,635

All other Asia ............................ 256,934 299,495 385,448 596,585 635,855

Subtotal .................................. 2,900,972 3,682,757 4,332,714 4,212,201 4,149,799

All other countries .................... 285,773 327,602 373,596 402,809 364,565

Grand total ............................. 3,186,745 4,010,359 4,706,310 4,615,010 4,514,364

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $4.5 trillion in 

March 2009, a decrease of 

$101 billion from yearend 

2008. 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 

decreased about $91 billion in 

2008, but increased about 

$696 billion in 2007 and 

about $824 billion in 2006. 

However, much of the 

increase in liabilities to 

foreigners in 2006 reflects 

changes in coverage in the 

bank-reported data in the first 

and second quarters of 2006. 

Between June and December 

of 2006, when data were 

reported on a consistent basis, 

banking liabilities increased 

about $250 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that almost 60 

percent of U.S. banking 

liabilities is currently 

recorded against the United 

Kingdom and banking centers 

in the Caribbean. These 

financial centers have 

recorded most of the growth 

in banking liabilities in recent 

years up through 2007. Since 

2007, however, U.S. banking 

liabilities recorded against the 

United Kingdom have 

declined sharply. 

Meanwhile, banking 

liabilities to Asia have 

continued to grow at a rapid 

pace. 
 CAPITAL MOVEMENTS 

June 2009 

59

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] 

2007 2008 

Type of Claim 

Calendar 

Year 

2006 Dec. Mar. r June r Sept. Dec. p 

 

Total claims.............................................................. 3,140,564 3,792,775 4,056,813 3,838,148 3,678,061 3,394,342 

Payable in dollars.................................................. 2,944,476 3,547,969 3,787,529 3,596,207 3,465,788 3,175,405 

Own claims on foreigners................................... 2,291,340 2,791,032 3,005,563 2,860,026 2,786,595 2,444,079 

Foreign official institutions............................... 98,010 107,062 99,745 94,014 75,381 43,164 

Foreign banks, including own foreign 

offices........................................................... 1,662,805 2,068,427 2,245,584 2,141,550 2,122,114 1,945,193 

All other foreigners .......................................... 530,525 615,543 660,234 624,462 589,100 455,722 

Claims of domestic customers.............................. 653,136 756,937 781,966 736,181 679,193 731,326 

Payable in foreign currencies .................................. 196,088 244,806 269,284 241,941 212,273 218,937 

Own claims on foreigners ..................................... 131,530 170,113 184,985 161,278 142,710 163,609 

of which: 

Canadian dollars.............................................. 16,024 32,718 31,010 27,741 22,905 19,036 

Euros................................................................ 65,947 75,137 81,262 62,854 52,154 69,349 

United Kingdom pounds sterling...................... 18,871 15,804 17,965 12,512 10,697 12,859 

Japanese yen................................................... 14,463 23,911 27,717 29,661 28,940 33,391 

Claims of domestic customers.............................. 64,558 74,693 84,299 80,663 69,563 55,328 

of which: 

Canadian dollars.............................................. 4,814 3,008 2,703 3,019 4,637 4,597 

Euros................................................................ 47,468 60,501 67,014 60,000 53,310 31,586 

United Kingdom pounds sterling...................... 7,068 3,160 5,197 6,058 3,618 13,333 

Japanese yen................................................... 1,676 2,817 3,109 5,975 2,799 2,431 

Memoranda: 

Total own claims on foreigners ............................. 2,422,870 2,961,145 3,190,548 3,021,304 2,929,305 2,607,688 

Non-negotiable deposits .................................... 983,110 1,057,794 1,212,034 1,180,608 1,076,181 1,147,740 

Short-term negotiable instruments 

(payable in dollars) .......................................... 15,508 48,082 44,879 42,383 42,331 38,504 

Resale agreements ............................................ 664,373 769,509 821,916 747,197 751,879 466,539 

Other................................................................... 759,879 1,085,760 1,111,719 1,051,116 1,058,914 954,905 

Claims on own foreign offices............................... 1,639,474 1,929,030 2,121,937 1,990,679 1,959,268 1,744,201 

Claims reported by IBFs ....................................... 562,430 686,623 646,190 527,208 520,261 514,225 

Payable in dollars............................................... 524,907 644,202 608,558 488,712 493,385 468,962 

Payable in foreign currencies............................. 37,523 42,421 37,632 38,496 26,876 45,263 

Total claims held for domestic customers ............ 717,694 831,630 866,265 816,844 748,756 786,654 

Non-negotiable deposits .................................... 312,635 444,306 464,419 419,090 376,087 447,102 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 353,438 340,734 354,361 352,076 328,402 299,070 

Other ..................................................................... 51,621 46,590 47,485 45,678 44,267 40,482 

 

 
CAPITAL MOVEMENTS 

June 2009 

60 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 

Country 

Calendar 

year 

2006 June Sept. Dec. Mar. r June r Sept. Dec. p

 

Europe: 

Austria .................................................... 8,563 8,572 9,189 8,083 7,980 9,371 8,665 5,111

Belgium................................................... 20,258 43,167 23,449 26,646 28,005 36,454 24,508 14,561

Bulgaria .................................................. 38 38 37 30 52 56 55 36

Czech Republic ...................................... 3,546 3,604 2,113 4,049 2,666 2,276 273 226

Denmark................................................. 2,770 1,757 2,393 10,314 10,984 10,789 8,477 9,775

Finland.................................................... 10,360 15,143 24,206 30,533 27,748 32,299 29,103 25,224

France .................................................... 165,030 199,784 189,346 202,757 237,435 225,347 208,855 184,032

Germany................................................. 45,429 71,143 86,617 79,122 94,683 98,342 88,206 76,230

Greece.................................................... 1,081 1,442 1,409 1,658 1,963 1,835 1,465 1,224

Hungary.................................................. 157 187 252 378 249 241 336 413

Ireland..................................................... 62,881 70,771 68,598 80,906 100,575 107,009 92,500 85,964

Italy ......................................................... 41,462 34,782 43,098 51,856 63,530 63,963 61,795 51,941

Kazakhstan 1........................................... 510 863 754 688 732 665 544 544

Luxembourg ........................................... 16,033 26,823 22,636 27,017 25,112 21,455 20,815 19,262

Netherlands ............................................ 38,723 60,364 73,708 63,711 72,195 75,430 67,641 64,597

Norway ................................................... 35,117 25,101 28,281 29,105 27,315 25,063 31,137 18,718

Poland .................................................... 1,115 3,454 3,999 8,242 17,109 17,276 11,678 1,712

Portugal .................................................. 1,988 2,506 2,840 3,113 3,672 2,988 2,392 1,708

Romania ................................................. 290 209 200 195 178 202 159 154

Russia..................................................... 4,254 1,777 3,334 1,869 1,638 2,431 2,736 2,174

Spain ...................................................... 15,969 25,154 26,085 32,753 56,322 62,332 55,669 58,503

Sweden................................................... 29,377 31,026 37,603 34,964 28,652 36,400 30,424 17,996

Switzerland............................................. 112,020 183,080 191,231 201,003 184,171 133,925 123,053 110,599

Turkey..................................................... 5,429 3,678 3,718 3,735 3,989 4,055 4,159 3,691

United Kingdom...................................... 938,123 1,043,097 1,137,811 1,108,747 1,185,217 1,070,175 1,128,963 868,389

Channel Islands...................................... 45,533 56,782 42,882 35,468 20,459 18,074 15,908 19,049

All other Europe 1.................................... 4,193 3,689 3,689 3,632 3,418 3,180 3,199 2,726

Total Europe ........................................ 1,610,249 1,917,993 2,029,478 2,050,574 2,206,047 2,061,632 2,022,716 1,644,559

Memo: Euro Area 2 .................................... 427,777 559,651 571,182 608,155 720,675 738,134 662,660 588,897

Memo: European Union 3 .......................... 1,404,001 1,644,892 1,757,330 1,776,738 1,965,817 1,875,572 1,843,116 1,487,688

Canada...................................................... 106,662 134,332 141,301 140,166 160,669 138,557 146,433 146,897

Latin America: 

Argentina ................................................ 2,977 3,631 4,197 4,251 4,346 4,547 5,074 4,154

Bolivia 4 ................................................... 157 172 166 169 172 166 190 141

Brazil....................................................... 20,454 25,578 32,740 31,500 28,278 38,984 32,058 32,938

Chile ....................................................... 7,152 6,489 7,887 9,829 10,267 11,378 11,873 10,131

Colombia ................................................ 2,915 4,287 6,208 4,972 4,953 4,779 4,653 4,079

Costa Rica 4 ............................................ 733 782 797 1,028 1,217 1,304 1,234 1,305

Ecuador.................................................. 612 777 896 993 886 801 843 703

El Salvador 4 ........................................... 872 901 801 831 797 772 801 900

Guatemala.............................................. 1,055 1,108 1,235 1,348 1,358 1,433 1,411 1,269

Honduras 4 .............................................. 433 417 606 494 493 484 506 527

Mexico .................................................... 17,936 19,824 23,028 24,582 26,841 25,539 26,645 26,388

Nicaragua ............................................... 89 82 74 83 93 131 112 134

Panama .................................................. 2,556 3,525 3,456 4,118 4,794 5,286 5,083 4,726

Paraguay 4 .............................................. 41 79 92 108 130 148 161 152

Peru ........................................................ 1,474 2,250 2,150 3,092 4,487 4,978 4,963 4,589

Uruguay.................................................. 361 341 1,083 415 403 393 407 375

Venezuela .............................................. 2,477 2,791 3,013 2,580 2,152 2,107 2,022 1,613

All other Latin America 4......................... 37 34 63 70 194 52 50 72

Total Latin America.............................. 62,331 73,068 88,492 90,463 91,861 103,282 98,086 94,196

Caribbean: 

Anguilla 5 ................................................ 5,281 3,479 3,140 6,493 7,796 8,035 12,996 10,312

Bahamas ................................................ 194,510 196,649 205,312 238,924 271,848 209,972 213,724 280,117

Barbados 5 .............................................. 471 794 352 445 557 595 684 1,323

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2009 

61

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 

2007 2008 

Country 

Calendar 

year 

2006 June Sept. Dec. Mar. r June r Sept. Dec. p

 

Caribbean, con. 

Bermuda...................................... 21,721 18,845 20,419 12,378 19,442 15,740 15,224 10,185

British Virgin Islands 5.................. 4,270 7,420 5,190 4,857 6,012 6,779 6,922 4,265

Cayman Islands........................... 835,646 948,695 932,175 961,957 985,423 1,015,070 923,626 991,568

Dominican Republic 5 .................. 650 571 630 686 720 787 754 782

Haiti 5............................................ 50 67 56 46 52 76 76 92

Jamaica ....................................... 695 592 666 687 751 848 832 805

Netherlands Antilles .................... 2,686 2,634 4,877 4,624 5,085 4,288 3,726 4,787

Trinidad and Tobago ................... 1,055 680 524 673 724 809 592 712

All other Caribbean 5 ................... 383 627 584 770 786 672 555 450

Total Caribbean........................ 1,067,418 1,181,053 1,173,925 1,232,540 1,299,196 1,263,671 1,179,711 1,305,398

Asia: 

China, Mainland. ......................... 15,915 20,709 18,104 19,359 16,672 20,335 11,162 3,238

Hong Kong .................................. 8,300 7,506 7,472 10,263 10,582 10,032 14,742 12,856

India............................................. 3,209 3,514 4,563 4,588 4,620 5,984 6,182 6,144

Indonesia..................................... 559 525 583 1,030 1,089 1,243 1,168 1,089

Israel............................................ 6,568 7,680 6,451 5,031 4,912 4,907 3,588 2,604

Japan........................................... 157,671 130,634 106,578 97,856 124,188 98,861 91,169 87,459

Jordan 6........................................ 21 33 49 54 21 24 30 23

Korea, South ............................... 25,258 26,815 14,392 28,247 28,427 22,063 16,459 13,595

Lebanon....................................... 20 39 53 51 52 48 66 56

Malaysia ...................................... 947 1,104 1,914 1,989 1,166 1,114 695 300

Pakistan....................................... 29 105 218 164 64 115 195 76

Philippines ................................... 1,020 1,123 1,233 1,271 1,835 1,517 930 1,080

Singapore .................................... 5,519 6,163 5,687 6,662 7,858 7,364 7,162 9,406

Taiwan......................................... 3,607 6,140 3,864 1,641 3,065 2,028 2,355 1,326

Thailand....................................... 6,585 5,607 2,369 5,978 2,483 1,194 203 180

Asian oil exporters 7 .................... 11,789 15,470 15,403 23,932 14,672 13,996 11,436 10,669

All other Asia 6 ............................. 424 929 723 799 1,554 1,023 1,052 805

Total Asia.................................. 247,441 234,096 189,656 208,915 223,260 191,848 168,594 150,906

Africa: 

Cameroon 8.................................. 20 16 12 11 9 10 10 33

Egypt ........................................... 1,833 1,331 1,713 1,488 1,773 1,940 2,014 1,277

Ghana.......................................... 13 8 31 30 42 53 62 18

Liberia.......................................... 296 322 371 331 338 266 327 355

Morocco....................................... 84 85 47 50 45 55 30 32

South Africa................................. 640 438 431 730 624 525 1,021 681

African oil exporters 9 .................. 414 295 321 453 1,301 834 1,123 922

All other Africa 8 ........................... 251 388 424 6,570 13,594 16,880 1,377 650

Total Africa ............................... 3,551 2,883 3,350 9,663 17,726 20,563 5,964 3,968

Other countries: 

Australia....................................... 26,600 36,902 42,739 43,465 36,482 43,752 40,456 33,916

New Zealand ............................... 4,147 2,838 2,170 4,541 6,125 6,104 6,133 5,922

All other ....................................... 242 335 357 316 486 425 526 598

Total other countries................. 30,989 40,075 45,266 48,322 43,093 50,281 47,115 40,436

Total foreign countries ........... 3,128,641 3,583,500 3,671,468 3,780,643 4,041,852 3,829,834 3,668,619 3,386,360

International and regional orgs: 

International organizations.......... 11,279 9,779 9,371 10,930 13,918 7,592 7,227 5,017

Regional organizations 10 ............ 644 475 660 1,202 1,043 722 2,215 2,965

Total international 

and regional organizations............ 11,923 10,254 10,031 12,132 14,961 8,314 9,442 7,982

Grand total ............................. 3,140,564 3,593,754 3,681,499 3,792,775 4,056,813 3,838,148 3,678,061 3,394,342

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. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. 

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. 

As of January 2007, also includes Bulgaria and Romania. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay 

are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

June 2009 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2008 

[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 ............................................... 5,111 4,169 4,164 968 3,196 5 943 227 716

Belgium.............................................. 14,561 12,346 11,985 10,719 1,266 361 2,215 819 1,396

Czech Republic ................................. 226 223 174 174 - 49 3 - 3

Denmark............................................ 9,775 981 909 646 263 72 8,794 8,767 27

Finland............................................... 25,224 22,141 20,422 20,025 397 1,719 3,083 2,594 489

France ............................................... 184,032 157,693 144,930 123,789 21,141 12,763 26,339 19,823 6,516

Germany............................................ 76,230 48,704 37,397 30,633 6,764 11,307 27,526 19,175 8,351

Greece............................................... 1,224 593 178 114 64 415 631 1 630

Hungary............................................. 413 342 326 77 249 16 71 - 71

Ireland................................................ 85,964 64,244 63,177 52,214 10,963 1,067 21,720 20,817 903

Italy .................................................... 51,941 46,063 43,253 43,074 179 2,810 5,879 1,386 4,493

Kazakhstan........................................ 544 544 540 449 91 4 - - -

Luxembourg ...................................... 19,262 10,680 9,614 3,617 5,997 1,066 8,582 8,311 271

Netherlands ....................................... 64,597 46,039 41,109 13,744 27,365 4,930 18,557 16,390 2,167

Norway .............................................. 18,718 9,973 9,913 9,103 810 60 8,745 8,685 60

Poland ............................................... 1,712 1,695 1,639 1,635 4 56 17 - 17

Portugal ............................................. 1,708 1,113 1,110 626 484 3 594 8 586

Romania ............................................ 154 154 132 2 130 22 - - -

Russia................................................ 2,174 2,063 1,949 1,623 326 114 111 106 5

Spain ................................................. 58,503 50,845 45,800 45,415 385 5,045 7,658 5,069 2,589

Sweden.............................................. 17,996 6,580 6,315 5,483 832 265 11,416 11,188 228

Switzerland........................................ 110,599 103,313 91,842 85,901 5,941 11,471 7,286 7,206 80

Turkey................................................ 3,691 3,670 3,351 2,671 680 319 21 4 17

United Kingdom................................. 868,389 746,185 714,433 567,403 147,030 31,752 122,204 106,125 16,079

Channel Islands .................................. 19,049 6,476 6,158 2,405 3,753 318 12,573 12,165 408

All other Europe ................................ 2,762 2,453 1,832 1,245 587 621 308 291 17

Total Europe ................................... 1,644,559 1,349,282 1,262,652 1,023,755 238,897 86,630 295,277 249,157 46,120

Memo: Euro Area 1 ............................... 588,897 465,157 423,474 345,176 78,298 41,683 123,740 94,620 29,120

Canada................................................. 146,897 105,178 87,465 72,022 15,443 17,713 41,719 37,133 4,586

Latin America: 

Argentina ........................................... 4,154 4,107 3,984 1,069 2,915 123 47 32 15

Bolivia 3 .............................................. 141 141 125 8 117 16 - - -

Brazil.................................................. 32,938 32,843 32,139 19,632 12,507 704 95 86 9

Chile .................................................. 10,131 10,126 9,466 3,965 5,501 660 5 4 1

Colombia ........................................... 4,079 4,075 3,537 1,818 1,719 538 4 2 2

Costa Rica ........................................ 1,305 1,305 1,294 279 1,015 11 - - -

Ecuador............................................. 703 697 697 151 546 - 6 6 -

El Salvador ....................................... 900 900 900 397 503 - - - -

Guatemala......................................... 1,269 1,269 1,255 610 645 14 - - -

Honduras .......................................... 527 527 526 201 325 1 - - -

Mexico ............................................... 26,388 26,235 25,302 1,161 24,141 933 153 10 143

Panama ............................................. 4,726 4,725 4,623 3,568 1,055 102 1 1 -

Peru ................................................... 4,589 4,421 4,254 1,648 2,606 167 168 12 156

Uruguay............................................. 375 374 337 34 303 37 1 1 -

Venezuela ......................................... 1,613 1,563 1,474 226 1,248 89 50 50 -

All other Latin America ..................... 358 358 358 104 254 - - - -

Total Latin America......................... 94,196 93,666 90,271 34,871 55,400 3,395 530 204 326

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2009 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2008, 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 ........................................... 280,117 210,282 207,560 201,478 6,082 2,722 69,835 69,799 36 

Bermuda............................................ 10,185 9,781 8,310 82 8,228 1,471 404 404 - 

British Virgin Islands ......................... 4,265 4,204 3,358 113 3,245 846 61 61 - 

Cayman Islands................................. 991,568 654,008 621,993 536,831 85,162 32,015 337,560 335,992 1,568 

Dominican Republic ......................... 782 782 772 298 474 10 - - - 

Jamaica ............................................. 805 805 781 152 629 24 - - - 

Netherlands Antilles .......................... 4,787 4,740 4,548 156 4,392 192 47 47 - 

Trinidad and Tobago ......................... 712 712 707 223 484 5 - - - 

All other Caribbean ........................... 12,177 12,156 10,487 469 10,018 1,669 21 21 - 

Total Caribbean.............................. 1,305,398 897,470 858,516 739,802 118,714 38,954 407,928 406,324 1,604 

Asia: 

China, Mainland ................................ 3,238 3,158 2,448 2,087 361 710 80 45 35 

Hong Kong ........................................ 12,856 12,673 12,120 10,436 1,684 553 183 89 94 

India................................................... 6,144 5,594 5,437 4,389 1,048 157 550 531 19 

Indonesia........................................... 1,089 1,075 1,048 862 186 27 14 1 13 

Israel.................................................. 2,604 2,045 1,755 1,570 185 290 559 552 7 

Japan................................................. 87,459 72,711 62,985 54,766 8,219 9,726 14,748 14,271 477 

Korea, South ..................................... 13,595 11,847 11,429 10,886 543 418 1,748 1,571 177 

Malaysia ............................................ 300 196 159 71 88 37 104 3 101 

Pakistan............................................. 76 74 72 69 3 2 2 - 2 

Philippines ......................................... 1,080 1,058 1,021 911 110 37 22 1 21 

Singapore .......................................... 9,406 9,160 7,196 5,555 1,641 1,964 246 24 222 

Taiwan............................................... 1,326 1,200 1,078 725 353 122 126 8 118 

Thailand............................................. 180 119 89 75 14 30 61 9 52 

All other Asia ..................................... 11,553 11,420 10,902 9,289 1,613 518 133 133 - 

Total Asia........................................ 150,906 132,330 117,739 101,691 16,048 14,591 18,576 17,238 1,338 

Africa: 

Egypt ................................................. 1,277 420 417 229 188 3 857 32 825 

Ghana................................................ 18 18 18 17 1 - - - - 

Liberia................................................ 355 355 355 1 354 - - - - 

Morocco............................................. 32 18 2 1 1 16 14 14 - 

South Africa....................................... 681 607 580 526 54 27 74 41 33 

All other Africa ................................... 1,605 1,393 1,390 718 672 3 212 109 103 

Total Africa ..................................... 3,968 2,811 2,762 1,492 1,270 49 1,157 196 961 

Other countries: 

Australia............................................. 33,916 22,097 20,990 14,271 6,719 1,107 11,819 11,439 380 

New Zealand ..................................... 5,922 1,853 727 452 275 1,126 4,069 4,056 13 

All other ............................................. 598 597 597 1 596 - 1 1 - 

Total other countries....................... 40,436 24,547 22,314 14,724 7,590 2,233 15,889 15,496 393 

Total foreign countries ................. 3,386,360 2,605,284 2,441,719 1,988,357 453,362 163,565 781,076 725,748 55,328 

International and regional orgs: 

International organizations................ 5,017 1,554 1,554 - 1,554 - 3,463 3,463 - 

Regional organizations 2.................... 2,965 850 806 - 806 44 2,115 2,115 - 

Total international and regional 

organizations .................................. 7,982 2,404 2,360 - 2,360 44 5,578 5,578 - 

Grand total ................................... 3,394,342 2,607,688 2,444,079 1,988,357 455,722 163,609 786,654 731,326 55,328 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. As of January 2008, also includes 

Cyprus, Malta, and Slovenia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2009 

64 

0

200

400

600

800

1000

1200

1400

2004 2005 2006 2007 Dec. 2008

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 2004 2005 2006 2007 Dec. 2008 

United Kingdom............................ 567,001 627,105 938,123 1,108,747 868,389

All other Europe ........................... 527,615 604,908 672,126 941,827 776,170

Caribbean banking centers 1........ 755,954 870,441 1,061,389 1,226,858 1,295,648

Japan............................................ 102,859 114,713 157,671 97,856 87,459

All other Asia ................................ 70,601 92,387 89,770 111,059 63,447

Subtotal ...................................... 2,024,030 2,309,554 2,919,079 3,486,347 3,091,113

All other countries ........................ 164,411 190,845 221,485 306,428 303,229

Grand total ................................. 2,188,441 2,500,399 3,140,564 3,792,775 3,394,342 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In December 2008, U.S. claims 

on foreigners reported by U.S. 

banks amounted to about $3.4 

trillion, a decrease of $398 

billion from that recorded at 

yearend 2007. U.S. banking 

claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign 

long-term securities. U.S. 

banking claims increased $652 

billion in 2007 and $640 billion 

in 2006, but part of the latter 

increase reflects changes in 

coverage in the bank-reported 

data in the first and second 

quarters of 2006. Between June 

and December of 2006, when 

data were reported on a 

consistent basis, banking claims 

increased about $209 billion. 

Banking claims increased $312 

billion in 2005. 

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. Since 

2007, however, claims reported 

against the Caribbean banking 

centers have continued to 

increase while claims reported 

against the United Kingdom 

have declined. 
CAPITAL MOVEMENTS 

June 2009 

65

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 2007 2008 

Type of liability or claim 2004 2005 2006 Dec. Mar. r June r Sept. Dec. p 

Total liabilities ................................................... 92,009 76,710 89,217 103,835 111,288 107,533 104,793 79,827

Payable in dollars.......................................... 55,386 58,728 72,331 79,161 85,118 86,712 88,750 68,809

Financial.................................................... 29,575 24,003 35,033 26,474 23,995 21,646 23,021 18,343

Short-term negotiable securities........... 1,410 3,248 8,266 1,983 2,391 3,338 3,020 2,740

Other ..................................................... 28,165 20,755 26,767 24,491 21,604 18,308 20,001 15,603

Commercial............................................... 25,811 34,725 37,298 52,687 61,123 65,066 65,729 50,466

Trade payables ..................................... 16,705 21,751 24,101 26,261 29,875 36,257 32,604 18,812

Advance receipts and other.................. 9,106 12,974 13,197 26,426 31,248 28,809 33,125 31,654

Payable in foreign currencies ....................... 36,623 17,982 16,886 24,674 26,170 20,821 16,043 11,018

By major foreign currency: 

Canadian dollars................................... 2,623 2,525 3,536 2,162 2,655 1,790 1,910 2,123

Euros..................................................... 10,125 5,041 5,239 9,075 10,496 9,624 6,010 3,153

United Kingdom pounds sterling........... 19,041 3,640 4,494 4,267 4,261 4,589 3,395 2,455

Japanese yen........................................ 1,860 2,326 1,770 3,908 4,249 2,597 2,955 1,025

Other ..................................................... 2,974 4,450 1,847 5,262 4,509 2,221 1,773 2,262

By type of liability: 

Financial................................................ 33,272 15,246 13,679 21,445 22,180 17,639 13,037 8,144

Short-term negotiable securities....... 10,349 5,802 3,351 2,940 5,360 3,036 3,143 2,108

Other ................................................. 22,923 9,444 10,328 18,505 16,820 14,603 9,894 6,036

Commercial........................................... 3,351 2,736 3,207 3,229 3,990 3,182 3,006 2,874

Trade payables ................................. 1,476 1,299 1,572 1,605 2,398 1,515 1,364 1,334

Advance receipts and other.............. 1,875 1,437 1,635 1,624 1,592 1,667 1,642 1,540

Total claims....................................................... 143,232 144,950 126,032 136,416 138,873 156,246 134,941 140,708

Payable in dollars.......................................... 94,884 105,700 100,031 110,070 115,053 133,052 112,107 111,210

Financial.................................................... 67,445 75,802 66,871 66,726 72,084 85,051 66,672 70,570

Non-negotiable deposits ....................... 42,005 42,140 28,380 28,393 32,439 51,361 34,979 34,455

Negotiable CDs and short-term 

negotiable instruments.......................... 9,739 12,888 2,624 1,168 1,282 1,276 857 1,133

Other ..................................................... 16,314 20,774 35,867 37,165 38,363 32,414 30,836 34,982

Commercial............................................... 27,439 29,898 33,160 43,344 42,969 48,001 45,435 40,640

Trade receivables ................................. 24,778 26,080 29,388 37,108 35,803 40,931 39,418 31,217

Advance payments and other............... 2,661 3,818 3,772 6,236 7,166 7,070 6,017 9,423

Payable in foreign currencies ....................... 48,348 39,250 26,001 26,346 23,820 23,194 22,834 29,498

By major foreign currency: 

Canadian dollars................................... 1,841 9,829 9,194 5,371 5,751 4,911 5,546 4,611

Euros..................................................... 22,212 10,643 6,951 10,833 8,962 9,846 8,310 11,517

United Kingdom pounds sterling........... 10,805 8,341 4,675 4,210 3,612 4,036 3,701 2,972

Japanese yen........................................ 7,583 3,724 1,027 1,378 1,139 1,064 1,117 2,918

Other ..................................................... 5,907 6,713 4,154 4,554 4,356 3,337 4,160 7,480

By type of claim: 

Financial................................................ 43,072 35,592 21,775 21,305 19,754 20,059 19,661 25,686

Non-negotiable deposits ................... 5,878 8,009 3,529 1,498 1,613 1,464 1,566 7,585

Short-term negotiable securities....... 153 292 120 77 72 111 93 65

Other ................................................. 37,041 27,291 18,126 19,730 18,069 18,484 18,002 18,036

Commercial........................................... 5,276 3,658 4,226 5,041 4,066 3,135 3,173 3,812

Trade receivables ............................. 4,451 3,151 3,414 4,684 3,797 2,900 2,910 3,592

Advance payments and other........... 825 507 812 357 269 235 263 220
CAPITAL MOVEMENTS 

June 2009 

66 

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 2007 2008 

Country 2004 2005 2006 Dec. Mar. r June Sept. Dec. p

Europe: 

Austria.................................. 146 68 91 230 90 115 78 95

Belgium ................................... 74 73 181 492 308 1,194 873 427

Bulgaria................................... 2 - 44 36 34 6 4 1

Czech Republic....................... 34 17 14 25 52 48 34 46

Denmark.................................. 41 78 132 937 269 156 164 90

Finland .................................... 38 20 140 63 69 160 192 52

France..................................... 2,368 2,631 2,562 3,165 3,296 2,173 2,727 2,885

Germany ................................. 3,935 3,646 12,391 4,977 3,127 2,912 3,077 3,382

Greece .................................... 248 401 182 187 199 348 300 240

Hungary................................... 14 12 18 46 16 21 24 30

Ireland ..................................... 1,070 1,636 316 1,569 925 1,315 1,271 1,367

Italy.......................................... 795 1,174 1,040 1,196 1,106 448 1,398 485

Luxembourg ............................ 824 378 977 235 197 168 366 250

Netherlands............................. 668 895 1,709 1,194 1,036 1,417 1,153 1,255

Norway.................................... 1,365 3,537 545 721 517 1,129 475 385

Poland..................................... 151 229 330 385 371 359 350 269

Portugal................................... 22 39 27 205 122 41 43 35

Romania.................................. 33 4 9 6 10 42 57 71

Russia ..................................... 74 64 110 306 411 498 523 529

Serbia and Montenegro 

(formerly Yugoslavia).......... 2 4 1 3 6 2 1 6

Spain....................................... 591 399 269 533 754 692 787 772

Sweden ................................... 800 747 952 438 237 271 264 275

Switzerland ............................. 1,078 1,237 1,070 1,705 2,027 2,834 2,983 1,455

Turkey ..................................... 180 137 261 754 754 749 757 709

United Kingdom ...................... 32,878 15,093 17,339 23,350 25,261 22,946 17,759 12,784

Channel Islands and 

Isle of Man .......................... 2 501 15 208 149 117 120 95

Other Europe .......................... 286 250 421 539 505 466 623 435

Total Europe ....................... 47,720 33,271 41,146 43,505 41,848 40,627 36,403 28,425

Canada........................................ 4,578 4,905 7,694 7,767 7,329 7,237 7,303 5,606

Latin America: 

Argentina................................. 59 148 138 156 173 158 114 90

Brazil ....................................... 321 288 264 940 1,169 1,113 1,109 626

Chile ........................................ 91 387 406 546 647 605 437 353

Colombia................................. 84 106 208 356 372 360 393 332

Ecuador................................... 26 10 89 33 128 140 142 30

Guatemala .............................. 10 23 25 10 8 8 10 8

Mexico..................................... 1,968 2,234 2,150 2,848 3,112 4,200 2,655 1,580

Panama................................... 7 56 57 85 196 87 104 166

Peru......................................... 17 8 6 36 11 113 57 34

Uruguay................................... 2 2 13 20 7 26 13 12

Venezuela ............................... 451 681 353 575 886 1,187 1,338 413

Other Latin America................ 113 105 24 106 97 73 50 50

Total Latin America................. 3,149 4,048 3,733 5,711 6,806 8,070 6,422 3,694

Caribbean: 

Bahamas................................. 32 70 70 89 180 163 108 49

Bermuda....................................... 9,230 1,704 777 707 1,322 1,103 782 723

Cayman Islands ...................... 7,279 6,522 12,804 15,969 15,830 13,494 14,490 10,303

Cuba........................................ - - - - - - - -

Jamaica................................... 24 14 20 18 21 26 35 37

Netherlands Antilles................ 14 13 2 4 5 5 5 6

Trinidad and Tobago............... 15 44 25 74 100 93 72 60

Other Caribbean ..................... 729 936 761 803 514 894 778 446

Total Caribbean .................. 17,323 9,303 14,459 17,664 17,972 15,778 16,270 11,624

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2009 

67

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 2007 2008 

Country 2004 2005 2006 Dec. Mar. r June Sept. Dec. p

Asia: 

China, Mainland. ....................... 3,983 3,825 1,297 857 4,041 4,746 5,437 4,789

Hong Kong ................................ 668 746 564 981 845 922 989 606

India........................................... 103 158 418 1,447 1,350 1,289 1,263 1,169

Indonesia................................... 74 89 57 172 250 253 414 366

Israel.......................................... 302 613 385 293 264 280 315 292

Japan......................................... 5,869 7,354 7,210 6,888 8,030 6,374 7,554 6,050

Korea, South ............................. 723 1,743 1,350 1,213 1,348 1,235 1,583 1,416

Lebanon .................................... 35 42 11 9 5 18 11 15

Malaysia .................................... 256 335 471 562 566 555 348 363

Pakistan..................................... 171 230 171 172 50 62 71 28

Philippines................................. 117 109 95 89 89 91 117 107

Singapore.................................. 822 1,823 2,839 4,255 4,445 2,279 4,485 3,818

Syria .......................................... 21 4 8 8 8 8 9 3

Taiwan....................................... 491 1,010 1,093 1,019 975 877 815 726

Thailand..................................... 79 212 599 380 392 341 396 295

Oil-exporting countries1............. 2,946 4,159 3,955 7,158 10,068 12,304 10,382 6,380

Other Asia ................................. 303 298 156 377 424 247 304 465

Total Asia .............................. 16,963 22,750 20,679 25,880 33,150 31,881 34,493 26,888

Africa: 

Congo (formerly Zaire).............. - - - - - - - -

Egypt ......................................... 132 119 132 280 259 291 297 293

Ghana........................................ 2 1 6 12 1 18 2 5

Liberia........................................ 14 1 3 6 63 75 85 64

Morocco..................................... 44 42 42 190 210 124 120 112

South Africa............................... 36 950 35 52 83 68 76 54

Oil-exporting countries 2............ 518 590 283 655 1,069 1,108 919 764

Other Africa ............................... 332 210 379 294 544 332 529 341

Total Africa ............................ 1,078 1,913 880 1,489 2,229 2,016 2,028 1,633

Other countries: 

Australia .................................... 1,047 397 560 1,658 1,824 1,784 1,717 1,794

New Zealand ............................. 51 38 36 91 80 75 78 92

All other ..................................... 98 83 15 25 32 31 33 30

Total other countries ............. 1,196 518 611 1,774 1,936 1,890 1,828 1,916

Total foreign countries ...... 92,007 76,708 89,202 103,790 111,270 107,499 104,747 79,786

International and regional orgs: 

International organizations........ - - - 2 1 - - 7

Regional organizations 3 ........... 2 2 15 43 17 34 46 34

Total international and 

regional organizations........... 2 2 15 45 18 34 46 41

Grand total ........................ 92,009 76,710 89,217 103,835 111,288 107,533 104,793 79,827

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2009 

68 

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 2007 2008 

Country 2003 2004 2005 2006 Dec. Mar. r June r Sept. Dec. p

Europe: 

Austria.......................................... 1,752 1,816 2,159 2,031 2,039 1,994 1,998 2,461 1,950

Belgium ........................................ 523 2,307 1,822 419 807 3,336 2,683 3,039 5,100

Bulgaria........................................ 14 37 29 3 6 9 7 6 15

Czech Republic............................ 54 64 49 50 134 128 93 93 85

Denmark....................................... 716 494 341 149 184 193 677 172 136

Finland ......................................... 176 617 336 591 805 628 1,724 427 802

France.......................................... 5,865 3,713 5,063 3,420 6,061 5,549 6,979 3,472 3,467

Germany ...................................... 4,132 6,787 4,238 10,148 4,926 5,834 13,704 5,295 8,493

Greece ......................................... 204 199 380 163 250 218 260 244 195

Hungary........................................ 53 46 57 45 153 163 165 107 95

Ireland .......................................... 423 1,672 795 858 968 781 3,821 2,792 949

Italy............................................... 4,069 2,434 3,702 2,337 2,515 3,024 2,217 1,669 4,558

Luxembourg ................................. 115 127 391 352 919 777 577 470 219

Netherlands.................................. 3,184 7,883 3,387 3,570 3,989 2,772 4,674 3,136 2,476

Norway......................................... 315 229 402 366 325 355 602 320 274

Poland.......................................... 104 57 58 99 153 146 167 165 135

Portugal........................................ 161 146 60 64 89 75 116 82 76

Romania....................................... 25 47 22 36 60 51 41 57 54

Russia .......................................... 118 157 359 774 1,326 1,329 664 714 705

Serbia and Montenegro 

(formerly Yugoslavia)............... 13 14 17 10 15 23 17 13 14

Spain............................................ 1,803 1,242 2,032 1,425 1,625 2,082 2,070 2,124 1,291

Sweden ........................................ 779 648 503 652 689 1,160 553 514 742

Switzerland .................................. 2,538 2,506 1,876 1,424 2,143 2,020 2,100 1,597 1,877

Turkey .......................................... 474 594 638 420 732 548 604 589 596

United Kingdom ........................... 15,366 27,699 24,772 17,483 23,662 21,796 25,837 19,326 14,420

Channel Islands and 

Isle of Man ............................... - 25 16 19 109 115 102 91 85

Other Europe ............................... 546 607 1,315 1,267 1,465 1,157 931 2,166 1,034

Total Europe ............................ 43,522 62,171 54,820 48,175 56,149 56,263 73,383 51,141 49,843

Canada............................................. 8,381 8,429 16,122 17,520 16,418 15,304 16,044 15,734 13,780

Latin America: 

Argentina...................................... 398 406 350 470 463 563 596 505 481

Brazil ............................................ 2,735 2,758 2,972 2,927 2,682 2,667 2,823 2,727 2,621

Chile ............................................. 382 346 303 299 404 805 641 645 575

Colombia...................................... 234 295 299 349 449 566 497 566 463

Ecuador........................................ 117 86 95 119 160 166 250 250 174

Guatemala ................................... 76 90 100 116 200 198 218 189 180

Mexico.......................................... 2,968 3,756 4,108 3,242 3,505 3,541 4,360 4,093 3,375

Panama........................................ 232 177 198 266 323 302 463 441 408

Peru.............................................. 73 95 117 164 196 239 278 349 271

Uruguay........................................ 16 13 5 12 33 30 74 110 106

Venezuela .................................... 361 474 539 481 669 695 671 607 657

Other Latin America..................... 427 504 485 376 431 553 480 453 438

Total Latin America...................... 8,019 9,000 9,571 8,821 9,515 10,325 11,351 10,935 9,749

Caribbean: 

Bahamas...................................... 1,075 1,631 1,631 3,949 2,200 1,909 1,725 6,703 7,671

Bermuda............................................ 1,024 5,358 2,238 1,734 1,704 1,776 1,793 1,851 1,722

Cayman Islands ........................... 20,067 36,320 36,416 26,051 16,987 28,363 26,742 22,230 31,538

Cuba............................................. 16 8 12 2 10 - - - -

Jamaica........................................ 84 67 70 60 106 92 82 86 80

Netherlands Antilles..................... 32 37 42 30 118 187 46 62 112

Trinidad and Tobago.................... 100 120 119 125 172 146 111 92 111

Other Caribbean .......................... 951 1,085 1,721 1,264 1,518 1,609 1,711 1,272 1,011

Total Caribbean ....................... 23,349 44,626 42,249 33,215 22,815 34,082 32,210 32,296 42,245

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2009 

69

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 2007 2008 

Country 2003 2004 2005 2006 Dec. Mar. r June r Sept. Dec. p

Asia: 

China, Mainland........................ 1,066 3,688 4,958 1,772 1,913 1,886 2,156 2,165 1,935

Hong Kong ................................ 832 701 941 1,009 8,762 1,289 1,205 1,220 1,893

India .......................................... 668 643 413 654 812 707 824 891 737

Indonesia................................... 170 393 445 231 206 260 259 332 273

Israel ......................................... 749 482 403 360 601 620 610 586 591

Japan ........................................ 2,951 2,848 2,696 3,349 5,518 5,251 5,309 5,296 6,949

Korea, South ............................. 1,456 1,569 1,244 1,143 1,272 1,242 1,220 1,235 1,020

Lebanon .................................... 34 15 22 19 19 22 26 34 44

Malaysia.................................... 497 549 536 270 362 308 311 271 420

Pakistan .................................... 34 43 57 86 115 83 67 48 33

Philippines................................. 743 503 275 109 109 105 131 89 70

Singapore.................................. 1,162 1,600 1,944 1,811 2,809 1,985 2,187 2,253 1,488

Syria .......................................... 6 14 6 10 1 3 2 - 12

Taiwan....................................... 783 892 853 972 1,240 1,400 1,174 1,100 1,001

Thailand .................................... 250 326 295 312 416 492 441 373 330

Oil-exporting countries 1............ 1,046 1,208 1,800 1,814 2,552 2,070 2,081 2,846 3,394

Other Asia ................................. 222 309 408 328 513 446 183 210 180

Total Asia .............................. 12,669 15,783 17,296 14,249 27,220 18,169 18,186 18,949 20,370

Africa: 

Congo (formerly Zaire).............. 2 1 1 11 6 6 5 5 5

Egypt......................................... 176 159 194 165 296 315 302 267 363

Ghana ....................................... 8 4 16 3 8 4 10 3 7

Liberia ....................................... 109 102 98 73 54 54 51 53 54

Morocco .................................... 27 33 23 21 21 30 30 23 25

South Africa .............................. 247 193 1,075 221 254 266 320 331 361

Oil-exporting countries 2............ 150 162 295 332 350 352 396 396 301

Other Africa............................... 336 281 419 411 400 724 736 717 495

Total Africa............................ 1,055 935 2,121 1,237 1,389 1,751 1,850 1,795 1,611

Other countries: 

Australia .................................... 3,619 1,588 2,144 2,365 2,467 2,567 2,710 3,705 2,872

New Zealand............................. 208 441 420 351 145 155 152 167 103

All other..................................... 83 245 207 76 37 30 17 17 13

Total other countries ............. 3,910 2,274 2,771 2,792 2,649 2,752 2,879 3,889 2,988

Total foreign countries ...... 100,905 143,218 144,950 126,009 136,155 138,646 155,903 134,739 140,586

International and regional orgs: 

International organizations........ 1 3 -4 150 209 231 28 21

Regional organizations 3 ........... 10 11 - 19 111 18 112 174 101

Total international and 

regional organizations........... 11 14 - 23 261 227 343 202 122

Grand total ........................ 100,916 143,232 144,950 126,032 136,416 138,873 156,246 134,941 140,708

1 Includes Bahrain, ran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2009 

70 

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

Country, December 31, 2008, 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 ........................................... 95 47 48 1,950 1,898 52 

Belgium ......................................... 427 115 312 5,100 4,950 150 

Bulgaria ......................................... 1 - 1 15 9 6 

Czech Republic............................. 46 1 45 85 2 83 

Denmark........................................ 90 6 84 136 63 73 

Finland........................................... 52 14 38 802 415 387 

France ........................................... 2,885 871 2,014 3,467 1,514 1,953 

Germany........................................ 3,382 2,029 1,353 8,493 5,290 3,203 

Greece........................................... 240 28 212 195 117 78 

Hungary......................................... 30 11 19 95 48 47 

Ireland ........................................... 1,367 213 1,154 949 532 417 

Italy................................................ 485 5 480 4,558 3,370 1,188 

Luxembourg .................................. 250 53 197 219 179 40 

Netherlands................................... 1,255 159 1,096 2,476 1,672 804 

Norway .......................................... 385 118 267 274 140 134 

Poland ........................................... 269 1 268 135 24 111 

Portugal......................................... 35 7 28 76 1 75 

Romania........................................ 71 - 71 54 8 46 

Russia ........................................... 529 82 447 705 318 387 

Serbia and Montenegro 

(formerly Yugoslavia) ................ 6 - 6 14 - 14 

Spain ............................................. 772 204 568 1,291 641 650 

Sweden ......................................... 275 4 271 742 499 243 

Switzerland.................................... 1,455 146 1,309 1,877 723 1,154 

Turkey ........................................... 709 26 683 596 403 193 

United Kingdom............................. 12,784 9,376 3,408 14,420 10,086 4,334 

Channel Islands and 

Isle of Man................................. 95 93 2 85 79 6 

Other Europe................................. 435 56 379 1,034 764 270 

Total Europe.............................. 28,425 13,665 14,760 49,843 33,745 16,098 

Canada.............................................. 5,606 1,138 4,468 13,780 10,012 3,768 

Latin America: 

Argentina....................................... 90 10 80 481 26 455 

Brazil ............................................. 626 34 592 2,621 1,436 1,185 

Chile .............................................. 353 14 339 575 106 469 

Colombia ....................................... 332 - 332 463 55 408 

Ecuador......................................... 30 2 28 174 34 140 

Guatemala..................................... 8 - 8 180 43 137 

Mexico........................................... 1,580 70 1,510 3,375 1,161 2,214 

Panama......................................... 166 15 151 408 239 169 

Peru............................................... 34 - 34 271 47 224 

Uruguay......................................... 12 - 12 106 1 105 

Venezuela ..................................... 413 13 400 657 166 491 

Other Latin America ...................... 50 1 49 438 165 273 

Total Latin America........................ 3,694 159 3,535 9,749 3,479 6,270 

Caribbean: 

Bahamas ....................................... 49 - 49 7,671 7,618 53 

Bermuda............................................. 723 55 668 1,722 743 979 

Cayman Islands................................ 10,303 9,534 769 31,538 31,149 389 

Cuba.............................................. - - - - - - 

Jamaica......................................... 37 6 31 80 16 64 

Netherlands Antilles ...................... 6 - 6 112 - 112 

Trinidad and Tobago..................... 60 3 57 111 45 66 

Other Caribbean............................ 446 41 405 1,011 404 607 

Total Caribbean......................... 11,624 9,639 1,985 42,245 39,975 2,270 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2009 

71

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

Country, December 31, 2008, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

Asia: 

China, Mainland ............................ 4,789 88 4,701 1,935 600 1,335 

Hong Kong .................................... 606 57 549 1,893 1,193 700 

India............................................... 1,169 116 1,053 737 298 439 

Indonesia....................................... 366 16 350 273 150 123 

Israel.............................................. 292 2 290 591 37 554 

Japan............................................. 6,050 700 5,350 6,949 2,819 4,130 

Korea, South ................................. 1,416 158 1,258 1,020 378 642 

Lebanon ........................................ 15 2 13 44 3 41 

Malaysia ........................................ 363 1 362 420 194 226 

Pakistan......................................... 28 3 25 33 - 33 

Philippines..................................... 107 4 103 70 16 54 

Singapore...................................... 3,818 169 3,649 1,488 177 1,311 

Syria .............................................. 3 - 3 12 - 12 

Taiwan........................................... 726 7 719 1,001 29 972 

Thailand......................................... 295 6 289 330 190 140 

Other Asia ..................................... 465 247 218 180 20 160 

Total Asia .................................... 26,888 1,659 25,229 20,370 6,314 14,056 

Africa: 

Congo (formerly Zaire).................. - - - 5 5 - 

Egypt ............................................. 293 - 293 363 8 355 

Ghana............................................ 5 2 3 7 2 5 

Liberia............................................ 64 60 4 54 48 6 

Morocco......................................... 112 - 112 25 8 17 

South Africa................................... 54 14 40 361 191 170 

Other Africa ................................... 341 24 317 495 156 339 

Total Africa ................................ 1,633 100 1,533 1,611 457 1,154 

Other countries: 

Australia ........................................ 1,794 113 1,681 2,872 2,226 646 

New Zealand ................................. 92 12 80 103 46 57 

All other ......................................... 30 2 28 13 2 11 

Total other countries ................. 1,916 127 1,789 2,988 2,274 714 

Total foreign countries .......... 79,786 26,487 53,299 140,586 96,256 44,330 

International and regional orgs: 

International organizations............ 7 - 7 21 - 21 

Regional organizations 1 ............... 34 - 34 101 - 101 

Total international and 

regional organizations............... 41 - 41 122 - 122 

Grand total ............................ 79,827 26,487 53,340 140,708 96,256 44,452 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2009 

72

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) 

2005 ................................. 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 r ....................................... 316,012 76,619 239,837 -444 14,627,522 14,311,510 -37,759 2,588,397 2,626,156 

2009 - Jan. - Mar. p.................. 87,574 25,127 63,034 -587 2,226,590 2,139,016 -30,005 315,383 345,388 

 

2008 - Mar................................ 51,003 28,011 22,833 159 1,459,154 1,408,151 16,134 332,852 316,718 

Apr................................ 76,592 22,298 54,280 14 1,202,021 1,125,429 12,190 259,359 247,169 

May............................... 1,790 -3,724 5,567 -53 1,156,223 1,154,433 25,506 255,882 230,376 

June.............................. 28,011 1,105 26,572 334 1,375,650 1,347,639 29,358 227,298 197,940 

July ............................... 34,012 10,068 24,312 -368 1,274,643 1,240,631 -42,066 173,505 215,571 

Aug ............................... 32,837 4,848 28,192 -203 1,022,035 989,198 -24,189 155,794 179,983 

Sept.............................. 20,737 4,944 15,517 276 1,628,400 1,607,663 6,172 190,617 184,445 

Oct. r............................. 32,872 -1,084 34,476 -520 1,179,175 1,146,303 -50,216 201,719 251,935 

Nov. r............................ -25,815 -26,205 -169 559 689,317 715,132 -22,492 140,861 163,353 

Dec. r............................ 14,970 3,851 11,823 -704 667,627 652,657 -37,444 112,314 149,758 

2009 - Jan ................................ 10,720 -1,940 12,695 -35 620,678 609,958 -15,500 105,082 120,582 

Feb. p ........................... 21,551 -1,959 23,602 -92 702,057 680,506 1,091 119,101 118,010 

Mar. p ........................... 55,303 29,026 26,737 -460 903,855 848,552 -15,596 91,200 106,796 

Corporate and other securities 

Bonds * Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2005 ............................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 r ............................................................................ 93,487 1,466,954 1,373,467 40,736 11,990,535 11,949,799 

2009 - Jan. - Mar. p....................................................... -1,408 354,921 356,329 9,414 1,619,510 1,610,096 

 

2008 - Mar..................................................................... -4,691 140,391 145,082 11,376 1,134,086 1,122,710 

Apr..................................................................... 25,003 164,754 139,751 -11,569 958,436 970,005 

May.................................................................... 59,842 189,665 129,823 15,980 997,461 981,481 

June................................................................... 4,685 124,990 120,305 -1,817 1,066,125 1,067,942 

July .................................................................... -4,138 97,810 101,948 -5,778 1,273,558 1,279,336 

Aug.................................................................... -13,130 80,587 93,717 -982 905,531 906,513 

Sept. r................................................................ -8,439 93,859 102,298 11,512 1,168,886 1,157,374 

Oct. r.................................................................. -13,064 91,136 104,200 -6,212 1,019,890 1,026,102 

Nov .................................................................... -16,206 81,420 97,626 4,430 634,851 630,421 

Dec .................................................................... 40,964 139,166 98,202 3,872 561,120 557,248 

2009 - Jan ..................................................................... -8,280 92,939 101,219 1,407 507,335 505,928 

Feb. p ................................................................ 3,331 134,001 130,670 -5,143 491,529 496,672 

Mar. p ................................................................ 3,541 127,981 124,440 13,150 620,646 607,496 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

June 2009 

73

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) 

 

2005....................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 ..................................................... -229,223 -133,923 2,971,803 3,105,726 -95,300 5,215,764 5,311,064 

2008 r ................................................... 101,841 81,752 2,270,426 2,188,674 20,089 5,430,972 5,410,883 

2009 - Jan. - Mar. p.............................. -24,466 -28,639 345,913 374,552 4,173 693,753 689,580 

 

2008 - Mar. r......................................... -3,097 -175 264,947 265,122 -2,922 487,580 490,502 

Apr. r......................................... 9,395 9,640 193,365 183,725 -245 505,496 505,741 

May r ........................................ -28,267 -10,161 182,595 192,756 -18,106 494,660 512,766 

June r ....................................... -11,104 -12,666 189,211 201,877 1,562 499,993 498,431 

July r......................................... 32,422 15,528 159,469 143,941 16,894 560,901 544,007 

Aug. r........................................ 20,222 17,371 157,519 140,148 2,851 428,218 425,367 

Sept. r....................................... 35,104 37,576 227,068 189,492 -2,472 482,935 485,407 

Oct. r......................................... 36,530 14,835 177,827 162,992 21,695 468,005 446,310 

Nov ........................................... 34,251 12,938 123,475 110,537 21,313 288,690 267,377 

Dec ........................................... 12,254 12,174 105,233 93,059 80 248,822 248,742 

2009 - Jan ............................................ -25,125 -27,881 115,197 143,078 2,756 233,221 230,465 

Feb. p ....................................... 1,217 -463 103,330 103,793 1,680 210,043 208,363 

Mar. p ....................................... -558 -295 127,386 127,681 -263 250,489 250,752 

 
CAPITAL MOVEMENTS 

June 2009 

74

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 

2008 2009 2008 2009 2008 2009 2008 2009 

Country 

 Calendar 

 year 

 2008 

 (1) 

 Oct. 

through 

Dec. 

(2) 

 Jan. 

 through 

 Mar. p 

 (3) 

Calendar

year 

2008 

(4) 

Oct. 

through

Dec.

 (5) 

 Jan. 

 through

 Mar. p 

 (6) 

 Calendar 

 year 

 2008 

 (7) 

Oct. 

through

Dec.

 (8) 

Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2008 

(10) 

Oct. 

through

Dec. 

(11) 

Jan. 

through

Mar. p 

(12) 

Europe: 

Austria............................. -1,054 -36 -648 -282 -102 -24 -344 -45 164 419 91 40

Belgium........................... -1,941 -412 -532 -1,601 -341 -439 -11,149 -3,184 -3,417 -1,042 -11 803

Bulgaria........................... 8 1 5 -5 - - -13 - - -7 -1 -

Cyprus 1 .......................... 64 5 -202 -24 -3 -38 33 4 - 137 35 71

Czech Republic............... -288 12 112 -900 -3 -148 -71 -20 -5 174 12 70

Denmark ......................... 349 -277 -299 -1,883 -78 -7 -513 -302 -473 392 -822 112

Finland............................ 361 80 261 -36 -18 -14 -84 -47 385 -36 -67 210

France............................. -15,360 -2,121 8,410 2,760 -2,324 1,087 -1,991 953 -2,502 -7,187 -1,894 -6,757

Germany ......................... 722 427 -1,398 -3,389 156 46 4,954 -902 -70 -19,341 -2,270 465

Greece............................ 181 113 -117 103 4 -109 56 1 5 -493 -233 55

Hungary .......................... -237 58 63 42 -30 -11 -133 8 18 163 19 15

Ireland............................. -4,251 7,376 4,266 -3,400 -3,249 -1,687 -15,326 -6,911 -3,570 838 236 246

Italy ................................. 756 3,206 -597 -1,245 -201 43 157 125 -35 -1,835 -277 -230

Kazakhstan 1................... 1,644 94 193 -337 15 - -23 -83 28 17 16 7

Luxembourg.................... -7,093 -1,372 5,763 -26,743 -1,063 -1,723 -9,453 -2,647 -1,672 -7,648 -1,652 -199

Monaco 1......................... -102 83 -84 94 108 -5 166 87 23 -77 -17 -170

Netherlands .................... -4,790 -1,130 -484 -1,069 -55 -416 -364 762 -812 -1,469 -2,193 1,175

Norway............................ 32,812 5,178 2,352 -6,496 -4,376 -1,393 -1,559 -1,488 -216 7,486 1,540 1,814

Poland............................. 5,857 592 -600 1,091 -69 -91 -14 -9 -6 -92 - 29

Portugal .......................... 1,091 -71 8 55 -4 -59 48 46 2 145 40 578

Romania ......................... -219 -473 -308 -532 - -1 9 - - -4 -1 2

Russia............................. 11,193 -1,572 -8,468 -3,582 -10,705 -971 548 -12 21 48 -5 -3

Serbia and Montenegro 2... -96 -210 -161 -9 - - -1 - -2 - -5

Spain............................... -7,921 -2,335 -560 -946 3 90 -1,020 10 -729 -75 -57 -6

Sweden........................... -3,136 -1,080 -336 -3,224 -2,491 -1,300 -519 -171 -230 5,096 -2,644 981

Switzerland ..................... 1,157 2,488 147 -1,949 -826 -1,074 11,896 11,271 2,256 5,404 2,206 2,076

Turkey............................. -1,650 405 -1,001 690 111 1 12 15 -2 -7 9 2

Ukraine 1 ......................... -1,658 -2,080 -141 -591 -72 - 95 71 -2 -35 1 -3

United Kingdom .............. 188,559 15,672 -17,484 78,123 -18,980 4,909 31,882 6,704 9,341 29,924 4,860 4,518

Channel Islands .............. 1,368 515 -94 -1,561 -179 129 -12,555 -859 -196 574 -551 206

All other Europe 1 ............ 222 -177 -104 -806 -611 -357 -609 -32 70 175 98 15

Total Europe ............... 196,549 22,959 -12,039 22,348 -45,383 -3,563 -5,885 3,345 -1,624 11,646 -3,532 6,117

Memo: Euro Area 3.............. -39,181 3,710 14,170 -35,843 -7,197 -3,343 -34,620 -11,842 -12,267 -37,453 -8,259 -3,555

Memo: European Union 4 .... 151,662 17,856 -4,709 35,950 -29,473 -15 -4,063 -5,655 -3,662 -1,749 -6,812 2,176

Canada ............................... -5,908 -8,411 2,465 5,446 -620 -1,196 7,196 2,349 5,936 7,380 691 -6,882

Latin America: 

Argentina ........................ -163 -251 -35 -223 -2 -14 422 53 22 373 -128 61

Brazil............................... -10,225 -20,923 232 470 325 2,214 742 419 397 1,438 297 -44

Chile ............................... 4,706 519 5 -1,015 -165 119 123 -28 -125 808 -104 -182

Colombia......................... 1,356 2,174 -736 1,731 110 -454 368 51 8 -8 51 -69

Ecuador .......................... 204 127 70 269 281 -32 5 -34 -19 2 -11 -6

Costa Rica 5 .................... 11 -9 2 -219 -16 -4 -349 -129 22 113 57 -21

Guatemala ...................... -348 -176 -210 -7 -2 1 18 2 - 6 -3 -

Mexico ............................ -7,057 -4,812 1,608 5,024 43 -2,121 1,742 1,522 1,588 508 -941 -104

Panama .......................... 140 27 -26 277 13 174 403 104 -53 418 -51 62

Peru ................................ 3,566 345 -244 527 192 -57 369 200 44 -24 98 74

Uruguay .......................... 739 284 315 -98 104 29 390 61 96 210 -98 59

Venezuela....................... -407 -84 -38 -2 -148 24 -20 -21 27 257 16 210

All other Latin America 5 ... -751 27 170 12 -288 34 31 -37 4 40 13 7

Total Latin America..... -8,229 -22,752 1,113 6,746 447 -87 4,244 2,163 2,011 4,141 -804 47

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2009 

75

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 

2008 2009 2008 2009 2008 2009 2008 2009 

Country 

Calendar 

year 

2008 

(1) 

 Oct. 

through 

Dec. 

(2) 

 Jan. 

 through

 Mar. p 

 (3) 

Calendar

year 

2008 

(4) 

 Oct. 

through 

Dec. 

(5) 

 Jan. 

 through

 Mar. p 

 (6) 

Calendar 

year 

2008 

(7) 

 Oct.

through

Dec. 

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2008 

(10) 

 Oct. 

through 

Dec. 

(11) 

 Jan. 

 through

 Mar. p 

 (12) 

Caribbean: 

Anguilla 6 ................................... -805 -651 -110 -211 -774 -545 -269 27 63 -2,229 -1,907 338

Bahamas ................................... -12,705 -1,249 5,416 2,146 895 -1,456 183 215 -514 -1,849 -1,254 -86

Barbados 6 ................................. -19 23 48 354 269 7 196 124 -103 110 -66 -17

Bermuda .................................... 9,193 7,749 2,029 -37,953 -280 -1,299 -394 -582 -113 -1,155 -2,771 791

British Virgin Islands 6 ................ 2,310 2,492 -2,772 583 -999 -28 -6,320 -4,166 -610 -4,555 -1,755 2,072

Cayman Islands......................... 34,445 2,141 9,884 -51,399 -35,428 -9,436 29,018 6,640 -2,215 -29,161 -7,566 -3,090

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -11 44 37 -232 -50 -12 22 18 10 20 5 2

Netherlands Antilles................... -4,682 1,637 536 593 384 -417 28 -45 -95 -4,678 955 518

Trinidad and Tobago.................. 111 32 154 198 63 -109 -6 -6 30 -24 15 7

All other Caribbean 6.................. 113 -30 6 -91 141 271 84 -68 134 55 24 12

Total Caribbean ..................... 27,950 12,188 15,228 -86,012 -35,779 -13,024 22,542 2,157 -3,413 -43,466 -14,320 547

Asia: 

China, Mainland......................... 84,743 4,233 14,499 16,738 -10,418 -5,219 29,598 3,179 126 -706 268 121

Hong Kong................................. 6,242 -3,072 4,302 24,541 1,375 2,525 7,006 1,699 2,712 27,462 3,005 918

India........................................... 2,048 1,322 -535 -326 -350 - 97 2 7 1,344 -14 -58

Indonesia................................... -5,875 -3,133 -2,411 146 16 -88 19 1 210 -27 -21 -11

Israel.......................................... -2,112 1,489 -2,720 -252 -153 -60 589 477 90 961 191 241

Japan......................................... 6,077 5,617 58,460 6,107 -8,767 -10,118 22,256 -1,122 -3,903 21,382 12,691 7,259

Korea, South.............................. -11,171 -8,908 1,537 -16,239 -10,588 1,109 630 -1,890 -1,059 2,752 39 267

Lebanon..................................... -26 -1 5 -3 - 1 -3 1 - 63 -11 16

Malaysia .................................... -944 -1,008 58 2,141 -827 -615 308 -1 -181 29 138 16

Pakistan..................................... 19 -14 -13 -1,264 -16 - -72 -3 9 -5 -1 -

Philippines ................................. -2,118 -715 353 14 16 -70 83 -36 -20 -5 -33 -3

Singapore .................................. -7,037 1,688 -418 -1,855 -625 -7 -1,077 -1,015 -1,339 4,717 5,513 2,239

Syria .......................................... - - -- - - - - - 5 - 2

Taiwan....................................... 5,829 8,542 2,498 2,524 4,260 2,662 1,650 202 1,560 12 -315 200

Thailand..................................... -2,869 726 -2,185 264 54 -146 160 -37 -9 -13 -15 -3

Oil exporting countries 7 ............. 24,923 11,360 10,194 -14,468 -1,049 -33 3,497 -1,128 -1,014 7,277 70 295

All other Asia.............................. 1,170 -537 247 -112 -284 -402 -103 -8 48 60 27 17

Total Asia .............................. 98,899 17,589 83,871 17,956 -27,356 -10,461 64,638 321 -2,763 65,308 21,532 11,516

Africa: 

Egypt ......................................... 1,093 -453 -500 -1,702 -55 -158 -22 -4 92 5 1 5

Liberia........................................ -86 9 -2 23 -1 -18 -318 -37 -6 -2,587 -107 -115

Morocco..................................... -269 -2 26 -2,289 -660 -805 1 - 8 -4 -2 -1

South Africa ............................... -2,294 -813 318 -109 -95 -217 -66 -9 -27 333 26 6

Oil exporting countries 8 ............. 11,416 3,731 85 654 266 -22 152 153 5 -2,626 -27 -5

All other Africa ........................... 449 122 248 -92 -15 -24 67 -1 53 237 144 -888

Total Africa ............................ 10,309 2,594 175 -3,515 -560 -1,244 -186 102 125 -4,642 35 -998

Other countries: 

Australia..................................... -2,993 -1,588 -2,678 -56 -437 -110 319 480 -859 340 -1,382 -735

New Zealand.............................. -153 103 23 315 22 -50 3 28 -17 -19 -102 176

All other countries ...................... 32 10 3 16 -20 -6 2 2 1 19 -27 -370

Total other countries.............. -3,114 -1,475 -2,652 275 -435 -166 324 510 -875 340 -1,511 -929

Total foreign countries ....... 316,456 22,692 88,161 -36,756 -109,686 -29,741 92,873 10,947 -603 40,707 2,091 9,418

International and regional orgs: 

International organizations......... -191 -486 -517 -141 -156 7 613 419 -745 17 - -5

Regional organizations 9 ............ -253 -179 -70 -862 -310 -271 1 328 -60 12 -1 1

Total international and 

 regional organizations.............. -444 -665 -587 -1,003 -466 -264 614 747 -805 29 -1 -4

Grand total......................... 316,012 22,027 87,574 -37,759 -110,152 -30,005 93,487 11,694 -1,408 40,736 2,090 9,414

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As 

of January 2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included 

in “All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2009 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2009, 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..................................... 3,720 1,276 197 304 557 878 508 3,681 1,924 221 140 517 412 467

Belgium................................... 13,349 1,465 171 736 3,927 2,127 4,923 31,150 1,997 610 4,153 3,124 15,733 5,533

Bulgaria................................... 16 14 - - 2 - - 11 9 - - 2 - -

Cyprus 1 .................................. 899 110 23 - 179 386 201 1,208 311 61 - 108 302 425

Czech Republic....................... 1,750 1,358 - - 221 53 118 1,676 1,246 148 5 151 14 112

Denmark ................................. 5,343 1,108 166 467 1,064 1,496 1,042 5,129 1,407 173 940 952 694 963

Finland.................................... 3,014 817 24 680 441 367 685 2,033 556 39 295 231 152 760

France..................................... 799,426 412,342 7,183 2,244 323,590 17,335 36,732 800,535 403,932 6,095 4,746 330,347 22,651 32,763

Germany ................................. 60,813 20,052 3,313 2,638 11,314 14,996 8,500 59,954 21,450 3,267 2,708 10,849 13,807 7,873

Greece.................................... 1,990 172 32 19 560 953 254 1,185 290 141 14 505 51 184

Hungary .................................. 733 74 30 18 335 162 114 470 11 41 - 320 63 35

Ireland..................................... 47,247 16,749 13,213 2,759 6,094 3,782 4,650 49,553 12,483 14,900 6,329 5,848 5,694 4,298

Italy ......................................... 16,488 5,498 434 143 5,216 1,432 3,765 16,311 6,095 391 178 5,446 565 3,636

Kazakhstan 1........................... 3,423 2,827 6 55 32 473 30 3,446 2,634 6 27 25 721 33

Luxembourg............................ 29,763 9,532 5,398 2,484 6,784 2,427 3,138 37,575 3,769 7,121 4,156 6,983 12,740 2,806

Monaco 1................................. 575 1 1 59 432 18 64 840 85 6 36 602 35 76

Netherlands............................. 35,658 4,126 2,409 1,132 10,253 6,985 10,753 34,818 4,610 2,824 1,944 9,078 5,337 11,025

Norway.................................... 36,542 13,252 12,571 1,601 5,486 1,648 1,984 33,453 10,900 13,964 1,817 3,672 1,457 1,643

Poland..................................... 5,407 4,974 - 2 101 175 155 5,950 5,574 91 8 72 110 95

Portugal .................................. 2,445 305 16 48 1,295 650 131 1,732 297 75 46 717 488 110

Romania ................................. 1,406 1,355 - - 41 - 10 1,719 1,663 1 - 39 16 -

Russia..................................... 5,032 4,332 5 33 232 84 346 14,402 12,800 976 12 235 145 234

Serbia and Montenegro 2 ........ 93 70 - - 20 - 3 260 231 - - 25 - 4

Spain....................................... 14,809 2,947 279 1,158 968 5,658 3,799 11,170 3,507 189 1,887 974 969 3,644

Sweden................................... 26,122 2,436 306 73 9,142 4,137 10,028 26,347 2,772 1,606 303 8,161 4,144 9,361

Switzerland ............................. 50,743 7,867 1,444 10,238 18,833 2,804 9,557 53,109 7,720 2,518 7,982 16,757 9,090 9,042

Turkey..................................... 3,697 3,037 1 3 123 357 176 4,394 4,038 - 5 121 49 181

Ukraine 1 ................................. 491 48 - - 69 149 225 600 189 - 2 72 160 177

United Kingdom ...................... 1,820,568 940,571 83,422 210,802 232,181 132,911 220,681 1,811,765 958,055 78,513 201,461 227,663 135,510 210,563

Channel Islands ...................... 8,865 235 184 423 4,831 1,594 1,598 8,648 329 55 619 4,625 595 2,425

All other Europe 1 .................... 3,001 1,183 252 341 706 280 239 3,330 1,287 609 271 691 293 179

Total Europe ....................... 3,003,427 1,460,132 131,079 238,460 645,029 204,317 324,410 3,026,454 1,472,171 134,642 240,084 638,912 231,997 308,648

Memo: Euro Area 3...................... 1,030,223 475,560 32,707 14,412 371,423 58,009 78,112 1,051,673 461,390 36,050 26,679 374,978 78,975 73,601

Canada ....................................... 253,775 83,196 10,138 13,349 62,447 38,089 46,556 253,480 80,731 11,334 7,413 69,329 38,019 46,654

Latin America: 

Argentina ................................ 2,675 216 59 142 1,165 657 436 2,836 251 73 120 1,104 880 408

Brazil....................................... 48,692 34,353 2,878 556 3,111 3,321 4,473 46,150 34,121 664 159 3,155 2,839 5,212

Chile........................................ 7,635 4,870 334 189 794 819 629 7,817 4,865 215 314 976 745 702

Colombia................................. 6,333 3,490 424 291 412 1,460 256 7,587 4,226 878 283 481 1,554 165

Costa Rica 4 ............................ 1,844 1,535 5 23 157 75 49 1,851 1,465 37 42 163 108 36

Ecuador .................................. 213 27 12 27 49 84 14 195 25 16 5 70 64 15

Guatemala .............................. 233 129 3 5 45 49 2 436 339 2 5 45 41 4

Mexico .................................... 27,943 8,183 1,281 2,483 5,751 5,967 4,278 27,231 6,575 3,402 895 5,855 6,131 4,373

Panama .................................. 3,311 259 302 307 1,427 522 494 2,988 285 128 360 1,365 383 467

Peru ........................................ 1,881 438 159 120 666 298 200 3,025 682 216 76 592 1,236 223

Uruguay .................................. 3,547 1,579 95 214 693 695 271 2,913 1,264 66 118 634 544 287

Venezuela............................... 1,902 112 80 127 1,102 329 152 1,639 150 56 100 892 267 174

All other Latin America 4.......... 1,286 477 261 36 277 197 38 917 307 227 32 270 44 37

Total Latin America............. 107,495 55,668 5,893 4,520 15,649 14,473 11,292 105,585 54,555 5,980 2,509 15,602 14,836 12,103

Caribbean: 

Anguilla 5................................. 64,154 4,475 - 218 50,937 8 8,516 65,066 4,585 545 155 50,599 8 9,173

Bahamas................................. 100,285 41,098 811 6,295 34,805 6,826 10,450 95,221 35,682 2,267 6,809 34,891 4,641 10,931

Barbados 5 .............................. 1,693 500 128 77 868 45 75 1,780 452 121 180 885 73 69 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2009 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2009, 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 ................................... 193,474 15,793 14,075 6,726 131,946 1,436 23,498 195,321 13,764 15,374 6,839 131,155 4,605 23,584

British Virgin Islands 5 ............... 100,000 10,406 531 4,969 66,430 2,429 15,235 102,402 13,178 559 5,579 64,358 1,938 16,790

Cayman Islands ........................ 1,057,915 225,734 76,730 57,382 550,819 22,343 124,907 1,070,915 215,850 86,166 59,597 553,909 22,836 132,557

Cuba ......................................... - - - - -- - - - -- - - -

Jamaica .................................... 1,119 925 97 14 22 52 9 1,107 888 109 4 20 85 1

Netherlands Antilles .................. 19,359 3,924 319 194 6,464 7,036 1,422 18,941 3,388 736 289 5,946 6,789 1,793

Trinidad and Tobago................. 1,109 435 210 60 181 163 60 984 281 319 30 174 99 81

All other Caribbean 5 ................. 1,647 161 490 171 515 101 209 1,027 155 219 37 503 30 83

Total Caribbean.................... 1,540,755 303,451 93,391 76,106 842,987 40,439 184,381 1,552,763 288,223 106,415 79,519 842,440 41,104 195,062

Asia: 

China, Mainland........................ 62,334 43,850 11,061 1,479 2,374 2,370 1,200 51,319 29,351 16,280 1,353 2,253 755 1,327

Hong Kong............................ 76,617 13,937 6,252 3,699 6,202 3,907 42,620 63,138 9,635 3,727 987 5,284 1,285 42,220

India...................................... 2,985 843 - 8 265 49 1,820 4,097 1,378 - 1 323 216 2,179

Indonesia .............................. 2,164 983 227 210 231 180 333 4,757 3,394 315 - 242 327 479

Israel..................................... 50,642 44,563 138 419 3,407 836 1,279 54,102 47,283 198 329 3,166 1,591 1,535

Japan.................................... 255,875 151,580 20,081 7,103 17,283 15,923 43,905 197,565 93,120 30,199 11,006 10,024 12,849 40,367

Korea, South......................... 20,349 7,748 5,018 1,078 546 1,517 4,442 24,699 6,211 3,909 2,137 279 6,604 5,559

Lebanon................................ 324 117 1 5 166 5 30 305 112 - 5 150 2 36

Malaysia................................ 4,700 960 2,138 303 138 390 771 5,271 902 2,753 484 122 255 755

Pakistan................................ 238 - - 10 62 61 105 92 13 - 1 62 1 15

Philippines ............................ 3,380 1,902 13 16 200 902 347 2,614 1,549 83 36 203 449 294

Singapore ............................. 42,513 10,855 10,339 2,041 8,269 3,228 7,781 40,301 11,273 10,346 3,380 6,030 1,624 7,648

Syria ..................................... 21 - - - 20 - 1 18 - - - 18 - -

Taiwan .................................. 25,031 9,411 5,571 1,870 3,668 541 3,970 18,163 6,913 2,909 310 3,468 604 3,959

Thailand................................ 2,952 1,748 40 2 181 131 850 5,601 3,933 186 11 184 474 813

All other Asia......................... 35,819 19,492 7,054 1,182 4,585 2,577 929 25,715 9,051 7,489 2,148 4,273 1,780 974

Total Asia.......................... 585,944 307,989 67,933 19,425 47,597 32,617 110,383 497,757 224,118 78,394 22,188 36,081 28,816 108,160

Africa: 

Egypt .................................... 1,220 538 5 100 114 17 446 1,666 1,038 163 8 109 22 326

Liberia................................... 813 21 1 32 560 25 174 989 23 19 38 675 54 180

Morocco................................ 168 123 8 8 14 2 13 945 97 813 - 15 4 16

South Africa .......................... 2,539 1,593 47 - 195 56 648 2,878 1,275 264 27 189 478 645

All other Africa ...................... 4,764 2,318 47 70 458 1,398 473 4,106 1,985 93 12 1,351 250 415

Total Africa ....................... 9,504 4,593 108 210 1,341 1,498 1,754 10,584 4,418 1,352 85 2,339 808 1,582

Other countries: 

Australia................................ 43,211 10,140 5,665 2,047 3,990 6,883 14,486 55,774 12,818 5,775 2,906 4,725 12,641 16,909

New Zealand......................... 1,546 54 347 44 379 526 196 1,007 31 397 61 203 127 188

All other ................................ 103 5 3 4 63 4 24 558 2 9 3 433 19 92

Total other countries ......... 44,860 10,199 6,015 2,095 4,432 7,413 14,706 57,339 12,851 6,181 2,970 5,361 12,787 17,189

Total foreign countries .. 5,545,760 2,225,228 314,557 354,165 1,619,482 338,846 693,482 5,503,962 2,137,067 344,298 354,768 1,610,064 368,367 689,398

International and regional orgs: 

International organizations.... 3,916 1,057 569 575 19 1,564 132 9,547 1,574 562 1,320 24 5,993 74

Regional organizations 6 ....... 6,394 305 257 181 9 5,503 139 1,452 375 528 241 8 192 108

Total international and 

 regional organizations.... 10,310 1,362 826 756 28 7,067 271 10,999 1,949 1,090 1,561 32 6,185 182

Grand total.................... 5,556,070 2,226,590 315,383 354,921 1,619,510 345,913 693,753 5,514,961 2,139,016 345,388 356,329 1,610,096 374,552 689,580

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under 

“All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and 

Slovenia. For data as of January 2009, also includes Slovakia. 

4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other 

Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2009 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2008 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

 Total 

 sales 

 (8) 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks 

 (14) 

Europe: 

Austria............................... 23,639 8,218 1,149 754 5,693 2,765 5,060 23,101 9,273 1,431 1,098 5,274 1,177 4,848

Belgium............................. 71,504 8,659 1,391 3,647 16,480 8,392 32,935 121,652 10,600 2,992 14,796 17,522 43,320 32,423

Bulgaria............................. 68 42 - - 21 - 5 83 34 5 13 28 3 -

Cyprus 1 ........................... 7,425 176 47 82 1,201 1,031 4,888 6,616 112 71 49 1,064 567 4,752

Czech Republic................. 6,625 3,721 473 45 1,099 507 780 7,066 4,009 1,373 116 925 114 529

Denmark ........................... 48,276 6,817 4,186 1,766 17,928 8,421 9,158 45,060 6,468 6,069 2,279 17,536 3,367 9,341

Finland .............................. 12,059 3,227 1,065 128 1,282 1,256 5,101 10,559 2,866 1,100 212 1,318 454 4,608

France............................... 4,633,831 2,148,440 39,769 20,083 2,196,756 93,710 135,073 4,629,393 2,163,800 37,009 22,074 2,203,943 67,862 134,704

Germany ........................... 430,492 110,846 25,390 22,300 153,170 62,744 56,042 432,147 110,124 28,779 17,346 172,511 51,226 52,160

Greece .............................. 11,207 1,715 156 98 2,167 4,719 2,353 6,563 1,533 52 42 2,660 160 2,115

Hungary ............................ 3,061 495 152 88 1,166 718 442 3,255 732 110 221 1,003 730 459

Ireland............................... 783,943 336,159 54,208 20,830 45,848 296,846 30,052 806,485 340,410 57,608 36,156 45,010 294,434 32,866

Italy ................................... 78,234 13,596 2,275 1,165 28,848 11,554 20,796 72,440 12,840 3,520 1,008 30,683 2,642 21,747

Kazakhstan 1 .................... 11,446 8,666 533 114 95 1,839 199 9,829 7,022 870 137 78 1,621 101

Luxembourg ...................... 150,572 12,109 36,286 16,404 41,950 18,021 25,802 245,878 19,201 63,029 25,857 49,598 61,317 26,875

Monaco 1 ......................... 5,390 251 113 228 3,788 322 688 5,142 353 19 62 3,865 236 607

Netherlands....................... 307,426 44,308 17,183 7,424 120,720 26,024 91,768 311,146 49,097 18,252 7,788 122,189 21,564 92,256

Norway.............................. 241,206 108,014 57,614 11,392 39,934 9,599 14,653 210,031 75,202 64,110 12,951 32,448 11,850 13,470

Poland............................... 23,617 19,362 2,374 8 215 852 806 16,728 13,505 1,283 22 307 499 1,112

Portugal............................. 9,577 2,455 182 161 3,793 1,784 1,202 8,102 1,364 127 113 3,648 1,512 1,338

Romania............................ 4,387 3,922 3 9 344 96 13 5,052 4,141 535 - 348 23 5

Russia............................... 61,870 41,882 10,953 676 1,660 1,230 5,469 51,600 30,689 14,535 128 1,612 400 4,236

Serbia and Montenegro 2 .. 751 497 - - 227 - 27 894 593 9 1 225 20 46

Spain................................. 91,473 20,503 674 7,727 7,021 28,692 26,856 71,224 28,424 1,621 8,747 7,096 1,114 24,222

Sweden............................. 235,668 10,039 14,121 2,201 85,907 19,176 104,224 217,923 13,175 17,345 2,720 80,811 13,320 90,552

Switzerland ....................... 260,750 38,371 6,947 29,066 113,497 9,189 63,680 246,142 37,214 8,896 17,170 108,093 11,605 63,164

Turkey............................... 24,843 15,581 699 44 870 5,903 1,746 21,874 17,231 9 32 877 2,078 1,647

Ukraine 1 .......................... 5,341 3,780 150 132 172 1,092 15 7,016 5,438 741 37 207 464 129

United Kingdom................. 12,563,058 6,981,662 505,725 660,149 1,850,505 810,186 1,754,831 12,232,173 6,793,103 427,602 628,267 1,820,581 805,717 1,756,903

Channel Islands ................ 93,119 38,351 632 4,088 28,847 6,117 15,084 103,290 36,983 2,193 16,643 28,273 3,881 15,317

All other Europe 1 .............. 16,471 3,963 1,428 402 5,507 1,935 3,236 17,286 3,741 2,234 1,011 5,332 1,769 3,199

Total Europe ................. 20,217,331 9,995,827 785,879 811,211 4,776,711 1,434,721 2,412,982 19,945,748 9,799,278 763,531 817,096 4,765,065 1,405,046 2,395,732

Memo: Euro Area 3................ 6,616,220 2,710,954 179,824 100,963 2,627,388 557,982 439,109 6,750,005 2,750,135 215,667 135,583 2,664,841 547,692 436,087

Canada ................................. 1,555,920 519,217 63,303 36,373 381,815 253,441 301,771 1,538,669 525,125 57,857 29,177 374,435 248,326 303,749

Latin America: 

Argentina........................... 21,938 1,777 263 771 6,140 6,981 6,006 19,277 1,940 486 349 5,767 4,580 6,155

Brazil................................. 214,346 116,128 4,724 1,318 21,349 26,081 44,746 216,989 126,353 4,254 576 19,911 13,012 52,883

Chile.................................. 73,675 40,688 3,106 1,664 13,855 7,173 7,189 67,768 35,982 4,121 1,541 13,047 4,874 8,203

Colombia........................... 39,353 23,098 4,302 1,177 3,797 6,006 973 34,639 21,742 2,571 809 3,805 4,715 997

Costa Rica 4 ..................... 7,877 5,115 353 268 1,013 733 395 7,360 4,911 84 263 1,011 470 621

Ecuador............................. 3,559 815 245 224 424 607 1,244 3,620 804 464 573 311 403 1,065

Guatemala ........................ 1,567 784 18 45 309 335 76 1,810 1,132 25 27 303 261 62

Mexico .............................. 172,021 54,938 16,338 8,865 31,886 24,657 35,337 159,736 61,995 11,314 7,123 31,378 17,465 30,461

Panama............................. 16,842 2,364 1,263 1,640 5,292 3,282 3,001 15,404 2,224 986 1,237 4,874 2,787 3,296

Peru .................................. 14,769 4,913 1,858 550 2,857 2,873 1,718 8,682 1,347 1,331 181 2,881 967 1,975

Uruguay ............................ 18,571 7,285 569 890 3,210 4,428 2,189 15,979 6,546 667 500 3,000 3,204 2,062

Venezuela......................... 9,649 695 631 467 3,573 3,284 999 15,442 1,102 633 487 3,316 8,916 988

All other Latin America 4 ... 4,236 1,261 1,321 222 844 311 277 4,856 2,012 1,309 191 804 239 301

Total Latin America ....... 598,403 259,861 34,991 18,101 94,549 86,751 104,150 571,562 268,090 28,245 13,857 90,408 61,893 109,069

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2009 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2008, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds

(4) 

Stocks 

(5) 

Bonds

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla 5............................... 419,600 18,895 649 782 350,952 993 47,328 423,524 19,700 860 1,051 353,181 1,127 47,605

Bahamas .............................. 615,505 309,695 10,533 21,104 179,449 22,323 72,401 627,590 322,400 8,387 20,921 181,298 22,403 72,181

Barbados 5 ............................ 9,359 1,120 5,238 598 1,207 471 725 8,779 1,139 4,884 402 1,097 472 785

Bermuda ............................... 1,375,436 186,452 62,867 43,792 863,281 28,209 190,835 1,419,297 177,259 100,820 44,186 864,436 43,172 189,424

British Virgin Islands 5 ........... 791,816 76,921 4,788 33,286 509,156 28,656 139,009 807,209 74,611 4,205 39,606 513,711 28,868 146,208

Cayman Islands .................... 8,709,065 1,618,303 1,112,016 337,388 4,405,073 181,001 1,055,284 8,742,037 1,583,858 1,163,415 308,370 4,434,234 163,086 1,089,074

Cuba..................................... - --- ----- --- - -

Jamaica ................................ 6,521 4,891 866 129 217 367 51 7,129 4,902 1,098 107 197 779 46

Netherlands Antilles.............. 211,843 112,039 4,550 2,647 61,137 10,792 20,678 221,043 116,721 3,957 2,619 65,815 10,744 21,187

Trinidad and Tobago............. 4,683 648 1,106 220 369 985 1,355 4,256 537 908 226 393 762 1,430

All other Caribbean ............... 6,011 821 1,280 412 2,506 308 684 5,971 708 1,371 328 2,451 373 740

Total Caribbean................ 12,149,838 2,329,785 1,203,893 440,358 6,373,347 274,105 1,528,350 12,266,835 2,301,835 1,289,905 417,816 6,416,813 271,786 1,568,680

Asia: 

China, Mainland ............... 496,924 285,900 129,929 42,054 15,652 17,731 5,658 354,574 201,157 113,191 12,456 16,358 5,499 5,913

Hong Kong ........................ 551,023 66,770 54,637 14,410 77,700 7,118 330,388 472,297 60,528 30,096 7,404 50,238 6,073 317,958

India .................................. 43,772 12,233 35 151 2,756 850 27,747 36,017 10,185 361 54 1,412 493 23,512

Indonesia........................... 13,574 5,999 987 22 928 1,061 4,577 19,781 11,874 841 3 955 1,401 4,707

Israel ................................. 313,004 266,982 3,548 2,396 25,211 1,438 13,429 312,184 269,094 3,800 1,807 24,250 568 12,665

Japan ................................ 1,316,561 551,563 143,744 60,732 61,640 95,800 403,082 1,242,367 545,486 137,637 38,476 40,258 99,042 381,468

Korea, South ..................... 129,871 45,127 25,295 8,041 5,362 9,191 36,855 147,867 56,298 41,534 7,411 2,610 7,386 32,628

Lebanon ............................ 1,314 110 - 47 947 43 167 1,248 136 3 50 884 10 165

Malaysia............................ 34,156 10,168 10,036 697 986 3,466 8,803 30,866 11,112 7,895 389 957 2,231 8,282

Pakistan ............................ 1,185 70 187 62 307 30 529 2,497 51 1,451 134 312 31 518

Philippines......................... 14,764 7,652 912 345 1,742 2,178 1,935 16,423 9,770 898 262 1,747 1,969 1,777

Singapore.......................... 266,829 66,851 46,177 8,412 53,079 14,769 77,541 259,208 73,888 48,032 9,489 48,362 7,277 72,160

Syria.................................. 515 --- 449 - 66 511 - - - 444 - 67

Taiwan .............................. 106,989 32,898 18,199 3,071 22,607 2,130 28,084 95,194 27,069 15,675 1,421 22,595 1,829 26,605

Thailand ............................ 21,132 13,626 782 218 788 960 4,758 22,491 16,495 518 58 801 585 4,034

All other Asia..................... 172,652 64,534 34,566 9,828 43,639 10,793 9,292 144,424 38,441 49,146 6,434 36,302 6,622 7,479

Total Asia...................... 3,484,265 1,430,483 469,034 150,486 313,793 167,558 952,911 3,157,949 1,331,584 451,078 85,848 248,485 141,016 899,938

Africa: 

Egypt................................. 12,984 8,606 157 12 439 448 3,322 13,134 7,513 1,859 34 434 142 3,152

Liberia ............................... 3,568 47 38 127 2,361 161 834 6,345 133 15 445 4,948 58 746

Morocco ............................ 574 280 88 3 127 34 42 3,187 549 2,377 2 131 20 108

South Africa....................... 11,489 4,769 302 23 1,358 1,242 3,795 15,765 7,063 411 89 1,025 3,015 4,162

All other Africa................... 35,724 18,374 888 277 6,937 5,520 3,728 22,661 6,509 326 58 9,326 981 5,461

Total Africa.................... 64,339 32,076 1,473 442 11,222 7,405 11,721 61,092 21,767 4,988 628 15,864 4,216 13,629

Other countries: 

Australia ............................ 260,087 50,433 22,562 7,981 36,928 27,446 114,737 274,308 53,426 22,618 7,662 36,588 38,589 115,425

New Zealand..................... 7,908 576 2,625 177 1,522 1,495 1,513 18,021 729 2,310 174 1,541 11,762 1,505

All other............................. 824 71 102 16 483 20 132 1,145 39 86 14 464 29 513

Total other countries...... 268,819 51,080 25,289 8,174 38,933 28,961 116,382 293,474 54,194 25,014 7,850 38,593 50,380 117,443

Total foreign 

 countries ............... 38,338,915 14,618,329 2,583,862 1,465,145 11,990,370 2,252,942 5,428,267 37,835,329 14,301,873 2,620,618 1,372,272 11,949,663 2,182,663 5,408,240

International and regional orgs: 

International organizations... 14,898 6,833 2,270 1,238 115 4,113 329 13,802 7,024 2,411 625 98 3,431 213

Regional organizations 6 ..... 20,993 2,360 2,265 571 50 13,371 2,376 11,358 2,613 3,127 570 38 2,580 2,430

Total international and 

 regional organizations....... 35,891 9,193 4,535 1,809 165 17,484 2,705 25,160 9,637 5,538 1,195 136 6,011 2,643

 Grand total................... 38,374,806 14,627,522 2,588,397 1,466,954 11,990,535 2,270,426 5,430,972 37,860,489 14,311,510 2,626,156 1,373,467 11,949,799 2,188,674 5,410,883

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and 

Slovenia. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

June 2009 

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 2005 2006 2007 2008 

 2009

 Jan. - Mar. 

United Kingdom......................... 363,593 472,380 546,592 328,488 1,284 

All other Europe ......................... 146,910 126,118 5,310 -103,830 -12,393 

Caribbean banking centers 1 ........ 102,259 139,732 74,788 -75,114 -728 

Japan ......................................... 79,814 58,050 -303 55,822 51,698 

All other Asia.............................. 187,284 226,863 234,778 190,979 30,465 

Subtotal.................................. 879,860 1,023,143 861,165 396,345 70,326 

All other countries...................... 131,680 120,078 144,657 16,131 -4,751 

Grand total ............................. 1,011,540 1,143,221 1,005,822 412,476 65,575 

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

The data on this page represent foreign 

investors’ purchases and sales of longterm U.S. securities (that is, U.S. 

Treasury and Government agency 

bonds and notes, and U.S. corporate 

bonds and stocks) as reported to the 

TIC reporting system. Foreign 

investors have also acquired U.S. 

equities through mergers and 

reincorporations that involve stock 

swaps. Net foreign acquisitions of 

U.S. equities through stock swaps 

amounted to $6 billion in 2005, $4 

billion in 2006, $11 billion in 2007, 

and less than $1 billion in 2008. There 

were no reported acquisitions through 

stock swaps in the first quarter of 

2009. (Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not reported 

under the TIC reporting system, but 

are available on the TIC Website. The 

TIC Website also provides estimates 

from the Federal Reserve Bank of 

New York on principal repayment 

flows of foreign holdings of U.S. 

government agency and corporate 

asset-backed securities (ABS). These 

repayments are estimated to have 

reduced foreign net purchases of U.S. 

securities by $144 billion in 2005, 

$160 billion in 2006, $234 billion in 

2007, $191 billion in 2008, and $51 

billion in the first quarter of 2009. 

In 2005, net foreign acquisitions of 

U.S. securities (including stock swaps 

and accounting for ABS repayment 

flows) totaled $873 billion. Net 

purchases reached a record of $987 

billion in 2006, but then slowed to 

$782 billion in 2007. Net acquisitions 

slowed further to $221 billion in 2008, 

as foreign investors continued to 

acquire U.S. securities in the first half 

of the year, but on net sold U.S. 

securities in the second half of the 

year. In the first quarter of 2009, 

foreign net purchases (after accounting 

for ABS repayments) were $15 billion. 

-200

-100

0

100

200

300

400

500

600

700

800

900

2005 2006 2007 2008 2009 

Jan. - Mar.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net 

purchases during 2009 w ith those in prior 

years, the chart depicts data for all periods 

at an annualized rate.
 CAPITAL MOVEMENTS 

June 2009 

81

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. U.S. 

investors also have acquired foreign 

stocks through mergers that involve 

stock swaps. 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 $12 billion in 2004, 

$4 billion in 2005, $19 billion in 2006, 

$11 billion in 2007, $4 billion in 2008, 

and $2 billion in the first quarter of 

2009. (Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) These 

stock swaps are not reported under the 

TIC reporting system, but are available 

on the TIC Website. 

Including the stock swaps, U.S. net 

purchases of long-term foreign 

securities amounted to $141 billion in 

2004. U.S. acquisitions picked up to 

$176 billion in 2005 and $270 billion 

in 2006, but then eased somewhat to 

$241 billion in 2007. U.S. investors 

switched to net sales of $98 billion in 

foreign securities in 2008. In the first 

quarter of 2009, U.S. investors 

acquired $26 billion in foreign 

securities (after accounting for 

acquisitions through stock swaps). 

-200

-100

0

100

200

300

400

2004 2005 2006 2007 2008 2009

Jan.-Mar.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2009

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2004 2005 2006 2007 2008 

 2009 

 Jan. - Mar. 

Foreign bonds ......... 67,872 45,095 144,452 133,923 -81,752 28,639 

Foreign stocks......... 84,970 127,296 106,455 95,300 -20,089 -4,173 

Total ...................... 152,842 172,391 250,907 229,223 -101,841 24,466 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

June 2009 

82 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2006 2007 2008 

 Dec. Dec. Mar. June Sept. Dec. p 

Gross total of holdings with negative fair values ........................... 1,179,159 2,487,860 4,055,518 3,528,055 3,138,386 6,464,967 

Total over-the-counter (OTC) contracts..................................... 1,156,241 2,456,093 4,015,089 3,469,018 3,092,038 6,398,087 

Single-currency interest rate contracts.................................. 749,009 1,434,083 2,320,674 1,781,034 1,602,170 4,470,553 

Forwards ............................................................................ 541 1,410 3,554 4,586 8,046 9,851 

Swaps ................................................................................ 678,413 1,275,308 2,125,556 1,594,291 1,425,059 4,178,435 

Options............................................................................... 70,055 157,365 191,564 182,157 169,065 282,267 

Foreign exchange contracts .................................................. 151,046 240,138 367,553 294,743 325,466 481,833 

Forwards ............................................................................ 47,068 72,450 120,033 87,327 113,706 169,983 

Swaps ................................................................................ 78,390 115,889 172,489 151,177 160,807 234,573 

Options............................................................................... 25,588 51,799 75,031 56,239 50,953 77,277 

Other contracts ...................................................................... 256,186 781,872 1,326,862 1,393,241 1,164,402 1,445,701 

Total exchange-traded contracts ............................................... 22,918 31,767 40,429 59,037 46,348 66,880 

Own contracts on foreign exchanges .................................... 4,042 4,101 6,033 5,837 5,158 6,400 

U.S. customers’ contracts on foreign exchanges.................. 2,738 3,658 4,019 6,110 5,561 7,684 

Foreign counterparty contracts on U.S. exchanges .............. 16,138 24,008 30,377 47,090 35,629 52,796 

Memorandum items: 

Contracts with own foreign office........................................... 312,724 615,885 1,018,175 937,871 960,208 1,477,146 

Contracts with foreign official institutions .............................. 9,586 14,495 15,166 13,152 12,094 26,636 

Contracts of U.S. depository institutions with foreigners....... 391,948 790,580 1,409,843 997,078 1,180,178 2,803,032 

Gross total of holdings with positive fair values............................. 1,238,995 2,559,332 4,186,275 3,638,417 3,240,318 6,624,549 

Total over-the-counter (OTC) contracts..................................... 1,213,354 2,526,075 4,142,982 3,575,564 3,190,484 6,562,853 

Single-currency interest rate contracts.................................. 793,057 1,463,086 2,363,064 1,825,236 1,655,033 4,551,035 

Forwards ............................................................................ 1,027 1,234 3,445 4,926 5,119 10,831 

Swaps ................................................................................ 702,386 1,288,685 2,146,969 1,619,634 1,463,033 4,216,924 

Options............................................................................... 89,644 173,167 212,650 200,676 186,881 323,280 

Foreign exchange contracts .................................................. 176,267 290,943 436,499 349,048 356,026 497,234 

Forwards ............................................................................ 44,941 73,894 123,941 82,668 118,693 180,414 

Swaps ................................................................................ 102,795 160,129 230,375 205,104 179,177 229,552 

Options............................................................................... 28,531 56,920 82,183 61,276 58,156 87,268 

Other contracts ...................................................................... 244,030 772,046 1,343,419 1,401,280 1,179,425 1,514,584 

Total exchange-traded contracts ............................................... 25,641 33,257 43,293 62,853 49,834 61,696 

Own contracts on foreign exchanges .................................... 4,590 4,558 5,730 5,665 3,708 2,665 

Customers’ contracts on foreign exchanges ......................... 2,882 3,422 4,869 7,742 6,553 8,203 

Foreign counterparty contracts on U.S. exchanges .............. 18,169 25,277 32,694 49,446 39,573 50,828 

Memorandum items: 

Contracts with own foreign office........................................... 318,870 623,349 1,044,166 955,322 975,010 1,489,344 

Contracts with foreign official institutions .............................. 10,385 13,040 17,015 12,861 9,657 20,794 

Contracts of U.S. depository institutions with foreigners....... 407,594 811,889 1,435,062 1,029,986 1,205,971 2,837,891 

 
 CAPITAL MOVEMENTS 

June 2009 

83

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2006 2007 2008 

Country Dec. Dec. Mar. June Sept. Dec. p 

Europe: 

Belgium .......................................................................... 9,338 12,803 16,305 17,750 12,470 23,990 

France............................................................................ 67,056 130,795 215,113 194,366 164,518 302,240 

Germany ........................................................................ 85,235 175,390 276,936 255,611 177,000 357,176 

Ireland ............................................................................ 115,002 162,977 265,049 184,059 213,901 411,112 

Italy................................................................................. 5,850 6,412 8,841 8,952 6,652 11,448 

Netherlands.................................................................... 21,114 31,659 60,808 58,928 39,964 42,442 

Switzerland .................................................................... 28,036 61,915 104,751 97,204 77,780 114,215 

United Kingdom ............................................................. 632,362 1,535,536 2,594,941 2,251,499 2,056,285 4,593,759 

All other Europe ............................................................. 30,383 56,910 59,745 74,959 60,224 77,322 

Total Europe .............................................................. 994,376 2,174,397 3,602,489 3,143,328 2,808,794 5,933,704 

Memo: Euro Area 1 ........................................................ 323,436 549,170 879,490 757,354 645,097 1,191,135 

Memo: European Union 2............................................... 963,045 2,095,271 3,488,499 3,022,261 2,712,917 5,808,569 

Canada............................................................................... 27,239 43,759 58,898 58,529 50,780 90,703 

Total Latin America............................................................ 13,299 13,764 18,827 17,092 13,013 13,049 

Caribbean: 

Cayman Islands ............................................................. 57,234 110,074 144,650 122,194 105,342 133,574 

All other Caribbean ........................................................ 15,655 22,706 30,542 32,122 24,521 33,447 

Total Caribbean ......................................................... 72,889 132,780 175,192 154,316 129,863 167,021 

Asia: 

 Japan ........................................................................... 37,077 67,577 101,660 66,700 62,813 142,645 

All other Asia.................................................................. 16,367 33,085 66,326 57,373 46,370 77,138 

Total Asia ................................................................... 53,444 100,662 167,986 124,073 109,183 219,783 

Total Africa......................................................................... 2,153 3,025 3,930 5,845 4,402 5,507 

Other countries: 

Australia ......................................................................... 10,567 13,239 20,309 18,648 16,328 24,582 

All other.......................................................................... 576 849 789 547 652 1,265 

Total other countries .................................................. 11,143 14,088 21,098 19,195 16,980 25,847 

Total foreign countries ........................................... 1,174,543 2,482,475 4,048,420 3,522,378 3,133,015 6,455,614 

Total International and regional organizations .................. 4,616 5,389 7,097 5,677 5,372 9,355 

Grand total ................................................................. 1,179,159 2,487,860 4,055,518 3,528,055 3,138,386 6,464,967 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia.

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania.
CAPITAL MOVEMENTS 

June 2009 

84 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 2006 2007 2008 

 Dec. Dec. Mar. June Sept. Dec. p 

 

Europe: 

Belgium ..................................................................... 9,806 13,329 18,708 19,872 14,308 30,559 

France ....................................................................... 73,478 139,382 226,062 204,125 173,382 328,209 

Germany.................................................................... 97,012 185,036 290,360 271,668 188,081 365,763 

Ireland ....................................................................... 120,433 163,883 275,417 193,358 222,010 424,358 

Italy............................................................................ 12,119 15,668 20,850 20,761 12,104 15,130 

Netherlands............................................................... 23,547 36,044 66,908 63,412 41,475 45,155 

Switzerland................................................................ 29,175 69,586 111,750 103,906 86,565 123,836 

United Kingdom......................................................... 658,948 1,558,496 2,639,440 2,272,620 2,095,015 4,657,754 

All other Europe ........................................................ 23,466 47,949 51,901 67,924 53,003 68,469 

Total Europe.......................................................... 1,047,984 2,229,373 3,701,396 3,217,646 2,885,943 6,059,233 

Memo: Euro Area 1.................................................... 349,741 572,162 925,817 801,150 673,406 1,247,252 

Memo: European Union 2.......................................... 1,015,511 2,144,029 3,581,027 3,090,441 2,780,637 5,922,042 

Canada.......................................................................... 31,611 51,648 71,569 74,917 55,752 92,249 

Total Latin America ....................................................... 14,278 16,037 21,763 20,120 15,338 15,652 

Caribbean: 

Cayman Islands ........................................................ 49,702 112,007 154,244 131,186 114,599 153,091 

All other Caribbean ................................................... 17,461 21,305 30,145 28,070 25,422 32,889 

Total Caribbean..................................................... 67,163 133,312 184,389 159,256 140,021 185,980 

Asia: 

Japan......................................................................... 38,327 66,643 98,841 65,405 61,821 141,643 

All other Asia ............................................................. 19,560 36,647 73,158 64,837 54,199 91,733 

Total Asia .............................................................. 57,887 103,290 171,999 130,242 116,020 233,376 

Total Africa .................................................................... 3,088 4,260 4,987 6,155 4,722 6,396 

Other countries: 

Australia .................................................................... 13,509 17,356 25,327 25,666 18,402 25,943 

All other ..................................................................... 762 954 1,042 708 955 1,833 

Total other countries ............................................. 14,271 18,310 26,369 26,374 19,357 27,776 

Total foreign countries ...................................... 1,236,282 2,556,230 4,182,472 3,634,710 3,237,153 6,620,662 

Total international and regional organizations.............. 2,713 3,104 3,802 3,705 3,164 3,888 

Grand total ............................................................ 1,238,995 2,559,332 4,186,275 3,638,417 3,240,318 6,624,549 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia.

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania.
CAPITAL MOVEMENTS 

June 2009 

85

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 

Type of Derivatives Contract 2007 2008 Dec. Mar. June Sept. Dec. p 

Total over-the-counter (OTC) contracts................................................. 6,851 -20,147 -9,218 -4,221 -4,617 -6,443 -4,866 

Single-currency interest rate contracts .............................................. 11,030 -3,684 -399 -6,127 -4 421 2,026 

Foreign exchange contracts............................................................... -3,814 -10,001 -824 -3,559 768 -5,564 -1,646 

Other contracts................................................................................... -365 -6,462 -7,995 5,465 -5,381 -1,300 -5,246 

Total exchange-traded contracts ........................................................... -629 -8,758 -4,290 -3,745 2,262 2,368 -9,643 

Own contracts on foreign exchanges ................................................ 3,566 2,877 -1,095 1,709 7,227 971 -7,030 

U.S. customers’ contracts on foreign exchanges .............................. 2,634 -8,915 543 -648 1,185 -4,608 -4,844 

Foreign counterparty contacts on U.S. exchanges ........................... -6,829 -2,720 -3,738 -4,806 -6,150 6,005 2,231 

Total net cash settlements from foreigners ........................................... 6,222 -28,905 -13,508 -7,966 -2,355 -4,075 -14,509 

Memorandum items: 

Contracts with foreign official institutions....................................... 872 1,831 309 1,431 -1,198 768 830 

 

 Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

June 2009 

86 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 

Country 2007 2008 Dec. Mar. June Sept. Dec. p

Europe: 

Belgium ................................................................................. -2,380 -208 -2,396 23 101 188 -520

France................................................................................... -3,685 -19,185 -103 -156 -2,673 -3,983 -12,373

Germany ............................................................................... 84 -6,564 338 -563 -2,746 1,310 -4,565

Ireland ................................................................................... -319 -4,152 1,087 -1,061 -318 -789 -1,984

Italy........................................................................................ 730 -2,423 303 -249 41 -1,004 -1,211

Netherlands........................................................................... 516 -2,203 89 -594 -3,206 124 1,473

Switzerland ........................................................................... 6,498 -7,303 -887 -5,085 -996 -2,907 1,685

United Kingdom .................................................................... 12,570 -1,022 -6,129 -1,866 5,581 -10,318 5,581

All other Europe .................................................................... 2,114 6,981 -1,869 1,524 -4,209 6,199 3,467

Total Europe ..................................................................... 16,128 -36,079 -9,567 -8,027 -8,425 -11,180 -8,447

Memo: Euro area 1 ................................................................ -2,962 -31,330 -2,026 -2,367 -13,618 1,148 -16,493

Memo: European Union 2...................................................... 9,750 -32,400 -8,585 -2,906 -8,153 -9,461 -11,880

Canada...................................................................................... -3,005 3,237 -1,145 3,139 399 -2,375 2,074

Total Latin America................................................................... -1,329 729 -2,355 -330 260 -143 942

Caribbean: 

Cayman Islands .................................................................... -1,159 10,943 2,738 3,149 3,109 5,462 -777

All other Caribbean ............................................................... -250 5,197 -1,117 -1,003 1,072 5,013 115

Total Caribbean ................................................................ -1,409 16,140 1,621 2,146 4,181 10,475 -662

Asia: 

Japan .................................................................................... -2,703 -9,843 -2,264 -4,730 2,998 -2,784 -5,327

All other Asia......................................................................... -12 -4,354 -363 -1,647 -1,642 196 -1,261

Total Asia .......................................................................... -2,715 -14,197 -2,627 -6,377 1,356 -2,588 -6,588

Total Africa................................................................................ -264 -148 -118 -146 36 137 -175

Other countries: 

Australia ................................................................................ -1,602 1,432 1,095 1,352 35 1,758 -1,713

All other................................................................................. -230 92 9 18 49 -69 94

Total other countries ......................................................... -1,832 1,524 1,104 1,370 84 1,689 -1,619

Total foreign countries .................................................. 5,574 -28,794 -13,087 -8,225 -2,109 -3,985 -14,475

Total international and regional organizations.......................... 651 -121 -418 255 -247 -98 -31

Grand total ........................................................................ 6,222 -28,905 -13,508 -7,966 -2,355 -4,075 -14,509

1

 I Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
 June 2009 

87

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

June 2009 

88 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

 

10/01/08 .................................................................... 726,302 755,232 1,220 1.0607 

10/08/08 .................................................................... 747,856 776,565 782 1.1246 

10/15/08 .................................................................... 766,619 816,424 -19 1.1804 

10/22/08 .................................................................... 779,982 813,210 -244 1.2496 

10/29/08 .................................................................... 815,488 847,757 -170 1.2302 

 

11/05/08 .................................................................... 798,069 831,975 -988 1.1590 

11/12/08 .................................................................... 792,728 825,515 -999 1.2296 

11/19/08 .................................................................... 783,997 823,234 -1,067 1.2370 

11/26/08 .................................................................... 803,255 843,667 -1,038 1.2338 

 

12/03/08 .................................................................... 805,182 844,188 -766 1.2573 

12/10/08 .................................................................... 748,643 785,797 -454 1.2553 

12/17/08 .................................................................... 682,878 712,787 -494 1.2058 

12/24/08 .................................................................... 617,841 648,036 -726 1.2125 

12/31/08 .................................................................... 630,632 661,410 -344 1.2240 

 

01/07/09 .................................................................... 677,448 710,045 161 1.1850 

01/14/09 .................................................................... 643,565 675,296 -53 1.2373 

01/21/09 .................................................................... 654,555 686,581 42 1.2749 

01/28/09 .................................................................... 626,012 656,887 199 1.2096 

 

02/04/09 .................................................................... 637,538 667,471 406 1.2268 

02/11/09 .................................................................... 650,568 681,378 44 1.2418 

02/18/09 .................................................................... 649,172 680,909 n.a. 1.2592 

02/25/09 .................................................................... 658,363 690,170 86 1.2558 

 

03/04/09 .................................................................... 671,746 700,268 -211 1.2768 

03/11/09 .................................................................... 680,587 711,799 -383 1.2808 

03/18/09 .................................................................... 616,965 647,734 -164 1.2715 

03/25/09 .................................................................... 619,023 650,189 261 1.2245 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

89

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - Apr ................... 792,511 811,750 204,674 182,754 72,251 61,955 78,321 86,569 446 1.0092 

May.................. 783,032 800,143 193,260 175,265 75,246 62,438 69,409 81,474 305 0.9938 

June................. 708,422 723,727 195,618 177,698 73,064 62,946 66,938 77,223 550 1.0185 

July .................. 762,144 783,370 203,718 183,997 60,370 57,570 60,852 65,535 311 1.0261 

Aug .................. 813,975 835,396 210,772 192,626 62,405 62,211 68,050 67,675 1,002 1.0631 

Sept................. 730,492 758,806 180,842 156,950 59,498 60,990 62,821 60,724 1,228 1.0597 

Oct................... 817,607 846,772 191,668 164,583 52,351 53,220 61,117 59,599 -1,214 1.2158 

Nov .................. 800,323 841,201 175,232 152,935 39,942 39,348 46,428 45,867 -1,401 1.2360 

Dec .................. 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 

2009 - Jan ................... 646,263 677,683 159,321 139,136 33,273 32,062 35,077 35,549 -101 1.2365 

Feb .................. 671,695 702,394 158,950 136,095 34,210 33,087 38,774 38,183 -500 1.2710 

Mar .................. 638,146 679,424 149,394 128,115 35,686 34,115 37,474 37,613 -379 1.2606 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2005 - Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

2006 - Mar................... 21,479 27,460 n.a. n.a. 662 824 2,870 905 -826 1.167 

 June ................. 22,757 27,397 n.a. n.a. 463 758 2,501 688 -700 1.115 

 Sept.................. 22,644 29,191 87,920 n.a. 419 460 2,269 882 -459 1.1151 

 Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 

2007 - Mar................... 13,129 21,573 67,774 32,113 444 n.a. n.a. n.a. n.a. 1.153 

 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 

Sept.................. 10,062 16,161 92,670 69,270 n.a. 256 1,450 n.a. -192 0.9959 

Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 

June.................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 

Sept.................. 23,453 26,995 126,375 74,937 n.a. 1,221 2,006 n.a. -305 1.0597 

Dec................... 15,109 27,971 110,543 67,676 n.a. 794 1,900 n.a. n.a. 1.224 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

90 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4) 

 

10/01/08 .................................................................. 384,427 386,643 2,881 106.06 

10/08/08 .................................................................. 393,429 397,678 3,085 99.73 

10/15/08 .................................................................. 384,522 387,978 2,742 101.47 

10/22/08 .................................................................. 382,081 385,793 2,908 98.63 

10/29/08 .................................................................. 386,310 388,470 2,989 97.48 

 

11/05/08 .................................................................. 382,229 384,211 2,749 98.95 

11/12/08 .................................................................. 372,682 376,978 2,990 95.54 

11/19/08 .................................................................. 372,567 375,593 2,892 96.75 

11/26/08 .................................................................. 332,477 336,149 3,308 95.46 

 

12/03/08 .................................................................. 361,131 364,740 3,080 93.25 

12/10/08 .................................................................. 313,791 316,310 2,342 92.94 

12/17/08 .................................................................. 325,864 330,318 3,229 87.84 

12/24/08 .................................................................. 273,736 278,154 3,180 90.68 

12/31/08 .................................................................. 295,748 300,266 3,279 90.79 

 

01/07/09 .................................................................. 318,757 324,419 3,247 92.70 

01/14/09 .................................................................. 307,366 311,868 2,791 89.28 

01/21/09 .................................................................. 318,936 323,442 2,720 87.80 

01/28/09 .................................................................. 309,203 311,911 2,477 89.87 

 

02/04/09 .................................................................. 306,518 310,479 2,537 89.53 

02/11/09 .................................................................. 319,621 323,963 2,528 90.66 

02/18/09 .................................................................. 311,347 316,165 2,319 93.81 

02/25/09 .................................................................. 322,940 327,016 2,299 97.33 

 

03/04/09 .................................................................. 320,195 324,498 n.a. 99.34 

03/11/09 .................................................................. 318,419 321,981 n.a. 97.74 

03/18/09 .................................................................. 301,204 305,283 n.a. 98.08 

03/25/09 .................................................................. 306,540 311,179 n.a. 97.70 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

91

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta

equivalent

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.0200 

2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.7100 

2008 - Apr .................. 466,324 469,942 65,225 64,829 99,022 105,469 126,044 116,971 1,886 104.5300 

May................. 461,438 466,315 63,410 62,519 95,209 99,745 122,994 116,228 1,860 105.4600 

June................ 439,162 443,086 61,139 61,095 96,713 97,406 121,907 120,939 2,325 106.1700 

July ................. 441,716 446,651 60,836 61,555 88,992 83,603 108,585 111,919 2,760 108.1000 

Aug ................. 392,062 396,748 63,062 63,542 85,876 79,157 104,878 109,226 2,497 108.6900 

Sept................ 423,091 425,131 50,022 53,276 74,504 66,723 89,868 94,721 2,867 105.9400 

Oct.................. 412,583 415,910 56,997 55,756 73,233 63,856 86,630 93,689 2,791 98.2800 

Nov ................. 381,547 385,268 54,011 53,231 68,158 58,087 79,887 87,524 3,307 95.4600 

Dec ................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.7900 

2009 - Jan .................. 334,069 336,685 56,968 55,685 60,541 52,821 72,217 77,249 2,506 89.8300 

Feb ................. 347,802 352,245 57,700 56,081 60,065 53,869 73,549 77,119 2,218 97.7400 

Mar ................. 330,801 335,829 53,688 52,051 59,542 52,961 73,244 77,162 n.a. 99.1500 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2005 - Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

2006 - Mar................... 9,571 10,001 10,039 6,016 817 n.a. 1,041 n.a. -78 117.48 

June ................. 8,718 8,903 7,932 4,224 1,061 n.a. 505 n.a. 198 114.51 

Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 

Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 

2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 

June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 

Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 

Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 

2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 

June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 

Sept.................. 6,210 6,531 12,792 3,175 338 356 1,032 516 13 105.94 

Dec ................... 4,675 4,301 8,662 2,901 227 313 812 314 -11 90.79 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

92 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4) 

 

10/01/08 .................................................................. 883,586 884,744 3,200 1.1209 

10/08/08 .................................................................. 900,125 903,661 3,460 1.1272 

10/15/08 .................................................................. 909,460 910,234 1,222 1.1346 

10/22/08 .................................................................. 921,676 924,984 1,182 1.1656 

10/29/08 .................................................................. 903,735 907,328 1,376 1.1371 

 

11/05/08 .................................................................. 895,349 894,256 392 1.1606 

11/12/08 .................................................................. 887,579 888,223 521 1.1790 

11/19/08 .................................................................. 889,482 888,491 -1,294 1.2103 

11/26/08 .................................................................. 775,535 776,780 -1,355 1.2064 

 

12/03/08 .................................................................. 867,127 868,053 -2,061 1.2142 

12/10/08 .................................................................. 866,076 867,047 n.a. 1.1949 

12/17/08 .................................................................. 745,495 743,722 -1,085 1.0852 

12/24/08 .................................................................. 673,497 672,165 -1,072 1.0788 

12/31/08 .................................................................. 642,442 640,373 -861 1.0673 

 

01/07/09 .................................................................. 708,333 702,214 34 1.0941 

01/14/09 .................................................................. 690,419 690,206 645 1.1179 

01/21/09 .................................................................. 689,942 687,874 522 1.1473 

01/28/09 .................................................................. 677,650 679,727 21 1.1442 

 

02/04/09 .................................................................. 681,663 685,266 998 1.1579 

02/11/09 .................................................................. 704,101 710,351 2,119 1.1599 

02/18/09 .................................................................. 696,528 706,540 1,823 1.1813 

02/25/09 .................................................................. 720,598 730,822 2,023 1.1646 

 

03/04/09 .................................................................. 709,069 718,133 1,939 1.1762 

03/11/09 .................................................................. 744,104 753,087 2,270 1.1585 

03/18/09 .................................................................. 695,823 706,263 2,243 1.1667 

03/25/09 .................................................................. 688,213 699,113 1,885 1.1239 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

93

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - Apr ................... 1,066,288 1,070,771 90,352 95,096 321,797 313,672 288,797 276,183 9,454 1.0422 

May.................. 1,077,285 1,083,612 81,621 87,293 237,148 240,622 292,500 270,968 7,882 1.0426 

June................. 961,572 965,153 78,608 85,377 240,478 248,576 288,702 261,523 4,852 1.0202 

July .................. 1,023,986 1,028,303 81,469 84,695 236,083 228,418 256,053 248,205 4,984 1.0489 

Aug .................. 912,341 918,638 80,549 87,292 235,362 n.a. n.a. 241,288 3,827 1.1019 

Sept................. 932,559 935,518 63,284 64,874 220,343 n.a. n.a. 222,942 3,158 1.1189 

Oct................... 937,246 948,889 75,393 78,075 196,983 184,747 191,872 194,011 -1,471 1.1669 

Nov .................. 886,183 887,457 75,284 75,755 178,017 171,105 188,261 190,888 -2,266 1.2165 

Dec .................. 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 

2009 - Jan ................... 713,098 717,450 67,519 69,547 156,789 156,834 160,415 158,720 -1,018 1.1612 

Feb .................. 734,756 744,409 64,937 69,199 150,458 157,169 161,821 149,984 1,317 1.1672 

Mar .................. 739,101 746,643 64,812 67,732 130,583 143,124 160,358 147,545 1,541 1.1395 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2005 - Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

2006 - Mar................... 19,986 28,587 41,674 11,025 n.a. n.a. 745 575 n.a. 1.3025 

June ................. 17,463 20,886 45,077 11,561 n.a. n.a. 623 479 n.a. 1.2247 

Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 

Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 

2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 

June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.224 

Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 

Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 

June.................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 

Sept.................. 15,914 28,874 62,698 12,101 n.a. n.a. 1,025 518 - 1.1189 

Dec................... 11,069 22,276 51,127 10,619 n.a. n.a. 438 544 n.a. 1.0673 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

94 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

10/01/08 .................................................................. 1,159,986 1,160,481 177 1.7804 

10/08/08 .................................................................. 1,242,053 1,252,501 31 1.7310 

10/15/08 .................................................................. 1,281,561 1,294,176 558 1.7432 

10/22/08 .................................................................. 1,298,510 1,307,541 439 1.6174 

10/29/08 .................................................................. 1,310,136 1,316,620 71 1.6298 

 

11/05/08 .................................................................. 1,259,363 1,268,493 524 1.6156 

11/12/08 .................................................................. 1,177,359 1,186,430 1,138 1.5012 

11/19/08 .................................................................. 1,186,243 1,194,288 1,610 1.5095 

11/26/08 .................................................................. 1,075,768 1,084,707 719 1.5218 

 

12/03/08 .................................................................. 1,179,362 1,190,664 -443 1.4783 

12/10/08 .................................................................. 1,099,673 1,110,567 -274 1.4830 

12/17/08 .................................................................. 1,058,085 1,073,014 179 1.5457 

12/24/08 .................................................................. 965,024 981,579 559 1.4673 

12/31/08 .................................................................. 957,371 972,208 304 1.4619 

 

01/07/09 .................................................................. 1,066,822 1,082,005 713 1.5254 

01/14/09 .................................................................. 1,016,675 1,028,165 785 1.4617 

01/21/09 .................................................................. 1,067,083 1,076,045 1,006 1.3728 

01/28/09 .................................................................. 999,667 1,006,842 937 1.4317 

 

02/04/09 .................................................................. 949,301 959,670 1,094 1.4472 

02/11/09 .................................................................. 968,382 980,370 n.a. 1.4367 

02/18/09 .................................................................. 943,557 960,524 n.a. 1.4235 

02/25/09 .................................................................. 981,582 999,063 n.a. 1.4265 

 

03/04/09 .................................................................. 983,242 1,005,434 654 1.4142 

03/11/09 .................................................................. 1,017,342 1,036,855 450 1.3780 

03/18/09 .................................................................. 920,439 935,303 405 1.3974 

03/25/09 .................................................................. 953,914 969,132 788 1.4585 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

95

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2006 - Dec................... 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - Apr ................... 1,201,518 1,207,229 506,423 359,458 82,412 67,934 123,659 139,813 -310 1.9847 

May.................. 1,246,155 1,248,506 479,557 332,747 84,379 68,920 111,410 126,483 -1,069 1.9793 

June................. 1,172,121 1,168,789 470,463 331,253 72,241 58,749 91,843 104,769 -473 1.9906 

July .................. 1,235,398 1,232,045 500,469 357,565 61,446 56,791 90,511 92,519 1,717 1.9806 

Aug .................. 1,120,945 1,110,838 500,540 356,382 62,263 57,625 89,851 92,063 2,331 1.8190 

Sept................. 1,203,071 1,205,290 429,030 285,669 60,457 56,424 77,712 84,192 653 1.7804 

Oct................... 1,356,523 1,365,196 448,584 319,184 61,870 58,802 76,430 79,670 678 1.6165 

Nov .................. 1,206,138 1,217,492 500,194 347,609 51,130 51,199 64,123 63,733 850 1.5348 

Dec .................. 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 

2009 - Jan ................... 992,637 1,009,035 498,062 349,518 47,422 45,124 48,311 51,338 1,151 1.4413 

Feb .................. 1,012,009 1,034,023 494,329 344,860 44,525 40,563 43,158 47,745 1,024 1.4276 

Mar .................. 951,181 969,221 462,479 331,262 57,320 53,595 42,656 43,739 925 1.4300 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2005 - Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

2006 - Mar................... 19,284 50,266 56,236 25,296 409 336 2,413 714 146 1.7393 

June ................. 26,222 46,526 60,738 26,947 394 336 2,559 667 182 1.8491 

Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 

Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 

2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 

June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 

Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 

Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 

June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 

Sept.................. 18,814 32,337 94,107 31,132 127 184 4,010 924 n.a. 1.7804 

Dec................... 16,513 28,774 80,314 29,137 124 149 2,441 n.a. n.a. 1.4619 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

96 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

10/01/08 ................................................................ 16,918,240 16,941,694 927 n.a. 

10/08/08 ................................................................ 16,854,256 16,846,608 -4,543 n.a. 

10/15/08 ................................................................ 17,104,175 17,036,148 -1,415 n.a. 

10/22/08 ................................................................ 17,060,742 17,002,001 -574 n.a. 

10/29/08 ................................................................ 17,198,746 17,202,489 -3,196 n.a. 

 

11/05/08 ................................................................ 16,800,142 16,821,389 -185 n.a. 

11/12/08 ................................................................ 16,297,587 16,305,861 -8,510 n.a. 

11/19/08 ................................................................ 16,221,372 16,233,754 -10,214 n.a. 

11/26/08 ................................................................ 14,984,715 14,978,506 -6,749 n.a. 

 

12/03/08 ................................................................ 16,100,460 16,108,665 -849 n.a. 

12/10/08 ................................................................ 14,612,817 14,660,571 -13,775 n.a. 

12/17/08 ................................................................ 14,796,433 14,949,879 -1,892 n.a. 

12/24/08 ................................................................ 13,447,582 13,572,731 -3,961 n.a. 

12/31/08 ................................................................ 13,526,183 13,675,411 -5,697 n.a. 

 

01/07/09 ................................................................ 14,300,145 14,422,373 -8,413 n.a. 

01/14/09 ................................................................ 13,809,253 13,941,329 -4,813 n.a. 

01/21/09 ................................................................ 13,874,873 14,010,253 -6,942 n.a. 

01/28/09 ................................................................ 13,671,515 13,803,542 -6,638 n.a. 

 

02/04/09 ................................................................ 13,279,293 13,375,259 -9,210 n.a. 

02/11/09 ................................................................ 13,539,678 13,629,219 -6,733 n.a. 

02/18/09 ................................................................ 13,354,569 13,404,152 -4,868 n.a. 

02/25/09 ................................................................ 13,658,904 13,701,522 -6,173 n.a. 

 

03/04/09 ................................................................ 13,325,673 13,374,755 212 n.a. 

03/11/09 ................................................................ 13,590,367 13,639,625 3,531 n.a. 

03/18/09 ................................................................ 12,844,471 12,909,547 -1,557 n.a. 

03/25/09 ................................................................ 13,173,612 13,225,480 -3,814 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

97

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec.............. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a.

2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a.

2008 - Apr .............. 18,600,434 18,653,717 - - 2,736,978 2,700,906 2,651,712 n.a. n.a. n.a.

May............. 18,987,815 19,043,557 - - 3,287,386 3,803,175 3,285,883 6,608,679 12,071 n.a.

June............ 18,131,933 18,165,420 - - 3,200,841 3,290,251 3,322,983 6,668,912 8,027 n.a.

July ............. 18,974,207 18,984,029 - - 3,860,825 3,934,239 4,282,276 7,568,455 -3,425 n.a.

Aug ............. 16,998,976 17,015,504 - - 3,954,792 6,134,109 6,286,505 7,529,433 5,708 n.a.

Sept............ 17,880,214 17,888,232 - - 3,901,764 6,099,109 6,360,121 7,365,021 5,066 n.a.

Oct.............. 18,023,570 18,010,589 - - 3,639,554 3,715,441 4,001,058 3,962,748 996 n.a.

Nov ............. 16,897,006 16,899,403 - - 3,309,641 3,404,580 3,790,897 3,753,138 4,806 n.a.

Dec ............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a.

2009 - Jan .............. 14,191,114 14,308,543 - - 3,087,045 3,143,982 3,540,964 3,518,820 -4,877 n.a.

Feb ............. 14,134,645 14,188,658 - - 2,725,815 3,430,086 3,061,456 3,042,159 -5,698 n.a.

Mar ............. 13,754,639 13,820,770 - - 2,849,625 2,892,513 2,993,819 2,951,855 -208 n.a.

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2005 - Dec................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. 

June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. 

Sept .................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. 

Dec ................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 

2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. 

June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. 

Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. 

Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. 

June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. 

Sept .................. 347,122 328,592 - - 27,044 23,503 19,379 13,640 -108 n.a. 

Dec ................... 292,011 281,080 - - 25,594 15,247 8,439 7,069 1,145 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

98 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar)

(4) 

 

10/01/08 ............................................................................. 4,363,095 4,293,458 3,832 0.7113 

10/08/08 ............................................................................. 4,410,407 4,341,551 -24 0.7310 

10/15/08 ............................................................................. 4,523,256 4,486,679 2,539 0.7371 

10/22/08 ............................................................................. 4,569,210 4,518,769 2,873 0.7791 

10/29/08 ............................................................................. 4,761,306 4,673,602 2,186 0.7782 

 

11/05/08 ............................................................................. 4,606,624 4,504,677 1,999 0.7669 

11/12/08 ............................................................................. 4,527,102 4,418,670 2,794 0.7963 

11/19/08 ............................................................................. 4,521,837 4,416,581 5,450 0.7940 

11/26/08 ............................................................................. 4,168,705 4,079,303 1,501 0.7795 

 

12/03/08 ............................................................................. 4,652,370 4,559,484 2,531 0.7893 

12/10/08 ............................................................................. 4,339,684 4,224,443 n.a. 0.7678 

12/17/08 ............................................................................. 4,299,787 4,201,991 3,186 0.6965 

12/24/08 ............................................................................. 3,871,157 3,785,724 4,269 0.7161 

12/31/08 ............................................................................. 3,812,241 3,725,174 3,393 0.7184 

 

01/07/09 ............................................................................. 4,120,350 4,038,845 3,516 0.7290 

01/14/09 ............................................................................. 4,047,645 3,962,579 2,566 0.7591 

01/21/09 ............................................................................. 4,036,929 3,949,716 2,716 0.7770 

01/28/09 ............................................................................. 3,949,533 3,872,771 4,565 0.7551 

 

02/04/09 ............................................................................. 3,779,455 3,704,868 2,663 0.7778 

02/11/09 ............................................................................. 3,884,855 3,807,875 2,470 0.7756 

02/18/09 ............................................................................. 3,828,944 3,760,804 2,407 0.7970 

02/25/09 ............................................................................. 3,988,245 3,928,182 4,064 0.7855 

 

03/04/09 ............................................................................. 3,875,566 3,815,898 4,116 0.7932 

03/11/09 ............................................................................. 3,972,342 3,914,500 5,562 0.7828 

03/18/09 ............................................................................. 3,774,945 3,713,170 5,720 0.7628 

03/25/09 ............................................................................. 3,886,159 3,816,624 4,919 0.7386 

 
FOREIGN CURRENCY POSITIONS 

June 2009 

99

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 

2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - Apr ................... 4,480,698 4,386,596 1,805,029 1,783,161 610,838 603,295 593,853 645,204 4,393 0.6423 

May.................. 4,578,782 4,466,296 1,721,464 1,714,719 568,784 565,827 590,647 639,306 4,569 0.6427 

June................. 4,303,139 4,237,361 1,616,625 1,628,034 608,851 615,710 601,216 643,773 6,264 0.635 

July .................. 4,522,842 4,439,793 1,631,461 1,651,507 622,705 618,268 576,367 602,236 5,726 0.6415 

Aug .................. 4,123,736 4,058,301 1,687,561 1,634,104 619,280 640,618 609,921 623,728 7,810 0.6817 

Sept................. 4,477,807 4,418,145 1,355,892 1,343,229 538,382 572,137 578,251 583,413 642 0.7102 

Oct................... 4,839,339 4,749,132 1,708,452 1,662,678 519,760 565,703 582,178 580,715 -639 0.7885 

Nov .................. 4,709,541 4,624,402 1,853,674 1,816,912 494,904 534,155 533,471 538,819 -832 0.7878 

Dec .................. 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 

2009 - Jan ................... 3,964,027 3,892,556 1,821,280 1,814,050 451,966 483,299 766,242 778,637 1,755 0.781 

Feb .................. 4,009,759 3,948,460 1,860,679 1,850,057 438,200 471,934 506,044 513,741 2,404 0.7898 

Mar .................. 3,966,315 3,909,096 1,783,672 1,771,541 452,634 478,774 488,051 503,447 715 0.7541 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2005 - Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

2006 - Mar................... 131,132 149,125 223,971 135,999 10,580 6,100 6,992 5,441 -1,532 0.8238 

June ................. 130,803 137,764 232,161 136,551 6,763 3,575 7,462 4,729 -934 0.7825 

Sept.................. 141,600 146,199 220,610 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 

Dec................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 

2007 - Mar................... 74,638 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 

June ................. 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 

Sept.................. 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 

Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 

June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 

Sept.................. 87,960 94,583 246,486 113,016 10,431 5,295 8,896 9,632 1,653 0.7102 

Dec................... 91,965 88,625 212,743 106,772 6,839 2,795 5,611 4,811 1,761 0.7184 

 
June 2009 

100

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Sept. 30, 2008, and Dec. 31, 2008 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2008 

Oct. 1, 2008, 

through 

Dec. 31, 2008 Dec. 31, 2008 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... 33,150 -33,150 -

U.S. Government securities............................................. 16,846,843 814,071 17,660,914 

Special drawing rights 1 ........................................................... 9,417,541 -77,147 9,340,394 

Foreign exchange and securities: 

European euro ..................................................................... 14,128,863 -45,375 14,083,488 

Japanese yen....................................................................... 9,019,957 1,519,959 10,539,916 

Accounts receivable................................................................. 496,152 -321,751 174,401 

Total assets.......................................................................... 49,942,506 1,856,607 51,799,113 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 37,434 -9,652 27,782 

Total current liabilities ...................................................... 37,434 -9,652 27,782 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,629,646 -83,047 7,546,599 

Unearned revenue .............................................................. 292,795 141,714 434,509 

Total other liabilities ......................................................... 10,122,441 58,667 10,181,108 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 39,582,631 1,807,592 41,390,223 

Total capital...................................................................... 39,782,631 1,807,592 41,590,223 

Total liabilities and capital............................................ 49,942,506 1,856,607 51,799,113 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

June 2009 

101

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Oct. 1, 2008, 

through 

Dec. 31, 2008 

Fiscal year to date

Oct. 1, 2008, 

through 

Dec. 31, 2008 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 1,350,861 1,350,861 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -18,969 -18,969

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 6,433 6,433 

U.S. Government securities......................................................... 7,033 7,033 

Foreign exchange ........................................................................ 128,209 128,209 

Insurance premiums .................................................................... 334,025 334,025 

Commissions ............................................................................... - -

Income from operations............................................................... 1,807,592 1,807,592 

Net income (+) or loss (-)............................................................. 1,807,592 1,807,592 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
 

June 2009 

105

INTRODUCTION: Black Lung Disability Trust Fund 

Paragraph added since December 2008

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 Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted 

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a one time Appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

Secretary of the Treasury. The Act also extends the 

temporary increase in the coal tax through December 31, 

2018, and allows the prepayment of the Trust Fund debt 

prior to the maturity date. 

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. 
TRUST FUNDS 

June 2009 

106

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2008 

[Source: DOL] 

Balance Oct. 1, 2007*.......................................................................................................................................................................................... $39,828,060

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 302,302,000

$0.55 tax on surface coal............................................................................................................................................................................. 167,524,000

4.4 percent tax on underground coal........................................................................................................................................................... 21,311,000

4.4 percent tax on surface coal.................................................................................................................................................................... 162,044,000

Fines, penalties, and interest....................................................................................................................................................................... 520,796

Collection—responsible mine operators...................................................................................................................................................... 4,492,218

Recovery of prior year funds........................................................................................................................................................................ -

Repayable advances from the general fund................................................................................................................................................ 426,000,000

Total receipts............................................................................................................................................................................................ 1,084,194,014

Net receipts .............................................................................................................................................................................................. 1,084,194,014

Outlays: 

Treasury administrative expenses................................................................................................................................................................... 376,000

Salaries and expenses—DOL—departmental management .......................................................................................................................... 24,785,000

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 335,000

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 32,761,000

Total outlays................................................................................................................................................................................................. 58,257,000

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 273,231,899

Interest on repayable advances....................................................................................................................................................................... 739,469,089

Total expenses............................................................................................................................................................................................. 1,012,700,988

Balance Sept. 30, 2008 ........................................................................................................................................................................................ 53,064,086

Cumulative debt, end of year ............................................................................................................................................................................... $10,430,492,795

 

* Previous balance of $39,863,024 was submitted in error. The correct beginning balance is 

$39,828,060. 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2009-2013 

 [In thousands of dollars. Source: DOL] Entire table revised since December 2008

 2009 2010 2011 2012 2013

Balance Oct. 1 ........................................................................................ 53,064 53,064 58,507 53,064 53,064

Receipts: 

Excise taxes....................................................................................... 371,000 670,000 678,000 687,000 691,000

Advances from the general fund........................................................ 282,144 - 5,667 20,854 26,394

One time appropriation*..................................................................... 6,497,989 - - - - 

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 7,153,133 672,000 685,667 709,854 719,394

Outlays: 

Benefit payments ............................................................................... 255,317 241,379 227,900 214,112 200,632

Administrative expenses.................................................................... 57,683 60,421 62,305 64,256 66,323

Interest on repayable advances ........................................................ - - - - -

Repayment of principal debt.............................................................. 6,835,461 353,424 379,286 394,287 396,403

Interest on principal debt ................................................................... 4,672 11,333 21,619 37,199 56,036

Total outlays................................................................................... 7,153,133 666,557 691,110 709,854 719,394

Balance Sept. 30.................................................................................... 53,064 58,507 53,064 53,064 53,064

Cumulative debt, end of year................................................................. 6,158,245 5,804,821 5,425,535 5,031,248 4,634,845

 

Note.—Detail may not add to totals due to rounding. * One time appropriation for the repayment of outstanding debt. 
TRUST FUNDS 

June 2009 

107

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 2010. 

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 2010. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 52

less: 

Cash balance (fiscal year 2010) ......................................................................................................................................................................................... 1

Unfunded authorizations (fiscal year 2010)........................................................................................................................................................................ 51

48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 137

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

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 16

less: 

Cash balance (fiscal year 2010) ......................................................................................................................................................................................... 2

Unfunded authorizations (fiscal year 2010)........................................................................................................................................................................ 14

48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 20
June 2009 

108

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

June 2009 

109

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
June 2009 

110

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

 Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of March 2009, the debt 

limit was $12,104,000 million; the limit may change from 

year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

June 2009 

111

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

June 2009 

112

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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