June 2006 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

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

 and 52-Week Treasury Bills Outstanding............................................................................................................ 37 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 42 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 43 

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 44 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 44 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 45

SBN-3.—Sales and Redemptions by Period, Series E, EE, and I........................................................................................ 45
June 2006 

IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 47 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 48 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 49

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 50 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 50

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 51 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 51 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 52

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Reported Separately......................................................................................................................................... 73 

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

 in the United States 

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................... 74 

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 75 

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 77 

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 79 
June 2006 

V

Contents 

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

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.............................................. 81 

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 82 

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 83 

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

 and Country, during (first quarter).................................................................................................................... 85 

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

 and Country, during (calendar year) ................................................................................................................. 87 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 89 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 90

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 91 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 104 

ESF-1.—Balance Sheet ..................................................................................................................................................... 104 

ESF-2.—Income and Expense........................................................................................................................................... 105
June 2006 

VI 

SPECIAL REPORTS 

TRUST FUNDS (See note at bottom of page.) 

Introduction.—Highway Trust Fund ................................................................................................................................. 109 

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 109

RESEARCH PAPER INDEX............................................................................................................................................ 110

GLOSSARY ...................................................................................................................................................................... 111

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. 

SPECIAL REPORTS 

Trust Funds 1-8, previously published in the December 

issue of the Treasury Bulletin, will be discontinued 

effective December 2006. Trust fund information can be 

found in the Monthly Treasury Statement, 

www.fms.treas.gov/mts, and the Budget of the United 

States Government, www.whitehouse.gov/omb/budget. 
June 2006 

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

Civil Service Retirement and Disability Fund * ............................................... √

Federal Disability Insurance Trust Fund *........................................................ √

Federal Hospital Insurance Trust Fund *.......................................................... √

Federal Old-Age and Survivors Insurance Trust Fund * .................................. √

Federal Supplementary Medical Insurance Trust Fund * ................................. √

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

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

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

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

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

National Service Life Insurance Fund *............................................................ √

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

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

Railroad Retirement Account *......................................................................... √

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

Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic 

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

Unemployment Trust Fund * ............................................................................ √

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

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

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

 

* These trust funds will no longer be published in the Treasury Bulletin effective December 2006.

 
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 2006 

3

Growth of Real GDP

2.2

0.2

1.7

3.7

7.2

3.6

4.3

3.5

4.0

3.3

3.8

3.3

4.1

1.7

4.8

2.7 2.4

0

2

4

6

8

10

2002 2003 2004 2005 2006

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product 

April’s advance estimate of real gross domestic product 

(GDP) reported annualized growth of 4.8 percent in the first 

quarter of 2006, up from the 1.7 percent registered in the 

fourth quarter of 2005. This is the fastest growth in nearly 3 

years–since the third quarter of 2003. In contrast to the 

previous quarter, there was an increase in consumer 

spending on motor vehicles and in Federal government 

spending, and acceleration in equipment and software 

spending and in exports. These gains were offset slightly by 

a decline in private inventory investment and by increased 

imports. The outlook for the rest of the year is for some 

slowing from the first quarter snap-back to more sustainable 

growth. 

Consumer spending rebounded in the first quarter of 

2006, rising at a 5.5 percent annual rate. With its 

contribution of 3.8 percentage points to GDP growth, this 

was the key reason for such strength in the quarter. Motor 

vehicles and parts recovered some of the losses from the 

prior quarter, while spending on furniture and household 

equipment accelerated, up an annualized 23 percent. A 

significant recovery in consumer spending from the fourth 

quarter had been anticipated. 

Real business fixed investment also accelerated with the 

equipment and software component up 16.4 percent and 

spending on structures picking up. Overall, business fixed 

investment contributed 1.5 percentage points to GDP 

growth. Residential spending posted a modest gain. 

The deficit on trade in goods and services widened $23 

billion in real terms, subtracting 0.8 percentage point from 

GDP growth, but this was much less than the 1.4 point 

subtraction in the fourth quarter. Although exports 

accelerated to 12.1 percent growth, imports rose even faster 

at a 13.0 percent rate. Imports of petroleum products 

declined after a sharp increase in the fourth quarter to make 

up for domestic production lost because of the hurricanes. 

Federal spending recovered, contributing about 0.7 

percent to growth. This was largely the result of an upturn in 

defense spending which fell in the prior quarter due to 

technical factors. 

Partially offsetting some of the stronger readings in the 

first quarter was a decline in inventory investment, which 

contributed about -0.5 percentage point to real growth, 

following a sharp increase in the prior quarter. 
PROFILE OF THE ECONOMY 

June 2006

4 

Inflation 

Inflation remains moderate, despite pressure from rising 

energy prices. The consumer price index rose by 3.4 percent 

during the 12 months ending in March, in line with the 

increases during all of 2004 and 2005. Energy prices jumped 

by 17.3 percent during the latest 12 months, while food 

prices were up 2.6 percent. Core consumer prices (excluding 

food and energy) grew by just 2.1 percent over the past year, 

similar to the pace that prevailed for nearly the past 2 years. 

Inflation at the producer level slowed somewhat. The 

producer price index for finished goods increased by 3.5 

percent during the 12 months ending in March, down from a 

5.4 percent advance over the 12 months ending in December 

2005. The deceleration reflected a slower pace of growth in 

producer prices for finished energy goods. Those prices were 

up by 15.6 percent during the year ending in March, 

compared to an increase of nearly 24 percent during the 12 

months of 2005. Growth of core finished goods remained 

stable at 1.7 percent during the past 12 months. 

Labor costs in the private nonfarm business sector rose 

moderately in the early part of 2006, but productivity growth 

continued to offset much of the gain. Hourly compensation 

costs increased at a 5.7 percent annual rate in the first 

quarter of 2006 but were up a more moderate 3.8 percent 

over the latest four quarters. With productivity advancing by 

2.4 percent during the latest four quarters, labor costs per 

unit of output rose only 1.4 percent. The employment cost 

index for total compensation, a fixed-weighted 

compensation measure, slowed to only a 2.6 percent increase 

for private industry workers during the 12-month period 

ending in March 2006, off from the 3.5 percent gain during 

the 12-months ending in March 2005. Most of the 

deceleration resulted from a slowing in the rate of increase 

in benefit costs, which rose 3.4 percent over the 12 months 

through March 2006 compared to 5.9 percent over the same 

period a year earlier. Wage increases remained subdued at 

2.4 percent over the latest year. 

0

1

2

3

4

5

6

7

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

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

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

Excluding food and energy

Total

Producer Prices - Finished Goods

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

June 2006 

5

Employment and unemployment 

April job gains came in somewhat below expectations 

as nonfarm payroll employment increased by 138,000. 

Still, the pattern of employment over the most recent 6 

months suggests labor markets are strong heading into the 

summer. Following the hurricane-depressed readings of 

September/October 2005, payrolls have been rising by an 

average of nearly 200,000 per month. Monthly job gains 

have averaged 173,000 so far in 2006, in line with the 

performance over the past 2 years. Since the August 2003 

employment trough, the economy has generated nearly 

5.3 million jobs. 

In April, a 36,000 decline in retail payrolls contributed 

to slower employment growth for the month. This sector 

has not shown much net employment growth over the 

most recent 6 months. Other service-sector industries 

have shown relatively strong payroll expansions. 

Employment in professional and business services has 

risen by an average of 40,000 over the 6 months ending in 

April. Employment in education and health services has 

posted monthly job gains of 36,000 over that period, 

while leisure and hospitality has averaged gains of 28,000 

per month. 

Turning to goods-producing industries, manufacturing 

payrolls increased by 19,000 in April. Factory payrolls 

have risen by a total of 50,000 over the October-April 

period. Construction employment rose 10,000 in April. 

Payrolls in this sector have increased by a strong 163,000 

over the October-April period. 

The unemployment rate held steady at 4.7 percent in 

April, the lowest level since July 2001. Since reaching a 

peak of 6.3 percent in mid-2003, the unemployment rate 

has fallen 1.6 percentage points. The labor force 

participation rate (the share of the non-institutionalized 

population over 15 years old in the labor force) remained 

flat at 66.1 percent for the third straight month in April. 

This rate had dipped to a 17-year low of 65.8 percent in 

early 2005. 

The average workweek increased from 33.8 to 33.9 

hours in April, the longest workweek in over 3-1/2 years. 

This contributed to a 0.5 percent rise in aggregate 

production worker hours. Average hourly earnings rose 

0.5 percent in April and were up 3.8 percent from a year 

earlier, the strongest year-over-year gain since August 

2001. Adjusting for inflation, real earnings were flat in 

March from a year earlier. (Earnings in real terms are not 

yet available for April.) 

 

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

97 98 99 00 01 02 03 04 05 06

(Percent)

April 2006

4.7%

Payroll Employment

18

-26

-89

134

174

199

115

210

160 167

185 179

155

-150

-50

50

150

250

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)

2003 2006 2004 2005
PROFILE OF THE ECONOMY 

June 2006

6 

Real disposable personal income and 

consumer spending 

Growth of nominal personal income moderated to a 6.2 

percent annual rate in the first quarter of 2006 from the rapid 

9.4 percent pace recorded in the previous quarter. Wages and 

salaries, which account for more than half of personal 

income, rose at a 6.0 percent pace in the first quarter on top 

of a 4.8 percent gain in the fourth quarter. In addition, 

personal current transfer receipts climbed by 10.7 percent at 

an annual rate after falling by 3.4 percent at the end of 2005. 

The large swing reflected payments for the new Medicare 

Part D Prescription Drug Plan. The pickup in those 

components was partly offset by slower growth of 

proprietors’ income and a decline in rental income after 

rapid gains in the fourth quarter linked to recovery from the 

effects of the late summer hurricanes. Growth of personal 

interest income also moderated in the first quarter, rising by 

3.9 percent after a 12.7 percent jump in the fourth quarter. 

Disposable (after-tax) income adjusted for inflation rose 

by 3.2 percent at an annual rate in the first quarter following 

a 6.7 percent gain in the fourth quarter that was due in part 

to the after-effects of the third-quarter hurricanes. Despite 

the moderation in income growth, real consumer spending 

accelerated to a 5.5 percent annual rate from a sluggish 0.9 

percent pace in the fourth quarter. The first-quarter increase 

in consumer outlays was the strongest since the third quarter 

of 2003 and largely reflected a rebound in motor vehicle 

purchases after a steep drop at the end of 2005. With 

spending rising faster than income, the personal saving rate 

deteriorated to -0.7 percent in the first quarter from -0.2 

percent in the fourth. 

Industrial production and capacity 

utilization 

Industrial production from factories, mines, and utilities 

increased at a strong 4.5 percent annual rate in the first 

quarter after rising at a 5.3 percent pace in the fourth quarter. 

The fourth-quarter gain reflected recovery following the 

hurricanes and the Boeing strike in September, and followed 

growth of 1.6 percent and 1.4 percent in the second and third 

quarters of 2005, respectively. Over the 12 months ending in 

March, output increased by a modest 3.6 percent. 

Manufacturing production, which accounts for about 81 

percent of all industrial output, grew 5.4 percent at an annual 

rate in the first quarter after the 9.1 percent post-hurricane 

and post-strike surge in the fourth quarter, and a 2.0 percent 

advance in the third quarter. Output of high-technology 

goods (computers, communications equipment, and 

semiconductors) grew by 15.2 percent at an annual rate, 

compared with the fourth quarter’s 27.1 percent jump. 

Output of communications equipment continued to lead the 

high-technology surge, its growth rate easing slightly to 

about 28 percent in the first quarter, compared with gains in 

excess of 33 percent in the third and fourth quarters of 2005. 

On a fourth-quarter over fourth-quarter basis, gains in the 

technology sector have averaged roughly 22 percent over the 

past 3 years. Production of motor vehicles and parts eased by 

0.7 percent at an annual rate in the first quarter, extending a 

2.3 percent decline in the fourth quarter as the effects of 

“employee pricing” incentives, evident in the 13.5 percent 

rise in output in the third quarter of 2005, continued to 

dissipate. Apart from automobiles, manufacturing output 

rose at a 6.0 percent annual rate in the first quarter of 2006. 

Production at utilities, which accounts for roughly 9 

percent of total industrial output, dropped by a 16.7 percent 

annual rate in the first quarter, following a 5.7 percent 

decline in the fourth quarter. (Weather is usually a factor in 

this sector, and unseasonable weather in quarters often 

causes sharp swings in output from one quarter to the next.) 

Output at mines (the remaining 10 percent of industrial 

output) surged 20.4 percent in the first quarter following 

declines of about 15 percent in each of the two prior 

quarters. Post-hurricane restoration of oil and gas extraction 

operations in the Gulf region accounted for the first quarter’s 

sharp increase in output. 

The capacity utilization rate for the industrial sector rose 

to 81.0 percent in the first quarter from 80.5 percent in the 

fourth quarter. Capacity utilization has trended higher over 

the past 2 years or so, and in the first quarter matched its 

long-term average of 81.0. Capacity utilization ranged 

between 82 and 85 percent in the 1994–1999 period. 

Capacity utilization in the manufacturing sector was 80.4 

percent in the first quarter, up from 79.8 percent in the fourth 

quarter, and now exceeds its long-term average of 79.8 

percent by 0.6 percentage point. Utilization in the hightechnology industries slipped to 74.8 percent in the first 

quarter from just over 75 percent in each of the two 

preceding quarters, and was still nearly 3.5 percentage points 

below its long-term average of 78.1 percent. 

Nonfarm productivity and unit labor costs 

Productivity rebounded in the first quarter of 2006 from 

a fourth quarter decline and the longer-term productivity 

trend also appears strong. Preliminary data for the first 

quarter showed that nonfarm business productivity (real 

output per hour worked) increased 3.2 percent at an annual 

rate as nonfarm output surged 5.8 percent while worker 

hours rose 2.5 percent. That comes on the heels of a 0.3 

percent productivity decline in the fourth quarter. 

Productivity has advanced 2.4 percent over the most 

recent four quarters, somewhat slower than the 3.0 percent 

gain posted a year earlier. Since the business cycle peak in 

the first quarter of 2001, productivity has grown at a 3.4 

percent annual rate, a notable acceleration from a 2.3 percent 

annual rate during the preceding 5-year period. 

Hourly compensation costs in the nonfarm business 

sector rose 5.7 percent at an annual rate in the first quarter, 

up from 2.7 percent in the fourth quarter. These costs were 

up 3.8 percent over the most recent four quarters. 

Unit labor costs, which represent the interaction of 

productivity and compensation, increased at a 2.5 percent 

annual rate in the first quarter, down from the fourth 

quarter’s 3.0 percent rise. These costs were up by just 1.4 
PROFILE OF THE ECONOMY 

June 2006 

7

percent over the latest four quarters, following an increase of 

3.4 percent in the year-earlier four-quarter period. Strong 

labor productivity growth has held down unit labor costs, 

contributing to lower inflation. 

Productivity in the manufacturing sector rose at a 4.2 

percent annual rate in the first quarter and was up 4.1 

percent over the most recent four quarters. Since 1995, 

factory productivity has averaged a 4.5 percent pace. Hourly 

compensation costs in manufacturing advanced at a 2.4 

percent annual rate in the first quarter and were up 3.2 

percent over the most recent four quarters. Factory unit labor 

costs declined at a 1.7 percent annual rate in the first quarter 

and were down 0.9 percent over the past four quarters. 

International transactions 

The U.S. current account deficit reached $900 billion at 

an annual rate (or 7.0 percent of GDP) in the fourth quarter 

of 2005, up from $742 billion (5.9 percent of GDP) in the 

third quarter. The increase reflected a widening in the trade 

deficit, a swing in the balance on income from a surplus to a 

deficit, and an increase in net outflows for unilateral 

transfers. Nearly half of the deterioration in the trade balance 

reflected increased petroleum imports, in part to offset 

production lost in the wake of the late summer hurricanes. 

Unusually large hurricane-related claims received by U.S. 

firms from foreign insurance companies and donations from 

abroad for hurricane relief caused the deficit on unilateral 

transfers to drop sharply in the third quarter. In the fourth 

quarter, these transactions (which include government grants 

and pension payments as well as private transfers to and 

from foreigners) rebounded to a more normal level. The 

current account deficit for the entire year reached a new high 

of $805 billion, equivalent to 6.4 percent of GDP. 

The current account is matched by offsetting transactions 

in the capital and financial accounts, with any differences in 

the recorded flows listed as a statistical discrepancy. Net 

capital account transactions, which consist mainly of debt 

forgiveness and wealth transfers associated with 

immigration, held steady at -$1.7 billion in the fourth 

quarter, the same as in the third quarter. Capital account 

transactions for 2005 totaled -$5.6 billion, up sharply from 

-$1.6 billion in 2004. The increase was due mainly to debt 

forgiveness for Iraq. 

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows (the difference between net foreign 

purchases of U.S. assets and U.S. purchases of foreign 

assets) eased to $940 billion at an annual rate in the fourth 

quarter from $1.0 trillion in the third quarter as foreign 

purchases of assets in the U.S. slowed more than U.S. 

outlays for assets overseas. Financial inflows for foreignowned assets in the United States amounted to $1.1 trillion 

at the end of 2005, down from $1.6 trillion in the third 

quarter. Part of the moderation was due to markedly slower 

growth of U.S. liabilities to foreigners reported by U.S. 

banks and nonbanks. A pullback in net foreign purchases of 

U.S. securities other than Treasuries and foreign direct 

investment also contributed. At the same time, outflows for 

U.S.-owned assets abroad dipped back to $172 billion from 

$566 billion in the third quarter. Among the more notable 

developments, claims on foreigners reported by U.S. banks 

fell, and U.S. direct investment overseas posted another net 

decrease as corporations continued to take advantage of a 

provision of the American Jobs Creation Act of 2004 that 

allowed them to repatriate foreign earnings at a reduced tax 

rate in 2005. For the year as a whole, net financial inflows 

totaled $801 billion, up from $585 billion in 2004. 

Exchange rate of the dollar 

After reaching a peak in February 2002, the U.S. 

currency has trended lower. In the 34-month period between 

the 2002 peak and December 2004, the nominal exchange 

value of the dollar, as measured by a broad index covering 

the currencies of 26 important US trading partners, 

depreciated by 16 percent. The dollar then rose during 2005, 

gaining about 3.0 percent against this index. During the first 

4 months of 2006, however, the U.S. currency once again 

reversed course and declined 1.8 percent, such that its 

cumulative drop from the February 2002 peak was 15.2 

percent as of April 2006. 

The aggregate decline since 2002 mainly reflected dollar 

weakness against the seven currencies of the United States’ 

major trading partners, including the euro area countries, 

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

Switzerland. Between February 2002 and April 2006, the 

exchange rate of the dollar compared to an index of these 

currencies fell by nearly 25 percent. Over this period, the 

dollar was down by 29 percent against the euro and by 12 

percent against the yen. 

With respect to the 19 currencies of other important 

trading partners, the dollar generally showed much less 

movement, actually strengthening somewhat from February 

2002 into 2004. Since mid-2004, however, the dollar has 

depreciated against the index of other important trading 

partners by about 6 percent. As of April 2006, the exchange 

value of the dollar was 1.4 percent lower against these 

currencies than at the February 2002 peak. 
PROFILE OF THE ECONOMY 

June 2006

8 

Interest rates 

At its most recent meeting in May 2006, the Federal 

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

policy-making arm–raised the Federal funds target interest 

rate by 25 basis points to 5.0 percent. It was the sixteenth 

hike in the current cycle of monetary tightening which began 

in late June 2004. Before that, the FOMC had held the 

Federal funds target (the rate that banks and other financial 

institutions charge each other for overnight loans) constant 

at 1 percent for 1 year. The funds target in May was at its 

highest level since March 2001. 

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

reached 4.8 percent in early May 2006 and has risen by 

about 375 basis points over the past 2 years. The 10-year 

yield remained subdued in the face of tighter monetary 

policy, but moved significantly higher starting in early 2006. 

At about 5.1 percent as of early May, the rate was about 135 

basis points above its level in early 2004. 

Mortgage interest rates have generally followed 

movements of the 10-year Treasury rate, and fluctuated in a 

fairly narrow range around a low level over much of the 

2003-2005 period, contributing to record home sales in 2005 

and to high levels of mortgage refinancings. Mortgage rates 

have generally been on an upward trend since mid-2005, and 

have moved decisively higher in the past few months. In 

early May, the rate for a 30-year fixed rate mortgage reached 

6.59 percent, its highest level in nearly 4 years. 

Movements in corporate bond yields have also generally 

followed movements in long-term Treasury yields. As of 

September 2005, Moody’s seasoned Baa yield started 

moving more definitively above the 6.0 percent mark, rising 

to 6.75 percent in early May. The spread between the Baa 

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

risk appetite, averaged 1.8 percentage points through much 

of 2005 but by early May narrowed somewhat to an average 

of about 1.6 percentage points. This spread had widened to 

as much as 4.0 percentage points in October 2002. 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004 2005 2006

Short-term Interest Rates

Federal funds

rate target

3-month

Treasury bills

(Percent)

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004 2005 2006

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)
PROFILE OF THE ECONOMY 

June 2006 

9

Housing 

The housing market showed mixed results at the start of 

2006. Although housing starts surged in the first quarter, 

sales of single-family homes moderated. Rising mortgage 

rates contributed to declining affordability, playing a role in 

the slowdown. 

Housing starts shot up by 14.8 percent at an annual rate 

in the first quarter to a 2.131 million unit pace–a 33-year 

high. The marked increase reflected a spurt in building 

activity at the start of the quarter that was due in large part to 

unseasonably mild temperatures. The pace of 

groundbreakings subsequently slowed, however. Growth of 

real residential investment remained roughly stable in the 

first quarter at a 2.6 percent annual rate compared to 2.8 

percent in the fourth quarter. 

Sales of new single-family homes plunged by 33.4 

percent at an annual rate in the first quarter to a 1.159 

million unit pace–the lowest level since late 2003. Resales of 

existing one-family homes fell by 6.0 percent at an annual 

rate to a 5.970 million unit pace. The homeownership rate 

slipped by 0.2 percentage point to 68.6 percent. Although 

down from a peak of 69.3 percent in the spring of 2004, 

homeownership remains historically high. 

Mortgage interest rates have started to climb but still 

remain relatively favorable. The average rate on a 30-year 

conventional mortgage reached 6.51 percent in April. That 

was nearly a full percentage point above the low levels 

recorded in June 2005. The upward trend in mortgage rates 

coupled with several years of strong home price appreciation 

has started to take a toll on housing affordability. The 

National Association of Realtors’ housing affordability 

index fell by 10 percent over the year ended in March, with 

recent readings the lowest since the early 1990s, when 

mortgage rates were hovering around 10 percent. 

Federal budget 

In the first 7 months of fiscal year 2006 (from October 

2005 through April 2006) receipts of the U.S. Government 

totaled $1.353 trillion, outlays year-to-date were $1.537 

trillion, and the deficit amounted to $184 billion. That was 

about $52.8 billion less than the deficit in the same period of 

fiscal year 2005. Receipts were $136 billion (11.2 percent) 

higher through the first 7 months of fiscal year 2006 than in 

the comparable period of fiscal 2005. The increase in 

receipts reflected sizable growth in individual income and 

employment tax receipts, and a surge in corporate income 

taxes, which rose about $40 billion or 30 percent from last 

year due in part to strong growth in corporate profits. 

Outlays increased by $83.3 billion, or 5.7 percent in the first 

7 months of fiscal year 2006, partly reflecting outlays related 

to recovery efforts in the Gulf Coast region and to increases 

for Medicare (up 13.7 percent from the previous year), net 

interest (up 21.5 percent), and defense (with net outlays 5.7 

percent higher). Over the 12 months ending in April, net 

outlays summed to $2.56 trillion and receipts totaled $2.29 

trillion, resulting in a deficit of $265.7 billion over that span. 

The Administration’s Fiscal Year 2007 Budget projected 

that the Federal budget would show a deficit of $423 billion 

(3.2 percent of GDP) in fiscal year 2006, but because of a 

strong economy, the deficit in fiscal year 2006 is on track to 

come in well below that estimate and could be closer to 2.5 

percent of GDP. That would be similar to the 2.6 percent 

recorded in fiscal year 2005. Further reductions are expected 

by the end of the decade. 
PROFILE OF THE ECONOMY 

June 2006

10 

Net national saving and investment 

After a brief period of improvement in the mid to late 

1990s, net national saving has fallen sharply since 1999, 

from 6.7 percent of net national product (NNP) in 2000 to 

1.0 percent in 2005. That was down from 1.3 percent of 

NNP in 2004 and 1.5 percent in 2003 and well below a 

recent high of 7.3 percent in 1998. (Net national saving and 

NNP exclude depreciation to replace worn-out or obsolete 

equipment, software, and structures used in production.) 

Private saving dipped to an average of 3.9 percent of 

NNP through the four quarters of 2005 from a 5.3 percent 

average in 2004, and was a shade above the roughly 6-

decade low of 3.7 percent recorded in 2001. All of the 

decline in 2005 was in personal saving, which fell from 1.5 

percent of NNP in 2004 to -0.3 percent in 2005, the first 

negative reading in more than 70 years. Corporate saving, in 

contrast, increased as a percent of NNP in 2005, rising to 4.2 

percent that year from 3.8 percent in 2004 and well above its 

recent low point of 2.0 percent in 2000. The 2005 corporate 

saving share was the highest since the late 1960s. 

The Federal deficit narrowed to -3.0 percent of NNP in 

2005 from a negative 3.9 percent in each of the previous 2 

years as the economic expansion boosted tax receipts. Along 

with a small surplus for state and local governments, total 

net government deficits amounted to -2.9 percent of NNP in 

2005, below the -3.3 percent average from 1980 through 

1997 and the -3.7 percent average over the period 2002 to 

2004. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

rose to 8.5 percent of NNP in 2005, slightly above the 8.4 

percent in 2004. While still below the 9.8 percent average 

posted from 1998 through 2000, the current rate of net 

investment is considerably higher than readings around 6 

percent in the early 1990s. A large portion of domestic 

investment has been financed from abroad. This is reflected 

in net foreign investment, which swung from a small surplus 

of 0.3 percent of NNP in 1991 to a deficit of -7.1 percent 

through the four quarters of 2005. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05

Public

Total

(Saving as a percent of NNP)
June 2006 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

June 2006 

12 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and 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 2006 

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 $202.2 billion for the second 

quarter of fiscal year 2006. This is an increase of $17.3 

billion over the comparable prior year quarter. Withheld 

receipts increased by $17.5 billion and non-withheld receipts 

increased by $13.6 billion during this period. Refunds 

increased by $13.9 billion over the comparable fiscal year 

2005 quarter. There was a decrease of $1.1 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2005. 

Corporate income taxes—Net corporate income tax 

receipts were $49.6 billion for the second quarter of fiscal 

year 2006. This is an increase of $14.1 billion compared to 

the prior year second quarter. The $14.1 billion change is 

comprised of an increase of $15.1 billion in estimated and 

final payments, and an increase of $1.0 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2006 were $206.6 billion, an increase of $18.4 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $11.8 billion, $2.0 billion, and $4.5 

billion, respectively. There was a $3.5 billion accounting 

adjustment for prior years employment tax liabilities made 

in the second quarter of fiscal year 2006, while there was a 

$2.4 billion adjustment in the second quarter of fiscal year 

2005. 

Unemployment insurance—Unemployment insurance 

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

2006 were $6.0 billion, an increase of $0.2 billion over the 

comparable quarter of fiscal year 2005. Net State taxes 

deposited in the U.S. Treasury decreased by $0.1 billion to 

$4.5 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.4 billion to $1.6 billion.
FEDERAL FISCAL OPERATIONS 

June 2006 

13

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 $1.2 billion for the 

second quarter of fiscal year 2006. This was a negligible 

change from the comparable quarter of fiscal year 2005. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2006 were $17.3 billion, an increase of 

$0.3 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.5 billion, an 

increase of $0.3 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $7.6 billion for the second quarter of fiscal year 2006. 

These receipts represent an increase of $1.5 billion over the 

same quarter in fiscal year 2005. 

Customs duties—Customs duties net of refunds were 

$5.7 billion for the second quarter of fiscal year 2006. This 

is an increase of $0.2 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2006 were $11.2 billion, 

an increase of $3.5 billion over the comparable prior year 

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

Federal Reserve banks increasing by $3.3 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 2006 

Budget estimates 

(Feb. 2006) 

full fiscal year 2006 

Total on- and off-budget results: 

Total receipts ................................................................ 507,426 1,037,636 2,285,491

On-budget receipts ................................................... 346,495 747,415 1,675,526

Off-budget receipts ................................................... 160,931 290,221 609,965

Total outlays.................................................................. 691,107 1,340,626 2,708,677

On-budget outlays..................................................... 562,323 1,132,796 2,277,667

Off-budget outlays..................................................... 128,785 207,830 431,010

Total surplus or deficit (-) .............................................. -183,682 -302,990 -423,186

On-budget surplus or deficit (-)................................. -215,828 -385,381 -602,141

Off-budget surplus or deficit (-)................................. 32,146 82,391 178,955

Means of financing: 

Borrowing from the public............................................. 156,132 268,381 426,693

Reduction of operating cash......................................... 28,432 27,486 -

Other means ................................................................. -882 7,124 -3,507

Total on- and off-budget financing............................ 183,682 302,990 423,186

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2006 

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

Source Jan. Feb. Mar. 

Individual income taxes...................................................... 129.5 33.4 39.3 

Corporate income taxes..................................................... 9.4 4.2 35.9 

Employment and general retirement.................................. 74.5 60.9 71.2 

Unemployment insurance .................................................. 2.3 3.3 0.4 

Contributions for other insurance and retirement .............. 0.4 0.3 0.5 

Excise taxes ....................................................................... 5.7 4.4 7.3 

Estate and gift taxes .......................................................... 1.9 1.7 4.0 

Customs duties .................................................................. 1.9 1.8 2.0 

Miscellaneous receipts....................................................... 4.5 2.6 4.1

Total budget receipts ..................................................... 230.0 112.9 164.6

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

June 2006 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2005-2006

(In billions of dollars) 

-50

0

50

100

150

200

250

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

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. 

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2006

2005 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2005-2006

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

June 2006 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2001 ............................ 1,991,044 1,483,525 507,519 1,862,764 1,516,762 346,002 128,281 -33,237 161,518 141,902 

2002 ............................ 1,853,051 1,337,730 515,321 2,010,855 1,655,192 355,663 -157,804 -317,462 159,658 428,391 

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

2004 ............................ 1,879,784 1,345,039 534,744 r 2,292,630 r 1,913,118 r 379,512 r -412,846 r -568,078 155,233 595,064 

2005 ............................ 2,153,350 1,575,874 577,475 2,471,817 2,069,606 402,210 -318,467 -493,732 175,265 551,329 

 

2006 - Est.................... 2,285,491 1,675,526 609,965 2,708,677 2,277,667 431,010 -423,186 -602,141 178,955 706,517 

2007 - Est.................... 2,415,852 1,773,533 642,319 2,770,097 2,316,952 453,145 -354,245 -543,419 189,174 684,517 

 

2005 - Mar................... 148,759 99,397 49,363 219,971 178,387 41,583 -71,211 -78,991 7,779 62,274 

Apr................... 277,614 218,209 59,405 219,902 181,381 38,521 57,711 36,827 20,884 -11,666 

May.................. 152,731 107,184 45,547 188,151 145,836 42,315 -35,420 -38,653 3,232 13,356 

June................. 234,808 175,731 59,077 211,888 211,254 634 22,920 -35,522 58,443 60,638 

July .................. 142,092 97,835 44,257 195,463 155,226 40,238 -53,372 -57,391 4,019 51,130 

Aug .................. 155,438 110,078 45,360 206,770 163,880 42,889 -51,333 -53,803 2,471 39,168 

Sept................. 251,628 199,751 51,877 215,972 172,121 43,851 35,656 27,631 8,025 2,728 

Oct................... 149,488 108,519 40,969 196,718 157,783 38,936 -47,231 -49,264 2,033 93,384 

Nov .................. 138,840 94,831 44,009 221,899 179,702 42,197 -83,059 -84,871 1,812 63,991 

Dec .................. 241,883 197,571 44,312 230,903 r 232,989 r -2,087 10,980 r -35,419 r 46,399 78,153 

2006 - Jan ................... 230,010 172,347 57,663 209,022 168,377 40,644 20,988 3,969 17,019 25,212 

Feb .................. 112,853 65,092 47,761 232,052 187,771 44,281 -119,199 -122,678 3,480 51,493 

Mar .................. 164,563 109,056 55,507 250,034 206,175 43,859 -85,471 -97,119 11,648 98,353 

 

Fiscal year 2006 to date ... 1,037,637 747,416 290,221 1,340,628 1,132,797 207,830 -302,992 -385,382 82,391 410,586 

 

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) 

 

2001 ...................................... -661 231,496 -90,256 -8,440 1,603 8,543 4,717 -21,554 -10,048 -128,281 

2002 ...................................... -137 207,713 220,542 16,667 790 15,724 2,457 -24,298 -2,802 157,804 

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

2004 ...................................... -1,769 213,677 379,618 1,390 720 -23,529 -4,630 6,494 662 412,823 

2005 ...................................... -547 254,096 296,687 -669 -4,537 -70 -6,195 9,531 778 318,467 

 

2006 - Est.............................. -361 279,463 426,693 - * * * -3,507 * 423,186 

2007 - Est.............................. -552 311,400 372,565 - * * * -18,320 * 354,245 

2005 - Mar............................. 168 -2,569 65,012 2,825 -584 -584 -60 7,596 200 71,211 

Apr............................. -188 9,934 -21,788 53,911 46 181 148 18,363 - -57,711 

May............................ 84 21,845 -8,405 -59,808 -226 288 -287 -16,205 - 35,423 

June........................... -234 73,377 -12,973 16,633 -142 -256 139 6,157 270 -22,920 

July ............................ -66 -2,460 53,524 7,777 -37 176 -1,836 5,922 6 53,372 

Aug ............................ -101 3,519 35,548 -32,397 -2,903 -474 -105 -19,843 - 51,584 

Sept........................... 66 18,479 -15,685 27,116 -59 -377 -88 6,350 271 -35,656 

Oct............................. -132 44,455 48,797 5,031 -21 316 -527 3,233 - 47,231 

Nov ............................ 138 5,422 58,706 -34,722 -44 -130 -623 -11,166 - 83,059 

Dec ............................ 195 73,602 4,745 30,637 29 -1 -4,060 10,799 81 -10,980 

2006 - Jan ............................. -163 15,198 9,851 32,227 93 316 -398 1,399 - -20,988 

Feb ............................ -226 6,138 45,128 -50,746 7 -415 * 22,917 - 119,199 

Mar ............................ 136 -2,664 101,153 -9,912 34 -248 -261 -26,214 145 85,471 

Fiscal year 2006 to date........... -52 142,151 268,380 -27,485 98 -162 -5,869 968 226 302,992 

 

 

* Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 6, 2006. 

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

June 2006 

16 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

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

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

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

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

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

 2006 - Est...................... 997,599 - - 997,599 277,122 - 277,122 1,274,721 787,557 - 787,557 

2007 - Est...................... 1,096,366 - - 1,096,366 260,567 - 260,567 1,356,933 830,259 - 830,259 

 

2005 - Mar..................... 76,403 6,692 39,107 43,988 30,812 3,766 27,046 71,034 62,426 - 62,426 

Apr..................... 63,761 133,117 48,385 148,493 36,681 2,297 34,384 182,877 76,371 - 76,371 

May.................... 58,496 20,543 21,431 57,608 8,667 1,497 7,170 64,778 57,741 - 57,741 

June................... 53,002 38,762 3,007 88,758 57,731 1,251 56,480 145,238 75,394 - 75,394 

July .................... 61,388 4,680 3,635 62,433 9,927 1,862 8,065 70,498 56,788 - 56,788 

Aug .................... 70,264 6,453 2,830 73,888 4,196 2,332 1,865 75,753 58,276 - 58,276 

Sept................... 55,829 45,212 3,838 97,203 71,991 1,476 70,514 167,717 69,473 2,170 67,303 

Oct..................... 67,033 10,536 2,730 74,839 10,549 4,436 6,113 80,952 54,099 - 54,099 

Nov .................... 61,787 3,637 6,696 58,729 5,690 2,380 3,310 62,039 58,296 - 58,296 

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

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

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

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

 

Fiscal year 2006 to date... 456,357 87,477 111,227 432,607 148,196 17,936 130,262 562,869 376,931 - 376,931 

 

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) 

 

2001 ............................ 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,713 

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

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

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

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

 

2006 - Est.................... 4,226 - 4,226 791,783 44,832 - 44,832 4,423 49 4,472 

2007 - Est.................... 4,259 - 4,259 834,518 45,274 - 45,274 4,285 49 4,334 

 

2005 - Mar................... 422 * 422 62,848 786 9 777 425 4 429 

Apr................... 350 1 349 76,720 4,441 28 4,412 347 6 353 

May ................. 426 * 426 58,167 17,273 11 17,261 342 3 345 

June ................ -76 * -76 75,318 668 10 657 340 5 345 

July.................. 375 1 375 57,163 2,058 14 2,044 412 4 416 

Aug.................. 425 -13 438 58,714 6,520 12 6,508 393 4 397 

Sept................. 339 * 338 67,641 -522 11 -533 359 4 363 

Oct................... 389 * 388 54,487 2,074 5 2,069 341 5 346 

Nov.................. 305 * 305 58,601 3,899 6 3,893 337 5 342 

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

2006 - Jan ................... 425 * 425 74,453 2,322 7 2,315 383 4 387 

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

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

 

Fiscal year 2006 to date.... 2,367 - 2,365 379,296 12,414 51 12,363 2,233 27 2,260 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2006 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

 

2001 ............................ 66,232 29,248 848 28,400 20,295 927 19,368 26,124 11,541 37,664 1,483,525 507,519 

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

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

2004 ............................ 69,855 25,579 749 24,831 21,806 723 21,083 19,652 12,627 32,279 1,345,039 534,744 

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 - Est.................... 73,511 27,523 - 27,523 25,887 - 25,887 27,455 15,307 42,762 1,675,526 609,965 

2007 - Est.................... 74,608 23,700 - 23,700 28,069 - 28,069 32,679 15,737 48,416 1,773,533 642,319 

 

2005 - Mar................... 6,793 2,095 76 2,018 2,042 88 1,954 1,648 1,240 2,888 99,397 49,363 

Apr................... 6,119 2,898 53 2,845 1,829 56 1,773 1,450 1,064 2,514 218,208 59,405 

May ................. 6,010 1,979 72 1,907 1,841 85 1,756 1,205 1,301 2,506 107,184 45,547 

June ................ 6,727 1,912 67 1,846 2,133 75 2,058 1,755 865 2,619 175,731 59,077 

July.................. 5,759 1,778 63 1,714 2,142 66 2,077 1,271 1,148 2,419 97,835 44,257 

Aug.................. 6,211 2,319 116 2,203 2,338 72 2,266 2,228 1,158 3,386 110,078 45,360 

Sept................. 8,584 2,507 56 2,451 2,212 58 2,154 1,801 1,450 3,250 199,751 51,877 

Oct................... 4,720 2,128 75 2,053 2,170 95 2,075 1,525 1,261 2,786 108,519 40,969 

Nov.................. 6,253 2,230 65 2,165 2,128 56 2,073 2,292 1,182 3,474 94,831 44,009 

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

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

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

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

Fiscal year 2006 to date.. 34,700 14,071 356 13,715 12,220 426 11,794 13,639 7,000 20,639 747,416 290,221 

 

1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for 

adjustment for revenue uncertainty. 

* Less than $500,000. 

Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 6, 2006. 

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) 

 

2001............................ 693,967 9,244 53 9,191 522 - 522 32,465 996 31,469 26,009 960 25,049

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

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

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

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

 

2006 - Est ................... 841,087 10,651 - 10,651 602 - 602 39,066 - 39,066 23,192 - 23,192

2007 - Est ................... 884,126 11,341 - 11,341 617 - 617 39,727 - 39,727 22,923 - 22,923

 

2005 - Mar .................. 64,054 871 * 872 48 - 48 3,327 -1 3,329 2,634 90 2,545

Apr .................. 81,486 843 - 843 51 - 51 3,332 - 3,332 1,967 73 1,894

May ................. 75,773 878 65 813 53 - 53 3,464 237 3,227 1,729 -188 1,917

June ................ 76,320 854 * 854 54 - 54 2,702 -1 2,703 3,212 96 3,116

July.................. 59,624 906 - 906 51 - 51 3,344 - 3,344 2,159 701 1,458

Aug.................. 65,619 871 -9 881 51 - 51 3,516 290 3,226 2,181 127 2,053

Sept................. 67,471 1,604 28 1,577 99 - 99 5,918 162 5,755 1,258 105 1,153

Oct .................. 56,902 173 * 173 10 - 10 692 -1 693 3,894 49 3,845

Nov.................. 62,836 922 - 922 57 - 57 3,718 - 3,718 1,641 86 1,555

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

2005 - Jan................... 77,155 809 - 809 50 - 50 3,260 - 3,260 1,603 56 1,547

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

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

Fiscal year 2006 to date.. 393,920 4,747 50 4,697 280 - 280 17,535 192 17,343 12,900 520 12,379

 
FEDERAL FISCAL OPERATIONS 

June 2006 

18 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

2001 ....................... 3,030 4,408 68,047 5,017 290,413 35,724 16,420 426,391 14,086 33,937 7,876 18,868 39,757

2002 ....................... 3,243 4,823 68,982 5,322 332,116 46,286 17,772 466,104 15,980 31,880 9,741 21,408 64,703

2003 ....................... 3,420 5,123 72,483 5,680 388,891 57,400 19,385 505,410 31,843 37,470 9,204 21,775 69,592

2004 ....................... 3,880 5,396 71,768 5,849 437,111 62,817 19,974 543,206 26,724 45,024 8,938 28,953 56,708

2005 ....................... 3,988 5,562 85,283 6,165 474,436 72,945 21,351 581,534 39,307 42,514 9,093 22,727 46,960

 

2006 - Est............... 4,427 6,088 95,712 6,462 512,079 83,984 21,703 641,464 66,753 46,807 9,112 22,294 51,434

2007 - Est............... 4,438 6,386 92,783 6,603 504,863 64,484 21,419 699,580 43,553 44,668 9,432 24,682 53,357

 

2005 - Mar.............. 307 474 5,728 536 42,150 5,928 2,313 53,336 3,434 3,342 1,014 2,024 4,036

Apr.............. 307 429 5,359 401 42,744 9,873 1,302 51,053 2,769 3,267 599 1,639 4,348

May............. 308 453 5,625 505 33,536 5,539 1,307 44,450 2,519 3,135 671 2,046 4,081

June............ 414 444 5,140 486 40,971 4,664 1,564 53,332 3,014 6,421 1,024 1,857 4,205

July ............. 318 566 4,537 485 39,869 3,437 2,112 45,551 2,032 3,220 690 1,770 4,101

Aug ............. 376 452 6,051 644 40,661 7,834 1,476 50,184 2,860 3,112 749 2,270 3,668

Sept ............ 318 484 6,117 638 46,866 6,013 2,881 52,918 7,133 3,084 1,213 1,907 2,642

Oct.............. 441 419 15,004 435 44,162 5,710 2,239 44,148 5,543 3,370 813 1,826 3,276

Nov ............. 328 467 11,443 559 37,188 5,151 1,407 50,162 11,685 3,140 729 1,835 3,457

Dec ............. 319 563 9,866 556 47,221 4,272 1,319 49,846 7,110 3,219 907 2,254 4,099

2006 - Jan .............. 375 479 8,948 602 34,992 8,138 1,993 49,851 8,229 3,438 864 2,082 4,966

Feb ............. 332 442 7,711 455 38,518 5,682 1,407 48,084 6,325 2,855 636 1,596 754

Mar ............. 317 534 6,914 529 48,472 5,591 2,596 64,063 5,868 3,354 629 2,042 5,216

 

Fiscal year 2006 to 

 date r ...................... 2,112 2,904 59,886 3,136 250,553 34,544 10,961 306,154 44,760 19,376 4,578 11,635 21,768 

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) 

 

2001 ....................... 7,446 49,372 359,508 27,415 45,043 4,726 34,161 7,390 246 -8 11,771 

2002 ....................... 9,453 56,112 332,537 38,021 50,871 4,798 35,158 7,450 453 -260 13,309 

2003 ....................... 9,257 50,808 318,149 48,374 56,892 4,749 39,881 8,065 388 323 13,466 

2004 ....................... 10,942 54,541 321,566 53,692 59,556 4,842 41,732 8,335 3,309 -404 13,738 

2005 ....................... 12,822 56,932 352,350 56,598 69,995 4,767 43,484 7,918 7,725 53 14,948 

 

2006 - Est............... 13,620 61,253 398,744 53,381 70,410 7,413 45,668 7,930 7,362 407 16,302 

2007 - Est............... 14,487 65,651 440,412 53,881 73,844 5,879 47,299 7,904 2,391 898 16,843 

2005 - Mar.............. 998 4,859 15,520 r 11,639 5,781 312 4,094 883 634 421 1,969 

Apr.............. 1,051 4,237 17,874 6,159 8,035 58 3,592 652 684 -213 912 

May ............ 838 4,805 23,648 3,060 3,006 364 3,492 648 714 19 1,443 

June ........... 990 5,283 91,135 715 6,223 418 3,808 665 870 122 1,112 

July............. 1,260 5,041 15,381 2,400 5,939 298 3,661 607 769 -234 682 

Aug............. 1,342 5,595 20,619 980 5,706 387 3,269 781 844 7 490 

Sept............ 1,335 6,402 16,822 -6,855 7,868 537 3,535 734 771 27 307 

Oct.............. 902 5,071 18,804 966 3,040 598 3,754 575 504 -87 1,148 

Nov............. 1,130 4,630 26,912 1,742 5,576 887 3,206 677 546 62 1,581 

Dec............. 1,481 4,885 93,067 865 8,914 803 4,080 686 493 1 4,029 

2006 - Jan .............. 517 4,446 13,849 6,240 3,095 640 4,114 709 489 -102 461 

Feb............. 1,199 4,191 21,243 28,822 5,626 711 3,561 662 458 -72 790 

Mar............. 971 4,291 19,694 11,031 7,455 820 4,105 862 512 431 1,678 

 

Fiscal year 2006 to 

 date............................ 6,200 27,514 193,569 49,666 33,706 4,459 22,820 4,171 3,002 233 9,687 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

June 2006 

19

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

2001 ....................... 14,094 3,691 50,916 -569 461,261 13,449 -38,792 -144,111 -7,194 -1,025 1,516,762 346,002 

2002 ....................... 14,429 4,187 52,512 492 488,242 15,853 -42,782 -153,316 -5,024 -2 1,655,192 355,663 

2003 ....................... 14,552 4,735 54,134 1,559 507,734 8,947 -49,351 -156,066 -5,029 * 1,796,238 363,010 

2004 ....................... 15,186 5,118 56,533 4,077 530,206 5,833 -53,430 -153,986 -5,105 * r 1,913,118 379,512 

2005 ....................... 15,611 5,432 59,510 2,503 561,324 14,195 -58,919 -160,992 -6,144 -160 2,069,606 402,210 

 

2006 - Est............... 15,554 5,760 63,459 1,188 592,450 21,030 -63,146 -169,199 -9,118 -110 2,277,667 431,010 

2007 - Est............... 16,356 5,838 67,265 605 622,709 27,090 -65,075 -181,167 -9,541 -19,720 2,316,952 453,145 

 

2005 - Mar.............. 1,291 417 4,933 67 46,382 642 -4,841 -336 -317 * r 178,387 41,583 

Apr.............. 1,014 402 5,210 58 49,855 1,861 -4,735 -692 -201 * 181,381 38,521 

May ............ 1,490 395 4,805 62 43,816 1,249 -4,700 -4,255 -920 * 145,839 42,315 

June ........... 1,362 536 5,365 65 50,721 -1,681 -4,720 -73,997 -640 * 211,254 634 

July............. 1,389 491 4,932 55 46,904 2,550 -5,145 -36 -171 * 155,226 40,238 

Aug............. 1,335 591 4,953 62 46,974 452 -5,003 -2,102 -847 - 164,132 42,889 

Sept............ 1,718 528 5,089 53 49,542 1,799 -5,221 -418 -655 -160 172,121 43,851 

Oct.............. 626 449 5,271 60 44,374 1,515 -16,788 -1,023 -427 * 157,783 38,936 

Nov............. 1,480 427 5,045 92 46,861 1,384 -3,096 -4,236 -559 * 179,702 42,197 

Dec............. 1,293 424 4,735 92 50,606 2,787 -4,174 -75,318 -396 * r 232,989 r -2,087 

2006 - Jan .............. 1,091 384 5,344 115 46,327 1,456 -4,440 374 -1,045 * 168,377 40,644 

Feb............. 1,198 435 5,119 113 48,811 123 -3,711 -1,438 -586 - 187,771 44,281 

Mar............. 1,267 467 5,215 -414 52,262 -1,105 -4,131 -1,062 -442 - 206,175 43,859 

Fiscal year 2006 to 

date ........................ 6,955 2,586 30,729 58 289,241 6,160 -36,340 -82,703 -3,455 - 1,132,797 207,830 

 

 * Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 6, 2006. 

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

June 2006 

20 

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

March 2006 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 432,586 21 - 432,607 398,816 23 - 398,839

Corporation income taxes........................................... 130,259 - 1 130,260 99,799 - 4 99,803

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 290,221 290,221 - - 271,953 271,953

Employment and general retirement (on-budget)... - - 89,076 89,076 - - 81,986 81,986

Unemployment insurance ....................................... - - 12,363 12,363 - - 11,651 11,651

Other retirement...................................................... - - 2,259 2,259 - - 2,241 2,241

Excise taxes ................................................................ 11,164 369 23,168 34,701 12,026 323 21,333 33,682

Estate and gift taxes ................................................... 13,715 - - 13,715 11,798 - - 11,798

Customs duties ........................................................... 7,659 3,506 628 11,794 7,373 3,369 553 11,295

Miscellaneous receipts................................................ 14,563 5,563 512 20,638 10,488 4,845 459 15,792

Total receipts....................................................... 609,947 9,460 418,229 1,037,636 540,300 8,561 390,179 939,040

(On-budget)..................................................... 609,947 9,460 128,008 747,415 540,300 8,561 118,226 667,087

(Off-budget)..................................................... - - 290,221 290,221 - - 271,953 271,953

 

Budget outlays: 

Legislative branch ....................................................... 1,973 104 36 2,112 1,928 9 10 1,947

Judicial branch ............................................................ 2,627 295 -19 2,903 2,482 270 -17 2,735

Department of Agriculture ........................................... 36,702 22,691 493 59,886 33,193 19,254 6 52,454

Department of Commerce........................................... 3,046 90 * 3,136 2,986 21 * 3,007

Department of Defense-military .................................. 246,391 4,250 -89 250,552 226,508 3,276 6 229,790

Department of Education ............................................ 34,530 13 * 34,544 35,450 134 * 35,585

Department of Energy................................................. 11,562 -601 * 10,961 11,969 -1,260 * 10,709

Department of Health and Human Services ............... 224,156 24 81,974 306,154 205,225 -13 78,835 284,046

Department of Homeland Security.............................. 29,584 15,063 113 44,759 18,716 181 83 18,980

Department of Housing and Urban Development....... 20,177 -795 -5 19,377 20,583 -306 -3 20,274

Department of the Interior........................................... 4,755 -349 173 4,579 4,675 -685 157 4,147

Department of Justice ................................................. 11,116 511 7 11,635 10,481 677 80 11,238

Department of Labor................................................... 5,668 -2,515 18,615 21,769 5,065 -371 19,220 23,915

Department of State.................................................... 6,266 -292 225 6,200 6,113 -280 172 6,005

Department of Transportation..................................... 8,169 -260 19,603 27,513 3,837 -31 21,762 25,568

Department of the Treasury: 

Interest on the public debt....................................... 193,570 - - 193,570 166,871 - - 166,871

Other ....................................................................... 49,991 -269 -56 49,666 50,711 -507 -65 50,139

Department of Veterans Affairs .................................. 34,072 -876 512 33,708 33,364 -642 497 33,219

Corps of Engineers ..................................................... 3,979 59 422 4,460 2,153 192 360 2,705

Other defense civil programs...................................... 39,905 -14,088 -2,998 22,819 37,124 -12,944 -2,053 22,127

Environmental Protection Agency............................... 4,926 -110 -643 4,172 4,543 -112 -599 3,832

Executive Office of the President................................ 3,003 * - 3,003 3,074 * - 3,074

General Services Administration ................................ 88 146 - 234 90 236 * 326

International Assistance Program............................... 10,586 -704 -195 9,687 9,832 -635 803 10,000

National Aeronautics and Space Administration ........ 6,966 -11 * 6,955 7,304 -3 * 7,302

National Science Foundation...................................... 2,561 13 12 2,586 2,472 12 5 2,489

Office of Personnel Management ............................... 4,195 52 26,481 30,728 3,928 -41 25,269 29,157

Small Business Administration ................................... 75 -15 * 59 2,163 -16 * 2,147

Social Security Administration .................................... 26,108 -10 263,142 289,240 26,720 1 246,791 273,512

Other independent agencies....................................... 2,782 706 2,672 6,160 6,196 -1,667 3,422 7,951

Undistributed offsetting receipts: 

Interest .................................................................... - - -82,702 -82,702 - - -79,478 -79,478

Other ....................................................................... -3,457 -11,105 -25,235 -39,797 -2,712 -5,292 -24,100 -32,104

Total outlays........................................................ 1,026,069 12,019 302,539 1,340,626 943,046 -541 291,165 1,233,670

(On-budget)..................................................... 1,026,069 13,974 92,754 1,132,796 943,046 2,165 94,697 1,039,908

(Off-budget)..................................................... - -1,955 209,785 207,830 - -2,706 196,469 193,762

Surplus or deficit (-)............................................. -416,122 -2,559 115,690 -302,990 -402,745 9,102 99,014 -294,630

(On-budget)..................................................... -416,122 -4,514 35,254 -385,381 -402,745 6,395 23,530 -372,821

(Off-budget)..................................................... - 1,955 80,436 82,391 - 2,706 75,484 78,190

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2006 

21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2001 ................................................ 5,050,444 340,364 5,389,954 1,271,952 1,281,245 

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

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

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 

 

2005 - Mar....................................... 727,877 39,548 766,879 126,367 124,087 

Apr....................................... 693,921 40,604 736,160 121,586 66,041 

May...................................... 659,298 34,493 691,838 96,714 158,475 

June..................................... 687,435 46,329 734,929 134,064 116,266 

July ...................................... 473,080 35,511 507,899 91,688 84,603 

Aug ...................................... 575,672 37,885 612,972 94,969 127,951 

Sept..................................... 686,060 44,456 731,785 148,138 119,752 

Oct....................................... 524,182 33,937 556,788 97,803 94,103 

Nov ...................................... 573,559 35,552 610,189 89,322 122,966 

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

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

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

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

 

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

June 2006 

22 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note accounts 

(13) 

 

2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

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

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

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 

 

2005 - Mar............................. 5,219 17,230 5,872 44,539 3,283 859 4,719 21,138 

Apr............................. 3,585 72,775 6,356 78,251 3,585 66 5,212 26,520 

May............................ 5,538 11,014 8,154 75,044 3,585 7,138 5,087 29,316 

June........................... 4,373 28,812 9,849 59,051 3,904 30 4,951 24,598 

July ............................ 5,065 35,897 6,228 35,897 3,159 544 4,789 13,732 

Aug ............................ 5,650 2,914 5,928 22,060 3,874 872 4,979 7,521 

Sept........................... 4,381 31,300 7,434 67,207 4,229 1,379 5,338 28,273 

Oct............................. 5,712 34,999 5,712 36,665 4,071 2,511 4,865 18,737 

Nov ............................ 4,634 1,355 5,994 22,956 3,575 544 4,917 8,941 

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

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

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

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

 

 

1

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

than Government account series, and taxes. 

2

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

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

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

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

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

under the Federal Insurance Contributions Act beginning January 1950 and under 

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

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

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

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

beginning October 1988. 
June 2006 

23

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

June 2006

24 

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

 Agency 

 securities

 (6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

2001............................... 5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

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

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

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

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

 

2005 - Mar ..................... 7,801,016 7,776,939 24,077 3,204,543 3,204,543 - 4,596,473 4,572,397 24,077 

Apr ..................... 7,788,426 7,764,537 23,888 3,213,845 3,213,845 - 4,574,581 4,550,692 23,888 

May .................... 7,801,852 7,777,880 23,972 3,235,855 3,235,854 1 4,565,997 4,542,026 23,971 

June ................... 7,860,234 7,836,496 23,738 3,308,866 3,308,866 - 4,551,368 4,527,630 23,738 

July..................... 7,911,290 7,887,618 23,672 3,306,665 3,306,665 - 4,604,625 4,580,953 23,672 

Aug..................... 7,950,504 7,926,933 23,570 3,310,292 3,310,292 1 4,640,212 4,616,641 23,569 

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

Oct ..................... 8,050,629 8,027,123 23,505 3,376,354 3,376,354 1 4,674,275 4,650,769 23,504 

Nov..................... 8,115,965 8,092,322 23,643 3,382,666 3,382,665 1 4,733,299 4,709,657 23,642 

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

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

Feb..................... 8,293,333 8,269,885 23,448 3,499,204 3,499,202 2 4,794,129 4,770,683 23,446 

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

 

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) 

 

2001 ............................... 5,834,475 64,896 5,769,579 2,468,757 18,363 2,450,394 3,365,718 46,533 3,319,185

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

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

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

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

 

2005 - Mar...................... 7,801,016 53,130 7,747,886 3,204,543 16,299 3,188,243 4,596,473 36,831 4,559,643

Apr...................... 7,788,426 52,394 7,736,032 3,213,845 15,668 3,198,177 4,574,581 36,726 4,537,855

May..................... 7,801,852 52,381 7,749,472 3,235,855 15,833 3,220,022 4,565,997 36,548 4,529,450

June.................... 7,860,234 50,358 7,809,875 3,308,866 15,468 3,293,399 4,551,368 34,890 4,516,477

July ..................... 7,911,290 50,350 7,860,939 3,306,665 15,727 3,290,939 4,604,625 34,623 4,570,000

Aug ..................... 7,950,504 50,498 7,900,006 3,310,292 15,583 3,294,709 4,640,212 34,915 4,605,297

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

Oct...................... 8,050,629 54,577 7,996,052 3,376,354 18,712 3,357,642 4,674,275 35,865 4,638,410

Nov ..................... 8,115,965 55,785 8,060,180 3,382,666 19,601 3,363,065 4,733,299 36,184 4,697,115

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

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

Feb ..................... 8,293,333 78,490 8,214,843 3,499,204 41,201 3,458,003 4,794,129 37,289 4,756,840

Mar ..................... 8,394,740 81,408 8,313,332 3,498,354 43,015 3,455,339 4,896,386 38,393 4,857,993

 
FEDERAL DEBT 

June 2006 

25

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. 

savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2001 ....................................... 186,464 - 18,269 39,488 146,364 29,995 3,505 

2002 ....................................... 193,312 - 12,519 47,605 144,286 29,995 4,107 

2003 ....................................... 201,561 14,991 11,007 53,463 148,366 29,995 4,377 

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 

 

2005 - Mar.............................. 204,248 - 6,081 62,683 179,005 29,995 4,879 

Apr.............................. 204,206 - 5,981 64,349 189,033 29,995 5,015 

May............................. 204,307 - 5,881 65,050 200,362 29,995 5,015 

June............................ 204,217 - 2,986 65,999 206,744 29,995 5,113 

July ............................. 204,144 - 2,986 66,380 213,051 29,995 5,113 

Aug ............................. 203,808 - 2,986 67,042 217,724 29,995 5,113 

Sept............................ 203,645 - 3,086 67,961 225,283 29,995 5,214 

Oct.............................. 203,890 - 3,086 68,939 226,929 29,995 5,211 

Nov ............................. 204,579 - 2,986 68,681 231,467 29,995 5,213 

Dec ............................. 205,162 - 3,786 69,097 235,566 29,995 5,368 

2006 - Jan .............................. 205,605 - 3,786 70,277 233,441 29,995 5,201 

Feb ............................. 205,901 - 3,586 32,414 234,545 29,995 5,203 

Mar ............................. 205,976 - 3,386 71,258 234,844 29,995 5,370 

 

 

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) 

 

2001 .................................. 3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

2002 .................................. 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

2003 .................................. 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 

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 

 

2005 - Mar......................... 4,572,716 4,085,824 1,055,765 2,226,180 537,058 266,821 486,892 

Apr......................... 4,551,065 4,052,484 987,774 2,241,205 537,070 286,436 498,581 

May........................ 4,542,378 4,031,767 957,660 2,255,535 529,910 288,662 510,611 

June....................... 4,527,697 4,012,642 920,023 2,272,340 529,746 290,533 515,055 

July ........................ 4,580,784 4,059,114 938,407 2,285,420 529,768 305,519 521,670 

Aug ........................ 4,614,279 4,087,611 949,431 2,312,055 520,502 305,622 526,669 

Sept....................... 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

Oct......................... 4,650,516 4,112,465 932,554 2,335,503 520,491 323,918 538,051 

Nov ........................ 4,709,403 4,166,481 982,960 2,339,284 516,430 327,807 542,920 

Dec ........................ 4,714,821 4,165,847 960,701 2,360,155 516,425 328,567 548,975 

2006 - Jan ......................... 4,724,637 4,176,332 952,800 2,360,363 516,418 346,751 548,306 

Feb ........................ 4,771,117 4,259,473 997,284 2,390,260 526,498 345,431 511,644 

Mar ........................ 4,872,485 4,321,654 1,039,036 2,408,302 526,501 347,815 550,830 
FEDERAL DEBT 

June 2006

26 

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

2001 ..................... 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775 

2002 ..................... 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

2003 ..................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349 

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 

 

2005 - Mar ........... 3,052 24,122 10,974 10,792 2,168 495 - 39,260 437,158 

 Apr............ 3,061 22,803 11,946 10,701 2,536 533 - 39,577 424,177 

 May........... 3,068 25,232 11,805 10,617 2,759 426 - 54,722 428,660 

 June.......... 3,075 24,819 10,830 10,858 3,403 446 - 53,823 423,216 

 July ........... 3,091 25,767 10,579 10,787 2,210 533 - 52,796 422,631 

 Aug ........... 3,101 24,668 7,731 10,699 4,610 440 - 56,868 425,927 

 Sept.......... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

 Oct............ 3,104 19,418 8,312 10,524 1,687 500 - 53,499 471,589 

 Nov ........... 3,114 18,621 9,610 10,450 2,509 361 - 55,634 475,190 

 Dec ........... 3,080 23,929 9,972 10,687 1,747 357 - 53,975 473,771 

2006 - Jan ............ 3,090 25,290 10,796 10,598 1,866 473 - 51,557 472,966 

 Feb ........... 3,100 27,237 10,854 10,514 2,274 501 - 52,787 460,083 

 Mar ........... 3,113 25,887 11,970 10,407 3,159 571 - 49,800 497,108 

 

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

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Bank 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

2001 .............. 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114 

2002 .............. 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2003 .............. 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

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 

 

2005 - Mar .... 3,248,893 12,919 31,870 28,817 12,086 186,645 632,790 268,665 22,998 1,524,082 

 Apr..... 3,259,619 12,292 31,858 28,830 12,113 188,414 629,793 273,207 24,505 1,543,270 

 May ... 3,282,156 12,327 32,317 29,149 12,074 188,092 626,894 272,750 24,627 1,546,637 

 June .. 3,356,344 12,465 32,229 29,125 12,104 193,669 642,298 282,089 23,111 1,598,784 

 July.... 3,354,424 11,991 32,314 29,174 12,135 193,244 639,651 279,936 22,872 1,604,713 

 Aug.... 3,360,856 11,729 32,707 29,462 15,193 192,751 637,074 277,537 23,029 1,607,330 

 Sept... 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

 Oct..... 3,426,716 10,907 32,641 29,513 15,286 192,198 657,077 278,448 23,355 1,618,658 

 Nov .... 3,432,818 11,084 33,015 29,923 15,267 191,461 654,138 278,417 23,679 1,620,345 

 Dec .... 3,506,577 11,661 32,799 29,996 15,320 195,715 670,101 285,941 23,800 1,663,726 

2006 - Jan ..... 3,523,210 11,999 32,850 30,032 15,377 196,841 667,598 288,996 23,749 1,679,132 

 Feb .... 3,513,085 11,894 33,126 30,387 15,372 196,377 663,952 287,856 23,965 1,682,806 

 Mar .... 3,551,185 12,136 32,954 30,384 15,399 196,701 661,190 283,296 23,965 1,693,145 

 
FEDERAL DEBT 

June 2006 

27

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2001 ..................................... 26,948 - 231 775 25,381 - 561 

2002 ..................................... 26,874 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

2005 ..................................... 23,637 - 146 - 23,097 - 394 

 

2005 - Mar............................ 24,077 - 139 325 23,208 - 404 

Apr............................ 23,888 - 140 325 23,018 - 405 

May .......................... 23,972 - 143 325 23,101 - 402 

June ......................... 23,738 - 143 - 23,191 - 404 

July........................... 23,672 - 143 - 23,124 - 405 

Aug........................... 23,570 - 143 - 23,030 - 397 

Sept.......................... 23,637 - 146 - 23,097 - 394 

Oct............................ 23,505 - 149 - 22,961 - 395 

Nov........................... 23,643 - 149 - 23,097 - 396 

Dec........................... 23,837 - 161 - 23,278 - 398 

2006 - Jan ............................ 23,674 - 166 - 23,109 - 399 

Feb ........................... 23,448 - 85 - 22,971 - 391 

Mar ........................... 23,584 - 80 - 23,112 - 392 

 

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

June 2006

28 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

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

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

 

2005 - Mar...................... 3,372,393 1,211,253 1,244,945 465,335 269,072 181,789 4 yrs. 8 mos. 

Apr...................... 3,310,933 1,143,168 1,253,939 462,850 268,951 182,025 4 yrs. 9 mos. 

May..................... 3,311,486 1,132,636 1,250,391 477,013 269,100 182,346 4 yrs. 10 mos. 

June.................... 3,292,256 1,095,354 1,260,365 485,465 268,443 182,629 4 yrs. 10 mos. 

July ..................... 3,314,952 1,130,292 1,233,071 494,373 274,618 182,599 4 yrs. 10 mos. 

Aug ..................... 3,361,958 1,143,059 1,273,564 490,944 281,161 173,230 4 yrs. 9 mos. 

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

Oct...................... 3,376,594 1,136,101 1,278,315 508,135 280,839 173,203 4 yrs. 9 mos. 

Nov ..................... 3,426,982 1,201,621 1,248,485 526,593 276,571 173,712 4 yrs. 9 mos. 

Dec ..................... 3,399,628 1,176,549 1,237,702 534,929 276,633 173,815 4 yrs. 9 mos. 

2006 - Jan ...................... 3,431,952 1,182,593 1,260,294 529,361 286,315 173,388 4 yrs. 9 mos. 

Feb ..................... 3,508,777 1,238,763 1,275,570 526,340 292,517 175,586 4 yrs. 9 mos. 

Mar ..................... 3,567,753 1,278,145 1,286,260 534,872 292,674 175,802 4 yrs. 8 mos. 

 

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

June 2006 

29

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

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 

 

2005 - Mar....................................... 8,184,000 7,715,503 7,715,380 123 7,776,939 123 61,559 

Apr....................................... 8,184,000 7,704,041 7,703,917 124 7,764,537 124 60,621 

May...................................... 8,184,000 7,717,574 7,717,447 127 7,777,880 127 60,433 

June..................................... 8,184,000 7,778,128 7,778,001 127 7,836,496 127 58,494 

July ...................................... 8,184,000 7,829,029 7,828,902 127 7,887,618 127 58,715 

Aug ...................................... 8,184,000 7,868,395 7,868,267 127 7,926,933 127 58,666 

Sept..................................... 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

Oct....................................... 8,184,000 7,964,782 7,964,648 133 8,027,123 133 62,475 

Nov ...................................... 8,184,000 8,028,918 8,028,773 145 8,092,322 145 63,549 

Dec ...................................... 8,184,000 8,107,019 8,106,870 150 8,170,414 150 63,544 

2006 - Jan ....................................... 8,184,000 8,132,290 8,132,221 69 8,196,070 69 63,849 

Feb ...................................... 8,184,000 8,183,975 8,183,906 69 8,269,886 69 85,980 

Mar ...................................... 8,965,000 8,281,451 8,281,382 69 8,371,156 69 89,775 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

June 2006

30 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2001 ................................................ 203,201 28,817 15,128 10,168 336 970 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ 224,472 24,858 15,291 11,497 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

 

2005 - Mar....................................... 223,597 23,780 17,716 13,148 500 1,831 

Apr....................................... 225,932 23,758 18,298 13,338 500 1,831 

May...................................... 223,440 24,301 18,298 13,338 500 1,831 

June..................................... 221,677 24,881 18,298 13,338 500 1,860 

July ...................................... 231,172 25,111 18,301 13,338 502 1,860 

Aug ...................................... 237,102 25,740 19,382 13,376 504 1,860 

Sept..................................... 211,763 26,851 18,489 12,608 461 1,979 

Oct....................................... 206,224 18,585 18,489 12,608 461 1,121 

Nov ...................................... 224,663 24,050 18,498 12,697 465 1,121 

Dec ...................................... 234,407 27,221 18,725 12,735 469 1,123 

2006 - Jan ....................................... 236,924 21,158 18,850 13,050 476 1,123 

Feb ...................................... 246,465 22,104 18,993 13,164 482 1,108 

Mar ...................................... 243,973 23,033 19,133 13,284 486 1,108 

 

 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) 

 

2001 ................................................ 77,448 2,689 4,544 3,103 27,862 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

 

2005 - Mar....................................... 113,130 2,777 7,635 1,203 13,065 

Apr....................................... 114,084 2,817 7,635 1,203 12,927 

May ..................................... 110,215 2,737 7,635 1,203 13,035 

June .................................... 111,467 2,707 7,635 1,203 12,535 

July...................................... 120,157 2,707 7,635 1,203 12,542 

Aug...................................... 123,959 2,707 7,635 1,203 12,655 

Sept..................................... 104,471 2,777 7,548 239 12,413 

Oct....................................... 108,816 2,727 7,548 239 12,547 

Nov...................................... 109,384 2,687 7,548 239 12,757 

Dec...................................... 113,474 2,687 7,548 239 12,990 

2006 - Jan ....................................... 117,016 2,687 7,549 239 12,621 

Feb...................................... 121,325 2,687 7,549 - 13,232 

Mar...................................... 121,325 2,772 7,549 - 12,982 

 
FEDERAL DEBT 

June 2006 

31

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

 (14) 

Other 

(15) 

 

2001 ...................................... 7,045 2,884 10,087 12,120 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

2005 ...................................... 5,848 2,973 7,695 7,411 

 

2005 - Mar............................. 5,688 4,587 7,692 10,845 

Apr............................. 5,848 4,862 7,692 11,139 

May ........................... 5,848 5,121 7,692 11,686 

June .......................... 5,848 2,170 7,692 11,543 

July............................ 5,848 2,447 7,695 11,826 

Aug............................ 5,848 2,695 7,695 11,845 

Sept........................... 5,848 2,973 7,695 7,411 

Oct............................. 5,848 3,250 7,695 6,289 

Nov............................ 5,848 3,504 9,506 16,358 

Dec............................ 5,848 3,787 9,506 18,056 

2006 - Jan ............................ 5,848 4,068 11,624 20,615 

Feb ............................ 5,848 4,309 12,953 22,711 

Mar ............................ 4,911 4,582 9,303 23,505 

 

Note.—Detail may not add to totals due to rounding. 
June 2006 

32 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $5 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

Note: Additional information, including auction 

allotments by investor class for marketable Treasury coupon 

and bill securities, is posted on the 7th business day of each 

month at http://www.treas.gov/offices/domestic-finance/ 

debt-management/investor_class_auction.shtml. 

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 27, 2005, Treasury announced it would 

auction $12,000 million of 14-day bills. They were issued 

January 3, 2006, and matured January 17. The issue was to 

raise new cash. Treasury auctioned the bills on December 

29. Tenders totaled $25,200 million; Treasury accepted 

$12,000 million. The high bank discount rate was 4.100 

percent. 

Auction of 2-Year Notes 

On December 27, 2005, Treasury announced it would 

auction $20,000 million of 2-year notes of Series Y-2007. 

The issue was to refund $26,009 million of securities 

maturing December 31 and to pay down approximately 

$6,009 million. 

The notes of Series Y-2007 were dated December 31, 

2005, and issued on January 3, 2006. They are due 

December 31, 2007, with interest payable on June 30 and 

December 31 until maturity. Treasury set an interest rate of 

4-3/8 percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1 p.m. e.s.t. for competitive tenders on December 29. 

Tenders totaled $48,320 million; Treasury accepted $20,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 4.404 

percent with the equivalent price of $99.944505. Treasury 

accepted in full all competitive tenders at yields lower than 

4.404 percent. Tenders at the high yield were allotted 6.00 

percent. The median yield was 4.383 percent, and the low 

yield was 4.350 percent. Noncompetitive tenders totaled 

$920 million. Competitive tenders accepted from private 

investors totaled $19,080 million. Accrued interest of 

$0.36257 per $1,000 must be paid for the period from 

December 31, 2005, to January 3, 2006. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $6,667 million from 

Federal Reserve Banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

Y-2007 is $1,000. 

Auction of 5-Year Notes 

On January 9, 2006, Treasury announced it would 

auction $13,000 million of 5-year notes of Series D-2011. 

The issue was to raise new cash. 

The notes of Series D-2011 were dated January 15 and 

issued January 17. They are due January 15, 2011, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 4-1/4 percent after 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2006 

33

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on January 11. Tenders totaled 

$27,260 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.370 percent with an 

equivalent price of $99.466250. Treasury accepted in full all 

competitive tenders at yields lower than 4.370 percent. 

Tenders at the high yield were allotted 26.13 percent. The 

median yield was 4.340 percent, and the low yield was 4.290 

percent. Noncompetitive tenders totaled $90 million. 

Competitive tenders accepted from private investors totaled 

$12,910 million. Accrued interest of $0.23481 per $1,000 

must be paid for the period from January 15 to January 17. 

The minimum par amount required for STRIPS of notes of 

Series D-2011 is $1,000. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On January 9, 2006, Treasury announced it would 

auction $9,000 million of 10-year TIPS to raise new cash. 

The 10-year TIPS of Series A-2016 were dated January 

15 and issued January 17. They are due January 15, 2016, 

with interest payable on July 15 and January 15 until 

maturity. Treasury set an interest rate of 2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the TIPS before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on January 12. Tenders totaled 

$16,609 million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.025 percent with an 

equivalent price of $99.722833. Treasury accepted in full all 

competitive tenders at yields lower than 2.025. Tenders at 

the high yield were allotted 86.56 percent. The median yield 

was 2.000 percent, and the low yield was 1.001 percent. 

Noncompetitive tenders totaled $85 million. Competitive 

tenders accepted from private investors totaled $8,865 

million. Adjusted accrued interest of $0.11044 per $1,000 

must be paid for the period from January 15 to January 17. 

Both the unadjusted price of $99.774716 and the unadjusted 

accrued interest of $0.11050 were adjusted by an index ratio 

of 0.99948 for the period from January 15 through January 

17. The minimum par amount required for STRIPS of TIPS 

is $1,000. 

Auction of 20-Year TIPS 

On January 19, 2006, Treasury announced it would 

auction $10,000 million of 20-year TIPS to raise new cash. 

The 20-year TIPS of January 2026 were dated January 

15 and issued January 31. They are due January 15, 2026, 

with interest payable on July 15 and January 15 until 

maturity. Treasury set an interest rate of 2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the TIPS before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on January 24. Tenders totaled 

$14,804 million; Treasury accepted 10,000 million at the 

high yield of 2.039 percent with an equivalent price of 

$98.949064. Tenders at the high yield were allotted 3.80 

percent. The median yield was 1.955 percent, and the low 

yield was 1.900 percent. Noncompetitive tenders totaled $42 

million. Competitive tenders accepted from private investors 

totaled $9,908 million. Adjusted accrued interest of 

$0.88030 per $1,000 must be paid for the period from 

January 15 to January 31. Both the unadjusted price of 

$99.362412 and the unadjusted accrued interest of $0.88398 

were adjusted by an index ratio of 0.99584 for the period 

from January 15 through January 31. 

In addition to the $10,000 million of tenders accepted in 

the auction process, Treasury accepted $1,765 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS is $1,000. 

Auction of 2-Year Notes 

On January 23, 2006, Treasury announced it would 

auction $22,000 million of 2-year notes of Series R-2008. 

The issue was to refund $25,605 million of securities 

maturing January 31 and to pay down approximately $3,605 

million. 

The notes of Series R-2008 were dated and issued on 

January 31. They are due January 31, 2008, with interest 

payable on July 31 and January 31 until maturity. Treasury 

set an interest rate of 4-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on January 25. Tenders totaled $46,362 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.427 percent with the 

equivalent price of $99.901510. Treasury accepted in full all 

competitive tenders at yields lower than 4.427 percent. 

Tenders at the high yield were allotted 39.51 percent. The 

median yield was 4.405 percent, and the low yield was 4.350 

percent. Noncompetitive tenders totaled $967 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2006 

34 

Competitive tenders accepted from private investors totaled 

$21,033 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $5,163 million from 

Federal Reserve Banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

R-2008 is $1,000. 

F E B R U A R Y 

February Quarterly Financing 

On February 1, 2006, Treasury announced it would 

auction $21,000 million of 3-year notes of Series R-2009, 

$13,000 million of 10-year notes of Series B-2016, and 

$14,000 million of 30-year bonds of February 2036 to 

refund $17,281 million of Treasury securities maturing on 

February 15 and to raise new cash of approximately $30,719 

million. 

The 3-year notes of Series R-2009 were dated and issued 

February 15. They are due February 15, 2009, with interest 

payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 7. Tenders totaled $42,635 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.595 percent with an 

equivalent price of $99.736583. Treasury accepted in full all 

competitive tenders at yields lower than 4.595 percent. 

Tenders at the high yield were allotted 44.01 percent. The 

median yield was 4.571 percent, and the low yield was 4.538 

percent. Noncompetitive tenders totaled $182 million. 

Competitive tenders accepted from private investors totaled 

$20,718 million. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $1,307 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series R-2009 is $1,000. 

The 10-year notes of Series B-2016 were dated and 

issued February 15. They are due February 15, 2016, with 

interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 8. Tenders totaled $30,144 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.540 percent with an 

equivalent price of $99.681335. Treasury accepted in full all 

competitive tenders at yields lower than 4.540 percent. 

Tenders at the high yield were allotted 98.55 percent. The 

median yield was 4.510 percent, and the low yield was 4.470 

percent. Noncompetitive tenders totaled $54 million. 

Competitive tenders accepted from private investors totaled 

$12,846 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $841 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2016 is $1,000. 

The 30-year bonds of February 2036 were dated and 

issued February 15. They are due February 15, 2036, with 

interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on February 9. Tenders totaled $28,720 

million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.530 percent with an 

equivalent price of $99.510492. Treasury accepted in full all 

competitive tenders at yields lower than 4.530 percent. 

Tenders at the high yield were allotted 51.17 percent. The 

median yield was 4.490 percent, and the low yield was 4.475 

percent. Noncompetitive tenders totaled $39 million. 

Competitive tenders accepted from private investors totaled 

$13,861 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $841 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2036 is $1,000. 

Auction of 2-Year Notes 

On February 16, 2006, Treasury announced it would 

auction $22,000 million of 2-year notes. The issue was to 

refund $26,002 million of securities maturing February 28 

and to raise new cash of approximately $9,998 million. 

The notes of Series S-2008 were dated and issued 

February 28. They are due February 29, 2008, with interest 

payable on the last calendar day of August and February 

until maturity. Treasury set an interest rate of 4-5/8 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.s.t. for competitive tenders on February 22. Tenders totaled 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2006 

35

$49,265 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.689 percent with an 

equivalent price of $99.879165. Treasury accepted in full all 

competitive tenders at yields lower than 4.689 percent. 

Tenders at the high yield were allotted 81.01 percent. The 

median yield was 4.660 percent, and the low yield was 4.620 

percent. Noncompetitive tenders totaled $1,023 million. 

Competitive tenders accepted from private investors totaled 

$20,977 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $4,500 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2008 is $1,000. 

Auction of 5-Year Notes 

On February 16, 2006, Treasury announced it would 

auction $14,000 million of 5-year notes of Series E-2011. 

The issue was to refund $26,002 million of securities 

maturing February 28 and to raise new cash of 

approximately $9,998 million. The notes of Series E-2011 

were dated and issued February 28. They are due February 

28, 2011, with interest payable on the last calendar day of 

August and February until maturity. Treasury set an interest 

rate of 4-1/2 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on February 23. Tenders totaled 

$30,502 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.622 percent with an 

equivalent price of $99.460872. Treasury accepted in full all 

competitive tenders at yields lower than 4.622 percent. 

Tenders at the high yield were allotted 56.17 percent. The 

median yield was 4.594 percent, and the low yield was 4.550 

percent. Noncompetitive tenders totaled $147 million. 

Competitive tenders accepted from private investors totaled 

$13,853 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $3,500 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2011 is $1,000. 

M A R C H 

Cash Management Bills 

On February 28, 2006, Treasury announced it would 

auction $25,000 million of 12-day bills. They were issued 

March 3, and matured March 15. The issue was to raise new 

cash. Treasury auctioned the bills on March 1. Tenders 

totaled $64,333 million; Treasury accepted 25,000 million. 

The high bank discount rate was 4.445 percent. 

On March 6, Treasury announced it would auction 

$7,000 million of 6-day bills. They were issued March 8 and 

matured March 14. The issue was to raise new cash. 

Treasury auctioned the bills on March 7. Tenders totaled 

$30,051 million; Treasury accepted $7,000 million. The high 

bank discount rate was 4.380 percent. 

On March 13, Treasury announced it would auction 

$4,000 million of 1-day bills. They were issued March 14 

and matured March 15. The issue was to raise new cash. 

Treasury auctioned the bills on March 14. Tenders totaled 

$18,006 million; Treasury accepted $4,000 million. The high 

bank discount rate was 4.410 percent. 

Auction of 9-Year 11-Month 4-1/2 Percent Notes 

On March 6, 2006, Treasury announced it would auction 

$8,000 million of 9-year 11-month 4-1/2 percent notes of 

Series B-2016. The issue was to raise new cash. 

The notes of Series B-2016 were dated February 15 and 

issued March 15. They are due February 15, 2016, with 

interest payable on August 15 and February 15 until 

maturity. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on March 9. Tenders totaled $22,947 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.760 percent with an 

equivalent price of $97.955698. Treasury accepted in full all 

competitive tenders at yields lower than 4.760 percent. 

Tenders at the high yield were allotted 4.91 percent. The 

median yield was 4.747 percent, and the low yield was 4.710 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$7,980 million. Accrued interest of $3.48066 per $1,000 

must be paid for the period from February 15 to March 15. 

The minimum par amount required for STRIPS of notes of 

Series B-2016 is $1,000. 

Auction of 2-Year Notes 

On March 23, 2006, Treasury announced it would 

auction $22,000 million of 2-year notes of Series T-2008. 

The issue was to refund $26,005 million of securities 

maturing March 31 and to raise new cash of approximately 

$9,995 million. 

The notes of Series T-2008 were dated and issued March 

31. They are due March 31, 2008, with interest payable on 

September 30 and March 31 until maturity. Treasury set an 

interest rate of 4-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2006 

36 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on March 27. Tenders totaled 

$46,703 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.730 percent with an 

equivalent price of $99.801852. Treasury accepted in full all 

competitive tenders at yields lower than 4.730 percent. 

Tenders at the high yield were allotted 12.15 percent. The 

median yield was 4.700 percent, and the low yield was 4.000 

percent. Noncompetitive tenders totaled $987 million. 

Competitive tenders accepted from private investors totaled 

$21,013 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $4,834 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2008 is $1,000. 

Auction of 5-Year Notes 

On March 23, 2006, Treasury announced it would 

auction $14,000 million of 5-year notes of Series F-2011. 

The issue was to refund $26,005 million of securities 

maturing March 31 and to raise new cash of approximately 

$9,995 million. 

The notes of Series F-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 4-3/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on March 29. Tenders totaled 

$31,555 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.785 percent with an 

equivalent price of $99.845985. Treasury accepted in full all 

competitive tenders at yields lower than 4.785 percent. 

Tenders at the high yield were allotted 18.09 percent. The 

median yield was 4.761 percent, and the low yield was 4.707 

percent. Noncompetitive tenders totaled $156 million. 

Competitive tenders accepted from private investors totaled 

$13,844 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $3,500 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2011 is $1,000.
PUBLIC DEBT OPERATIONS 

June 2006 

37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2006 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2006 

Apr. 30........................................................... 1 2-1/4%-N note 04/30/04 34,335 8,333 26,001 

May 15, 06-11 ............................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15........................................................... 1 6-7/8%-B note 05/15/96 16,015 4,311 11,704 

May 15........................................................... 1 4-5/8%-E note 05/15/01 27,798 4,064 23,734 

May 15........................................................... 1 2%-G note 05/15/03 22,392 441 21,951 

May 31........................................................... 1 2-1/2%-P note 06/01/04 31,308 7,072 24,236 

June 30.......................................................... 1 2-3/4%-Q note 06/30/04 32,588 7,997 24,591 

July 15........................................................... 1 7%-C note 07/15/96 22,740 5,519 17,222 

July 31........................................................... 1 2-3/4%-R note 08/02/04 31,011 8,489 22,521 

Aug. 15.......................................................... 1 2-3/8%-H note 08/15/03 27,909 5,531 22,378 

Aug. 31.......................................................... 1 2-3/8%-S note 08/31/04 31,814 8,004 23,811 

Sept. 30......................................................... 2-1/2%-T note 09/30/04 31,656 7,999 23,657 

Oct. 15........................................................... 1 6-1/2%-D note 10/15/96 22,460 5,160 17,299 

Oct. 31........................................................... 1 2-1/2%-U note 11/01/04 29,569 7,087 22,482 

Nov. 15, 06-11............................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15.......................................................... 1 3-1/2%-F note 11/15/01 35,380 4,133 31,247 

Nov. 15.......................................................... 1 2-5/8%-J note 11/17/03 26,536 3,293 23,243 

Nov. 30.......................................................... 1 2-7/8%-V note 11/30/04 30,049 7,375 22,674 

Dec. 31.......................................................... 1 3%-W note 12/31/04 31,952 7,948 24,004 

Total ............................. 493,105 104,805 388,300 

2007 

Jan. 15........................................................... 1 3-3/8%-A note 02/06/97 19,718 2,212 17,506 

Jan. 31........................................................... 1 3-1/8%-M note 01/31/05 29,027 6,091 22,936 

Feb. 15 .......................................................... 1 6-1/4% B note 02/18/97 13,104 1,792 11,312 

Feb. 15 .......................................................... 1 2-1/4% H note 02/17/04 25,469 1,666 23,803 

Feb. 28 .......................................................... 1 3-3/8% N note 02/28/05 32,007 8,400 23,607 

Mar. 31 .......................................................... 1 3-3/4%-P note 03/31/05 32,001 8,000 24,001 

Apr. 30........................................................... 1 3-5/8%-Q note 05/02/05 31,998 9,050 22,947 

May 15........................................................... 1 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 1 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 1 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

May 31........................................................... 1 3-1/2%-R note 05/31/05 29,119 7,466 21,653 

June 30.......................................................... 1 3-5/8%-S note 06/30/05 26,664 6,667 19,998 

July 31........................................................... 1 3-7/8%-T note 08/01/05 25,870 6,614 19,255 

Aug. 15.......................................................... 1 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 1 2-3/4%-K note 08/16/04 24,674 3,220 21,453 

Aug. 31.......................................................... 1 4%-U note 08/31/05 26,671 6,667 20,005 

Sept. 30......................................................... 1 4%-V note 09/30/05 26,591 6,643 19,948 

Oct. 31........................................................... 1 4-1/4%-W note 10/31/05 26,553 7,006 19,547 

Nov. 15.......................................................... 1 3%-G note 11/15/02 50,620 6,609 44,010 

Nov. 15, 07-12............................................... 10-3/8% bond 11/15/82 10,126 2,412 7,714 

Nov. 30.......................................................... 1 4-1/4%-X note 11/30/05 26,667 6,717 19,950 

Dec. 31.......................................................... 1 4-3/8%-Y note 01/03/06 26,667 6,667 20,000 

 Total ............................. 600,466 125,050 475,417 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2006

38 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2008 

Jan. 15........................................................... 1 3-5/8%-A note 01/15/98 20,630 2,283 18,347 

Jan. 31........................................................... 1 4-3/8%-R note 01/31/06 27,168 5,163 22,005 

Feb. 15 .......................................................... 1 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 1 3%-E note 02/18/03 27,489 3,737 23,752 

Feb. 15 .......................................................... 1 3-3/8%-M note 02/15/05 23,885 2,533 21,353 

Feb. 29 .......................................................... 1 4-5/8%-S note 02/28/06 26,504 4,500 22,004 

Mar. 31 .......................................................... 1 4-5/8%-T note 03/31/06 26,846 4,834 22,012 

May 15........................................................... 1 5-5/8%-C note 05/15/98 27,191 6,465 20,726 

May 15........................................................... 1 2-5/8%-F note 05/15/03 33,338 1,176 32,163 

May 15........................................................... 1 3-3/4%-N note 05/16/05 26,708 4,707 22,001 

Aug. 15, 08-13............................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15.......................................................... 1 3-1/4%-G note 08/15/03 21,357 4,222 17,135 

Aug. 15.......................................................... 1 4-1/8%-P note 08/15/05 20,291 2,287 18,004 

Sept. 15......................................................... 1 3-1/8%-H note 09/15/03 16,002 1,221 14,781 

Oct. 15........................................................... 1 3-1/8%-J note 10/15/03 15,996 520 15,476 

Nov. 15.......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,402 15,779 

Nov. 15.......................................................... 1 4-3/8%-Q note 11/15/05 21,450 3,449 18,001 

Dec. 15.......................................................... 1 3-3/8%-L note 12/15/03 16,000 1,322 14,678 

Total............................. 419,620 59,900 359,720 

 

2009 

Jan. 15............................................................ 1 3-7/8%-A note 01/15/99 19,224 2,640 16,584 

Jan. 15............................................................ 1 3-1/4%-D note 01/15/04 16,003 1,176 14,827 

Feb. 15............................................................ 1 3%-E note 02/17/04 17,434 1,755 15,679 

Feb. 15............................................................ 1 4-1/2%-R note 02/15/06 22,309 1,307 21,002 

Mar. 15............................................................ 1 2-5/8%-F note 03/15/04 16,001 517 15,485 

Apr. 15 ............................................................ 1 3-1/8%-G note 04/15/04 16,003 290 15,713 

May 15, 09-14................................................. 13-1/4% bond 05/15/84 4,481 1,021 3,459 

May 15............................................................ 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

May 15............................................................ 1 3-7/8%-H note 05/17/04 18,060 4,118 13,942 

June 15........................................................... 1 4%-J note 06/15/04 15,005 375 14,630 

July 15 ............................................................ 1 3-5/8%-K note 07/15/04 15,005 1,102 13,903 

Aug. 15, 09-14 ................................................ 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 ........................................................... 1 6%-C note 08/16/99 27,400 5,730 21,670 

Aug. 15 ........................................................... 1 3-1/2%-L note 08/16/04 17,295 2,350 14,944 

Sept. 15 .......................................................... 3-3/8%-M note 09/15/04 15,005 - 15,005 

Oct. 15 ............................................................ 1 3-3/8%-N note 10/15/04 15,005 - 15,005 

Nov. 15, 09-14 ................................................ 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15 ........................................................... 1 3-1/2%-P note 11/15/04 18,752 3,930 14,822 

Dec. 15 ........................................................... 1 3-1/2%-Q note 12/15/04 15,002 249 14,753 

Total............................. 292,180 31,285 260,895 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2006 

39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2010 

Jan. 15.............................................................. 1 4-1/4%-A note 01/18/00 13,340 1,478 11,862 

Jan. 15.............................................................. 1 3-5/8%-E note 01/18/05 15,005 575 14,430 

Feb. 15.............................................................. 1 6-1/2%-B note 02/15/00 23,356 4,705 18,651 

Feb. 15.............................................................. 1 3-1/2%-F note 02/15/05 16,617 2,213 14,404 

Mar. 15.............................................................. 1 4%-G note 03/15/05 15,005 666 14,340 

Apr. 15 .............................................................. 1 7/8%-D note 10/29/04 29,303 893 28,410 

Apr. 15 .............................................................. 1 4%-H note 04/15/05 15,001 805 14,196 

May 15 ............................................................. 1 3-7/8%-J note 05/16/05 18,749 3,859 14,890 

June 15............................................................. 1 3-5/8%-K note 06/15/05 14,001 404 13,597 

July 15 .............................................................. 1 3-7/8%-L note 07/15/05 13,001 7 12,994 

Aug. 15 ............................................................. 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Aug. 15 ............................................................. 1 4-1/8%-M note 08/15/05 14,963 1,974 12,990 

Sept. 15 ............................................................ 1 3-7/8%-N note 09/15/05 13,001 248 12,753 

Oct. 15 .............................................................. 1 4-1/4%-P note 10/17/05 13,001 420 12,581 

Nov. 15 ............................................................. 1 4-1/2%-Q note 11/15/05 15,961 2,961 13,000 

Dec. 15 ............................................................. 1 4-3/8%-R note 12/15/05 13,001 315 12,686 

Total ............................. 265,742 25,116 240,626 

 

2011 

Jan. 15 ............................................................ 1 4-1/4%-D note 01/17/06 13,001 - 13,001 

Jan. 15 ............................................................ 1 3-1/2%-A note 01/16/01 12,531 619 11,912 

Feb. 15............................................................ 1 5%-B note 02/15/01 23,436 3,583 19,853 

Feb. 28............................................................ 1 4-1/2%-E note 02/28/06 17,500 3,500 14,000 

Mar. 31............................................................ 1 4-3/4%-F note 03/31/06 17,500 3,500 14,000 

Aug. 15 ........................................................... 1 5%-C note 08/15/01 26,635 3,206 23,430 

Total ............................. 110,605 14,407 96,197 

 

2012 

Jan. 15.............................................................. 1 3-3/8%-A note 01/15/02 6,704 101 6,603 

Feb. 15.............................................................. 1 4-7/8%-B note 02/15/02 24,780 4,461 20,319 

July 15 .............................................................. 1 3%-C note 07/15/02 25,380 2,632 22,748 

Aug. 15 ............................................................. 1 4-3/8%-D note 08/15/02 19,648 3,297 16,351 

Nov. 15 ............................................................. 1 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 94,624 10,726 83,899 

 

2013 

Feb. 15.............................................................. 1 3-7/8%-A note 02/18/03 19,498 1,670 17,829 

May 15.............................................................. 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1 1-7/8%-C note 07/15/03 21,597 316 21,281 

Aug. 15 ............................................................. 1 4-1/4%-D note 08/15/03 33,521 4,454 29,067 

Nov. 15 ............................................................. 1 4-1/4%-E note 11/17/03 30,637 2,160 28,477 

Total ............................. 123,507 8,852 114,656 

 

2014 

Jan. 15.............................................................. 1 2%-A note 01/15/04 22,533 714 21,820 

Feb. 15.............................................................. 1 4%-B note 02/17/04 28,081 1,422 26,659 

May 15.............................................................. 1 4-3/4%-C note 05/17/04 27,303 2,793 24,510 

July 15 .............................................................. 1 2%-D note 07/15/04 19,986 - 19,986 

Aug. 15 ............................................................. 1 4-1/4%-E note 08/16/04 24,722 2,185 22,537 

Nov. 15. ............................................................ 1 4-1/4%-F note 11/15/04 25,473 2,471 23,002 

Total ............................. 148,097 9,585 138,512 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2006

40 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2015 

Jan. 15 ........................................................... 1 1-5/8%-A note 01/18/05 19,728 - 19,728 

Feb. 15............................................................ 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Feb. 15............................................................ 1 4%-B note 02/15/05 24,215 1,212 23,003 

May 15............................................................ 1 4-1/8%-C note 05/16/05 24,472 2,471 22,001 

July 15 ............................................................ 1 1-7/8%-D note 07/15/05 17,327 187 17,140 

Aug. 15 ........................................................... 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Aug. 15 ........................................................... 1 4-1/4%-E note 08/15/05 22,470 1,472 20,998 

Nov. 15 ........................................................... 1 4-1/2%-F note 11/15/05 23,221 2,221 21,000 

Nov. 15 ........................................................... 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

 Total ......................... 151,561 11,581 139,980 

2016 

Jan. 15............................................................. 1 2% note 01/17/06 9,000 - 9,000 

Feb. 15 ............................................................ 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

Feb. 15 ............................................................ 1 4-1/2-B note 02/15/06 21,842 841 21,001 

May 15 ............................................................ 1 7-1/4% bond 05/15/86 18,824 1,798 17,025 

Nov. 15............................................................ 1 7-1/2% bond 11/17/86 18,787 2,588 16,199 

 Total ......................... 73,885 6,264 67,620 

 

2017 

May 15............................................................ 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ........................................................... 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total ......................... 26,528 4,813 21,715 

 

2018 

May 15............................................................ 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ........................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total ......................... 13,892 2,293 11,599 

 

2019 

Feb. 15............................................................ 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total ......................... 32,031 5,214 26,817 

 

2020 

Feb. 15............................................................ 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total ......................... 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ........................................................... 1 8% bond 11/15/91 30,632 4,596 26,036

Total ......................... 60,281 9,401 50,880 

 

2022 

Aug. 15 ........................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ......................... 17,551 3,110 14,442 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2006 

41

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2023 

Feb. 15.............................................................. 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15 ............................................................. 1 6-1/4% bond 08/16/93 22,659 2,893 19,767 

Total ........................... 38,441 5,528 32,913 

 

2024 

Nov. 15 ............................................................. 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total ........................... 9,604 1,615 7,989 

 

2025 

Jan. 15.............................................................. 1 2-3/8% bond 07/30/04 29,450 3,324 26,126 

Feb. 15.............................................................. 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15 ............................................................. 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total ........................... 50,146 6,717 43,429 

 

2026 

Jan. 15.............................................................. 1 2% bond 01/31/06 11,765 1,763 10,002 

Feb. 15.............................................................. 1 6% bond 02/15/96 12,838 1,675 11,163 

Aug. 15 ............................................................. 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15 ............................................................. 1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total ............................ 44,273 6,776 37,497 

 

2027 

Feb. 15.............................................................. 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ............................................................. 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15 ............................................................. 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ........................... 40,740 6,473 34,267 

 

2028 

Apr. 15 .............................................................. 1 3-5/8% bond 04/15/98 20,572 3,110 17,462 

Aug. 15 ............................................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ............................................................. 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total ........................... 43,295 6,493 36,802 

 

2029 

Feb. 15.............................................................. 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 .............................................................. 1 3-7/8% bond 04/15/99 23,512 3,427 20,086 

Aug. 15 ............................................................. 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ........................... 46,041 6,767 39,274 

 

2030 

May 15.............................................................. 1 6-1/4% bond 02/15/00 17,043 2,224 14,819 

Total ........................... 17,043 2,224 14,819 

 

2031 

Feb. 15.............................................................. 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total ........................... 16,428 1,423 15,005 

 

2032 

Apr. 15 .............................................................. 1 3-3/8% bond 10/15/01 5,598 297 5,301

Total ........................... 5,598 297 5,301 

 

2036 

Feb. 15.............................................................. 1 4-1/2% bond 2/15/06 14,841 841 14,000 

Total ........................... 14,841 841 14,000 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.” 
PUBLIC DEBT OPERATIONS 

June 2006 

42 

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount 

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2006 - Jan. 05 .................. 2006 - Feb. 02 28 33,689.1 11,756.6 7,833.6 166.4 99.691611 3.965 4.033

 2006 - Apr. 06 91 42,995.2 23,520.1 14,259.6 1,758.1 98.971194 4.070 4.169

 2006 - July 06 182 35,881.7 21,038.5 12,709.0 1,451.5 97.843806 4.265 4.420

Jan. 12................. 2006 - Feb. 09 28 33,745.7 11,461.6 7,794.3 205.7 99.683444 4.070 4.140

 2006 - Apr. 13 91 47,443.6 24,971.5 15,734.5 1,900.0 98.950972 4.150 4.252

 2006 - July 13 182 46,250.0 22,274.8 13,849.9 1,718.1 97.851389 4.250 4.404

Jan. 19................. 2006 - Feb. 16 28 30,385.0 10,587.5 7,800.7 199.4 99.692778 3.950 4.017

 2006 - Apr. 20 91 52,620.5 27,370.9 17,820.3 1,979.9 98.920639 4.270 4.377

 2006 - July 20 182 45,382.8 23,546.2 15,021.6 1,556.8 97.818528 4.315 4.472

Jan. 26................. 2006 - Feb. 23 28 27,328.9 15,147.2 11,845.0 155.0 99.677611 4.145 4.216

 2006 - Apr. 27 91 52,821.0 27,890.4 17,848.8 2,029.5 98.915583 4.290 4.397

 2006 - July 27 182 46,199.7 23,737.4 14,860.8 1,775.9 97.805889 4.340 4.499

Feb. 02 ................ 2006 - Mar. 02 28 47,984.5 20,888.1 17,803.9 196.2 99.666333 4.290 4.364

 2006 - May 04 91 45,382.9 27,946.8 17,548.9 2,202.7 98.894097 4.375 4.485

 2006 - Aug. 03 182 39,787.2 23,764.8 15,017.9 1,605.2 97.757861 4.435 4.600

Feb. 09 ................ 2006 - Mar. 09 28 40,533.6 16,631.5 13,752.4 247.7 99.671000 4.230 4.303

 2006 - May 11 91 59,186.1 27,768.2 17,453.5 2,301.7 98.894097 4.375 4.485

 2006 - Aug. 10 182 44,758.3 23,646.1 14,952.6 1,845.5 97.725000 4.500 4.669

Feb. 16 ................ 2006 - Mar. 16 28 44,038.2 18,774.8 15,761.3 239.1 99.663222 4.330 4.405

 2006 - May 18 91 52,198.1 27,244.6 17,377.0 2,273.0 98.877667 4.440 4.553

 2006 - Aug. 17 182 47,196.7 23,449.5 14,955.8 1,782.3 97.704778 4.540 4.711

Feb. 23 ................ 2006 - Mar. 23 28 41,958.0 21,505.5 18,735.8 264.3 99.661667 4.350 4.425

 2006 - May 25 91 50,695.7 27,496.1 17,426.0 2,224.2 98.875139 4.450 4.563

 2006 - Aug. 24 182 43,793.4 24,962.3 15,803.1 1,963.2 97.702250 4.545 4.716

Mar. 02 ................ 2006 - Mar. 30 28 55,285.4 22,188.5 19,710.7 289.5 99.658556 4.390 4.466

 2006 - June 01 91 49,628.9 28,195.6 17,994.2 2,009.1 98.859972 4.510 4.625

 2006 - Aug. 31 182 47,559.5 26,024.1 16,420.6 1,631.5 97.684556 4.580 4.754

Mar. 09 ................ 2006 - Apr. 06 28 43,393.0 20,178.7 17,677.3 322.9 99.659333 4.380 4.456

 2006 - June 08 91 54,080.9 28,030.0 18,516.2 2,190.9 98.862500 4.500 4.615

 2006 - Sept. 07 182 47,195.5 25,979.1 17,076.6 1,781.6 97.674444 4.600 4.775

Mar. 16 ................ 2006 - Apr. 13 28 42,480.8 20,217.2 17,678.4 321.6 99.658167 4.395 4.471

 2006 - June 15 91 59,465.8 27,728.2 18,666.6 2,138.0 98.859972 4.510 4.625

 2006 - Sept. 14 182 46,502.3 25,870.2 17,089.9 1,671.1 97.651694 4.645 4.823

Mar. 23 ................ 2006 - Apr. 20 28 51,206.0 28,748.7 25,709.8 290.3 99.642222 4.600 4.681

 2006 - June 22 91 51,488.4 26,981.1 17,707.7 2,007.3 98.851125 4.545 4.662

 2006 - Sept. 21 182 47,840.7 23,275.2 14,999.0 1,721.3 97.669389 4.610 4.786

Mar. 30 ................ 2006 - Apr. 27 28 46,415.7 23,008.8 19,699.2 301.0 99.639889 4.630 4.711

 2006 - June 29 91 43,656.9 23,324.1 14,477.6 1,898.1 98.863764 4.495 4.610

 2006 - Sept. 28 182 35,779.7 20,761.8 12,846.0 1,501.5 97.674444 4.600 4.775

 

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 2006 

43

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

04/06/05 04/07/05 2.660% bill—04/15/05 8d 43,337 15,001 

04/13/05 04/14/05 2.640% bill—04/18/05 4d 23,130 7,000 

04/13/05 04/15/05 4% note—04/15/10-H 5y 27,853 15,000 4.046 - 99.793649 

04/14/05 04/15/05 1-5/8% TIPS—-01/15/15-A 9y 9m 17,699 9,000 1.750 - 99.020489 

04/26/05 04/29/05 0-7/8% TIPS—04/15/10-D 5y 16,910 9,000 1.200 - 99.624026 

04/27/05 05/02/05 3-5/8% note—04/30/07-Q 2y 50,381 31,995 3.650 - 99.951975 

05/10/05 05/16/05 3-3/4% note—05/15/08-N 3y 57,124 26,707 3.821 - 99.800526 

05/11/05 05/16/05 3-7/8% note—05/15/10-J 5y 40,821 18,748 3.890 - 99.932269 

05/12/05 05/16/05 4-1/8% note—05/15/15-C 10y 35,109 16,471 4.220 - 99.231425 

05/25/05 05/31/05 3-1/2% note—05/31/07-R 2y 58,948 29,116 3.615 - 99.780029 

05/31/05 06/01/05 2.895% bill—06/15/05 14d 26,005 10,000 

06/02/05 06/03/05 2.935% bill—06/15/05 12d 32,955 16,000 

06/06/05 06/07/05 2.940% bill—06/15/05 8d 33,055 12,000 

06/08/05 06/15/05 3-5/8% note—06/15/10-K 5y 36,382 14,000 3.705 - 99.637908 

06/09/05 06/15/05 4-1/8% note—05/15/15-C 9y 11m 20,013 8,000 3.990 - 101.091049 

06/29/05 06/30/05 3-5/8% note—06/30/07-S 2y 51,251 26,667 3.650 - 99.952201 

06/29/05 07/01/05 3.165% bill—07/15/05 14d 46,260 18,000 

07/13/05 07/15/05 3-7/8% note—07/15/10-L 5y 30,815 13,000 3.970 - 99.572992 

07/14/05 07/15/05 1-7/8% TIPS—07/15/15-D 10y 15,149 9,000 1.939 - 99.420765 

07/26/05 07/29/05 2-3/8% TIPS—01/15/25 19y 6m 10,233 6,000 2.090 - 107.821718 

07/27/05 08/01/05 3-7/8% note—07/31/07-T 2y 53,458 25,864 3.975 - 99.809598 

08/08/05 08/15/05 4-1/8% note—08/15/08-P 3y 43,832 20,287 4.204 - 99.779503 

08/10/05 08/15/05 4-1/8% note—08/15/10-M 5y 39,874 14,963 4.223 - 99.562410 

08/11/05 08/15/05 4-1/4% note—08/15/15-E 10y 35,166 14,472 4.350 - 99.196069 

08/24/05 08/31/05 4% note—08/31/07-U 2y 52,196 26,667 4.014 - 99.973350 

08/30/05 09/01/05 3.470% bill—09/15/05 14d 40,910 18,000 

08/31/05 09/02/05 3.470% bill—09/15/05 13d 50,180 20,000 

09/06/05 09/08/05 3.450% bill—09/14/05 6d 29,075 8,000 

09/07/05 09/15/05 3-7/8% note—09/15/10-N 5y 33,968 13,000 3.902 - 99.878424 

09/08/05 09/15/05 4-1/4% note—08/15/15-E 9y 11m 21,445 8,000 4.134 - 100.929850 

09/28/05 09/30/05 4% note—09/30/07-V 2y 58,147 26,585 4.095 - 99.819341 

10/05/05 10/06/05 3.500% bill—10/17/05 11d 34,870 13,000 

10/12/05 10/17/05 4-1/4% note—10/15/10-P 5y 35,749 13,000 4.270 - 99.910409 

10/13/05 10/17/05 1-7/8% TIPS—07/15/15-D 9y 9m 16,875 8,000 1.979 - 99.796392 

10/25/05 10/28/05 0-7/8%TIPS—04/15/10-D 4y 6m 11,575 7,000 1.740 - 99.769334 

10/26/05 10/31/05 4-1/4% note—10/31/07-W 2y 50,825 26,551 4.365 - 99.782022 

11/07/05 11/09/05 3.850% bill—11/10/05 1d 20,513 4,000 

11/08/05 11/15/05 4-3/8% note—11/15/08-Q 3y 46,964 21,449 4.458 - 99.769326 

11/09/05 11/15/05 4-1/2% note—11/15/10-Q 5y 36,945 15,961 4.525 - 99.889244 

11/10/05 11/15/05 4-1/2% note—11/15/15-F 10y 31,297 15,221 4.578 - 99.379727 

11/23/05 11/30/05 4-1/4% note—11/30/07-X 2y 49,832 26,667 4.349 - 99.812313 

11/29/05 12/01/05 3.980% bill—12/15/05 14d 45,658 20,000 

11/30/05 12/02/05 3.960% bill—12/15/05 13d 58,340 18,000 

12/07/05 12/08/05 4.080% bill—12/15/05 7d 33,535 11,000 

12/07/05 12/15/05 4-3/8% note—12/15/10-R 5y 30,891 13,000 4.435 - 99.733563 

12/08/05 12/15/05 4-1/2% note—11/15/15-F 9y 11m 17,519 8,000 4.490 - 100.072479 

12/29/05 01/03/06 4.100% bill—01/17/06 14d 25,200 12,000 

12/29/05 01/03/06 4-3/8% note—12/31/07-Y 2y 54,987 26,667 4.404 - 99.944505 

01/11/06 01/17/06 4-1/4% note—01/15/11-D 5Y 27,260 13,000 4.370 - 99.466250 

01/12/06 01/17/06 2% TIPS—01/15/16-A 10y 16,609 9,000 2.025 - 99.722833 

01/24/06 01/31/06 2% TIPS—01/15/26 20y 16,568 11,765 2.039 - 98.949064 

01/25/06 01/31/06 4-3/8% note—01/31/08-R 2y 51,525 27,163 4.427 - 99.901510 

02/07/06 02/15/06 4-1/2% note—02/15/09-R 3y 43,942 22,307 4.595 - 99.736583 

02/08/06 02/15/06 4-1/2% note—02/15/16-B 10y 30,985 13,841 4.540 - 99.681335 

02/09/06 02/15/06 4-1/2% bond—02/15/36 30y 29,562 14,841 4.530 - 99.510492 

02/22/06 02/28/06 4-5/8% note—02/29/08-S 2y 53,765 26,500 4.689 - 99.879165 

02/23/06 02/28/06 4-1/2% note—02/28/11-E 5y 34,002 17,500 4.622 - 99.460872 

03/01/06 03/03/06 4.445% bill—03/15/06 12d 64,333 25,000 

03/07/06 03/08/06 4.380% bill—03/14/06 6d 30,051 7,000 

03/09/06 03/15/06 4-1/2% note—02/15/16-B 9y 11m 22,947 8,000 4.760 - 97.955698 

03/14/06 03/14/06 4.410% bill—03/15/06 1d 18,006 4,000 

03/27/06 03/31/06 4-5/8% note—03/31/08-T 2y 51,536 26,834 4.730 - 99.801852 

03/29/06 03/31/06 4-3/4% note—03/31/11-F 5Y 35,055 17,500 4.785 - 99.845985 

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 2006 

44 

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. As of September 1, 2004, 

investors are no longer able to reinvest H and HH bonds or 

exchange E and EE bonds for HH bonds. Series A-D were 

sold from March 1, 1935, through April 30, 1941. Series E 

was on sale from May 1, 1941, through December 31, 1979 

(through June 1980 to payroll savers only). Series F and G 

were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through December 31, 1979. 

Series HH bonds were sold for cash from January 1, 1980, 

through October 31, 1982. Series J and K were sold from 

May 1, 1952, through April 30, 1957. U.S. savings notes 

were on sale May 1, 1967, through June 30, 1970. The notes 

were eligible for purchase by individuals with the 

simultaneous purchase of series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through March 31, 2006 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

 Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus accrued 

discount 

(3) 

 Redemptions 1 

 (4) 

 Interest- 

 bearing debt 

 (5) 

 Matured 

 non-interest- 

 bearing debt

 (6) 

 

Savings bonds: 

Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 404,953 252,161 657,114 486,014 157,176 13,928 

Series I............................................................ 34,061 4,369 38,430 3,692 34,736 - 

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - - 

Savings notes ................................................. 862 679 1,541 1,465 - 74 

Total ............................................................ 475,777 259,586 735,363 529,443 191,911 14,006 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings 

notes for series H bonds beginning January 1972; however, they exclude exchanges of 

series E and EE bonds for series H and HH bonds. 
U.S. SAVINGS BONDS AND NOTES 

June 2006 

45

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-02 .............................. 439,288 235,077 674,365 481,113 338,363 142,749 185,495 7,757 

2003 ................................... 13,187 7,274 20,461 12,212 5,573 6,639 192,563 8,938 

2004 2 ................................. 10,334 6,924 17,258 14,618 6,276 8,342 194,062 10,078 

2005 2 ................................. 6,501 6,728 13,229 13,783 6,614 7,170 189,912 13,673 

 

Calendar years: 

1935-02 .............................. 441,981 236,934 678,914 484,042 339,746 144,295 184,698 10,174 

2003 ................................... 13,924 7,169 21,092 12,164 5,456 6,708 192,160 11,641 

2004 2 ................................. 8,711 6,806 15,517 14,922 6,520 8,402 191,674 12,721 

2005 2 ................................. 7,955 6,843 14,797 14,089 6,883 7,206 191,167 13,936 

 

2005 - Mar.......................... 444 512 956 1,179 563 616 192,153 12,035 

Apr.......................... 463 631 1,094 1,136 540 596 190,965 13,182 

May......................... 719 503 1,223 1,122 540 583 190,959 13,289 

June........................ 559 541 1,099 1,190 601 589 190,869 13,289 

July ......................... 463 619 1,082 1,154 573 582 190,536 13,548 

Aug ......................... 461 568 1,029 1,365 688 677 190,141 13,608 

Sept........................ 378 541 919 1,082 505 578 189,912 13,673 

Oct.......................... 594 659 1,253 1,008 488 520 190,035 13,795 

Nov ......................... 1,364 525 1,889 1,200 675 525 190,636 13,884 

Dec ......................... 1,303 564 1,867 1,284 685 599 191,167 13,936 

2006 - Jan .......................... 1,517 648 2,165 1,722 796 926 191,604 13,942 

Feb ......................... 874 599 1,473 1,176 522 654 191,866 13,976 

Mar ......................... 816 589 1,405 1,330 626 704 191,911 14,006 

 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

2

 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and EE 

bonds for H 

and HH 

bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-02 ............. 380,453 231,285 611,738 418,094 297,226 146,885 26,017 160,038 7,588 

2003 .................. 3,740 6,683 10,422 9,415 4,152 6,600 1,336 158,536 8,761 

2004 2 ................ 3,037 5,890 8,927 10,403 4,614 8,274 2,485 153,433 9,903 

2005 2 ................ 2,554 5,553 8,107 11,414 4,474 7,062 122 146,482 13,426 

 

Calendar years: 

1941-02 ............. 381,988 233,007 614,995 418,864 305,656 141,309 28,101 158,083 9,948 

2003 .................. 3,366 6,459 9,825 9,513 4,052 6,666 1,204 155,722 11,417 

2004 2 ................ 2,951 5,788 8,740 10,704 4,710 8,326 2,332 150,352 12,490 

2005 2 ................ 2,430 5,523 7,953 11,757 4,678 7,085 6 145,349 13,682 

 

2005 - Mar ........ 197 414 611 979 373 607 1 150,059 11,827 

 Apr......... 264 531 794 942 355 587 - 148,799 12,940 

 May........ 225 398 623 926 354 572 - 148,390 13,046 

 June....... 159 431 590 982 404 578 - 147,997 13,046 

 July ........ 156 509 665 964 392 571 - 147,447 13,298 

 Aug ........ 162 455 617 1,141 476 665 - 146,861 13,360 

 Sept....... 149 424 573 887 320 566 - 146,482 13,426 

 Oct......... 202 537 739 828 319 509 - 146,273 13,545 

 Nov ........ 184 398 582 1,012 497 515 - 145,757 13,632 

 Dec ........ 294 431 726 1,083 495 588 - 145,349 13,682 

2006 - Jan ......... 202 508 710 1,483 571 912 - 144,579 13,680 

 Feb ........ 94 452 546 964 322 642 - 144,123 13,717 

 Mar ........ 132 425 557 1,094 403 691 - 143,554 13,749 

See footnotes at end of table. 
U.S. SAVINGS BONDS AND NOTES 

June 2006 

46 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

 Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

 Total 

 (4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series I 

 

Fiscal years: 

1998-02 ........... 11,937 735 12,672 576 553 23 - 12,096 - 

2003 ................ 8,120 591 8,711 545 517 28 - 20,262 - 

2004 2 .............. 4,813 1,034 5,847 766 708 58 - 25,343 - 

2005 2 .............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - 

 

Calendar years: 

1998-02 ........... 12,957 869 13,826 706 677 29 - 13,120 - 

2003 ................ 9,363 710 10,073 544 513 31 - 22,649 - 

2004 2 .............. 3,444 1,017 4,462 896 829 66 - 26,215 - 

2005 2 .............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 

 

2005 - Mar ...... 246 98 344 94 87 8 - 27,241 - 

 Apr....... 199 100 300 102 93 9 - 27,438 - 

 May...... 494 105 600 104 94 9 - 27,934 - 

 June..... 400 110 509 112 102 10 - 28,331 - 

 July ...... 306 110 416 102 93 10 - 28,646 - 

 Aug ...... 299 113 412 120 108 12 - 28,938 - 

 Sept..... 230 117 346 101 91 10 - 29,183 - 

 Oct....... 391 122 514 97 86 10 - 29,600 - 

 Nov ...... 1,180 127 1,307 103 93 10 - 30,804 - 

 Dec ...... 1,009 133 1,142 109 98 11 - 31,837 - 

2006 - Jan ....... 1,315 140 1,455 124 111 13 - 33,167 - 

 Feb ...... 780 147 927 98 86 11 - 33,997 - 

 Mar ...... 684 164 848 109 97 12 - 34,736 - 

 

1

 Exchange of E and EE bonds for H and HH bonds are not included in sales and 

redemption figures. 

2

 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. 
June 2006 

47

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 2006 

48 

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2001 ................................................ 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

 

2005 - Mar....................................... 7,801,016 7,776,939 3,204,543 1 3,204,542 714,999 

Apr....................................... 7,788,426 7,764,537 3,213,845 1 3,213,844 708,904 

May...................................... 7,801,852 7,777,880 3,235,855 1 3,235,854 721,852 

June..................................... 7,860,234 7,836,496 3,308,866 1 3,308,865 721,922 

July ...................................... 7,911,290 7,887,618 3,306,665 1 3,306,664 716,058 

Aug ...................................... 7,950,504 7,926,933 3,310,040 1 3,310,039 727,592 

Sept..................................... 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

Oct....................................... 8,050,629 8,027,123 3,376,354 1 3,376,353 737,557 

Nov ...................................... 8,115,965 8,092,322 3,382,666 1 3,382,665 740,849 

Dec ...................................... 8,194,251 8,170,413 3,455,808 1 3,455,807 732,861 

2006 - Jan ....................................... 8,219,745 8,196,070 3,471,422 1 3,471,421 745,610 

Feb ...................................... 8,293,333 8,269,886 3,499,204 1 3,499,203 751,565 

Mar ...................................... 8,394,740 8,371,156 3,498,354 1 3,498,353 755,193 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

 

2005 - Mar........................................................... 3,857,397 3,388,837 468,560 24,077 24,077 

Apr........................................................... 3,841,788 3,361,781 480,007 23,888 23,888 

May.......................................................... 3,820,173 3,328,310 491,862 23,972 23,972 

June......................................................... 3,805,708 3,309,173 496,535 23,738 23,738 

July .......................................................... 3,864,895 3,361,845 503,049 23,672 23,672 

Aug .......................................................... 3,889,301 3,378,858 510,443 23,570 23,570 

Sept......................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

Oct........................................................... 3,913,212 3,393,738 519,475 23,505 23,505 

Nov .......................................................... 3,968,807 3,444,413 524,393 23,643 23,643 

Dec .......................................................... 3,981,745 3,451,097 530,647 23,837 23,837 

2006 - Jan ........................................................... 3,979,038 3,449,221 529,818 23,674 23,674 

Feb .......................................................... 4,019,117 3,526,004 493,112 23,448 23,448 

Mar .......................................................... 4,117,609 3,585,206 532,404 23,584 23,584 

 
OWNERSHIP OF FEDERAL SECURITIES 

June 2006 

49

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 141.8 225.0 244.2 210.6 350.5 707.0 831.4 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.7 217.2 245.0 202.5 313.7 762.5 855.2 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 142.1 211.3 245.2 211.6 304.3 820.4 836.8 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.9 208.2 241.5 225.1 289.8 835.2 864.6 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.5 213.5 239.4 240.9 283.6 908.1 848.7 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.8 221.1 229.5 230.6 283.3 929.7 810.3 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.5 213.4 226.8 226.8 263.7 993.4 829.9 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 140.2 212.8 214.1 227.4 257.0 1,102.1 794.0 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.9 248.1 1,157.6 786.2 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 142.2 214.9 183.1 216.8 243.3 1,182.7 707.8 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.2 223.5 186.8 221.6 235.2 1,230.5 681.7 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.4 219.0 176.6 232.4 239.3 1,241.6 674.5 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 136.9 212.1 169.4 234.7 238.1 1,250.5 701.2 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 129.9 213.2 160.6 230.7 258.5 1,256.0 623.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.5 207.8 151.3 231.8 271.8 1,224.2 674.3 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 113.6 212.6 141.7 253.5 280.8 1,278.7 629.2 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 110.8 211.5 137.5 254.0 288.6 1,272.3 619.0 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 114.1 213.8 133.6 227.9 298.8 1,258.8 525.1 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 117.2 204.8 128.0 224.4 299.6 1,281.4 492.6 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 118.9 198.8 123.4 228.7 305.1 1,268.7 555.3 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 114.7 196.9 120.0 222.2 307.1 1,106.9 691.9 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 115.3 194.9 116.5 204.5 310.1 1,082.0 557.2 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 115.2 185.5 113.7 205.7 308.7 1,057.9 544.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 113.7 179.1 110.2 221.8 310.9 1,034.2 524.3 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 115.6 177.3 109.1 221.8 317.9 1,029.9 548.4 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 116.3 183.1 108.1 218.7 325.7 1,000.5 396.8 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 119.7 166.8 106.8 232.5 321.9 1,005.5 450.9 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 121.1 155.1 105.7 259.4 329.3 1,051.2 426.1 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 123.7 163.3 114.0 266.0 328.7 1,067.1 407.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.6 192.7 125.6 153.9 122.0 253.8 334.4 1,135.4 327.4 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 131.2 156.3 130.4 256.6 339.3 1,200.8 306.5 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 135.0 158.9 139.7 280.9 355.6 1,246.8 283.9 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.1 196.9 139.0 162.1 139.5 296.5 350.7 1,286.3 345.8 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 138.2 161.3 138.7 302.8 348.7 1,382.8 347.6 

 Sept........ 6,783.2 3,515.3 3,268.0 146.9 201.5 139.9 155.1 137.4 287.8 357.9 1,454.2 387.2 

 Dec......... 6,998.0 3,620.1 3,377.9 154.0 203.8 141.2 147.9 136.5 281.5 363.9 1,533.0 416.0 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.7 204.5 143.3 142.5 141.0 281.6 373.7 1,677.1 376.4 

 June ....... 7,274.3 3,742.8 3,531.5 159.9 204.6 146.4 133.6 144.1 259.4 379.7 1,739.6 364.1 

 Sept........ 7,379.1 3,772.0 3,607.0 139.9 204.2 150.8 130.5 147.4 255.7 379.4 1,798.7 400.4 

 Dec......... 7,596.1 3,929.0 3,667.1 127.5 204.4 151.5 130.4 149.7 254.9 386.4 1,853.4 408.9 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 142.1 204.2 153.8 127.1 153.3 262.3 407.5 1,956.9 448.3 

 June ....... 7,836.5 4,033.5 3,803.0 127.2 204.2 157.6 130.1 154.6 249.1 429.3 1,879.6 351.5 

 Sept........ 7,932.7 4,067.8 3,864.9 125.0 203.6 161.3 122.6 158.2 248.1 446.5 1,933.4 466.1 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 162.0 119.8 160.6 254.1 455.0 2,041.1 455.8 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 n.a. 206.0 n.a. n.a. n.a. n.a. n.a. 2,089.2 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 

2004 benchmark to March 2005, and the June 2005 benchmark to February 2006. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2006

50 

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. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield. 

On February 18, 2002, Treasury discontinued the 30-year 

constant maturity yield and replaced it in the MY-1 with a 

20-year maturity yield. Historical data for the 20-year 

maturity is available from the Board of Governors’ 

Statistical Release H.15. On February 9, 2006, Treasury 

reintroduced the 30-year yield and is now publishing both 

the 20- and 30-year constant maturity rates. 

Prior to January 2003, this section also included data 

on long-term Treasury, corporate and municipal yields 

(Table MY-2 and Chart MY-B). Effective January 2003, 

Table MY-2 and Chart MY-B were discontinued. 

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: 

2005 - Apr....................................... 2.64 2.84 3.14 3.32 3.65 3.79 4.00 4.16 4.34 4.75 n.a. 

May ..................................... 2.65 2.90 3.17 3.33 3.64 3.72 3.85 3.94 4.14 4.56 n.a. 

June.................................... 2.83 3.04 3.22 3.36 3.64 3.69 3.77 3.86 4.00 4.35 n.a. 

July ..................................... 3.10 3.29 3.53 3.64 3.87 3.91 3.98 4.06 4.18 4.48 n.a. 

Aug ..................................... 3.34 3.52 3.78 3.87 4.04 4.08 4.12 4.18 4.26 4.53 n.a. 

Sept .................................... 3.23 3.49 3.79 3.85 3.95 3.96 4.01 4.08 4.20 4.51 n.a. 

Oct ...................................... 3.51 3.79 4.13 4.18 4.27 4.29 4.33 4.38 4.46 4.74 n.a. 

Nov ..................................... 3.91 3.97 4.30 4.33 4.42 4.43 4.45 4.48 4.54 4.83 n.a. 

Dec ..................................... 3.69 3.97 4.33 4.35 4.40 4.39 4.39 4.41 4.47 4.73 n.a. 

2006 - Jan....................................... 4.12 4.34 4.47 4.45 4.40 4.35 4.35 4.37 4.42 4.65 n.a. 

Feb...................................... 4.38 4.54 4.69 4.68 4.67 4.64 4.57 4.56 4.57 4.73 n.a. 

Mar...................................... 4.55 4.63 4.79 4.77 4.73 4.74 4.72 4.71 4.72 4.91 4.73 

 

End of month: 

2005 - Apr....................................... 2.70 2.90 3.17 3.33 3.66 3.73 3.90 4.03 4.21 4.61 n.a. 

May ..................................... 2.80 2.99 3.18 3.32 3.60 3.65 3.76 3.86 4.00 4.40 n.a. 

June.................................... 2.99 3.13 3.34 3.45 3.66 3.67 3.72 3.80 3.94 4.28 n.a. 

July ..................................... 3.25 3.42 3.69 3.80 4.02 4.06 4.12 4.19 4.28 4.56 n.a. 

Aug ..................................... 3.41 3.52 3.74 3.77 3.84 3.83 3.87 3.93 4.02 4.30 n.a. 

Sept .................................... 3.15 3.55 3.93 4.01 4.18 4.18 4.18 4.23 4.34 4.62 n.a. 

Oct ...................................... 3.77 3.98 4.26 4.31 4.40 4.41 4.45 4.49 4.57 4.84 n.a. 

Nov ..................................... 4.00 3.95 4.31 4.34 4.42 4.41 4.42 4.45 4.49 4.81 n.a. 

Dec ..................................... 4.01 4.08 4.37 4.38 4.41 4.37 4.35 4.36 4.39 4.61 n.a. 

2006 - Jan....................................... 4.37 4.47 4.59 4.58 4.54 4.49 4.47 4.49 4.53 4.74 n.a. 

Feb...................................... 4.47 4.62 4.74 4.73 4.69 4.67 4.61 4.57 4.55 4.70 4.51 

Mar...................................... 4.65 4.63 4.81 4.82 4.82 4.83 4.82 4.83 4.86 5.07 4.90 

 

* Rates are from the Treasury yields curve. 
June 2006 

51

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, 2006 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $950,360,178,771 $912,983,012,408 $912,481,249,931 $253,957,266 $247,805,211

Less amounts held by: 

The Treasury....................................... 235,111,881 26,349,337 26,161,495 7,505 180,337

FRBs ................................................... 161,386,459,561 160,575,223,168 160,575,214,313 - 8,855

Amounts in circulation............................. $788,738,607,329 $752,381,439,903 $751,879,874,123 $253,949,761 $247,616,019

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $37,377,166,363 $3,505,529,008 $33,871,637,355 

Less amounts held by: 

The Treasury....................................... 208,762,544 136,686,544 72,076,000 

FRBs ................................................... 811,236,393 117,651,513 693,584,880 

Amounts in circulation............................. $36,357,167,426 $3,251,190,951 $33,105,976,475 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2006

52 

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2006 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,506,907,839 $8,362,718,518 $143,503 $144,045,818 

$2 ...................................................................... 1,479,683,944 1,347,455,250 132,216,118 12,576 

$5 ...................................................................... 9,851,833,790 9,714,580,615 109,161,710 28,091,465 

$10 .................................................................... 14,953,016,270 14,931,681,950 6,300 21,328,020 

$20 .................................................................... 109,078,010,760 109,057,903,440 3,840 20,103,480 

$50 .................................................................... 60,165,475,500 60,153,976,550 500 11,498,450 

$100 .................................................................. 548,033,088,700 547,998,692,800 12,407,200 21,988,700 

$500 .................................................................. 142,450,500 142,257,000 5,500 188,000 

$1,000 ............................................................... 165,747,000 165,538,000 5,000 204,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $752,381,439,903 $751,879,874,123 $253,949,761 $247,616,019 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Mar. 31, 2006 ....................................................................................... 788,739 $2,643

Feb. 28, 2006 ....................................................................................... 789,307 2,647

Jan. 31, 2006 ....................................................................................... 782,349 2,625

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 2006 

55

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

 

2005 - Apr .......................................................................... 79,525 11,041 11,610 41,452 15,422 

May ........................................................................ 77,743 11,041 11,385 39,910 15,406 

June ....................................................................... 76,594 11,041 11,243 39,036 15,274 

July......................................................................... 74,620 11,041 11,206 38,935 13,438 

Aug......................................................................... 72,243 11,041 8,304 39,563 13,336 

Sept........................................................................ 71,273 11,041 8,245 38,742 13,245 

Oct.......................................................................... 70,218 11,041 8,224 38,234 12,720 

Nov......................................................................... 68,773 11,041 8,180 37,455 12,097 

Dec......................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 - Jan .......................................................................... 65,594 11,044 8,302 38,609 7,639 

 Feb ........................................................................ 65,364 11,044 8,310 38,372 7,638 

 Mar ........................................................................ 65,354 11,043 8,344 38,592 7,376 

 Apr......................................................................... 66,848 11,043 8,518 40,068 7,219 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2006 

56 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 

Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 

2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8.......... 5,079,055 1,818,978 493,672 1,027,460 911 296,935 1,788,602 1,439,182 768,220 670,962 32,293 

Series Break........... 5,088,550 1,967,960 493,672 1,071,897 911 401,480 1,788,602 1,294,031 768,220 525,811 37,957 

 

2005 - July ............. 5,132,679 1,974,832 490,256 1,075,513 917 408,146 1,780,575 1,339,925 789,420 550,505 37,347 

Aug ............. 5,211,733 1,978,846 490,965 1,078,301 923 408,657 1,835,700 1,359,077 784,015 575,062 38,110 

Sept ............ 5,259,621 1,974,754 484,953 1,076,177 929 412,695 1,851,330 1,393,987 793,968 600,019 39,549 

Oct .............. 5,276,360 1,990,584 488,794 1,081,058 936 419,797 1,826,054 1,418,901 794,348 624,553 40,820 

Nov ............. 5,414,264 2,008,010 500,663 1,084,584 942 421,822 1,910,559 1,456,340 780,853 675,487 39,354 

Dec ............. 5,385,117 2,014,812 496,525 1,090,193 948 427,146 1,884,985 1,445,793 758,249 687,544 39,527 

2006 - Jan .............. 5,472,272 2,044,833 508,181 1,098,274 954 437,424 1,919,227 1,468,364 784,416 683,948 39,847 

Feb. p ......... 5,583,668 2,053,846 500,500 1,109,388 960 442,998 1,968,263 1,519,376 824,386 694,990 42,182 

Mar. p ......... 5,601,365 2,062,367 508,950 1,103,113 967 449,337 1,987,452 1,509,054 804,391 704,663 42,492 

 

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-March 2000, end-June 2002, end-June 2003, end-June 2004, and end-June 

2005, respectively, and are comparable to those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2006 

57

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

 

2005 - Mar..................................................................... 1,661 1,661 840 - 821 

Apr..................................................................... 1,671 1,671 845 - 826 

May.................................................................... 1,682 1,682 850 - 832 

June................................................................... 911 911 74 - 837 

July .................................................................... 917 917 74 - 843 

Aug .................................................................... 923 923 75 - 849 

Sept................................................................... 929 929 75 - 854 

Oct..................................................................... 936 936 76 - 860 

Nov .................................................................... 942 942 76 - 866 

Dec .................................................................... 948 948 77 - 871 

2006 - Jan ..................................................................... 954 954 77 - 877 

Feb .................................................................... 960 960 77 - 883 

Mar .................................................................... 967 967 78 - 889 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

June 2006 

58 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial 

banks, securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the 

reporting forms and instructions may be obtained from the 

Office of Program Services, Office of the Assistant Secretary 

for International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of the 

Federal Reserve System, Washington, D.C. 20551; or district 

FRBs. Reporting forms and instructions also may be 

downloaded from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. The only exception is 

information pertaining to the Bank for International 

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 

June 2006 

59

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to 

foreigners in countries not shown separately on the monthly 

reports. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated 

foreigners. Separate reports are filed for financial balances 

and for 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. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar 

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting 

coverage was expanded as outlined in Section I. 

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector. 

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed 

semiannually as of the end of June and December. 

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than 
CAPITAL MOVEMENTS 

June 2006 

60 

banks, other depository institutions, and securities brokers 

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States. 

Historically, the information does not include any 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of 

reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

June 2006 

61

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Type of Liability 

 Calendar 

 Year 

 2004 r Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners............................... 3,017,873 3,150,659 3,130,443 3,211,785 3,159,348 3,231,311 3,315,233 3,323,513 

Payable in dollars............................................... 2,911,516 3,026,466 3,006,250 3,087,592 3,059,461 3,131,424 3,215,346 3,223,626 

Foreign official institutions 1 ........................... 515,586 484,953 488,794 500,663 496,525 508,181 500,500 508,950 

Deposits, excluding negotiable CDs.......... 26,613 39,689 41,245 45,098 45,381 47,009 44,999 44,598 

U.S. Treasury bills and certificates ............ 245,199 195,369 199,801 214,852 201,863 210,460 216,047 215,489 

Other liabilities............................................ 243,774 249,895 247,748 240,713 249,281 250,712 239,454 248,863 

Foreign banks (including own foreign 

 offices) and other foreigners ........................ 2,380,276 2,523,408 2,498,512 2,569,522 2,545,305 2,605,714 2,694,720 2,693,914 

Deposits, excluding negotiable CDs.......... 922,361 1,002,146 942,371 1,003,407 991,468 1,005,280 1,032,084 1,046,998 

U.S. Treasury bills and certificates ............ 71,705 56,514 58,389 60,466 56,627 57,301 58,363 60,942 

Other liabilities............................................ 1,386,210 1,464,748 1,497,752 1,505,649 1,497,210 1,543,133 1,604,273 1,585,974 

International and regional organizations 2 ..... 15,654 18,105 18,944 17,407 17,631 17,529 20,126 20,762 

Deposits, excluding negotiable CDs.......... 6,098 5,623 5,897 3,737 4,865 4,913 6,375 9,209 

U.S. Treasury bills and certificates ............ 1,879 2,308 1,162 1,329 1,085 1,503 1,398 1,399 

Other liabilities............................................ 7,677 10,174 11,885 12,341 11,681 11,113 12,353 10,154 

Payable in foreign currencies 3 .......................... 106,357 124,193 124,193 124,193 99,887 99,887 99,887 99,887 

Sector: 

Banks and other foreigners........................ 103,158 121,890 121,890 121,890 97,929 97,929 97,929 97,929 

International and regional organizations 2 ...... 3,199 2,303 2,303 2,303 1,958 1,958 1,958 1,958 

Major currencies: 

Canadian dollars ........................................ 6,627 9,068 9,068 9,068 9,235 9,235 9,235 9,235 

Euro............................................................ 51,014 59,910 59,910 59,910 50,682 50,682 50,682 50,682 

United Kingdom pounds sterling................ 7,268 9,859 9,859 9,859 8,399 8,399 8,399 8,399 

Japanese yen............................................. 23,623 20,649 20,649 20,649 9,595 9,595 9,595 9,595 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars........................................................... 2,082,981 2,250,566 2,224,690 2,304,179 2,280,089 2,341,022 2,436,914 2,439,911 

Liabilities to own foreign offices..................... 1,349,777 1,507,750 1,455,981 1,535,303 1,552,945 1,577,104 1,632,541 1,664,727 

Liabilities collaterized by repurchase 

 agreements ............................................. 665,127 719,088 729,065 726,434 700,845 752,250 797,242 762,174 

Foreign official institutions 1 ................... 109,506 120,107 122,053 120,091 111,485 120,117 117,619 134,556 

Foreign banks and other foreigners....... 553,550 596,680 604,377 603,159 585,703 628,740 676,587 624,951 

International and regional organizations 2..... 2,071 2,301 2,635 3,184 3,657 3,393 3,036 2,667 

Reported by IBFs ....................................... 369,576 453,232 400,656 457,427 447,584 432,137 450,173 452,936 

Respondents’ own liabilities payable in 

 foreign currencies 3 ...................................... 98,349 109,263 109,263 109,263 85,763 85,763 85,763 85,763 

Reported by IBFs ....................................... 36,689 38,554 38,554 38,554 33,223 33,223 33,223 33,223 

Liabilities held in custody for domestic 

 customers..................................................... 836,543 790,830 796,490 798,343 793,496 804,526 792,556 797,839

Payable in dollars....................................... 828,535 775,900 781,560 783,413 779,372 790,402 778,432 783,715 

Payable in foreign currencies 3 .................. 8,008 14,930 14,930 14,930 14,124 14,124 14,124 14,124 

 

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
CAPITAL MOVEMENTS 

June 2006 

62 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 2006 

Country 2002 2003 2004 Nov. r Dec. Jan. Feb. Mar. p 

Europe: 

Austria ............................................... 2,862 4,841 4,355 4,249 3,606 4,278 4,269 5,463

Belgium 1 ........................................... 9,641 9,642 13,649 19,620 17,126 19,470 18,841 19,239

Bulgaria ............................................. 219 224 221 116 139 97 128 153

Czech Republic................................. 531 2,359 1,661 1,476 1,446 1,395 1,341 1,384

Denmark............................................ 5,115 3,744 3,151 2,420 1,544 2,238 2,365 2,080

Finland............................................... 1,711 1,821 1,116 1,484 3,767 6,122 1,108 1,758

France ............................................... 44,098 41,727 83,951 95,735 75,890 94,835 101,563 89,835

Germany............................................ 42,235 53,617 76,040 79,264 68,812 69,589 70,228 73,385

Greece............................................... 2,996 1,266 1,179 1,320 1,246 1,521 1,517 1,320

Hungary............................................. 439 345 770 585 527 763 708 647

Ireland ............................................... 33,146 30,888 64,199 62,578 68,592 65,957 69,228 68,501

Italy.................................................... 6,098 6,643 7,683 11,325 8,168 8,920 7,880 7,015

Luxembourg 1 .................................... 32,943 37,005 52,548 66,534 56,650 58,847 58,072 57,221

Netherlands....................................... 11,419 17,150 20,272 24,348 16,564 19,538 21,572 22,698

Norway .............................................. 18,907 22,471 32,907 20,345 25,987 25,240 24,393 39,231

Poland ............................................... 4,205 3,724 5,680 5,590 6,330 6,557 6,419 7,221

Portugal............................................. 3,676 1,011 1,676 3,059 2,884 3,331 2,914 3,971

Romania............................................ 1,919 575 1,636 327 565 510 478 475

Russia 2 ............................................. 23,158 41,694 70,203 90,735 101,355 99,043 94,240 91,153

Serbia and Montenegro (formerly 

Yugoslavia) 3 ................................. 301 162 110 112 119 104 103 97

Spain ................................................. 14,499 10,329 9,078 11,663 10,014 11,009 11,565 11,663

Sweden ............................................. 4,697 7,377 6,144 4,807 4,796 3,924 4,160 5,837

Switzerland........................................ 133,546 111,678 100,660 153,007 141,868 104,263 118,763 140,945

Turkey ............................................... 12,132 13,749 5,189 10,230 9,922 10,099 12,685 10,552

United Kingdom................................. 203,237 345,235 501,721 596,452 579,920 635,698 667,625 647,957

Channel Islands and Isle of Man 4 .... 47,820 20,814 21,327 29,639 29,732 29,155 30,568 28,595

Other Europe..................................... 25,108 17,478 26,369 23,995 22,924 23,182 24,283 29,764

Total Europe.................................. 686,658 807,569 1,113,495 1,321,015 1,260,493 1,305,685 1,357,016 1,368,160

Canada.................................................. 32,221 37,780 36,499 40,914 36,976 40,887 42,774 35,999

Latin America: 

Argentina........................................... 10,938 9,880 10,932 10,095 9,701 9,706 9,642 9,948

Brazil ................................................. 11,332 17,839 16,912 18,985 12,966 15,002 17,311 20,328

Chile .................................................. 6,194 4,504 7,368 7,631 8,980 10,230 9,664 12,365

Colombia ........................................... 4,174 4,277 6,353 6,752 6,473 7,241 9,830 10,581

Ecuador............................................. 2,307 2,611 2,707 3,055 3,390 3,113 3,236 3,377

Guatemala......................................... 1,396 1,557 1,544 1,642 1,660 2,010 1,859 1,795

Mexico............................................... 37,374 36,952 51,954 50,682 44,790 44,518 46,062 44,399

Panama............................................. 3,903 4,125 4,641 5,033 5,332 5,211 5,236 5,895

Peru................................................... 1,366 1,406 1,975 2,628 3,074 3,015 2,561 2,809

Uruguay............................................. 2,822 3,688 4,189 5,025 4,766 5,691 5,749 5,492

Venezuela ......................................... 22,540 21,546 24,861 28,679 27,569 27,965 25,710 23,377

Other Latin America 5........................ 6,415 6,014 6,422 8,508 8,578 8,844 9,623 9,694

Total Latin America ....................... 110,761 114,399 139,858 148,715 137,279 142,546 146,483 150,060

Caribbean: 

Bahamas ........................................... 164,133 157,689 188,604 206,085 215,156 219,384 233,532 228,277

Bermuda............................................ 25,281 39,229 93,040 54,311 52,375 56,986 57,027 55,653

Cayman Islands 6 .............................. 639,443 745,754 894,069 915,885 921,542 940,384 961,952 977,413

Cuba.................................................. 91 96 110 118 120 120 121 122

Jamaica............................................. 840 720 922 819 971 749 1,255 959

Netherlands Antilles .......................... 5,011 8,739 5,867 4,803 6,398 6,106 6,100 6,811

Trinidad and Tobago......................... 1,420 1,259 1,630 2,449 2,836 2,967 2,855 3,354

Other Caribbean 5 ............................. 11,757 27,662 40,297 32,564 32,632 32,709 33,323 33,738

Total Caribbean............................. 847,976 981,148 1,224,539 1,217,034 1,232,030 1,259,405 1,296,165 1,306,327

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2006 

63

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 2006 

Country 2002 2003 2004 Nov. r Dec. Jan. Feb. Mar. p 

 

Asia: 

China: 

Mainland..................................... 15,483 13,236 52,768 42,500 46,487 49,536 34,217 34,300

Taiwan........................................ 18,708 26,835 26,524 20,511 23,313 22,425 22,300 19,525

Hong Kong ..................................... 33,365 49,974 43,913 37,418 35,324 29,858 33,493 26,689

India................................................ 7,968 14,535 11,178 12,112 13,895 12,194 11,233 13,412

Indonesia........................................ 14,123 14,374 5,905 3,523 4,307 3,548 3,320 7,807

Israel............................................... 7,505 12,231 11,238 5,999 9,815 9,061 8,584 7,511

Japan.............................................. 176,331 170,315 173,872 155,893 159,930 152,666 149,588 142,941

Korea.............................................. 8,978 12,659 12,457 26,204 27,197 26,674 26,881 25,563

Lebanon ......................................... 651 676 777 807 795 897 788 811

Malaysia ......................................... 1,221 1,640 2,837 3,589 2,288 3,310 2,167 2,753

Pakistan.......................................... 2,093 2,963 1,196 1,368 1,816 1,160 1,213 1,923

Philippines...................................... 1,813 1,690 2,956 3,018 3,789 3,478 3,548 3,440

Singapore....................................... 17,676 23,766 28,912 20,829 20,302 19,404 17,648 17,473

Syria ............................................... 35 22 21 27 28 27 27 27

Thailand.......................................... 7,607 7,232 11,356 11,034 9,978 9,254 11,643 12,716

Oil-exporting countries 7................. 18,893 24,787 41,263 54,802 50,696 54,451 56,804 58,258

Other Asia ...................................... 6,819 7,656 6,841 6,974 7,277 8,169 7,816 7,228

Total Asia ................................... 339,269 384,591 434,014 406,608 417,237 406,112 391,270 382,377

Africa: 

Congo (formerly Zaire)................... 2 18 4 12 7 4 5 3

Egypt .............................................. 2,655 2,336 2,711 3,315 4,980 5,071 5,241 4,366

Ghana............................................. 312 596 468 456 572 554 539 494

Liberia............................................. 141 181 266 360 252 261 272 293

Morocco.......................................... 306 376 156 105 138 162 131 231

South Africa.................................... 1,118 3,734 3,477 3,389 3,053 3,180 3,546 3,903

Oil-exporting countries 8................. 4,466 3,608 4,347 6,162 6,927 7,512 8,560 4,712

Other Africa .................................... 3,361 3,113 3,369 3,985 4,320 4,337 4,208 4,077

Total Africa ................................. 12,361 13,962 14,798 17,784 20,249 21,081 22,502 18,079

Other countries: 

Australia ......................................... 12,055 14,087 23,579 19,892 17,876 17,111 17,548 20,667

New Zealand 9................................ 1,918 2,592 3,725 4,342 3,028 4,352 4,733 4,376

All other .......................................... 263 4,174 8,513 15,771 14,591 14,645 14,658 14,748

Total other countries .................. 14,236 20,853 35,817 40,005 35,495 36,108 36,939 39,791

Total foreign countries ........... 2,043,482 2,360,302 2,999,020 3,192,075 3,139,759 3,211,824 3,293,149 3,300,793

International and regional 

 organizations: 

International ................................... 20,464 18,437 14,550 14,805 14,742 15,480 18,395 18,657

European regional.......................... 1,511 449 568 701 688 786 654 1,279

Latin American regional ................. 507 502 2,184 2,714 2,080 1,753 1,670 1,648

Caribbean regional 10 ..................... 67 63 113 102 94 101 91 95

Asian regional ................................ 85 2,221 358 299 1,033 245 244 284

African regional .............................. 15 496 989 956 837 983 927 666

Middle Eastern regional ................. - - 91 133 115 139 103 91

Total international 

 and regional ............................ 22,649 22,168 18,853 19,710 19,589 19,487 22,084 22,720

Grand total ............................. 2,066,131 2,382,470 3,017,873 3,211,785 3,159,348 3,231,311 3,315,233 3,323,513

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

June 2006 

64 

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2006, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 

Payable 

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria..................................... 5,463 5,460 3 2,373 3,087 647 178 4,313 252 15 55 11 2,582

Belgium 4 ................................. 19,239 18,156 1,083 13,687 4,469 4,260 1,990 6,582 280 39 5,005 2,528 2,285

Bulgaria................................... 153 153 - 152 1 124 - 11 17 - 1 1 1

Czech Republic....................... 1,384 1,354 30 153 1,201 18 1,200 97 38 1 - 9 -

Denmark.................................. 2,080 2,073 7 1,900 173 160 100 1,629 179 - 5 8 52

Finland .................................... 1,758 1,603 155 953 650 811 62 489 50 5 186 772 301

France..................................... 89,835 85,305 4,530 69,835 15,470 11,544 11,605 44,318 1,675 566 15,597 49,706 285

Germany ................................. 73,385 61,478 11,907 52,795 8,683 17,988 3,379 34,883 1,769 855 2,604 33,655 1,232

Greece .................................... 1,320 1,308 12 1,258 50 443 - 207 613 7 38 225 6

Hungary................................... 647 639 8 137 502 22 435 70 45 62 5 3 -

Ireland ..................................... 68,501 68,492 9 13,112 55,380 2,613 98 2,390 4,828 2,391 56,172 351 11,905

Italy.......................................... 7,015 5,941 1,074 4,476 1,465 2,019 1,029 2,111 691 27 64 1,332 369

Luxembourg 4.......................... 57,221 56,081 1,140 30,062 26,019 4,796 4,032 4,833 1,392 1,317 39,711 22,756 3,994

Netherlands............................. 22,698 20,740 1,958 14,455 6,285 2,029 561 2,874 1,244 509 13,523 10,931 884

Norway.................................... 39,231 39,225 6 37,387 1,838 476 253 38,064 119 143 170 - 374

Poland..................................... 7,221 7,211 10 1,399 5,812 195 4,490 2,436 70 3 17 41 1

Portugal................................... 3,971 3,804 167 3,010 794 2,044 315 638 326 253 228 47 9

Romania.................................. 475 462 13 322 140 26 - 402 30 4 - 15 -

Russia 5 ................................... 91,153 91,133 20 27,399 63,734 4,639 561 85,512 410 3 8 16 4

Serbia and Montenegro 

 (formerly Yugoslavia) 6......... 97 97 - 97 - 23 - 50 20 - 4 - -

Spain....................................... 11,663 11,138 525 8,284 2,854 2,673 478 5,989 1,235 59 704 2,545 2,116

Sweden ................................... 5,837 5,812 25 1,481 4,331 124 163 4,274 192 17 1,042 132 3,685

Switzerland.............................. 140,945 139,587 1,358 129,848 9,739 119,917 4,186 8,570 4,715 1,132 1,067 124,486 1,019

Turkey ..................................... 10,552 10,525 27 1,950 8,575 975 8,540 839 158 2 11 84 11

United Kingdom....................... 647,957 623,116 24,841 607,685 15,431 112,914 1,222 300,601 11,332 4,634 192,413 477,541 1,945

Channel Islands and Isle 

 of Man 7 ................................. 28,595 28,417 178 26,689 1,728 23,290 103 804 281 368 3,571 23,093 162

Other Europe ............................. 29,764 29,639 125 14,895 14,744 8,096 12,759 6,788 885 497 614 311 16

Total Europe.......................... 1,368,160 1,318,949 49,211 1,065,794 253,155 322,866 57,739 559,774 32,846 12,909 332,815 750,599 33,238

Canada........................................... 35,999 32,184 3,815 21,364 10,820 3,294 2,474 12,530 3,910 2,191 7,785 7,427 1,513

Latin America: 

Argentina.................................... 9,948 9,847 101 8,756 1,091 388 7 356 7,852 702 542 256 206

Brazil .......................................... 20,328 19,330 998 18,297 1,033 8,174 80 5,722 4,185 182 987 3,367 82

Chile ........................................... 12,365 12,281 84 7,853 4,428 3,312 167 1,550 3,296 224 3,732 1,239 59

Colombia.................................... 10,581 10,537 44 3,635 6,902 378 3,358 1,759 2,753 500 1,789 102 394

Ecuador...................................... 3,377 3,344 33 3,097 247 466 21 730 1,829 19 279 194 30

Guatemala ................................. 1,795 1,778 17 1,300 478 155 129 305 984 105 100 17 170

Mexico........................................ 44,399 42,193 2,206 29,798 12,395 10,222 6,425 3,285 17,036 888 4,337 315 531

Panama...................................... 5,895 5,823 72 4,024 1,799 1,403 3 543 1,991 398 1,485 643 186

Peru............................................ 2,809 2,798 11 2,654 144 1,267 5 260 1,126 50 90 67 22

Uruguay ..................................... 5,492 5,455 37 4,711 744 874 141 1,894 1,770 306 470 1,800 84

Venezuela.................................. 23,377 23,103 274 21,686 1,417 8,095 12 991 12,270 267 1,468 571 193

Other Latin America .................. 9,694 9,643 51 7,102 2,541 3,196 257 2,454 3,085 281 370 135 1,309

Total Latin America............... 150,060 146,132 3,928 112,913 33,219 37,930 10,605 19,849 58,177 3,922 15,649 8,706 3,266

Caribbean: 

Bahamas.................................... 228,277 225,885 2,392 222,628 3,257 150,342 226 56,583 2,521 664 15,549 194,082 248

Bermuda .................................... 55,653 55,424 229 38,690 16,734 2,280 291 3,907 4,171 3,298 41,477 14,328 1,613

Cayman Islands 8 ...................... 977,413 963,038 14,375 746,217 216,821 344,258 123 436,580 20,205 5,959 155,913 627,263 1,526

Cuba........................................... 122 122 - 122 - 14 - 5 93 - 10 - -

Jamaica...................................... 959 905 54 890 15 464 11 145 269 - 16 55 3

Netherlands Antilles .................. 6,811 6,809 2 4,883 1,926 2,246 1,616 372 705 86 1,784 526 27

Trinidad and Tobago................. 3,354 3,348 6 2,868 480 1,405 22 653 868 38 362 357 10

Other Caribbean........................ 33,738 33,483 255 18,896 14,587 4,464 488 694 9,107 4,446 14,284 206 3,312

Total Caribbean .................. 1,306,327 1,289,014 17,313 1,035,194 253,820 505,473 2,777 498,939 37,939 14,491 229,395 836,817 6,739

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2006 

65

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2006, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks 

To all other 

 foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 Payable

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

 Own 

liabilities 

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

 and 

brokerage 

balances 2

(6) 

Shortterm 

U.S. 

Treasury 

obligations 3

(7) 

Other 

liabilities

(8) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other

 liabili-

 ties 

 (11) 

Liabilities

to own 

foreign 

offices 

 (12) 

 Negotiable

 CDs 

 held for 

 all for- 

 eigners 

 (13) 

Asia: 

China: 

Mainland ...................... 34,300 34,273 27 15,853 18,420 2,799 8,484 21,304 1,104 31 551 1,790 1,021

Taiwan ......................... 19,525 19,490 35 16,872 2,618 3,775 1,751 9,196 4,088 67 613 884 355

Hong Kong....................... 26,689 25,442 1,247 12,567 12,875 6,260 610 11,985 2,544 214 3,829 5,512 674

India.................................. 13,412 13,254 158 3,221 10,033 1,456 5,603 4,864 837 9 485 564 12

Indonesia ......................... 7,807 7,806 1 2,849 4,957 478 4,842 1,714 767 - 5 140 15

Israel................................. 7,511 7,485 26 4,456 3,029 727 2,263 1,964 1,840 42 649 891 151

Japan ............................... 142,941 138,526 4,415 43,904 94,622 15,584 83,808 23,967 5,102 2,434 7,631 30,878 222

Korea................................ 25,563 25,457 106 8,084 17,373 4,934 9,576 10,009 752 8 178 1,847 898

Lebanon........................... 811 805 6 800 5 354 - 346 101 1 3 26 3

Malaysia........................... 2,753 2,746 7 2,090 656 702 445 1,313 128 7 151 117 1

Pakistan ........................... 1,923 1,914 9 1,757 157 326 50 1,270 235 - 33 181 4

Philippines........................ 3,440 3,436 4 2,142 1,294 1,321 692 386 511 56 470 135 44

Singapore......................... 17,473 15,341 2,132 11,145 4,196 4,164 1,000 5,113 896 427 3,741 6,591 426

Syria ................................. 27 27 - 24 3 1 - - 23 - 3 - 3

Thailand ........................... 12,716 12,711 5 7,897 4,814 425 4,239 7,147 442 363 95 188 7

Other Asia........................ 65,486 64,289 1,197 22,658 41,631 12,146 35,329 11,730 1,378 223 3,483 6,311 1,982

Total Asia..................... 382,377 373,002 9,375 156,319 216,683 55,452 158,692 112,308 20,748 3,882 21,920 56,055 5,818

Africa: 

Congo (formerly Zaire).... 3 3 - 3 - 3 - --- - 2-

Egypt ................................ 4,366 4,366 - 1,508 2,858 914 2,770 489 120 31 42 224 16

Ghana .............................. 494 494 - 295 199 113 199 150 32 - - - -

Liberia............................... 293 292 1 158 134 21 - 28 105 47 91 1 15

Morocco ........................... 231 231 - 190 41 70 - 94 27 4 36 6 -

South Africa ..................... 3,903 3,898 5 3,485 413 821 349 2,537 175 - 16 2,776 37

Other Africa...................... 8,789 8,763 26 6,543 2,220 3,838 1,579 2,144 747 125 330 851 175

Total Africa .................. 18,079 18,047 32 12,182 5,865 5,780 4,897 5,442 1,206 207 515 3,860 243

Other countries: 

Australia ........................... 20,667 20,558 109 16,226 4,332 4,566 110 12,960 576 666 1,680 1,194 228

New Zealand ................... 4,376 4,355 21 3,278 1,077 225 702 2,862 138 165 263 45 15

All other............................ 14,748 623 14,125 608 15 79 - 148 391 2 3 24 2

Total other countries ... 39,791 25,536 14,255 20,112 5,424 4,870 812 15,970 1,105 833 1,946 1,263 245

Total foreign 

countries.............. 3,300,793 3,202,864 97,929 2,423,878 778,986 935,665 237,996 1,224,812 155,931 38,435 610,025 1,664,727 51,062

International and 

 regional orgs.: 

International..................... 18,657 16,743 1,914 14,375 2,368 - - - 7,992 876 7,875 - 1,023

European regional........... 1,279 1,279 - 956 323 - - - 948 319 12 - -

Latin American regional.... 1,648 1,604 44 418 1,186 - - - 227 99 1,278 - 434

Caribbean regional.......... 95 95 - 39 56 - - - 14 - 81 - -

Asian regional.................. 284 284 - 221 63 - - - 16 - 268 - 1

African regional................ 666 666 - 24 642 - - - 12 22 632 - 34

Middle Eastern regional.... 91 91 - - 91 - - - - 83 8 - -

Total international 

and regional ............ 22,720 20,762 1,958 16,033 4,729 - - - 9,209 1,399 10,154 - 1,492

Grand total............... 3,323,513 3,223,626 99,887 2,439,911 783,715 935,665 237,996 1,224,812 165,140 39,834 620,179 1,664,727 52,554

 

1

 These data as of December 31, 2005. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other 

Liabilities.” 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

n February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 

entities of the former Yugoslavia recognized as independent states by the United States are 

reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of 

Macedonia. 

7

 Before January 2001, data included in United Kingdom. 

8 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
CAPITAL MOVEMENTS 

June 2006 

66 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

2002 2003 2004 2005 Mar. 2006

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 2005 Mar. 2006 

 

United Kingdom............................. 203,237 345,235 501,721 579,920 647,957 

All other Europe............................. 483,421 462,334 611,774 680,573 720,203

Caribbean banking centers 1,2 ....... 837,771 955,536 1,186,221 1,200,803 1,274,049

Japan............................................. 176,331 170,315 173,872 159,930 142,941

All other Asia ................................. 162,938 214,276 260,142 257,307 239,436

Subtotal ....................................... 1,863,698 2,147,696 2,733,730 2,878,533 3,024,586

All other countries.......................... 202,433 234,774 284,143 280,815 298,927

Grand total................................... 2,066,131 2,382,470 3,017,873 3,159,348 3,323,513

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $3.3 trillion in 

March 2006, an increase of 

$164 billion from yearend 

2005. U.S. banking liabilities 

include holdings of shortterm securities but exclude 

holdings of long-term 

securities. U.S. banking 

liabilities increased about 

$141 billion in 2005, about 

$635 billion in 2004, and 

about $316 billion in 2003. 

Much of the increase in 

liabilities to foreigners in 

2003 reflects changes to the 

reporting scope of the TIC 

reporting system effective 

February 2003. Between 

March and December of 

2003, when data were 

reported on a consistent 

basis, banking liabilities 

increased about $136 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more 

than half of U.S. banking 

liabilities is currently 

recorded against the United 

Kingdom and banking 

centers in the Caribbean. 

These financial centers have 

recorded most of the growth 

in banking liabilities in 

recent years. Foreigners 

domiciled in the rest of 

Europe and in Asia account 

for about one-third of U.S. 

banking liabilities. 
 CAPITAL MOVEMENTS 

June 2006 

67

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

Table CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 

Type of Claim 

 Calendar 

 Year 

 2003 r Dec. Mar. r June r Sept. Dec. p 

Total claims.............................................................. 1,699,999 2,188,441 2,155,440 2,338,410 2,440,717 2,423,773 

Payable in dollars.................................................. 1,596,965 2,026,841 2,004,096 2,182,546 2,293,179 2,274,815 

Own claims on foreigners................................... 1,322,363 1,664,223 1,606,185 1,789,036 1,863,507 1,830,075 

Foreign official institutions............................... 53,328 71,892 72,639 81,840 78,942 71,031 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 979,597 1,187,954 1,137,487 1,296,782 1,376,109 1,382,455 

All other foreigners .......................................... 289,438 404,377 396,059 410,414 408,456 376,589 

Claims of domestic customers.............................. 274,602 362,618 397,911 393,510 429,672 444,740 

Payable in foreign currencies .................................. 103,034 161,600 151,344 155,864 147,538 148,958 

Own claims on foreigners ..................................... 81,669 129,544 110,083 109,206 102,462 93,744 

of which: 

Canadian dollars.............................................. 12,716 15,336 12,496 11,816 13,207 13,656 

Euros................................................................ 39,661 62,138 60,447 56,733 54,064 54,998 

United Kingdom pounds sterling...................... 6,882 10,388 10,962 10,572 11,591 10,838 

Japanese yen................................................... 16,610 34,207 18,593 21,408 15,321 6,773 

Claims of domestic customers.............................. 21,365 32,056 41,261 46,658 45,076 55,214 

of which: 

Canadian dollars.............................................. 3,360 3,225 3,417 2,678 2,875 3,838 

Euros................................................................ 8,554 17,865 26,865 30,496 32,413 37,782 

United Kingdom pounds sterling...................... 2,602 3,805 5,631 7,131 4,572 7,903 

Japanese yen................................................... 3,909 3,716 2,398 2,085 633 855 

Memoranda: 

Total own claims on foreigners ............................. 1,404,032 1,793,767 1,716,268 1,898,242 1,965,969 1,923,819 

Non-negotiable deposits .................................... 538,180 719,257 718,509 805,075 783,000 784,384 

Short-term negotiable instruments 

 (payable in dollars)........................................... 5,704 7,858 9,521 11,895 12,983 10,059 

Resale agreements ............................................ 344,753 479,422 478,582 527,196 527,668 471,095 

Other................................................................... 515,388 587,203 509,635 554,056 642,282 658,266 

Claims on own foreign offices............................... 934,166 1,097,873 1,060,144 1,202,793 1,284,592 1,280,539 

Claims reported by IBFs ....................................... 321,674 411,693 368,614 426,617 468,136 478,683 

Payable in dollars............................................... 293,898 365,267 336,282 395,645 440,893 448,031 

Payable in foreign currencies............................. 27,776 46,426 32,332 30,972 27,243 30,652 

Total claims held for domestic customers ............ 295,967 394,674 439,172 440,168 474,748 499,954 

Non-negotiable deposits .................................... 134,851 161,039 187,129 179,209 194,275 197,749 

Short-term negotiable instruments 

 (payable in dollars)........................................... 135,016 195,956 218,771 220,228 239,126 247,926 

Other ..................................................................... 26,100 37,679 33,272 40,731 41,347 54,279 

 

 
CAPITAL MOVEMENTS 

June 2006 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2004 2005 

Country 

 Calendar 

 year 

 2003 r June Sept. Dec. Mar. r June r Sept. Dec. p

 

Europe: 

Austria .................................................... 5,650 5,527 6,084 5,732 6,167 5,686 6,017 5,382

Belgium 1 ................................................ 11,353 14,154 13,558 11,676 15,245 17,574 17,916 14,460

Bulgaria .................................................. 59 20 39 106 45 22 50 23

Czech Republic ...................................... 232 234 185 746 1,124 1,134 2,247 3,413

Denmark................................................. 3,606 3,248 3,626 2,736 1,668 2,008 2,810 2,619

Finland.................................................... 8,489 11,126 13,036 12,365 14,362 11,181 9,626 9,811

France .................................................... 89,151 103,108 97,154 126,728 121,676 142,040 136,449 133,923

Germany................................................. 41,548 51,736 46,788 47,300 58,579 47,362 56,098 49,068

Greece.................................................... 244 263 278 140 132 169 146 104

Hungary.................................................. 78 106 101 192 47 125 112 121

Ireland..................................................... 12,728 18,481 15,565 23,245 26,695 24,958 29,752 41,854

Italy ......................................................... 10,553 16,069 18,554 21,748 22,614 23,625 23,387 23,465

Luxembourg 1 ......................................... 7,708 5,992 7,414 9,151 8,577 8,022 10,333 13,472

Netherlands ............................................ 29,533 32,803 31,601 35,244 26,362 28,778 34,095 32,749

Norway ................................................... 18,648 31,016 27,605 27,739 19,253 34,360 25,333 17,258

Poland .................................................... 53 956 1,794 222 1,370 765 1,666 1,819

Portugal .................................................. 2,765 1,972 1,983 2,039 2,007 2,166 2,058 1,136

Romania ................................................. 192 194 226 264 245 265 275 288

Russia 2 .................................................. 1,259 1,127 981 1,104 1,175 1,023 1,044 1,323

Serbia and Montenegro (formerly 

Yugoslavia) 3........................................ - - - - - - - -

Spain ...................................................... 5,199 9,106 9,807 11,365 17,575 15,627 13,601 11,302

Sweden................................................... 20,109 24,701 23,188 28,445 30,875 27,992 29,904 27,990

Switzerland............................................. 82,899 95,979 112,891 118,486 96,120 127,335 179,042 154,556

Turkey..................................................... 2,209 3,296 2,393 2,604 2,618 3,012 3,329 3,409

United Kingdom...................................... 385,701 476,445 515,395 567,001 538,811 589,703 621,635 609,091

Channel Islands and Isle of Man 4 ......... 43,429 49,392 48,652 31,814 32,646 32,735 33,509 41,292

Other Europe.......................................... 3,443 5,841 6,502 6,424 18,221 17,904 17,391 18,982

Total Europe ........................................ 786,838 962,892 1,005,400 1,094,616 1,064,209 1,165,571 1,257,825 1,218,910

Canada...................................................... 79,014 81,243 76,957 78,707 75,851 77,062 87,079 99,062

Latin America: 

Argentina ................................................ 4,426 3,467 2,975 2,442 2,315 2,278 2,616 2,499

Brazil....................................................... 16,571 17,310 16,514 14,659 17,622 15,726 14,396 15,547

Chile ....................................................... 6,167 6,246 5,831 6,279 6,673 6,788 6,485 6,987

Colombia ................................................ 2,123 2,240 2,530 2,708 2,657 2,630 2,707 2,500

Ecuador.................................................. 419 453 447 493 509 588 546 601

Guatemala.............................................. 817 824 764 891 831 893 753 903

Mexico .................................................... 14,113 12,278 13,206 14,179 14,735 14,916 14,086 15,770

Panama .................................................. 1,946 1,742 1,559 2,020 2,160 2,375 2,103 2,357

Peru ........................................................ 1,398 1,665 1,647 1,550 1,393 1,543 1,345 1,242

Uruguay.................................................. 478 408 392 422 359 454 476 468

Venezuela .............................................. 3,093 2,945 2,736 3,086 2,874 2,690 2,757 2,611

Other Latin America 5 ............................. 2,438 2,665 2,401 2,753 2,543 2,497 2,375 2,606

Total Latin America.............................. 53,989 52,243 51,002 51,482 54,671 53,378 50,645 54,091

Caribbean: 

Bahamas ................................................ 98,317 96,490 88,390 126,048 131,868 157,095 151,202 161,403

Bermuda................................................. 15,410 16,390 26,448 34,495 29,566 30,030 24,038 20,887

Cayman Islands 6 ................................... 489,791 577,874 592,248 587,781 593,627 641,907 642,765 620,136

Cuba....................................................... - - - - - - - -

Jamaica .................................................. 379 457 378 351 391 438 422 446

Netherlands Antilles ............................... 6,736 5,459 5,357 5,610 5,725 4,940 5,105 4,554

Trinidad and Tobago .............................. 701 900 691 760 690 734 831 956

Other Caribbean 5 .................................. 5,108 6,838 7,051 7,843 9,140 9,787 9,550 8,666

Total Caribbean................................... 616,442 704,408 720,563 762,888 771,007 844,931 833,913 817,048

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2006 

69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 

Country 

 Calendar 

 year 

 2003 r June Sept. Dec. Mar. r June r Sept. Dec. p 

 

Asia: 

China: 

Mainland .................................... 4,320 9,067 12,030 9,425 13,355 10,744 17,493 14,930

Taiwan ....................................... 9,952 11,312 10,140 10,935 12,578 10,753 8,234 8,909

Hong Kong ................................... 7,927 6,402 4,457 6,316 3,704 8,588 7,530 8,944

India.............................................. 1,781 2,481 2,402 2,298 2,532 2,467 2,866 2,669

Indonesia...................................... 877 937 639 617 553 588 633 507

Israel............................................. 7,186 5,257 5,883 3,119 5,865 3,429 4,857 5,824

Japan............................................ 74,174 81,777 91,539 102,859 89,021 93,721 89,915 109,819

Korea............................................ 12,416 15,320 14,117 16,194 16,134 16,009 17,086 17,443

Lebanon........................................ 72 60 56 49 44 42 46 53

Malaysia ....................................... 1,028 1,351 1,131 1,539 1,603 1,728 1,417 844

Pakistan........................................ 74 88 64 37 57 37 42 33

Philippines .................................... 1,751 1,316 957 1,023 853 952 1,112 1,820

Singapore ..................................... 8,291 8,975 6,625 6,604 7,330 7,136 8,937 8,210

Syria ............................................. 2 21 5 6 2 2 2 2

Thailand........................................ 1,303 809 965 1,450 1,667 6,091 8,778 8,332

Oil-exporting countries 7 ............... 8,748 8,239 10,215 10,755 8,579 8,853 13,151 13,669

Other Asia .................................... 194 173 243 234 111 139 219 185

Total Asia................................... 140,096 153,585 161,468 173,460 163,988 171,279 182,318 202,193

Africa: 

Congo (formerly Zaire) ................. - - - - - - - -

Egypt ............................................ 251 212 201 246 361 521 553 621

Ghana........................................... 17 11 19 22 16 18 11 19

Liberia........................................... 317 201 265 273 251 232 228 267

Morocco........................................ 66 71 88 95 90 73 83 62

South Africa.................................. 3,672 434 350 631 463 306 312 414

Oil-exporting countries 8 ............... 158 162 208 249 328 298 359 331

Other Africa .................................. 278 279 213 191 208 455 167 205

Total Africa ................................ 4,759 1,370 1,344 1,707 1,717 1,903 1,713 1,919

Other countries: 

Australia........................................ 10,600 11,277 11,015 15,211 12,151 13,967 13,553 18,164

New Zealand ................................ 2,954 1,865 1,697 2,243 2,895 2,110 2,732 3,497

All other ........................................ 46 39 79 82 221 109 93 178

Total other countries.................. 13,600 13,181 12,791 17,536 15,267 16,186 16,378 21,839

Total foreign countries ............ 1,694,738 1,968,922 2,029,525 2,180,396 2,146,710 2,330,310 2,429,871 2,415,062

International and regional orgs: 

International.................................. 3,971 2,382 4,770 6,856 6,095 6,792 10,485 7,844

European regional........................ 127 661 191 761 1,698 861 28 21

Latin American regional ............... 265 232 143 279 311 144 135 748

Caribbean regional....................... - - - - - - - -

Asian regional............................... 898 273 1,463 149 626 303 198 98

African regional ............................ - 35 35 - - - - -

Middle Eastern regional ............... - - 6 - - - - -

Total international 

 and regional............................ 5,261 3,583 6,608 8,045 8,730 8,100 10,846 8,711

Grand total .............................. 1,699,999 1,972,505 2,036,133 2,188,441 2,155,440 2,338,410 2,440,717 2,423,773

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 
CAPITAL MOVEMENTS 

June 2006 

70 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2005 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 5,382 4,104 952 3,149 140 3 1,278 1,094 184

Belgium 1 ........................................... 14,460 12,295 10,490 1,369 6,164 436 2,165 1,768 397

Bulgaria ............................................. 23 23 19 - - 4 - - -

Czech Republic ................................. 3,413 3,410 3,382 21 45 7 3 - 3

Denmark............................................ 2,619 988 741 123 - 124 1,631 1,513 118

Finland............................................... 9,811 9,297 9,136 111 8,981 50 514 418 96

France ............................................... 133,923 106,949 70,116 18,444 61,972 18,389 26,974 19,461 7,513

Germany............................................ 49,068 36,605 18,344 11,632 8,232 6,629 12,463 9,211 3,252

Greece............................................... 104 96 4 91 - 1 8 8 -

Hungary............................................. 121 115 45 3 25 67 6 - 6

Ireland................................................ 41,854 17,838 7,192 9,162 5,281 1,484 24,016 22,633 1,383

Italy .................................................... 23,465 20,279 18,287 195 14,554 1,797 3,186 3,176 10

Luxembourg 1 .................................... 13,472 8,723 2,584 5,616 2,029 523 4,749 4,234 515

Netherlands ....................................... 32,749 23,075 10,088 10,776 9,972 2,211 9,674 7,022 2,652

Norway .............................................. 17,258 13,086 11,197 1,651 97 238 4,172 4,093 79

Poland ............................................... 1,819 1,803 1,758 6 32 39 16 2 14

Portugal ............................................. 1,136 1,083 587 243 152 253 53 51 2

Romania ............................................ 288 288 44 218 1 26 - - -

Russia 2 ............................................. 1,323 1,298 1,019 248 202 31 25 25 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3 ................................... - - - - - - - - -

Spain ................................................. 11,302 9,631 7,819 552 7,003 1,260 1,671 1,646 25

Sweden.............................................. 27,990 10,029 7,000 2,452 7,168 577 17,961 17,458 503

Switzerland........................................ 154,556 147,092 140,916 2,955 136,877 3,221 7,464 7,440 24

Turkey................................................ 3,409 3,353 2,588 682 119 83 56 8 48

United Kingdom................................. 609,091 494,282 367,116 103,089 405,204 24,077 114,809 103,847 10,962

Channel Islands and Isle of Man 4 ........ 41,292 31,356 26,199 4,925 26,320 232 9,936 7,627 2,309

Other Europe..................................... 18,982 2,543 1,782 318 10 443 16,439 126 16,313

Total Europe ................................... 1,218,910 959,641 719,405 178,031 700,580 62,205 259,269 212,861 46,408

Canada................................................. 99,062 74,702 52,689 10,731 46,666 11,282 24,360 20,376 3,984

Latin America: 

Argentina ........................................... 2,499 2,320 208 2,074 139 38 179 170 9

Brazil.................................................. 15,547 15,300 8,272 6,768 4,897 260 247 224 23

Chile .................................................. 6,987 6,949 2,898 3,741 900 310 38 36 2

Colombia ........................................... 2,500 2,463 1,514 918 12 31 37 28 9

Ecuador............................................. 601 581 238 343 17 - 20 20 -

Guatemala......................................... 903 887 380 492 29 15 16 16 -

Mexico ............................................... 15,770 14,827 1,101 13,498 91 228 943 881 62

Panama ............................................. 2,357 2,103 1,304 770 150 29 254 229 25

Peru ................................................... 1,242 1,228 444 782 158 2 14 14 -

Uruguay............................................. 468 454 128 318 134 8 14 7 7

Venezuela ......................................... 2,611 2,455 608 1,663 - 184 156 156 -

Other Latin America 5 ........................ 2,606 2,578 1,319 1,250 242 9 28 28 -

Total Latin America......................... 54,091 52,145 18,414 32,617 6,769 1,114 1,946 1,809 137

Caribbean: 

Bahamas ........................................... 161,403 106,527 101,403 4,283 100,846 841 54,876 54,849 27

Bermuda............................................ 20,887 18,330 416 17,430 324 484 2,557 2,538 19

Cayman Islands 6 .............................. 620,136 482,964 384,767 88,838 319,915 9,359 137,172 135,899 1,273

Cuba.................................................. - - - - - - - - -

Jamaica ............................................. 446 446 92 350 129 4 - - -

Netherlands Antilles .......................... 4,554 4,462 1,060 3,383 1,013 19 92 76 16

Trinidad and Tobago ......................... 956 909 268 638 151 3 47 47 -

Other Caribbean 5 ............................. 8,666 8,519 461 7,672 31 386 147 147 -

Total Caribbean.............................. 817,048 622,157 488,467 122,594 422,409 11,096 194,891 193,556 1,335

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2006 

71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2005, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

 Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 14,930 14,789 13,578 1,202 33 9 141 141 - 

Taiwan ............................................ 8,909 8,787 8,119 507 580 161 122 18 104 

Hong Kong ........................................ 8,944 8,563 5,111 3,287 2,663 165 381 155 226 

India................................................... 2,669 2,546 2,170 348 455 28 123 121 2 

Indonesia........................................... 507 483 135 300 32 48 24 - 24 

Israel.................................................. 5,824 4,326 4,099 186 1,298 41 1,498 1,490 8 

Japan................................................. 109,819 106,647 93,633 9,825 83,687 3,189 3,172 2,418 754 

Korea................................................. 17,443 17,334 16,004 1,222 2,602 108 109 92 17 

Lebanon............................................. 53 42 39 3 - - 11 11 - 

Malaysia ............................................ 844 812 519 148 2 145 32 8 24 

Pakistan............................................. 33 29 13 15 2 1 4 4 - 

Philippines ......................................... 1,820 1,804 1,518 272 - 14 16 12 4 

Singapore .......................................... 8,210 6,502 4,483 642 3,692 1,377 1,708 748 960 

Syria .................................................. 2 - - - - - 2 2 - 

Thailand............................................. 8,332 7,997 7,767 29 101 201 335 19 316 

Other Asia ......................................... 13,854 13,708 9,562 2,877 5,610 1,269 146 146 - 

Total Asia........................................ 202,193 194,369 166,750 20,863 100,757 6,756 7,824 5,385 2,439 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - - - - 

Egypt ................................................. 621 447 316 106 68 25 174 14 160 

Ghana................................................ 19 11 5 6 - - 8 8 - 

Liberia................................................ 267 259 2 247 - 10 8 8 - 

Morocco............................................. 62 52 29 2 - 21 10 10 - 

South Africa....................................... 414 381 136 195 5 50 33 7 26 

Other Africa ....................................... 536 494 155 337 24 2 42 37 5 

Total Africa ..................................... 1,919 1,644 643 893 97 108 275 84 191 

Other countries: Australia............................................. 18,164 10,991 6,924 3,085 3,254 982 7,173 6,556 617 

New Zealand ..................................... 3,497 742 187 354 1 201 2,755 2,689 66 

All other ............................................. 178 178 7 171 6 - - - - 

Total other countries....................... 21,839 11,911 7,118 3,610 3,261 1,183 9,928 9,245 683 

Total foreign countries ................. 2,415,062 1,916,569 1,453,486 369,339 1,280,539 93,744 498,493 443,316 55,177 

International and regional orgs: 

International....................................... 7,844 7,050 - 7,050 - - 794 757 37 

European regional............................. 21 21 - 21 - - - - - 

Latin American regional .................... 748 81 - 81 - - 667 667 - 

Caribbean regional............................ - - - - - - - - - 

Asian regional.................................... 98 98 - 98 - - - - - 

African regional ................................. - - - - - - - - - 

Middle Eastern regional .................... - - - - - - - - - 

Total international and regional...... 8,711 7,250 - 7,250 - - 1,461 1,424 37 

Grand total ................................... 2,423,773 1,923,819 1,453,486 376,589 1,280,539 93,744 499,954 444,740 55,214 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series. 
CAPITAL MOVEMENTS 

June 2006 

72 

 

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2001 2002 2003 2004 Dec. 2005 

United Kingdom...................... 300,665 293,642 385,701 567,001 609,091

All other Europe ...................... 362,960 406,139 401,137 527,615 609,819

Caribbean banking centers 1,2 422,615 533,194 612,200 755,954 809,337

Japan ...................................... 40,047 59,792 74,174 102,859 109,819 

All other Asia........................... 57,326 53,952 65,922 70,601 92,374

Subtotal................................. 1,183,613 1,346,719 1,539,134 2,024,030 2,230,440

All other countries................... 167,986 170,023 160,865 164,411 193,333

Grand total ............................ 1,351,599 1,516,742 1,699,999 2,188,441 2,423,773

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In December 2005, U.S. claims 

on foreigners reported by U.S. 

banks amounted to about $2.4 

trillion, an increase of $235 

billion from the level recorded 

at yearend 2004. U.S. banking 

claims include holdings of 

short-term securities but 

exclude holdings of long-term 

securities. U.S. banking claims 

increased $488 billion in 2004 

and $183 billion in 2003. In 

large part, the increase in 

claims in 2003 reflects changes 

to the reporting scope of the 

TIC reporting system effective 

February 2003. Between March 

and December of 2003, when 

data were reported on a 

consistent basis, banking claims 

increased $12 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently. 

0

100

200

300

400

500

600

700

800

900

2001 2002 2003 2004 Sept. 2005

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

0

100

200

300

400

500

600

700

800

900

2001 2002 2003 2004 Dec. 2005

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

June 2006 

73

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar year 2005 Calendar year 2005 

Country 2004 June Dec. 2004 June Dec. 

 

Other Europe: 

Cyprus.............................................................. 163 389 n.a. 171 83 n.a. 

Iceland.............................................................. 259 222 235 n.a. 8 4 

Monaco............................................................. 271 190 190 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba................................................................ 438 322 328 149 160 195 

Barbados.......................................................... 10,571 r 9,946 10,566 163 134 307 

Belize................................................................ 219 212 229 21 51 53 

Bolivia............................................................... 1,127 r 1,860 2,219 182 174 97 

Costa Rica........................................................ 969 1,082 1,671 698 665 688 

Dominica .......................................................... n.a. 55 34 n.a. n.a. - 

Dominican Republic ......................................... 2,481 2,876 3,163 416 439 481 

El Salvador....................................................... 1,302 1,469 1,482 1,089 946 990 

French West Indies and French Guiana.......... 21 30 27 n.a. n.a. n.a. 

Haiti .................................................................. 384 403 356 54 43 35 

Honduras.......................................................... 1,635 1,819 1,870 263 275 367 

Nicaragua......................................................... 132 165 180 65 64 74 

Paraguay.......................................................... 797 848 638 49 46 32 

Suriname.......................................................... 88 104 97 n.a. 2 2 

Other Asia: 

Afghanistan ...................................................... 102 95 77 - n.a. - 

Burma............................................................... 7 7 5 - - - 

Jordan .............................................................. 1,016 r 1,671 1,639 45 27 28 

Macau............................................................... n.a. 238 n.a. 9 - n.a. 

Sri Lanka .......................................................... n.a. 233 n.a. n.a. 16 n.a. 

Yemen.............................................................. 235 139 143 13 15 n.a. 

Other Africa: 

Angola .............................................................. n.a. n.a. n.a. - - n.a. 

Cameroon......................................................... 14 13 12 26 24 21 

Ethiopia ............................................................ n.a. r 529 421 - - - 

Guinea.............................................................. 28 35 17 n.a. n.a. n.a. 

Ivory Coast ....................................................... 76 83 n.a. 2 - n.a. 

Kenya ............................................................... 245 r 257 203 6 n.a. 14 

Mauritius........................................................... 546 156 n.a. n.a. n.a. n.a. 

Mozambique..................................................... 144 116 178 - - n.a. 

Rwanda ............................................................ 141 n.a. n.a. - - - 

Senegal ............................................................ 36 20 24 n.a. n.a. - 

Somalia ............................................................ n.a. n.a. n.a. - - - 

Sudan............................................................... n.a. n.a. n.a. - - - 

Tanzania........................................................... 172 159 300 5 - - 

Tunisia.............................................................. n.a. 89 107 54 60 61 

Uganda............................................................. 228 199 455 - - n.a. 

Zambia ............................................................. 71 75 71 - 2 - 

Zimbabwe......................................................... 66 76 128 n.a. - - 

All other: 

Papua New Guinea.......................................... n.a. n.a. n.a. - n.a. n.a. 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
CAPITAL MOVEMENTS 

June 2006 

74 

SECTION IV.—Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

TABLE CM-IV-1.—Total Liabilities and Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Type of liability or claim 2001 2002 2003 Dec. Mar. r June r Sept. Dec. p 

Total liabilities ................................................ 66,679 67,664 83,240 108,339 107,795 106,811 107,242 103,169 

Payable in dollars....................................... 42,925 45,087 52,687 71,716 72,141 79,901 79,758 73,332 

Financial................................................. 18,763 18,844 25,055 45,905 42,608 46,891 45,423 38,695 

Short-term negotiable securities........ n.a. n.a. 1,895 1,410 1,252 1,827 1,174 923 

Other .................................................. n.a. n.a. 23,160 44,495 41,356 45,064 44,249 37,772 

Commercial............................................ 24,162 26,243 27,632 25,811 29,533 33,010 34,335 34,637 

Trade payables .................................. 10,893 13,469 16,000 16,705 19,900 21,130 22,487 21,722 

Advance receipts and other............... 13,269 12,774 11,632 9,106 9,633 11,880 11,848 12,915 

Payable in foreign currencies .................... 23,754 22,577 30,553 36,623 35,654 26,910 27,484 29,837 

By major foreign currency: 

Canadian dollars................................ n.a. n.a. 1,630 2,623 2,496 1,917 2,000 2,195 

Euros.................................................. n.a. n.a. 11,159 10,125 12,185 17,211 17,396 17,250 

United Kingdom pounds sterling........ n.a. n.a. 12,031 19,041 16,166 3,835 3,199 3,505 

Japanese yen..................................... n.a. n.a. 2,702 1,860 1,693 1,723 2,056 2,769 

Other .................................................. n.a. n.a. 3,031 2,974 3,114 2,224 2,833 4,118 

By type of liability: 

Financial............................................. 22,271 20,717 28,095 33,272 32,431 24,036 24,698 27,013 

Short-term negotiable securities.... n.a. n.a. 12,107 10,349 7,775 11,325 10,145 10,685 

Other .............................................. n.a. n.a. 15,988 22,923 24,656 12,711 14,553 16,328 

Commercial........................................ 1,483 1,860 2,458 3,351 3,223 2,874 2,786 2,824 

Trade payables .............................. 888 1,230 1,174 1,476 1,421 1,367 1,298 1,328 

Advance receipts and other........... 595 630 1,284 1,875 1,802 1,507 1,488 1,496 

Total claims.................................................... 113,082 102,566 165,901 197,696 199,565 179,440 184,061 180,350 

Payable in dollars....................................... 103,864 91,551 148,373 149,348 150,988 137,486 140,384 137,727 

Financial................................................. 74,471 65,070 122,879 121,909 123,380 109,139 112,967 107,829 

Non-negotiable deposits .................... n.a. n.a. 33,944 42,005 45,007 42,391 43,650 37,474 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. n.a. 3,047 9,739 11,768 8,541 11,513 12,888 

Other .................................................. n.a. n.a. 85,888 70,165 66,605 58,207 57,804 57,467 

Commercial............................................ 29,393 26,481 25,494 27,439 27,608 28,347 27,417 29,898 

Trade receivables .............................. 25,828 22,635 21,245 24,778 23,916 25,086 24,354 26,036 

Advance payments and other............ 3,565 3,846 4,249 2,661 3,692 3,261 3,063 3,862 

Payable in foreign currencies .................... 9,218 11,015 17,528 48,348 48,577 41,954 43,677 42,623 

By major foreign currency: 

Canadian dollars................................ n.a. n.a. 2,469 1,841 7,715 10,438 11,209 11,331 

Euros.................................................. n.a. n.a. 4,318 22,212 19,123 12,377 12,939 12,329 

United Kingdom pounds sterling........ n.a. n.a. 4,429 10,805 8,797 8,812 9,633 8,612 

Japanese yen..................................... n.a. n.a. 1,420 7,583 6,350 4,160 4,264 3,935 

Other .................................................. n.a. n.a. 4,892 5,907 6,592 6,167 5,632 6,416 

By type of claim: 

Financial............................................. 6,816 6,319 9,453 43,072 43,824 37,629 39,968 38,965 

Non-negotiable deposits ................ n.a. n.a. 1,976 5,878 7,309 6,584 7,703 8,261 

Short-term negotiable securities.... n.a. n.a. 164 153 144 353 332 292 

Other .............................................. n.a. n.a. 7,313 37,041 36,371 30,692 31,933 30,412 

Commercial........................................ 2,402 4,696 8,075 5,276 4,753 4,325 3,709 3,658 

Trade receivables .......................... 1,685 3,750 7,373 4,451 3,928 3,490 3,181 3,151 

Advance payments and other........ 717 946 702 825 825 835 528 507 

Memoranda: 

Financial liabilities and claims: 

Positions with unaffiliated entities: 

Financial liabilities .............................. 41,034 39,561 43,610 62,847 51,809 44,929 42,146 44,019 

Financial claims ................................. 81,287 71,389 67,347 110,517 113,673 99,407 107,997 107,955 

Selected positions with affiliated 

 entities: 1 

Financial liabilities.............................. n.a. n.a. 9,540 16,330 23,230 25,998 27,975 21,689 

Financial claims ................................. n.a. n.a. 64,985 54,464 53,531 47,361 44,938 38,839 

 

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents. 
CAPITAL MOVEMENTS 

June 2006 

75

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Country 2000 2001 2002 2003 Dec. Mar. r June r Sept. Dec. p 

Europe: 

Austria.................................. 111 151 64 82 146 147 124 137 68

Belgium 1 .............................. 440 253 285 163 74 68 191 88 73

Bulgaria................................ 2343243 - -

Czech Republic.................... 7 10 13 6 34 37 28 13 17

Denmark............................... 149 148 522 67 41 75 118 76 78

Finland ................................. 91 86 56 47 38 25 11 28 20

France.................................. 2,459 3,575 6,008 4,443 2,368 3,150 2,762 2,886 2,757

Germany .............................. 3,215 3,249 3,704 4,386 3,935 6,296 8,556 8,833 9,068

Greece ................................. 400 410 403 474 248 232 436 475 401

Hungary................................ 8 27 32 11 14 10 3 11 12

Ireland .................................. 1,216 1,264 785 856 1,070 1,228 1,455 1,388 1,636

Italy....................................... 1,773 1,395 1,271 1,154 795 947 972 1,390 1,174

Luxembourg 1....................... n.a. n.a. n.a. 705 824 622 553 603 407

Netherlands.......................... 2,316 3,117 2,415 668 668 735 531 709 896

Norway................................. 286 320 406 445 1,365 848 3,361 795 607

Poland.................................. 42 43 46 26 151 179 186 225 229

Portugal................................ 16 16 17 7 22 29 29 28 39

Romania............................... 178 17 20 30 33 16 3 6 4

Russia 2 ................................ 91 48 38 71 74 47 106 115 64

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 11 14 9 - 2 3 3 7 4

Spain.................................... 468 423 403 1,068 591 347 397 388 403

Sweden ................................ 117 97 115 656 800 221 495 432 448

Switzerland .......................... 606 884 494 1,884 1,078 1,021 1,007 1,159 1,235

Turkey .................................. 408 133 101 302 180 104 114 150 137

United Kingdom ................... 29,209 25,131 25,180 26,911 32,878 28,393 19,860 18,735 19,606

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. n.a. - 2 - 46 502 501

Other Europe ....................... 182 211 201 188 287 381 283 381 280

Total Europe .................... 43,801 41,025 42,592 44,653 47,720 45,165 41,633 39,560 40,164

Canada..................................... 2,344 2,577 2,179 3,405 4,578 4,426 4,259 4,894 4,413

Latin America: 

Argentina.............................. 146 50 62 125 59 90 181 118 152

Brazil .................................... 262 325 318 475 321 360 433 284 360

Chile ..................................... 52 56 55 60 91 196 232 325 387

Colombia.............................. 131 82 50 118 84 93 56 146 110

Ecuador................................ 32 4 5 21 26 31 9 28 10

Guatemala ........................... 10 13 13 15 10 4 6 8 23

Mexico.................................. 867 935 1,201 1,332 1,968 2,184 2,230 1,968 2,253

Panama................................ 32 49 61 52 7 23 30 49 56

Peru...................................... 24 41 21 15 17 17 25 67 72

Uruguay................................ 2786424322

Venezuela ............................ 286 168 178 332 451 651 527 768 711

Other Latin America 5 ........... 1,994 284 503 98 113 72 77 93 115

Total Latin America............. 3,863 2,015 2,473 2,647 3,149 3,725 3,809 3,856 4,251

Caribbean: 

Bahamas.............................. 37 209 74 14 32 66 79 74 70

Bermuda................................... 2,020 1,551 1,528 1,224 9,230 1,312 889 698 790

British West Indies 6................. 482 1,672 401 n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. n.a. 3,154 7,279 7,900 7,659 6,597 6,774

Cuba..................................... 20 42 29 2 - - - - -

Jamaica................................ 16 12 28 17 24 19 11 72 69

Netherlands Antilles............. 32 46 11 3 14 17 13 14 13

Trinidad and Tobago............ 36 38 33 16 15 40 8 13 44

Other Caribbean 5 ................ n.a. n.a. n.a. 564 729 891 993 888 925

Total Caribbean ............... 2,643 3,570 2,104 4,994 17,323 10,245 9,652 8,356 8,685

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2006 

76 

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2004 2005 

Country 2000 2001 2002 2003 Dec. Mar. r June r Sept. Dec. p 

Asia: 

China: 

Mainland............................. 497 735 1,252 1,129 3,983 3,590 2,897 2,690 2,667

Taiwan................................ 970 819 659 441 491 620 786 701 1,010

Hong Kong ............................. 640 560 495 583 668 620 632 684 746

India........................................ 309 179 160 86 103 80 101 135 158

Indonesia................................ 81 44 100 60 74 71 88 68 89

Israel....................................... 468 195 350 519 302 365 255 223 323

Japan...................................... 8,973 5,850 6,124 6,196 5,869 6,682 7,313 7,684 7,842

Korea...................................... 941 897 548 1,331 723 695 1,680 1,729 1,758

Lebanon ................................. 53 57 53 13 35 34 33 35 42

Malaysia ................................. 162 393 140 188 256 283 281 384 335

Pakistan.................................. 96 94 158 233 171 142 171 194 230

Philippines.............................. 114 1,100 108 139 117 107 96 102 109

Singapore............................... 2,280 1,793 1,796 1,436 822 1,193 1,038 1,523 1,846

Syria ....................................... 27 6 13 2 21 3 3 2 4

Thailand.................................. 203 105 118 34 79 86 64 194 212

Oil-exporting countries 7......... 2,844 2,649 3,993 3,184 2,946 3,888 4,223 3,897 4,159

Other Asia .............................. 290 83 247 284 303 227 163 306 298

Total Asia ........................... 18,948 15,559 16,314 15,858 16,963 18,686 19,824 20,551 21,828

Africa: 

Congo (formerly Zaire)........... - 1 1 86 - - - - -

Egypt ...................................... 166 117 128 28 132 137 130 121 119

Ghana..................................... 6324251 -1

Liberia..................................... 18 30 1 - 14 5 48 2 1

Morocco.................................. 11 34 42 41 44 39 34 40 42

South Africa............................ 135 111 130 52 36 51 35 53 82

Oil-exporting countries 8......... 483 441 496 464 518 542 723 555 590

Other Africa ............................ 181 152 158 230 332 288 146 203 211

Total Africa ......................... 1,000 889 958 905 1,078 1,067 1,117 974 1,046

Other countries: 

Australia ................................. 344 584 732 1,053 1,047 1,075 399 964 970

New Zealand 9........................ n.a. n.a. n.a. 71 51 65 27 29 38

All other .................................. 898 430 238 98 98 109 86 80 83

Total other countries .......... 1,242 1,014 970 1,222 1,196 1,249 512 1,073 1,091

Total foreign countries ... 73,841 66,649 67,590 73,684 92,007 84,563 80,806 79,264 81,478

International and regional orgs: 

International ........................... 1 - 22 - - - - - -

European regional.................. 45 30 3 16 2 2 2 1 2

Latin American regional ......... - - 46 - - - 5 - -

Caribbean regional 10 ............. n.a. n.a. n.a. - - - - - -

Asian regional ........................ 9 -3 - - - -2 -

African regional ...................... 8--------

Middle Eastern regional ......... - - - - - - - - -

Total international 

 and regional ..................... 63 30 74 16 2 2 7 3 2

Grand total ..................... 73,904 66,679 67,664 73,700 92,009 84,565 80,813 79,267 81,480

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

June 2006 

77

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Country 2000 2001 2002 2003 Dec. Mar. r June r Sept. Dec. p 

Europe: 

Austria....................................... 498 1,985 1,770 1,752 1,816 2,325 2,302 2,071 2,094

Belgium 1 ................................... 748 893 991 523 2,307 2,828 2,126 823 579

Bulgaria..................................... 6 13 9 14 37 28 24 26 29

Czech Republic......................... 67 79 62 54 64 41 43 47 49

Denmark.................................... 229 138 112 716 494 171 517 290 349

Finland ...................................... 224 238 624 176 617 237 263 728 777

France....................................... 4,301 4,371 6,411 5,865 3,713 6,042 6,826 6,361 5,183

Germany ................................... 2,830 2,726 5,447 4,132 6,787 8,602 6,011 4,773 5,807

Greece ...................................... 332 339 409 204 199 218 210 168 203

Hungary..................................... 47 66 51 53 46 40 76 33 57

Ireland ....................................... 616 821 516 423 1,672 419 1,051 885 1,040

Italy............................................ 1,114 1,434 2,963 4,069 2,434 2,329 3,063 3,118 3,882

Luxembourg 1............................ n.a. n.a. n.a. 115 127 189 274 374 477

Netherlands............................... 3,125 2,667 5,138 3,184 7,883 8,182 2,199 3,652 3,052

Norway...................................... 308 257 286 315 229 250 1,397 354 330

Poland....................................... 67 77 79 104 57 51 59 51 64

Portugal..................................... 83 71 222 161 146 126 130 123 60

Romania.................................... 16 34 24 25 47 28 17 25 22

Russia 2 ..................................... 373 137 93 118 157 137 202 307 359

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 15 23 10 13 14 16 7 12 17

Spain......................................... 860 1,042 1,370 1,803 1,242 1,504 1,566 1,737 2,038

Sweden ..................................... 360 441 417 779 648 617 606 469 503

Switzerland ............................... 1,462 1,200 886 2,538 2,506 2,110 2,504 2,607 2,113

Turkey ....................................... 700 383 503 474 594 471 480 609 680

United Kingdom ........................ 20,402 20,343 14,390 15,366 27,699 28,390 20,383 25,011 25,178

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. n.a. - 25 10 337 70 76

Other Europe ............................ 291 362 422 546 611 1,009 902 959 1,329

Total Europe ......................... 39,074 40,140 43,205 43,522 62,171 66,370 53,575 55,683 56,347

Canada.......................................... 8,078 9,011 7,803 8,381 8,429 13,498 14,044 16,291 18,085

Latin America: 

Argentina................................... 1,109 810 602 398 406 430 366 367 350

Brazil ......................................... 2,784 3,081 3,036 2,735 2,758 2,888 2,438 2,821 3,101

Chile .......................................... 302 242 217 382 346 321 427 304 305

Colombia................................... 351 240 240 234 295 318 209 280 305

Ecuador..................................... 66 62 112 117 86 93 71 75 95

Guatemala ................................ 106 90 79 76 90 125 72 114 100

Mexico....................................... 3,955 4,466 4,180 2,968 3,756 3,586 3,230 3,780 4,126

Panama..................................... 244 105 79 232 177 220 192 183 198

Peru........................................... 171 79 69 73 95 114 89 163 193

Uruguay..................................... 35 20 30 16 13 66 11 29 5

Venezuela ................................. 415 371 392 361 474 529 455 557 550

Other Latin America 5 ................ 842 919 1,102 427 504 519 453 513 486

Total Latin America................... 10,380 10,485 10,138 8,019 9,000 9,209 8,013 9,186 9,814

Caribbean: 

Bahamas................................... 1,390 1,018 1,069 1,075 1,631 1,940 3,465 3,829 2,065

Bermuda......................................... 395 1,287 1,011 1,024 5,358 2,719 1,897 1,611 1,951

British West Indies 6....................... 12,733 33,060 21,547 n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. n.a. n.a. 20,067 36,320 31,237 30,591 32,062 30,411

Cuba.......................................... 1 2 - 16 8 2 5 1 12

Jamaica..................................... 126 93 94 84 67 69 65 67 72

Netherlands Antilles.................. 84 70 45 32 37 13 15 17 42

Trinidad and Tobago................. 59 45 54 100 120 160 151 135 119

Other Caribbean 5 ..................... n.a. n.a. n.a. 951 1,085 1,053 1,053 1,259 1,725

Total Caribbean .................... 14,788 35,575 23,820 23,349 44,626 37,193 37,242 38,981 36,397

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2006 

78 

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2004 2005 

Country 2000 2001 2002 2003 Dec. Mar. r June r Sept. Dec. p

 

Asia: 

China: 

Mainland............................. 1,096 1,052 867 1,066 3,688 3,706 3,133 3,803 3,892

Taiwan................................ 1,299 853 696 783 892 834 883 865 853

Hong Kong ............................. 593 1,094 682 832 701 649 797 815 1,001

India ....................................... 661 638 743 668 643 580 547 550 413

Indonesia................................ 407 239 280 170 393 587 744 627 456

Israel ...................................... 458 700 453 749 482 480 427 475 403

Japan ..................................... 4,427 3,610 3,618 2,951 2,848 2,899 2,895 2,505 2,874

Korea...................................... 1,745 1,850 1,738 1,456 1,569 1,632 1,499 1,272 1,296

Lebanon ................................. 36 16 21 34 15 20 19 18 22

Malaysia................................. 743 645 521 497 549 521 451 494 536

Pakistan ................................. 37 44 17 34 43 46 58 96 57

Philippines.............................. 106 1,001 708 743 503 914 672 420 417

Singapore............................... 1,065 1,120 1,044 1,162 1,600 1,411 1,654 1,425 2,084

Syria ....................................... 11 11 28 6 14 6 7 5 6

Thailand ................................. 344 232 237 250 326 270 271 302 295

Oil-exporting countries 7......... 1,104 985 897 1,046 1,208 1,279 1,431 1,364 1,800

Other Asia .............................. 195 189 132 222 309 293 257 317 408

Total Asia ........................... 14,327 14,279 12,682 12,669 15,783 16,127 15,745 15,353 16,813

Africa: 

Congo (formerly Zaire)........... - - 18 2 1 1 2 2 1

Egypt...................................... 266 233 155 176 159 226 264 166 194

Ghana .................................... 5 7 9 8 4 25 5 12 16

Liberia .................................... 2 28 50 109 102 100 89 92 98

Morocco ................................. 49 35 24 27 33 32 24 14 25

South Africa ........................... 266 293 273 247 193 148 135 162 207

Oil-exporting countries 8......... 237 137 120 150 162 221 249 289 295

Other Africa............................ 258 326 330 336 281 304 387 398 419

Total Africa......................... 1,083 1,059 979 1,055 935 1,057 1,155 1,135 1,255

Other countries: 

Australia ................................. 2,041 2,150 3,540 3,619 1,588 1,857 1,722 1,851 2,173

New Zealand 9........................ n.a. n.a. n.a. 208 441 544 394 433 420

All other.................................. 359 383 393 83 245 178 183 199 207

Total other countries .......... 2,400 2,533 3,933 3,910 2,274 2,579 2,299 2,483 2,800

Total foreign countries ... 90,130 113,082 102,560 100,905 143,218 146,033 132,073 139,112 141,511

International and regional orgs : 

International ........................... 2 - 2 131 1 1 -

European regional.................. 4 -1 21 - -1 -

Latin American regional......... - -1 66 -5 - -

Caribbean regional 10 ............. n.a. n.a. n.a. - 1 - - - -

Asian regional ........................ 12 - - 2 3 - - - -

African regional...................... 2 -1 --- - - -

Middle Eastern regional......... 7 - 1 - - - - 9 -

Total international 

 and regional ..................... 27 - 6 11 14 1 6 11 -

Grand total ..................... 90,157 113,082 102,566 100,916 143,232 146,034 132,079 139,123 141,511

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

June 2006 

79

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

Country, December 31, 2005, 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 ........................................... 68 24 44 2,094 2,025 69 

Belgium 1 ....................................... 73 - 73 579 379 200 

Bulgaria ......................................... - - - 29 27 2 

Czech Republic............................. 17 3 14 49 16 33 

Denmark........................................ 78 1 77 349 274 75 

Finland........................................... 20 12 8 777 448 329 

France ........................................... 2,757 887 1,870 5,183 2,872 2,311 

Germany........................................ 9,068 7,955 1,113 5,807 4,298 1,509 

Greece........................................... 401 14 387 203 64 139 

Hungary......................................... 12 7 5 57 16 41 

Ireland ........................................... 1,636 1,574 62 1,040 741 299 

Italy................................................ 1,174 239 935 3,882 2,441 1,441 

Luxembourg 1 ................................ 407 371 36 477 207 270 

Netherlands................................... 896 407 489 3,052 2,698 354 

Norway .......................................... 607 299 308 330 237 93 

Poland ........................................... 229 - 229 64 8 56 

Portugal......................................... 39 3 36 60 13 47 

Romania........................................ 4 - 4 22 - 22 

Russia 2 ......................................... 64 8 56 359 252 107 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 4 1 3 17 1 16 

Spain ............................................. 403 51 352 2,038 1,343 695 

Sweden ......................................... 448 307 141 503 292 211 

Switzerland.................................... 1,235 122 1,113 2,113 1,389 724 

Turkey ........................................... 137 15 122 680 574 106 

United Kingdom............................. 19,606 16,725 2,881 25,178 22,517 2,661 

Channel Islands and 

Isle of Man 4 .............................. 501 500 1 76 60 16 

Other Europe................................. 280 65 215 1,329 1,071 258 

Total Europe.............................. 40,164 29,590 10,574 56,347 44,263 12,084 

Canada.............................................. 4,413 2,038 2,375 18,085 15,335 2,750 

Latin America: 

Argentina....................................... 152 7 145 350 52 298 

Brazil ............................................. 360 142 218 3,101 2,079 1,022 

Chile .............................................. 387 3 384 305 110 195 

Colombia ....................................... 110 4 106 305 37 268 

Ecuador......................................... 10 - 10 95 17 78 

Guatemala..................................... 23 - 23 100 40 60 

Mexico........................................... 2,253 44 2,209 4,126 2,037 2,089 

Panama......................................... 56 1 55 198 117 81 

Peru............................................... 72 64 8 193 91 102 

Uruguay......................................... 2 - 2 5 - 5 

Venezuela ..................................... 711 31 680 550 170 380 

Other Latin America 5 .................... 115 11 104 486 249 237 

Total Latin America ....................... 4,251 307 3,944 9,814 4,999 4,815 

Caribbean: 

Bahamas ....................................... 70 - 70 2,065 2,024 41 

Bermuda............................................. 790 77 713 1,951 1,303 648 

Cayman Islands 6............................. 6,774 6,698 76 30,411 30,350 61 

Cuba.............................................. - - - 12 - 12 

Jamaica......................................... 69 61 8 72 50 22 

Netherlands Antilles ...................... 13 - 13 42 25 17 

Trinidad and Tobago..................... 44 4 40 119 88 31 

Other Caribbean 5 ......................... 925 41 884 1,725 615 1,110 

Total Caribbean......................... 8,685 6,881 1,804 36,397 34,455 1,942 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2006 

80 

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

Country, December 31, 2005, 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.................................... 2,667 1,980 687 3,892 2,812 1,080 

Taiwan....................................... 1,010 14 996 853 82 771 

Hong Kong .................................... 746 75 671 1,001 417 584 

India............................................... 158 34 124 413 137 276 

Indonesia....................................... 89 10 79 456 302 154 

Israel.............................................. 323 2 321 403 65 338 

Japan............................................. 7,842 1,871 5,971 2,874 746 2,128 

Korea............................................. 1,758 67 1,691 1,296 625 671 

Lebanon ........................................ 42 3 39 22 8 14 

Malaysia ........................................ 335 2 333 536 296 240 

Pakistan......................................... 230 2 228 57 19 38 

Philippines..................................... 109 20 89 417 360 57 

Singapore...................................... 1,846 111 1,735 2,084 347 1,737 

Syria .............................................. 4 - 4 6 - 6 

Thailand......................................... 212 5 207 295 167 128 

Other Asia ..................................... 4,457 205 4,252 2,208 357 1,851 

Total Asia .................................... 21,828 4,401 17,427 16,813 6,740 10,073 

Africa: 

Congo (formerly Zaire).................. - - - 1 - 1 

Egypt ............................................. 119 1 118 194 1 193 

Ghana............................................ 1 - 1 16 - 16 

Liberia............................................ 1 - 1 98 92 6 

Morocco......................................... 42 2 40 25 14 11 

South Africa................................... 82 17 65 207 112 95 

Other Africa ................................... 801 110 691 714 206 508 

Total Africa ................................ 1,046 130 916 1,255 425 830 

Other countries: 

Australia ........................................ 970 650 320 2,173 1,608 565 

New Zealand 7............................... 38 21 17 420 90 330 

All other ......................................... 83 1 82 207 40 167 

Total other countries ................. 1,091 672 419 2,800 1,738 1,062 

Total foreign countries .......... 81,478 44,019 37,459 141,511 107,955 33,556 

International and regional orgs: 

International .................................. - - - - - - 

European regional......................... 2 - 2 - - - 

Latin American regional ................ - - - - - - 

Caribbean regional 8 ..................... - - - - - - 

Asian regional ............................... - - - - - - 

African regional ............................. - - - - - - 

Middle Eastern regional ................ - - - - - - 

Total international 

 and regional ............................ 2 - 2 - - - 

Grand total ............................ 81,480 44,019 37,461 141,511 107,955 33,556 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 

June 2006 

81

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchase 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

2002 ......................................... 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 ......................................... 263,580 103,838 159,685 57 8,001,517 7,737,937 155,800 1,440,289 1,284,489 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 r ....................................... 363,891 59,302 301,640 2,949 10,052,960 9,689,069 224,678 1,120,347 895,669 

2006 - Jan. - Mar. p.................. 29,873 12,920 17,119 -166 2,574,529 2,544,656 77,315 333,949 256,634 

 

2005 - Mar. r............................. 34,104 -14,980 49,023 61 918,458 884,354 7,399 88,801 81,402 

Apr. r............................. 29,344 13,908 14,679 757 817,183 787,839 6,560 85,688 79,128 

May r ............................ 25,853 6,815 19,086 -48 935,047 909,194 22,493 82,734 60,241 

June r ........................... 15,624 16,371 -1,991 1,244 915,896 900,272 19,449 88,370 68,921 

July r............................. 28,256 3,616 24,694 -54 744,739 716,483 36,161 100,153 63,992 

Aug. r............................ 27,497 2,788 24,557 152 832,506 805,009 15,138 96,175 81,037 

Sept. r........................... 22,722 -2,124 24,957 -111 1,013,432 990,710 19,909 100,150 80,241 

Oct. r............................. 29,847 4,881 24,534 432 808,962 779,115 35,511 117,091 81,580 

Nov ............................... 54,531 3,526 50,934 71 844,542 790,011 8,941 92,954 84,013 

Dec ............................... 17,960 5,609 12,057 294 611,712 593,752 11,776 95,237 83,461 

2006 - Jan ................................ 4,907 8,081 -3,596 422 817,428 812,521 27,372 111,838 84,466 

Feb. p ........................... 21,894 11,114 11,042 -262 826,769 804,875 30,967 114,023 83,056 

Mar. p ........................... 3,072 -6,275 9,673 -326 930,332 927,260 18,976 108,088 89,112 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571 

2003 .............................................................................. 265,743 979,923 714,180 34,737 3,104,232 3,069,495 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 r ............................................................................ 375,224 1,269,520 894,296 79,153 4,467,936 4,388,783 

2006 - Jan. - Mar. p....................................................... 107,680 344,248 236,568 56,708 1,278,638 1,221,930 

 

2005 - Mar. r.................................................................. 21,993 114,880 92,887 1,324 390,169 388,845 

Apr. r.................................................................. 18,500 92,923 74,423 4,067 396,378 392,311 

May r ................................................................. 19,603 96,520 76,917 469 366,063 365,594 

June r ................................................................ 51,551 138,134 86,583 4,606 365,051 360,445 

July r.................................................................. 23,811 89,016 65,205 7,735 329,694 321,959 

Aug. r................................................................. 36,544 108,779 72,235 1,692 362,919 361,227 

Sept. r................................................................ 44,676 113,862 69,186 23,023 410,817 387,794 

Oct. r.................................................................. 36,263 100,732 64,469 7,955 420,182 412,227 

Nov .................................................................... 36,548 108,432 71,884 4,892 381,685 376,793 

Dec .................................................................... 35,165 105,547 70,382 9,593 386,338 376,745 

2006 - Jan ..................................................................... 26,374 93,985 67,611 21,188 416,565 395,377 

Feb. p ................................................................ 33,205 116,406 83,201 16,480 396,397 379,917 

Mar. p ................................................................ 48,101 133,857 85,756 19,040 465,676 446,636 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
CAPITAL MOVEMENTS 

June 2006 

82

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 r ................................................... -155,338 -28,603 1,453,571 1,482,174 -126,735 2,187,103 2,313,838 

2006 - Jan. - Mar. p.............................. -44,076 -9,852 445,050 454,902 -34,224 780,489 814,713 

 

2005 - Mar. r......................................... -21,559 -6,727 128,080 134,807 -14,832 193,567 208,399 

Apr. r......................................... -9,136 -6,437 111,207 117,644 -2,699 170,604 173,303 

May r ........................................ -15,369 -10,878 122,363 133,241 -4,491 160,009 164,500 

June r ....................................... -14,136 -1,476 141,327 142,803 -12,660 161,186 173,846 

July r......................................... -14,632 -5,887 106,702 112,589 -8,745 162,040 170,785 

Aug. r........................................ 91 16,616 123,068 106,452 -16,525 182,026 198,551 

Sept. r....................................... -17,064 -10,485 121,735 132,220 -6,579 191,194 197,773 

Oct. r......................................... -3,236 2,755 147,259 144,504 -5,991 227,057 233,048 

Nov ........................................... -16,400 841 107,627 106,786 -17,241 229,794 247,035 

Dec ........................................... -22,300 -5,575 116,522 122,097 -16,725 222,344 239,069 

2006 - Jan ............................................ -12,636 -2,265 139,155 141,420 -10,371 235,235 245,606 

Feb. p ....................................... -12,024 -75 140,772 140,847 -11,949 262,094 274,043 

Mar. p ....................................... -19,416 -7,512 165,123 172,635 -11,904 283,160 295,064 

 
 CAPITAL MOVEMENTS 

June 2006 

83

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2005 2006 2005 2006 2005 2006 2005 2006 

Country 

 Calendar 

 year 

 2005 

 (1) 

Oct. 

through 

Dec. 

(2) 

 Jan. 

 through 

 Mar. p 

 (3) 

Calendar 

year 

2005 

(4) 

 Oct. 

 through

 Dec. 

 (5) 

 Jan. 

 through

 Mar. p

 (6) 

 Calendar 

 year 

 2005 

 (7) 

 Oct. 

 through

 Dec. 

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2005 

(10) 

Oct. 

through 

Dec. 

(11) 

Jan. 

through 

Mar. p 

(12) 

Europe: 

Austria............................. 84 275 -421 21 166 -89 -44 -98 161 -102 -10 135

Belgium 1 ........................ 500 834 648 -398 224 23 3,638 833 1,198 5,768 1,373 -141

Bulgaria........................... -108 13 -13 34 9 7 -12 -3 -6 -13 -5 -10

Czech Republic............... 3,072 930 73 -205 -280 -185 -57 - - 94 28 11

Denmark ......................... 428 -402 -3,691 634 198 138 -767 25 18 681 357 811

Finland............................ -116 96 18 52 37 36 -77 -79 1 423 33 -62

France............................. 9,648 3,332 -687 597 -1,315 -1,263 14,474 5,066 2,584 7,283 2,532 6,669

Germany ......................... 14,636 3,795 -4,081 5,947 1,593 2,749 6,556 2,545 1,987 -3,329 -296 2,156

Greece............................ 128 160 -41 16 16 -12 14 -2 9 92 4 60

Hungary .......................... 19 16 -41 -36 -30 - 162 16 7 -23 -14 19

Ireland............................. 1,248 933 -439 3,652 555 269 12,530 4,266 2,904 1,731 -166 -609

Italy ................................. 3,797 -195 -846 721 170 252 -53 -74 -493 -2,437 -598 636

Luxembourg 1.................. 2,332 52 -68 1,795 184 1,431 6,325 1,612 -113 7,867 1,888 3,281

Netherlands .................... -6,054 -2,589 -412 1,319 181 -215 2,857 217 421 -2,271 -1,163 -492

Norway............................ 6,424 3,544 -3,285 1,239 -13 1,041 3,125 875 1,777 2,316 941 224

Poland............................. 2,352 685 -3,319 -708 - - -15 -13 -42 -9 - 8

Portugal .......................... -264 -399 -417 42 38 81 21 -9 78 -55 2 47

Romania ......................... 107 113 -78 -145 25 115 - - - -1 - -

Russia 2 .......................... 1,891 -97 2,211 6,447 2,020 3,481 5 3 3 -53 -6 7

Serbia and Montenegro 

(formerly Yugoslavia) 3.... 217 94 -162 1 - - 1 - - - - -1

Spain............................... 3,893 1,582 936 212 -100 -16 7,104 3,500 1,882 -21 -29 -72

Sweden........................... 1,908 -564 1,628 286 38 347 -352 65 -257 -486 -754 -214

Switzerland ..................... -3,501 -1,353 425 -730 407 58 5,522 1,434 2,439 1,294 1,164 2,972

Turkey............................. 403 -395 2,506 8 5 - 2 14 5 -43 -12 -1

United Kingdom .............. 134,347 49,978 31,612 40,971 9,526 15,393 167,312 48,465 52,575 19,192 4,879 25,427

Channel Islands and 

Isle of Man 4................ 699 397 485 -128 -176 -154 13,622 4,137 1,745 379 149 -45

Other Europe .................. -486 1,187 -729 -986 92 44 979 241 114 584 154 -54

Total Europe ............... 177,604 62,022 21,812 60,658 13,570 23,531 242,872 73,036 68,997 38,861 10,451 40,762

Canada ............................... 21,418 5,691 6,416 12,581 4,181 3,275 2,374 1,527 2,262 15,930 4,656 4,447

Latin America: 

Argentina ........................ 404 62 57 110 25 - 1,621 281 374 -5 -93 106

Brazil............................... 12,269 1,190 2,608 629 34 -7 686 114 105 -232 8 247

Chile ............................... -1,504 101 19 340 27 111 317 63 59 109 83 89

Colombia......................... 1,441 -411 -2,380 551 392 12 354 107 325 79 34 108

Ecuador .......................... 11 6 10 2 6 20 252 87 74 -8 - 10

Guatemala ...................... 363 34 -221 39 5 11 -6 -10 -31 -2 1 -5

Mexico ............................ 9,765 298 6,201 11,873 2,506 -89 1,526 15 792 -257 -456 760

Panama .......................... 275 167 96 494 67 94 950 141 104 173 87 8

Peru ................................ -36 -29 -19 772 105 259 568 189 75 13 -22 -12

Uruguay .......................... 401 610 366 539 125 117 771 170 18 64 18 66

Venezuela....................... 513 342 28 -9 -6 -2 667 61 62 -105 -37 -255

Other Latin America ........ -611 -171 253 111 -58 -62 787 192 67 23 -3 -6

Total Latin America..... 23,291 2,199 7,018 15,451 3,228 464 8,493 1,410 2,024 -148 -380 1,116

Caribbean: 

Bahamas......................... 28,393 10,264 -8,543 -43 789 738 1,230 563 473 2,177 461 695

Bermuda ......................... 33,992 6,702 5,320 1,839 363 -50 5,438 1,201 3,652 4,776 517 2,199

Cayman Islands .............. -7,743 -7,640 -16,688 12,504 -5,388 9,962 33,877 4,721 6,844 4,840 2,216 3,557

Cuba ............................... - - - - - - - - - - --

Jamaica .......................... -74 -67 -13 295 76 39 167 - 28 8 -2 2

Netherlands Antilles ........ 839 988 1,466 -473 -7 -29 103 159 87 2,648 841 -407

Trinidad and Tobago....... -81 123 330 146 57 10 -76 -38 -59 10 -7 22

Other Caribbean ............. 9,018 2,626 716 2,932 1,374 659 145 265 1,614 -106 552 235

Total Caribbean .......... 64,344 12,996 -17,412 17,200 -2,736 11,329 40,884 6,871 12,639 14,353 4,578 6,303

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2006 

84

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2005 2006 2005 2006 2005 2006 2005 2006 

Country 

Calendar 

year 

2005 

(1) 

Oct. 

through 

Dec. 

(2) 

Jan. 

through 

Mar. p 

(3) 

Calendar 

year 

2005 

(4) 

 Oct. 

 through

 Dec. 

 (5) 

 Jan. 

 through 

 Mar. p 

 (6) 

Calendar 

year 

2005 

(7) 

Oct. 

through 

Dec. 

(8) 

Jan. 

 through 

Mar. p 

 (9) 

Calendar 

year 

2005 

(10) 

Oct. 

through 

Dec. 

(11) 

Jan. 

through 

Mar. p 

(12) 

Asia: 

China: 

Mainland................................ 38,327 10,678 14,854 23,419 6,506 9,397 26,129 7,531 9,367 -511 -92 -105

Taiwan................................... 4,354 -539 718 8,759 2,163 3,853 3,224 807 846 -333 -47 140

Hong Kong................................. 12,243 4,535 10,431 16,319 4,812 10,628 11,063 2,882 3,206 849 472 49

India........................................... 526 115 -642 7 6 1 1 -6 4 -178 -23 -66

Indonesia................................... 1,243 774 278 -191 -223 -384 34 9 130 -63 -26 30

Israel.......................................... 650 -1,149 568 277 31 132 965 314 -26 1,271 521 846

Japan......................................... -3,359 -3,670 -19,136 59,202 23,316 10,952 26,011 9,536 2,332 101 1,202 722

Korea......................................... 1,443 225 4,388 3,884 1,546 1,048 768 293 820 -94 21 -59

Lebanon..................................... 2 -1 -3 -3 -1 - 5 - -1 62 18 4

Malaysia .................................... 1,057 760 -1,426 1,795 139 166 1,329 417 103 -166 -41 -1

Pakistan..................................... -39 -9 -25 28 6 -16 32 12 4 -5 -4 -2

Philippines ................................. 1,072 24 61 380 42 -1 74 -20 37 144 -10 1

Singapore .................................. 2,438 -731 26 1,628 591 1,637 1,031 863 471 7,143 407 -176

Syria .......................................... - - - - - - - - - -3 - -1

Thailand..................................... 8,406 1,636 -2,138 437 1 1 -3 4 2 -24 1 18

Oil-exporting countries 5............. 2,065 3,532 4,165 1,912 -1,218 742 1,044 345 1,350 1,656 257 2,183

Other Asia.................................. 460 195 133 158 27 46 -31 13 11 -34 -11 9

Total Asia .............................. 70,888 16,375 12,252 118,011 37,744 38,202 71,676 23,000 18,656 9,815 2,645 3,592

Africa: 

Congo (formerly Zaire)............... - - -- - - - - - - - -

Egypt ......................................... 59 51 271 17 11 5 33 21 -4 101 5 -16

Ghana........................................ - - - - - - 1 - - -1 -1 -

Liberia........................................ -11 -15 -3 -264 -68 -77 138 13 75 49 -39 -9

Morocco..................................... 51 -248 -50 - - - -1 - - -2 -3 -6

South Africa ............................... 63 54 79 71 36 10 -28 -32 -46 39 21 -15

Oil-exporting countries 6............. 2,027 1,455 1,244 4 - 1 85 25 15 -11 -6 -

Other Africa ............................... 33 -14 -86 69 -71 -4 163 40 -102 124 -2 132

Total Africa ............................ 2,222 1,283 1,455 -103 -92 -65 391 67 -62 299 -25 86

Other countries: 

Australia..................................... 152 526 -1,559 711 240 354 5,581 1,152 2,387 157 613 410

New Zealand.............................. 994 460 50 -113 -21 -6 78 18 -37 81 -87 -55

All other countries ...................... 29 -11 7 9 -3 9 26 36 28 -152 -33 17

Total other countries.............. 1,175 975 -1,502 607 216 357 5,685 1,206 2,378 86 493 372

Total foreign countries ....... 360,942 101,541 30,039 224,405 56,111 77,093 372,375 107,117 106,894 79,196 22,418 56,678

International and regional orgs: 

International............................... 2,552 793 -153 83 -19 66 1,747 403 412 -42 17 26

European regional ..................... -34 -9 4 20 12 -1 229 101 21 - - -

Latin American regional ............. 19 11 - 96 7 -7 200 41 101 -4 4 -2

Caribbean regional .................... -27 -3 -2 12 -7 - 2 - - - - -

Asian regional............................ -57 -10 -140 76 80 68 416 254 99 3 1 -

African regional.......................... 503 15 125 -103 5 73 251 60 153 -1 -1 -

Middle Eastern regional ............. -7 - - 89 39 23 4 - - 1 1 6

Total international and regional.. 2,949 797 -166 273 117 222 2,849 859 786 -43 22 30

Grand total......................... 363,891 102,338 29,873 224,678 56,228 77,315 375,224 107,976 107,680 79,153 22,440 56,708

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the 

United States are reported under “Other Europe” as follows: Beginning in December 

1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for 

the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

6

 Includes Algeria, Gabon, Libya, and Nigeria. 
 CAPITAL MOVEMENTS 

June 2006 

85

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2006, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

 sales 

 (8) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria ....................................... 6,142 2,676 458 365 982 1,138 523 6,085 3,097 547 204 847 326 1,064 

Belgium 1 ................................... 11,760 3,588 143 1,734 4,000 236 2,059 9,917 2,940 120 536 4,141 222 1,958 

Bulgaria...................................... 55 7 7 - 14 - 27 117 20 - 6 24 - 67 

Czech Republic.......................... 1,205 539 135 - 405 1 125 1,374 466 320 - 394 1 193 

Denmark .................................... 7,372 1,323 282 441 3,243 537 1,546 9,258 5,014 144 423 2,432 357 888 

Finland....................................... 2,810 608 222 33 634 304 1,009 2,618 590 186 32 696 101 1,013 

France ....................................... 353,823 204,624 4,707 6,038 113,773 6,743 17,938 344,639 205,311 5,970 3,454 107,104 3,184 19,616 

Germany.................................... 68,571 22,441 3,877 5,275 21,172 5,944 9,862 64,494 26,522 1,128 3,288 19,016 4,645 9,895 

Greece....................................... 1,294 178 6 18 395 92 605 1,088 219 18 9 335 37 470 

Hungary ..................................... 476 65 - 27 215 40 129 635 106 - 20 196 77 236 

Ireland........................................ 169,368 96,426 4,213 9,212 9,321 44,962 5,234 168,741 96,865 3,944 6,308 9,930 46,551 5,143 

Italy............................................ 24,535 4,582 1,036 267 11,729 967 5,954 24,272 5,428 784 760 11,093 719 5,488 

Luxembourg 1............................. 37,696 4,156 11,928 4,668 11,440 1,907 3,597 32,810 4,224 10,497 4,781 8,159 1,922 3,227 

Netherlands ............................... 47,656 18,776 2,684 2,372 13,168 2,724 7,932 49,470 19,188 2,899 1,951 13,660 3,306 8,466 

Norway....................................... 59,675 35,820 11,818 2,771 4,501 2,478 2,287 58,780 39,105 10,777 994 4,277 1,244 2,383 

Poland ....................................... 2,070 1,762 - - 87 122 99 5,492 5,081 - 42 79 146 144 

Portugal ..................................... 2,270 797 99 98 718 118 440 2,966 1,214 18 20 671 623 420 

Romania .................................... 1,620 1,157 150 - 4 301 8 1,353 1,235 35 - 4 79 - 

Russia 2 ..................................... 7,600 2,798 3,870 4 263 98 567 2,090 587 389 1 256 46 811 

Serbia and Montenegro 

 (formerly Yugoslavia) 3 ........... 238 206 - - 32 - - 401 368 - - 33 - - 

Spain ......................................... 28,217 11,677 5,482 4,757 1,286 1,352 3,663 27,150 10,741 5,498 2,875 1,358 2,556 4,122 

Sweden...................................... 29,289 7,012 1,678 503 7,502 735 11,859 28,230 5,384 1,331 760 7,716 407 12,632 

Switzerland ................................ 50,742 8,651 1,911 4,786 22,684 2,171 10,539 43,851 8,226 1,853 2,347 19,712 2,001 9,712 

Turkey........................................ 10,852 9,818 - 13 80 236 705 8,219 7,312 - 8 81 115 703 

United Kingdom ......................... 2,207,612 1,166,738 87,458 166,339 320,914 183,833 282,330 2,101,274 1,135,126 72,065 113,764 295,487 195,374 289,458 

Channel Islands and Isle of Man 4.... 17,593 1,947 476 5,707 5,787 1,964 1,712 15,635 1,462 630 3,962 5,832 2,082 1,667 

Other Europe ............................. 20,161 5,360 630 363 2,409 771 10,628 22,823 6,089 586 249 2,463 1,905 11,531 

Total Europe.......................... 3,170,702 1,613,732 143,270 215,791 556,758 259,774 381,377 3,033,782 1,591,920 119,739 146,794 515,996 268,026 391,307 

Canada........................................... 273,137 117,023 13,027 11,194 33,828 58,281 39,784 263,901 110,607 9,752 8,932 29,381 62,082 43,147 

Latin America: 

Argentina ................................... 4,271 351 52 501 1,242 778 1,347 4,021 294 52 127 1,136 1,086 1,326 

Brazil.......................................... 24,279 12,967 48 191 1,659 2,543 6,871 23,569 10,359 55 86 1,412 3,305 8,352 

Chile .......................................... 6,326 3,868 311 205 743 512 687 6,316 3,849 200 146 654 739 728 

Colombia.................................... 4,721 1,235 215 437 456 2,077 301 6,997 3,615 203 112 348 2,514 205 

Ecuador ..................................... 446 21 42 102 48 18 215 365 11 22 28 38 16 250 

Guatemala ................................. 953 842 13 9 35 41 13 1,737 1,063 2 40 40 581 11 

Mexico ....................................... 38,215 18,369 2,839 1,609 3,859 6,541 4,998 33,510 12,168 2,928 817 3,099 7,877 6,621 

Panama ..................................... 3,732 802 330 344 890 770 596 3,325 706 236 240 882 751 510 

Peru ........................................... 1,785 47 260 88 115 1,112 163 1,308 66 1 13 127 957 144 

Uruguay ..................................... 3,940 1,892 238 132 359 870 449 3,758 1,526 121 114 293 1,325 379 

Venezuela.................................. 2,543 439 50 245 636 991 182 3,369 411 52 183 891 1,509 323 

Other Latin America 5................. 4,823 3,776 53 167 302 451 74 4,841 3,523 115 100 308 672 123 

Total Latin America................ 96,034 44,609 4,451 4,030 10,344 16,704 15,896 93,116 37,591 3,987 2,006 9,228 21,332 18,972 

Caribbean: 

Bahamas.................................... 91,419 46,563 2,892 2,376 28,577 4,523 6,488 98,089 55,106 2,154 1,903 27,882 4,157 6,887 

Bermuda .................................... 361,194 154,137 7,644 10,697 149,092 7,775 31,849 351,381 148,817 7,694 7,045 146,893 7,894 33,038 

Cayman Islands 6 ....................... 868,122 300,655 61,663 54,473 315,756 49,505 86,070 857,760 317,343 51,701 47,629 312,199 47,405 81,483 

Cuba .......................................... - - - - - - - - - - - - - - 

Jamaica ..................................... 1,340 459 130 32 317 383 19 1,536 472 91 4 315 637 17 

Netherlands Antilles ................... 30,083 8,059 478 464 15,636 951 4,495 28,982 6,593 507 377 16,043 955 4,507 

Trinidad and Tobago.................. 2,597 1,315 655 62 51 374 140 2,750 985 645 121 29 837 133 

Other Caribbean 5 ...................... 175,969 10,173 1,394 7,676 121,597 4,455 30,674 171,287 9,457 735 6,062 121,362 3,460 30,211 

Total Caribbean..................... 1,530,724 521,361 74,856 75,780 631,026 67,966 159,735 1,511,785 538,773 63,527 63,141 624,723 65,345 156,276 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2006 

86

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2006, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

Total 

 sales 

(8) 

Marketable 

Treasury 

and 

Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

Bonds 

 (13) 

Stocks 

 (14) 

Asia: 

China: 

Mainland............................ 101,471 58,540 27,240 10,643 1,118 3,176 754 66,254 43,686 17,843 1,276 1,223 887 1,339

Taiwan............................... 18,023 2,911 5,567 1,079 3,304 821 4,341 14,375 2,193 1,714 233 3,164 143 6,928

Hong Kong............................. 108,037 45,806 14,879 4,570 3,863 4,677 34,242 91,644 35,375 4,251 1,364 3,814 4,541 42,299

India....................................... 4,043 270 2 4 109 134 3,524 4,369 912 1 - 175 44 3,237

Indonesia ............................... 2,122 1,376 40 131 147 57 371 2,151 1,098 424 1 117 111 400

Israel...................................... 9,619 2,800 252 627 3,618 89 2,233 7,762 2,232 120 653 2,772 44 1,941

Japan..................................... 282,620 106,718 34,655 9,052 12,359 18,472 101,364 290,162 125,854 23,703 6,720 11,637 18,282 103,966

Korea ..................................... 26,060 12,599 4,943 1,005 160 945 6,408 22,069 8,211 3,895 185 219 1,057 8,502

Lebanon................................. 397 - - 2 299 6 90 365 3 - 3 295 4 60

Malaysia................................. 5,054 2,984 256 690 92 124 908 7,334 4,410 90 587 93 1,242 912

Pakistan................................. 150 - - 11 23 - 116 1,025 25 16 7 25 802 150

Philippines ............................. 2,590 1,211 57 95 181 791 255 2,804 1,150 58 58 180 1,052 306

Singapore .............................. 38,630 15,739 3,439 3,184 4,835 2,680 8,753 38,724 15,713 1,802 2,713 5,011 2,010 11,475

Syria ...................................... 1 - - - 1 -- 2 - - - 2 - -

Thailand................................. 3,290 1,987 11 6 204 139 943 5,774 4,125 10 4 186 56 1,393

Other Asia.............................. 28,046 9,870 2,797 1,841 10,100 2,124 1,314 17,862 5,572 2,009 480 7,908 823 1,070

Total Asia........................... 630,153 262,811 94,138 32,940 40,413 34,235 165,616 572,676 250,559 55,936 14,284 36,821 31,098 183,978

Africa: 

Congo (formerly Zaire)........... - - - - - -- - - - - - - -

Egypt ..................................... 1,448 395 6 8 186 112 741 1,221 124 1 12 202 43 839

Ghana.................................... - - - - - -- - - - - - - -

Liberia.................................... 1,151 12 250 110 521 52 206 1,449 15 327 35 530 48 494

Morocco................................. 91 50 - - 20 - 21 135 100 - - 26 - 9

South Africa ........................... 1,425 166 10 14 144 116 975 2,031 87 - 60 159 79 1,646

Other Africa............................ 2,514 1,399 21 182 512 44 356 1,430 241 24 269 380 89 427

Total Africa ........................ 6,629 2,022 287 314 1,383 324 2,299 6,266 567 352 376 1,297 259 3,415

Other countries: 

Australia................................. 41,331 10,871 2,533 3,124 4,146 5,971 14,686 40,894 12,430 2,179 737 3,736 5,189 16,623

New Zealand.......................... 1,434 166 234 22 347 342 323 1,494 116 240 59 402 396 281

All other countries .................. 542 7 23 51 131 15 315 268 - 14 23 114 8 109

Total other countries .......... 43,307 11,044 2,790 3,197 4,624 6,328 15,324 42,656 12,546 2,433 819 4,252 5,593 17,013

Total foreign countries ........ 5,750,686 2,572,602 332,819 343,246 1,278,376 443,612 780,031 5,524,182 2,542,563 255,726 236,352 1,221,698 453,735 814,108

International and 

 regional orgs: 

International........................... 3,531 1,705 591 557 194 395 89 3,648 1,858 525 145 168 831 121

European regional.................. 1,183 20 90 21 - 688 364 773 16 91 - - 189 477

Latin American regional ......... 314 - 5 101 41 167 - 192 - 12 - 43 137 -

Caribbean regional................. 11 - 9 - - 2 - 11 2 9 - - - -

Asian regional ........................ 655 - 326 134 7 186 2 446 140 258 35 7 4 2

African regional...................... 477 202 86 189 - - - 132 77 13 36 - 6 -

Middle Eastern regional ......... 46 - 23 - 20 - 3 19 - - - 14 - 5

Total international 

 and regional................... 6,217 1,927 1,130 1,002 262 1,438 458 5,221 2,093 908 216 232 1,167 605

Grand total..................... 5,756,903 2,574,529 333,949 344,248 1,278,638 445,050 780,489 5,529,403 2,544,656 256,634 236,568 1,221,930 454,902 814,713

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other 

Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 

entities of the former Yugoslavia recognized as independent states by the United States are 

reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic 

of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 

June 2006 

87

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2005 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Markeable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Marketable 

 Treasury 

 and 

 Federal 

 Financing 

Bank bonds

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria.................................. 17,147 7,324 2,449 735 3,257 985 2,397 16,859 7,240 2,428 779 3,359 726 2,327

Belgium 1.............................. 99,906 16,005 39,946 8,466 20,567 2,903 12,019 89,061 15,505 40,344 4,828 14,799 1,237 12,348

Bulgaria................................ 305 190 42 3 31 34 5 373 298 8 15 44 4 4

Czech Republic .................... 28,501 26,520 640 - 927 8 406 25,627 23,448 845 57 833 31 413

Denmark .............................. 18,983 5,851 1,151 1,729 5,048 1,378 3,826 17,774 5,423 517 2,496 4,367 950 4,021

Finland ................................. 10,912 5,377 663 101 1,720 166 2,885 11,188 5,493 611 178 1,297 48 3,561

France.................................. 1,292,780 804,467 12,572 25,539 385,213 7,332 57,657 1,266,156 794,819 11,975 11,065 377,930 8,712 61,655

Germany .............................. 268,288 114,103 9,368 17,974 86,333 15,801 24,709 244,310 99,467 3,421 11,418 89,662 13,711 26,631

Greece ................................. 4,204 671 49 207 1,178 275 1,824 3,790 543 33 193 1,086 150 1,785

Hungary ............................... 2,386 295 57 578 668 267 521 2,303 276 93 416 691 277 550

Ireland .................................. 598,915 409,337 14,729 31,306 46,955 82,323 14,265 574,283 408,089 11,077 18,776 45,224 78,686 12,431

Italy ...................................... 88,486 28,078 3,186 1,290 38,408 1,702 15,822 87,336 24,281 2,465 1,343 40,845 1,201 17,201

Luxembourg 1 ....................... 115,638 25,648 24,445 17,579 28,841 9,245 9,880 93,655 23,316 22,650 11,254 20,974 6,290 9,171

Netherlands.......................... 128,344 47,278 9,626 7,205 37,148 5,695 21,392 134,494 53,332 8,307 4,348 39,419 5,929 23,159

Norway................................. 287,729 225,225 30,482 6,811 13,660 3,793 7,758 274,262 218,801 29,243 3,686 11,344 4,482 6,706

Poland.................................. 9,383 7,098 299 24 542 822 598 7,395 4,746 1,007 39 551 436 616

Portugal................................ 15,562 11,364 833 148 1,863 435 919 16,644 11,628 791 127 1,918 446 1,734

Romania............................... 4,032 3,249 140 - 6 381 256 3,965 3,142 285 - 7 488 43

Russia 2................................ 36,312 4,898 28,116 13 1,593 400 1,292 28,394 3,007 21,669 8 1,646 176 1,888

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 861 859 1 1 - - - 642 642 - - - - -

Spain.................................... 139,759 32,425 29,396 55,155 5,841 5,003 11,939 131,959 28,532 29,184 48,051 5,862 7,232 13,098

Sweden ................................ 106,372 37,013 5,228 1,256 22,809 1,406 38,660 114,201 35,105 4,942 1,608 23,295 4,499 44,752

Switzerland........................... 167,656 39,390 6,493 15,195 67,908 8,522 30,148 167,444 42,891 7,223 9,673 66,614 8,541 32,502

Turkey.................................. 20,180 16,835 13 126 171 977 2,058 23,331 16,432 5 124 214 4,350 2,206

United Kingdom.................... 7,874,283 4,373,494 224,611 594,801 1,126,789 710,766 843,822 7,558,733 4,239,147 183,640 427,489 1,107,597 729,883 870,977

Channel Islands and Isle 

 of Man 4 ............................ 79,662 8,085 2,208 31,891 17,304 16,149 4,025 64,252 7,386 2,336 18,269 16,925 15,400 3,936

Other Europe........................ 61,443 31,380 2,624 1,770 6,432 5,320 13,917 65,139 31,866 3,610 791 5,848 7,250 15,774

Total Europe .................... 11,478,029 6,282,459 449,367 819,903 1,921,212 882,088 1,123,00011,023,570 6,104,855 388,709 577,031 1,882,351 901,135 1,169,489

Canada..................................... 892,853 441,240 34,241 31,415 119,667 149,554 116,736 845,370 419,822 21,660 29,041 103,737 150,893 120,217

Latin America: Argentina.............................. 15,790 1,661 339 2,106 3,543 5,116 3,025 13,621 1,257 229 485 3,548 5,147 2,955

Brazil.................................... 82,452 57,443 1,084 1,411 2,980 7,882 11,652 80,964 45,174 455 725 3,212 15,567 15,831

Chile..................................... 22,147 12,756 1,842 894 1,881 2,831 1,943 23,771 14,260 1,502 577 1,772 3,224 2,436

Colombia.............................. 18,730 8,645 1,257 900 995 6,199 734 18,078 7,204 706 546 916 8,177 529

Ecuador................................ 2,710 161 271 601 233 259 1,185 2,947 150 269 349 241 790 1,148

Guatemala............................ 1,487 1,100 68 20 86 190 23 1,318 737 29 26 88 409 29

Mexico.................................. 101,078 37,863 21,714 5,722 9,177 14,340 12,262 81,970 28,098 9,841 4,196 9,434 16,648 13,753

Panama................................ 13,307 1,200 3,147 1,999 2,734 2,569 1,658 12,839 925 2,653 1,049 2,561 3,858 1,793

Peru ..................................... 3,952 129 816 736 350 1,602 319 3,916 165 44 168 337 2,605 597

Uruguay ............................... 10,911 3,383 846 1,032 1,364 3,399 887 9,094 2,982 307 261 1,300 3,313 931

Venezuela ............................ 9,846 1,681 189 1,546 2,590 3,047 793 9,948 1,168 198 879 2,695 4,313 695

Other Latin America 5 ........... 19,879 15,501 514 1,147 833 1,663 221 19,909 16,112 403 360 810 2,027 197

Total Latin America.......... 302,289 141,523 32,087 18,114 26,766 49,097 34,702 278,375 118,232 16,636 9,621 26,914 66,078 40,894

Caribbean: Bahamas.............................. 443,545 291,506 5,105 7,585 107,017 14,672 17,660 410,728 263,113 5,148 6,355 104,840 15,086 16,186

Bermuda .............................. 1,443,731 670,415 36,664 34,185 579,775 24,799 97,893 1,401,512 636,423 34,825 28,747 574,999 25,136 101,382

Cayman Islands 6 ................. 2,934,899 1,049,353 242,802 201,857 1,086,862 152,413 201,612 2,885,065 1,057,096 230,298 167,980 1,082,022 149,055 198,614

Cuba .................................... - - - - -- - - - - - - - - Jamaica................................ 4,227 1,424 687 225 276 1,590 25 3,641 1,498 392 58 268 1,400 25

Netherlands Antilles ............. 102,543 34,918 1,381 1,348 48,355 4,995 11,546 98,956 34,079 1,854 1,245 45,707 5,257 10,814

Trinidad and Tobago ............ 5,625 1,892 2,054 107 139 1,273 160 5,595 1,973 1,908 183 129 1,242 160

Other Caribbean 5 ................ 630,113 82,375 6,167 21,404 420,500 10,587 89,080 617,100 73,357 3,235 21,259 420,606 11,304 87,339

Total Caribbean ............... 5,564,683 2,131,883 294,860 266,711 2,242,924 210,329 417,976 5,422,597 2,067,539 277,660 225,827 2,228,571 208,480 414,520

See footnotes at end of table. 
88 CAPITAL MOVEMENTS

June 2006 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2005, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds 

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

 (13) 

 Stocks 

 (14) 

Asia: 

China: 

Mainland ....................... 322,700 198,016 78,603 31,032 2,607 10,819 1,623 232,027 159,689 55,184 4,903 3,118 2,680 6,453

Taiwan .......................... 57,183 13,033 15,514 4,268 8,257 3,527 12,584 46,199 8,679 6,755 1,044 8,590 893 20,238

Hong Kong ........................ 278,845 110,208 34,573 16,680 13,648 14,534 89,202 244,972 97,965 18,254 5,617 12,799 13,690 96,647

India .................................. 14,034 3,452 8 16 246 146 10,166 15,256 2,926 1 15 424 811 11,079

Indonesia........................... 7,584 3,577 510 50 298 1,086 2,063 8,932 2,334 701 16 361 3,021 2,499

Israel ................................. 29,850 12,314 589 3,286 8,986 399 4,276 27,929 11,664 312 2,321 7,715 538 5,379

Japan ................................ 1,058,071 485,265 131,983 45,355 50,006 90,509 254,953 1,008,784 488,624 72,781 19,344 49,905 83,188 294,942

Korea ................................ 84,181 39,883 16,171 3,767 527 4,696 19,137 78,140 38,440 12,287 2,999 621 3,582 20,211

Lebanon ............................ 1,009 23 16 16 741 80 133 929 21 19 11 679 54 145

Malaysia............................ 20,090 11,084 2,325 1,590 413 1,244 3,434 15,574 10,027 530 261 579 527 3,650

Pakistan ............................ 287 23 42 51 88 13 70 406 62 14 19 93 8 210

Philippines......................... 11,869 4,938 2,774 336 703 2,344 774 10,461 3,866 2,394 262 559 2,570 810

Singapore.......................... 148,850 67,021 7,982 10,452 23,388 11,503 28,504 135,686 64,583 6,354 9,421 16,245 7,550 31,533

Syria.................................. 1 - - -1 - -4 - - -4 - -

Thailand ............................ 17,833 13,740 452 35 476 156 2,974 10,123 5,334 15 38 500 715 3,521

Other Asia ......................... 70,956 25,129 8,906 2,774 25,237 5,350 3,560 61,983 22,604 6,836 1,761 23,615 3,948 3,219

Total Asia...................... 2,123,343 987,706 300,448 119,708 135,622 146,406 433,453 1,897,405 916,818 182,437 48,032 125,807 123,775 500,536

Africa: 

Congo (formerly Zaire).......... - - - - - - -2 - - - - - 2

Egypt................................. 2,817 109 23 52 912 55 1,666 2,635 50 6 19 811 76 1,673

Ghana ............................... 1 - -1 - - -3 - - -1 - 2

Liberia ............................... 3,739 13 451 330 2,200 88 657 3,780 24 715 192 2,151 59 639

Morocco ............................ 456 364 - - 62 4 26 472 313 - 1 64 - 94

South Africa....................... 4,070 274 103 114 458 511 2,610 5,694 211 32 142 419 704 4,186

Other Africa....................... 8,316 4,627 340 807 841 806 895 5,631 2,567 267 559 728 385 1,125

Total Africa.................... 19,399 5,387 917 1,304 4,473 1,464 5,854 18,217 3,165 1,020 913 4,174 1,224 7,721

Other countries: 

Australia ............................ 140,352 48,060 6,672 8,031 13,947 11,068 52,574 147,649 47,908 5,961 2,450 13,790 20,353 57,187

New Zealand..................... 5,805 1,405 399 143 947 1,533 1,378 4,724 411 512 65 866 1,447 1,423

All other countries.............. 1,868 152 79 77 716 475 369 1,794 123 70 51 868 240 442

Total other countries...... 148,025 49,617 7,150 8,251 15,610 13,076 54,321 154,167 48,442 6,543 2,566 15,524 22,040 59,052

Total foreign 

 countries ............... 20,528,621 10,039,815 1,119,070 1,265,406 4,466,274 1,452,014 2,186,042 19,639,701 9,678,873 894,665 893,031 4,387,078 1,473,625 2,312,429

International and 

 regional orgs.: 

International ......................... 17,949 12,106 837 2,548 1,305 914 239 13,727 9,554 754 801 1,347 998 273

European regional ................. 1,802 17 73 446 - 456 810 8,672 51 53 217 - 7,222 1,129

Latin American regional............ 767 56 112 208 276 115 - 651 37 16 8 280 310 -

Caribbean regional ................ 39 4 31 2 - - 2 50 31 19 - - - -

Asian regional........................ 768 135 99 441 28 62 3 279 192 23 25 25 13 1

African regional ..................... 1,339 827 36 465 1 10 - 685 324 139 214 2 6 -

Middle Eastern regional......... 152 - 89 4 52 - 7 64 7 - - 51 - 6

 Total international 

 and regional................. 22,816 13,145 1,277 4,114 1,662 1,557 1,061 24,128 10,196 1,004 1,265 1,705 8,549 1,409

 Grand total................... 20,551,437 10,052,960 1,120,347 1,269,520 4,467,936 1,453,571 2,187,103 19,663,829 9,689,069 895,669 894,296 4,388,783 1,482,174 2,313,838

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other 

Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 

entities of the former Yugoslavia recognized as independent states by the United States are reported 

under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, 

and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 

June 2006 

89

-50

0

50

100

150

200

250

300

350

400

450

500

550

2002 2003 2004 2005 2006 

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 2006 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 2005 

2006 

Jan. - Mar. 

United Kingdom ........................... 186,691 167,329 254,112 361,822 125,007 

All other Europe ........................... 57,064 114,433 110,153 158,173 30,095 

Caribbean banking centers 1,2 ..... 76,144 78,538 87,638 126,289 9,578 

Japan ........................................... 91,412 176,587 247,114 81,955 -5,130 

All other Asia................................ 109,314 116,980 130,399 188,435 77,382 

Subtotal.................................... 520,625 653,867 829,416 916,674 237,382 

All other countries ........................ 26,940 65,993 87,040 126,272 34,194 

Grand total ............................... 547,565 719,860 916,456 1,042,946 271,576 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds 

and stocks) as reported to the TIC 

reporting system. Foreign 

investors also acquired U.S. 

equities through mergers and 

reincorporations that involve 

stock swaps. Net foreign 

acquisitions of U.S. equities 

through stock swaps have been 

modest, amounting to about $7 

billion in both 2001 and 2002, $2 

billion in 2003, $36 billion in 

2004, and $6 billion in 2005. 

There are no estimated stock 

swaps in the first quarter of 2006. 

(Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps and certain 

other adjustments for principal 

repayment flows of asset-backed 

securities are not reported under 

the TIC reporting system, but are 

now available on the TIC web 

site. 

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2004, net 

foreign acquisitions (including 

stock swaps) of U.S. securities 

totaled a record $953 billion. Net 

acquisitions in 2005 were even 

stronger, reaching a new record of 

$1,049 billion. Data for the first 

quarter of 2006 show net 

acquisitions of $272 billion, 

similar to the pace in 2005. 
90 CAPITAL MOVEMENTS

June 2006 

The data on this page represent 

U.S. investors’ purchases and sales 

of long-term foreign securities as 

reported to the TIC reporting 

system. However, in the past 

several years, U.S. investors also 

have acquired a substantial amount 

of foreign stocks, mostly 

European, through mergers that 

involve stock swaps. In addition, 

when foreign firms reincorporate 

in the United States, the associated 

stock swap reduces U.S. holdings 

of foreign equity. Net acquisitions 

through stock swaps amounted to 

$80 billion in 2000, $47 billion in 

2001, $3 billion in 2002, $17 

billion in 2003, -$12 billion in 

2004, $4 billion in 2005, and $6 

billion in the first quarter of 2006. 

(Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not reported 

under the TIC reporting system, 

but are now available on the TIC 

web site. 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. U.S. 

investors’ acquisitions of foreign 

securities (including stock swaps) 

then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $159 billion in 

2005. In the first quarter of 2006, 

U.S. investors acquired $50 billion 

in foreign securities, a pace of 

acquisition that was slightly higher 

than in 2005. 

-50

0

50

100

150

200

2001 2002 2003 2004 2005 2006

Jan.-Mar.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2006

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

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 2001 2002 2003 2004 2005 

2006 

Jan. - Mar. 

Foreign bonds ...... -30,502 -28,492 -32,046 67,872 28,603 9,852 

Foreign stocks...... 50,113 1,493 88,587 84,970 126,735 34,224

Total ................... 19,611 -26,999 56,541 152,842 155,338 44,076

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
June 2006 

91

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 2006 

92 

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) 

 

10/05/05 .................................................................... 487,336 494,821 187 1.1794 

10/12/05 .................................................................... 497,798 505,739 454 1.1706 

10/19/05 .................................................................... 496,022 502,765 1,376 1.1781 

10/26/05 .................................................................... 516,705 526,190 1,110 1.1703 

 

11/02/05 .................................................................... 505,326 513,147 930 1.1806 

11/09/05 .................................................................... 514,135 521,417 2,232 1.1857 

11/16/05 .................................................................... 520,105 529,521 2,799 1.1918 

11/23/05 .................................................................... 535,229 547,074 2,624 1.1720 

11/30/05 .................................................................... 545,323 555,359 2,669 1.1670 

 

12/07/05 .................................................................... 565,568 572,850 3,662 1.1582 

12/14/05 .................................................................... 579,879 587,971 2,739 1.1531 

12/21/05 .................................................................... 479,417 487,160 3,065 1.1691 

12/28/05 .................................................................... 461,625 469,786 2,727 1.1636 

 

01/04/06 .................................................................... 459,469 467,771 2,385 1.1515 

01/11/06 .................................................................... 479,029 486,868 1,926 1.1579 

01/18/06 .................................................................... 494,262 505,161 1,581 1.1726 

01/25/06 .................................................................... 491,599 499,957 2,067 1.1480 

 

02/01/06 .................................................................... 491,975 502,474 3,312 1.1401 

02/08/06 .................................................................... 500,491 508,483 2,967 1.1535 

02/15/06 .................................................................... 501,018 514,533 3,575 1.1541 

02/22/06 .................................................................... 511,199 522,222 4,323 1.1482 

 

03/01/06 .................................................................... 533,426 545,636 4,605 1.1365 

03/08/06 .................................................................... 569,960 583,947 5,315 1.1575 

03/15/06 .................................................................... 478,790 487,914 5,168 1.1553 

03/22/06 .................................................................... 481,756 507,403 4,544 1.1651 

03/29/06 .................................................................... 487,797 496,637 4,117 1.1722 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

93

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - Apr ................... 460,570 461,436 116,407 107,377 58,883 66,432 59,200 56,823 -1,922 1.2570 

May.................. 484,466 485,145 120,346 113,012 58,962 72,958 85,041 78,961 -1,054 1.2512 

June................. 421,895 425,778 120,893 114,235 59,535 70,588 84,405 82,327 16 1.2257 

July .................. 449,846 451,407 131,302 125,252 66,175 75,204 92,481 91,465 886 1.2258 

Aug .................. 489,949 489,772 133,911 126,316 75,232 85,741 98,522 98,816 1,011 1.1895 

Sept................. 480,298 483,359 123,960 117,811 75,008 83,323 95,767 96,183 -172 1.1608 

Oct................... 502,884 514,528 153,407 134,295 80,140 87,957 92,076 90,371 -137 1.1796 

Nov .................. 540,825 549,962 148,363 126,720 71,368 73,116 69,578 69,059 2,806 1.1670 

Dec .................. 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Jan ................... 496,281 508,267 159,319 141,922 73,127 67,989 61,951 64,514 3,763 1.1436 

Feb .................. 549,765 561,013 157,333 139,191 68,619 67,529 59,579 60,158 4,360 1.1379 

Mar .................. 494,122 497,767 158,946 143,843 67,081 63,322 74,314 75,763 4,273 1.1670 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 

2003 - Mar................... 45,629 50,134 53,084 41,777 750 1,069 1,461 1,491 -2 1.4680 

June................. 28,134 34,279 60,747 49,932 1,011 1,440 1,478 1,792 68 1.3478 

Sept................. 27,882 36,685 59,073 43,044 n.a. 556 1,251 726 12 1.3499 

Dec .................. 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 26,156 32,898 101,524 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

June ................. 28,892 40,197 136,998 86,955 507 n.a. 2,805 762 n.a. 1.2257 

Sept.................. 25,885 32,855 100,061 63,591 665 1,575 2,515 718 n.a. 1.1608 

Dec ................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

94 

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) 

 

10/05/05 .................................................................. 226,900 229,039 654 113.73 

10/12/05 .................................................................. 226,718 228,195 517 114.36 

10/19/05 .................................................................. 234,507 236,700 536 115.50 

10/26/05 .................................................................. 234,201 235,647 695 115.81 

 

11/02/05 .................................................................. 234,997 237,093 31 116.76 

11/09/05 .................................................................. 243,999 245,770 152 117.51 

11/16/05 .................................................................. 246,164 248,327 121 119.17 

11/23/05 .................................................................. 226,573 228,928 147 118.76 

11/30/05 .................................................................. 264,807 267,153 226 119.66 

 

12/07/05 .................................................................. 268,314 269,996 127 120.93 

12/14/05 .................................................................. 289,534 291,223 -27 116.85 

12/21/05 .................................................................. 250,327 252,089 -399 117.40 

12/28/08 .................................................................. 234,807 237,307 -413 117.62 

 

01/04/06 .................................................................. 246,073 248,478 -364 116.31 

01/11/06 .................................................................. 248,502 251,660 -604 113.96 

01/18/06 .................................................................. 250,906 254,136 -338 115.35 

01/25/06 .................................................................. 249,555 252,703 -245 115.73 

 

02/01/06 .................................................................. 260,159 264,463 -316 117.85 

02/08/06 .................................................................. 257,100 261,852 -12 118.69 

02/15/06 .................................................................. 259,193 263,389 -139 117.93 

02/22/06 .................................................................. 254,950 258,788 -284 118.51 

 

03/01/06 .................................................................. 265,131 268,294 -442 116.18 

03/08/06 .................................................................. 268,139 270,865 -512 117.90 

03/15/06 .................................................................. 241,070 243,646 -185 117.30 

03/22/06 .................................................................. 243,382 245,621 -498 116.72 

03/29/06 .................................................................. 245,953 247,726 -375 117.80 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

95

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2003 - Dec................... 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

2004 - Dec................... 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - Apr ................... 234,852 238,074 43,931 44,599 50,692 53,153 53,617 52,489 816 104.65 

May.................. 214,316 217,173 47,069 48,109 53,640 54,936 53,512 53,419 695 108.00 

June................. 237,680 241,045 50,062 50,386 49,583 50,689 54,139 54,634 777 110.92 

July .................. 239,594 242,334 48,317 48,867 51,268 52,989 52,528 53,723 708 112.27 

Aug .................. 252,629 255,063 49,383 49,931 54,236 55,666 53,585 53,329 345 110.85 

Sept................. 248,598 250,676 51,371 52,754 51,660 52,088 53,157 53,658 716 113.31 

Oct................... 256,320 258,052 53,648 54,732 51,696 53,838 67,532 66,826 -396 116.36 

Nov.................. 284,309 286,789 54,894 53,600 53,909 54,342 54,477 53,570 -40 119.66 

Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Jan ................... 286,285 290,523 58,426 59,445 65,939 65,216 60,360 60,398 -310 116.88 

Feb .................. 297,920 301,628 61,553 62,678 70,232 72,220 62,152 61,094 -530 115.82 

Mar .................. 268,830 270,136 64,722 65,656 77,414 77,856 67,306 65,601 -765 117.48 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2002 - Dec................... 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 

2003 - Mar................... 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01 

June................. 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75 

Sept................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 

Dec .................. 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 

Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,673 7,384 5,620 3,017 307 297 544 264 n.a. 107.25 

June ................. 8,576 8,485 5,570 2,995 407 352 597 281 -406 110.92 

Sept.................. 8,073 8,966 6,359 3,312 373 368 734 291 -557 113.31 

Dec ................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

96 

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) 

 

10/05/05 .................................................................. 562,690 576,506 2,526 1.2924 

10/12/05 .................................................................. 573,328 585,274 2,566 1.2850 

10/19/05 .................................................................. 592,607 607,328 2,568 1.2947 

10/26/05 .................................................................. 584,213 600,814 3,244 1.2810 

 

11/02/05 .................................................................. 609,112 623,078 3,328 1.2780 

11/09/05 .................................................................. 603,262 616,360 2,987 1.3115 

11/16/05 .................................................................. 614,805 628,778 3,058 1.3255 

11/23/05 .................................................................. 527,451 542,175 2,884 1.3144 

11/30/05 .................................................................. 634,800 648,887 2,230 1.3148 

 

12/07/05 .................................................................. 683,148 697,117 1,621 1.3134 

12/14/05 .................................................................. 735,110 751,365 2,006 1.2790 

12/21/05 .................................................................. 580,086 591,466 1,587 1.3153 

12/28/05 .................................................................. 530,167 546,579 1,810 1.3129 

 

01/04/06 .................................................................. 598,123 612,619 4,680 1.2801 

01/11/06 .................................................................. 594,711 606,957 4,681 1.2734 

01/18/06 .................................................................. 601,887 614,287 4,261 1.2823 

01/25/06 .................................................................. 598,401 612,964 5,318 1.2636 

 

02/01/06 .................................................................. 620,948 633,704 4,210 1.2841 

02/08/06 .................................................................. 625,727 638,854 3,787 1.3032 

02/15/06 .................................................................. 653,460 667,416 6,318 1.3107 

02/22/06 .................................................................. 685,776 700,309 7,081 1.3114 

 

03/01/06 .................................................................. 708,186 720,017 7,061 1.3165 

03/08/06 .................................................................. 784,949 790,101 7,892 1.3088 

03/15/06 .................................................................. 623,704 631,973 9,061 1.2999 

03/22/06 .................................................................. 643,389 658,974 9,184 1.3024 

03/29/06 .................................................................. 645,869 657,257 9,655 1.3091 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

97

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - Apr ................... 529,555 539,042 62,644 65,455 89,667 84,655 60,050 49,488 3,155 1.1904 

May.................. 502,899 508,015 54,748 57,156 104,110 103,349 86,152 71,474 1,359 1.2449 

June................. 554,022 564,714 54,926 58,070 103,375 101,358 82,758 71,669 1,718 1.2829 

July .................. 590,744 594,262 58,496 61,473 111,163 114,540 82,099 72,698 -830 1.2873 

Aug .................. 630,945 639,047 60,960 63,154 118,307 115,350 83,678 71,693 674 1.2547 

Sept................. 578,535 588,492 56,065 59,954 108,513 101,922 57,801 49,774 3,430 1.2891 

Oct................... 608,329 620,749 61,422 64,259 110,535 106,318 84,209 71,116 2,538 1.2900 

Nov .................. 651,659 666,250 55,424 49,847 90,053 83,866 63,868 53,043 2,193 1.3148 

Dec .................. 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Jan ................... 640,273 653,345 63,431 63,686 115,713 104,059 85,278 70,203 5,369 1.2784 

Feb .................. 733,504 713,614 79,629 83,238 96,619 91,448 102,085 95,749 6,649 1.3111 

Mar .................. 670,466 681,666 71,334 75,656 92,151 84,724 109,725 106,084 9,875 1.3025 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 

2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 

June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 

Sept................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 

Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 

Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,896 29,821 38,291 10,119 491 658 1,623 493 n.a. 1.1956 

June ................. 17,850 31,127 53,000 10,181 538 n.a. 1,415 n.a. n.a. 1.2829 

Sept.................. 14,928 24,850 56,802 9,593 n.a. n.a. 460 230 n.a. 1.2891 

Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

98 

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) 

 

10/05/05 .................................................................. 729,488 724,963 4,262 1.7655 

10/12/05 .................................................................. 756,457 749,323 5,679 1.7532 

10/19/05 .................................................................. 756,970 759,070 6,087 1.7627 

10/26/05 .................................................................. 777,988 781,337 5,378 1.7766 

 

11/02/05 .................................................................. 772,578 774,897 6,171 1.7755 

11/09/05 .................................................................. 762,726 763,316 5,738 1.7415 

11/16/05 .................................................................. 789,580 800,910 4,204 1.7166 

11/23/05 .................................................................. 728,017 738,275 5,103 1.7214 

11/30/05 .................................................................. 803,677 813,049 4,170 1.7321 

 

12/07/05 .................................................................. 815,163 822,431 4,422 1.7350 

12/14/05 .................................................................. 864,188 875,790 4,129 1.7737 

12/21/05 .................................................................. 753,556 764,788 3,601 1.7402 

12/28/05 .................................................................. 720,557 725,543 2,966 1.7226 

 

01/04/06 .................................................................. 739,192 747,686 3,479 1.7588 

01/11/06 .................................................................. 758,822 767,308 3,864 1.7643 

01/18/06 .................................................................. 740,524 750,005 4,689 1.7622 

01/25/06 .................................................................. 751,060 758,950 4,655 1.7874 

 

02/01/06 .................................................................. 749,732 755,901 5,142 1.7781 

02/08/06 .................................................................. 746,077 749,678 4,405 1.7405 

02/15/06 .................................................................. 784,250 784,091 4,506 1.7401 

02/22/06 .................................................................. 789,471 794,343 5,403 1.7425 

 

03/01/06 .................................................................. 804,403 805,244 6,240 1.7473 

03/08/06 .................................................................. 824,037 822,663 5,258 1.7359 

03/15/06 .................................................................. 737,422 733,900 5,373 1.7460 

03/22/06 .................................................................. 746,223 759,325 5,287 1.7483 

03/29/06 .................................................................. 757,560 758,431 5,437 1.7356 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

99

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 

2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - Apr ................... 689,982 690,704 229,252 215,073 60,876 60,130 58,794 65,500 1,971 1.9122 

May.................. 672,862 670,510 222,727 210,566 61,151 57,461 63,736 70,856 379 1.8231 

June................. 709,800 711,603 227,427 216,639 58,788 55,392 63,288 68,753 1,830 1.7930 

July .................. 750,997 757,340 227,710 215,931 61,777 62,561 73,161 79,285 3,848 1.7593 

Aug .................. 772,514 782,246 240,342 225,976 62,345 58,888 76,215 81,358 4,249 1.8012 

Sept................. 748,475 755,953 235,467 220,837 64,491 56,309 76,771 80,730 4,563 1.7696 

Oct................... 761,450 775,272 287,499 256,854 68,502 59,856 82,301 85,893 4,536 1.7689 

Nov .................. 795,767 806,868 273,944 257,257 70,294 64,813 81,263 84,796 4,670 1.7321 

Dec .................. 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Jan ................... 780,525 786,653 326,750 289,189 64,001 53,548 69,283 77,680 4,421 1.7820 

Feb .................. 812,878 818,829 316,828 276,184 64,768 53,173 60,672 66,684 6,565 1.7539 

Mar .................. 767,026 772,344 347,114 305,150 60,392 51,298 62,114 67,404 6,031 1.7393 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2002 - Dec................... 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 

2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 

June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 

Sept................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 

Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 

Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,551 42,100 47,135 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

June ................. 38,438 53,284 91,683 53,088 n.a. 553 3,874 3,555 n.a. 1.7930 

Sept.................. 23,723 35,977 56,557 n.a. n.a. 518 2,639 2,027 -754 1.7696 

Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

100

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) 

 

10/05/05 ................................................................ 8,241,382 8,279,215 -9,342 n.a. 

10/12/05 ................................................................ 8,320,639 8,342,203 -8,213 n.a. 

10/19/05 ................................................................ 8,489,259 8,518,769 -17,809 n.a. 

10/26/05 ................................................................ 8,623,162 8,644,749 -22,525 n.a. 

 

11/02/05 ................................................................ 8,658,458 8,680,025 -10,687 n.a. 

11/09/05 ................................................................ 8,684,199 8,710,920 -13,690 n.a. 

11/16/05 ................................................................ 8,784,570 8,821,695 -12,093 n.a. 

11/23/05 ................................................................ 8,125,500 8,166,530 -15,583 n.a. 

11/30/05 ................................................................ 9,227,780 9,289,895 -14,874 n.a. 

 

12/07/05 ................................................................ 9,257,060 9,323,565 -15,862 n.a. 

12/14/05 ................................................................ 9,807,555 9,857,355 -16,263 n.a. 

12/21/05 ................................................................ 8,661,813 8,728,275 -11,888 n.a. 

12/28/05 ................................................................ 8,153,781 8,247,064 -10,287 n.a. 

 

01/04/06 ................................................................ 8,461,750 8,559,832 -11,314 n.a. 

01/11/06 ................................................................ 8,648,766 8,752,881 -8,647 n.a. 

01/18/06 ................................................................ 8,695,707 8,801,408 -7,302 n.a. 

01/25/06 ................................................................ 8,799,277 8,901,395 -13,451 n.a. 

 

02/01/06 ................................................................ 9,064,046 9,129,172 -12,323 n.a. 

02/08/06 ................................................................ 8,945,030 9,010,707 -12,409 n.a. 

02/15/06 ................................................................ 9,151,667 9,243,344 -11,247 n.a. 

02/22/06 ................................................................ 9,318,715 9,413,835 -10,077 n.a. 

 

03/01/06 ................................................................ 9,532,191 9,626,993 -12,233 n.a. 

03/08/06 ................................................................ 9,813,482 9,903,107 -13,687 n.a. 

03/15/06 ................................................................ 8,783,225 8,891,014 -14,014 n.a. 

03/22/06 ................................................................ 8,948,442 9,059,374 -13,238 n.a. 

03/29/06 ................................................................ 9,049,957 9,221,052 -14,069 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

101

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

2004 - Dec................... 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

2005 - Apr ................... 8,293,742 8,356,941 - - 1,396,743 1,288,031 1,183,632 1,176,618 -8,357 n.a. 

May.................. 7,754,831 7,782,474 - - 1,344,379 1,294,560 1,209,690 1,233,083 -10,716 n.a. 

June................. 8,345,528 8,353,702 - - 1,347,555 1,312,386 1,170,162 1,176,726 -16,891 n.a. 

July .................. 8,660,426 8,660,142 - - 1,277,090 1,288,403 1,108,409 1,176,757 -21,157 n.a. 

Aug .................. 9,161,206 9,191,265 - - 1,158,387 1,192,576 1,258,131 1,279,228 -12,590 n.a. 

Sept................. 8,842,754 8,904,256 - - 1,145,876 1,164,272 1,150,844 1,168,598 -16,290 n.a. 

Oct................... 9,175,337 9,222,161 - - 1,194,152 1,210,907 1,408,923 1,420,156 -5,214 n.a. 

Nov .................. 9,613,292 9,676,066 - - 1,194,640 1,209,079 1,166,477 1,188,580 -13,615 n.a. 

Dec .................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

2006 - Jan ................... 9,676,836 9,759,459 - - 1,266,208 1,255,752 1,329,021 1,319,006 -2,560 n.a. 

Feb .................. 10,238,070 10,341,610 - - 1,303,788 1,325,440 1,362,419 1,389,471 -13,985 n.a. 

Mar .................. 9,846,501 10,044,878 - - 1,487,695 1,474,882 1,768,511 1,801,401 -26,343 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 

2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. 

June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. 

Sept................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. 

Dec .................. 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. 

Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 447,805 454,607 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

June.................. 466,298 478,539 - - 13,864 12,139 15,821 10,600 10,440 n.a. 

Sept .................. 439,417 424,241 - - 12,959 11,423 8,008 7,764 9,741 n.a. 

Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

102

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) 

 

10/05/05 ............................................................................. 2,602,831 2,600,864 2,368 0.8345 

10/12/05 ............................................................................. 2,636,148 2,646,903 4,533 0.8306 

10/19/05 ............................................................................. 2,704,317 2,710,106 3,465 0.8342 

10/26/05 ............................................................................. 2,740,994 2,748,452 2,941 0.8277 

 

11/02/05 ............................................................................. 2,732,889 2,734,818 3,653 0.8287 

11/09/05 ............................................................................. 2,792,156 2,795,119 4,218 0.8512 

11/16/05 ............................................................................. 2,807,797 2,820,996 3,470 0.8568 

11/23/05 ............................................................................. 2,664,710 2,669,808 5,756 0.8475 

11/30/05 ............................................................................. 2,985,218 2,988,092 6,166 0.8482 

 

12/07/05 ............................................................................. 3,018,669 3,019,878 15,257 0.8531 

12/14/05 ............................................................................. 3,194,264 3,196,163 15,653 0.8306 

12/21/05 ............................................................................. 2,820,531 2,805,652 6,524 0.8463 

12/28/05 ............................................................................. 2,669,348 2,649,624 6,356 0.8421 

 

01/04/06 ............................................................................. 2,781,170 2,769,673 4,654 0.8271 

01/11/06 ............................................................................. 2,845,543 2,820,317 4,384 0.8241 

01/18/06 ............................................................................. 2,854,529 2,822,017 3,037 0.8276 

01/25/06 ............................................................................. 2,902,343 2,867,085 5,085 0.8162 

 

02/01/06 ............................................................................. 2,943,624 2,922,157 3,410 0.8270 

02/08/06 ............................................................................. 2,942,582 2,923,990 4,398 0.8379 

02/15/06 ............................................................................. 3,021,081 2,996,878 2,786 0.8415 

02/22/06 ............................................................................. 3,099,404 3,081,828 2,275 0.8400 

 

03/01/06 ............................................................................. 3,098,139 3,074,728 1,590 0.8404 

03/08/06 ............................................................................. 3,169,270 3,168,393 1,849 0.8394 

03/15/06 ............................................................................. 2,870,697 2,866,865 -934 0.8302 

03/22/06 ............................................................................. 2,966,910 2,938,177 -622 0.8268 

03/29/06 ............................................................................. 3,044,061 3,004,966 -1,709 0.8313 

 
FOREIGN CURRENCY POSITIONS 

June 2006 

103

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 

2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - Apr ................... 2,484,698 2,484,953 1,119,763 1,100,777 327,186 288,319 331,656 371,566 -3,307 0.7741 

May.................. 2,289,976 2,308,066 1,158,512 1,133,710 353,316 304,575 353,750 410,408 1,564 0.8098 

June................. 2,604,992 2,624,294 1,238,831 1,207,527 371,521 301,145 383,421 449,945 6,374 0.8266 

July .................. 2,678,150 2,704,008 1,225,893 1,197,828 361,960 309,904 384,320 457,217 7,000 0.8245 

Aug .................. 2,820,963 2,828,909 1,269,850 1,243,375 341,456 290,872 398,245 443,589 3,252 0.8110 

Sept................. 2,685,515 2,708,412 1,244,507 1,193,680 347,230 296,777 396,192 431,940 2,508 0.8293 

Oct................... 2,803,470 2,810,865 1,322,375 1,281,551 374,295 323,139 512,573 552,082 3,046 0.8337 

Nov .................. 3,005,763 3,002,145 1,208,602 1,145,199 390,570 347,311 413,338 460,223 7,573 0.8482 

Dec .................. 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

2006 - Jan ................... 2,956,893 2,928,990 1,359,026 1,303,092 443,204 396,119 415,980 459,950 3,050 0.8225 

Feb .................. 3,164,741 3,144,443 1,335,168 1,293,677 479,987 532,961 419,540 560,126 2,548 0.8386 

Mar .................. 3,097,407 3,057,514 1,407,119 1,341,745 540,036 542,161 431,055 512,088 -3,374 0.8238 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 

2003 - Mar................... 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153 

June................. 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687 

Sept................. 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574 

Dec .................. 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 

Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 140,145 149,484 217,956 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

June ................. 161,252 178,581 283,116 153,746 9,419 6,000 8,969 8,659 -476 0.8266 

Sept.................. 126,262 152,457 222,890 129,434 6,319 4,585 7,799 6,168 245 0.8293 

Dec ................... 117,211 153,573 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

 
June 2006 

104

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, 2005, and Dec. 31, 2005 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital Sept. 30, 2005 

Oct. 1, 2005, 

through 

Dec. 31, 2005 Dec. 31, 2005 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 15,237,881 82,247 15,320,128 

Special drawing rights 1 ........................................................... 8,285,432 -34,681 8,250,751 

Foreign exchange and securities: 

European euro ..................................................................... 10,906,264 -115,833 10,790,431 

Japanese yen....................................................................... 8,338,055 -323,414 8,014,641 

Accounts receivable................................................................. 118,451 -12,944 105,507 

Total assets.......................................................................... 42,886,083 -404,625 42,481,458 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 32,172 2,977 35,149 

Total current liabilities ...................................................... 32,172 2,977 35,149 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,101,673 -98,922 7,002,751 

Total other liabilities ......................................................... 9,301,673 -98,922 9,202,751 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 33,352,238 -308,680 33,043,558 

Total capital...................................................................... 33,552,238 -308,680 33,243,558 

Total liabilities and capital............................................ 42,886,083 -404,625 42,481,458 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

June 2006 

105

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, 2005, 

through 

Dec. 31, 2005 

Fiscal year to date 

Oct. 1, 2005, 

through 

Dec. 31, 2005 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -522,350 -522,350 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... -16,878 -16,878 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 8,729 8,729 

U.S. Government securities......................................................... 151,659 151,659 

Foreign exchange ........................................................................ 70,160 70,160 

Commissions ............................................................................... - - 

Income from operations............................................................... -308,680 -308,680 

Net income (+) or loss (-)............................................................. -308,680 -308,680 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

June 2006 

109

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2007. 

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 2007. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 87.0 

less: 

 

Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 6.6 

Unfunded authorizations (fiscal year 2007)........................................................................................................................................................................ 80.4 

48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)............................................................................................................................ 146.0 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 10.2 

less: 

 

Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.8 

Unfunded authorizations (fiscal year 2007)........................................................................................................................................................................ 2.4 

48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)........................................................................................................................... 21.1 

Note: Detail may not add to totals due to rounding. 
TECHNICAL PAPERS 

June 2006 

110

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
June 2006 

111

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of March 2006, the debt 

limit was $8,965,000 million; the limit may change from year 

to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 
GLOSSARY 

June 2006 

112

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), Series HH bonds (issued since January 1980 

through October 1982) mature in 20 years, and savings notes 

issued between May 1967 and October 1970 have a final 

maturity of 30 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 
GLOSSARY 

June 2006 

113

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-3)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).