B U L L E T I N

SEPTEMBER 2013 

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

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The Treasury Bulletin is for sale 

by the Superintendent of Documents

U.S. Government Printing Office 

Washington, D.C. 20402.
The Treasury Bulletin is issued quarterly in March, June, September, and December by the Bureau 

of the Fiscal Service, Governmentwide Accounting, Budget Results Division. Statistical data is 

compiled from sources within Treasury departmental offices and bureaus, as well as various other 

Federal program agencies. Readers can contact the publication staff at (202) 874-9939/9942 or 

(304) 480-5162 to inquire about any of the published information. Suggestions are welcome. 

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fms.treas.gov 

Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Bureau of Fiscal Service’s home page. 

www.fms.treas.gov/ 
September 2013 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

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

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

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 42 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 42 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 43
September 2013 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type ............................................................................................................... 65 

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

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

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

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 72 

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

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

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

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

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

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

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

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

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

 Businesses in the United States 

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

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

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

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

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 86
September 2013 

V

Contents 

FOREIGN CURRENCY POSITIONS 

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

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

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

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 105 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 105 

TF-10.—Reforestation Trust Fund .................................................................................................................................... 106

RESEARCH PAPER SERIES ........................................................................................................................................... 107

GLOSSARY ...................................................................................................................................................................... 109

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. 
September 2013 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

Agriculture Disaster Relief Trust Fund ............................................................. √ 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
September 2013 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of August 8, 2013 

Introduction 

The pace of real gross domestic product (GDP) growth 

accelerated in the second quarter, after having picked up in 

the first quarter of 2013. Stronger growth in fixed 

investment, a smaller fiscal drag from government spending, 

and slightly faster growth of residential investment all 

contributed to the acceleration, which occurred as financial 

stresses from the sovereign debt crisis in Europe began to 

ease. These factors were partially offset by a wider trade 

deficit and slower growth in consumer spending and private 

inventories. Job creation continued at a moderate pace 

during the first quarter of 2013. The economy has added 7.3 

million private sector jobs since job growth resumed in early 

2010, and the unemployment rate has declined 2.6 

percentage points from its peak level of 10 percent in 

October 2009, but remained elevated at 7.4 percent as of 

July 2013. Conditions in the housing sector continued to 

improve, with house prices in particular showing solid and 

steady gains, supported in part by tighter supply. 

Although the Administration has taken a number of steps 

in recent years to promote stronger economic growth in the 

near-term, it has also pursued deficit reduction measures in 

the interests of the nation’s longer-term growth. More than 

$2.5 trillion in deficit reduction measures have been enacted 

over the past 2 years, including the January 2013 signing of 

the American Taxpayer Relief Act (ATRA), which will 

reduce the deficit by an estimated $737 billion over the next 

10 years. An additional $1.2 trillion in sequester-related 

spending cuts took effect in March 2013. Since fiscal year 

2009, the federal budget deficit has fallen from a peak of 

10.1 percent of GDP to 7.0 percent in fiscal year 2012. 

At its most recent meeting in July 2013, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

announced it would maintain its monetary stance, including 

existing programs of asset purchase, reinvestment of 

principal payments, and roll-overs of maturing Treasuries at 

auction. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by about 9.0 percent and, as of the 

second quarter of 2013, real GDP was 4.4 percent above its 

level at the end of 2007, when the recession began. 

According to the advance estimate, real GDP rose 1.7 

percent at an annual rate during the second quarter of 2013, 

after increasing by 1.1 percent in the first quarter of last 

year. The acceleration in growth in the latest quarter 

reflected a rebound in business fixed investment spending, a 

smaller drag from government spending cuts, and slightly 

faster growth in residential investment. These factors were 

partly offset by slower growth of personal consumption 

expenditures, a slower pace of business inventory 

accumulation, and a much larger drag from net exports 

compared to the prior quarter. Consensus forecasts currently 

put real GDP growth in the third quarter of 2013 at a 2.3 

percent annual rate. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

private demand because it subtracts out government 

spending, inventory movements, and net exports) grew at a 

2.6 percent annual rate in the second quarter, accelerating 

from the first quarter’s 1.5 percent pace. Real personal 

consumption expenditures—which account for about 70 

percent of GDP—rose at a 1.8 percent annual rate in the 

second quarter, slowing from the 2.3 percent rise in the first 

quarter. Consumption added 1.2 percentage points to real 

GDP growth in the latest quarter. 

Residential investment—mostly residential 

homebuilding—grew 13.4 percent in the second quarter, 

accelerating from a 12.5 percent pace in the first quarter. 

Residential activity added 0.4 percentage point to secondquarter real GDP growth. For the past eleven consecutive 

quarters, the first such string of advances in this sector since 

2005, growth in residential investment has averaged nearly 

11 percent per quarter. Significantly, residential investment 

grew by nearly 13 percent in 2012, the strongest yearly 

increase since 1992. 

Noteworthy progress has been made in the housing 

market over the past year, as captured by several measures. 

Although single-family housing starts fell 0.8 percent in 

June 2013 to 591,000 units at an annual rate, this was still 

11.5 percent above the level in June 2012. The level of 

single-family starts has risen by more than 75 percent from a 
4 PROFILE OF THE ECONOMY 

September 2013 

low of 353,000 in March 2009, but in June 2013, it was still 

about 68 percent below the January 2006 peak, and well 

below the 1.1 million unit average observed from 1980 to 

2004. Sales of new single-family homes have risen by 38 

percent over the past year, reaching 497,000 at an annual 

rate in June 2013. Sales of existing single-family homes (94 

percent of all home sales) increased more than 15 percent 

over the past year to 5.08 million at an annual rate in June 

2013. The inventory of homes available for sale has trended 

lower. As of June, the number of new single-family homes 

for sale was near a record low (dating back to 1963). 

Relative to sales, there was a 3.9-month supply of new 

homes on the market, below its long-run average. The 

inventory of existing single-family homes has also fallen 

noticeably, relative to sales. In June, it stood at a 5.2-month 

supply, down considerably from a peak of 12.1 months in 

June 2010. House price measures continue to rise, reflecting 

a pick-up in demand and tight inventories in some markets. 

The FHFA purchase-only house price index rose 0.7 percent 

in May, and was up 7.3 percent in the year through May, the 

second-strongest 12-month gain since mid-2006, and the 

16th straight month of year-over-year increases in this index. 

In May 2013, the Standard & Poor’s (S&P)/Case-Shiller 

composite 20-city home price index increased 1.0 percent to 

its highest level since October 2008, and rose 12.2 percent 

year-over-year, the largest year-over-year gain since March 

2006. Reflecting growing optimism in the housing market, 

the May 2013 Zillow Home Price Expectations Survey 

predicted that home prices will rise by 5.4 percent in 2013, 

and by 4.4 percent in 2014. 

Nonresidential fixed investment—about 12 percent of 

GDP—grew 4.6 percent (annual rate) in the second quarter 

of 2013, reversing an identical decline in the first quarter. 

The rebound in business fixed investment partly reflected a 

large swing in investment in structures. Outlays for 

structures rose 6.8 percent in the second quarter of this year, 

after plunging by almost 26 percent in the first quarter. 

Growth in business spending on equipment accelerated to 

4.1 percent in the second quarter, after rising by 1.6 percent 

in the first quarter. Investment in intellectual property 

products—a new category that includes outlays for software, 

research and development, and entertainment, literary and 

artistic originals—grew 3.8 percent in the second quarter, 

little changed from the pace recorded in the first quarter. 

Altogether, nonresidential fixed investment added 0.6 

percentage point to real GDP growth in the second quarter of 

2013. Inventory accumulation made a smaller but positive 

contribution to growth in the first quarter, adding 0.4 

percentage point to GDP growth, after making a 0.9 

percentage point contribution in the first quarter. 

Exports account for about 13 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 17 percent. After 

contributing nearly 1 percentage point, on average, to 

quarterly GDP growth in 2007 through 2009, net exports 

subtracted 0.5 percentage point in 2010, and then added 0.1 

percentage point in 2011 and 2012. In the second quarter of 

2013, the net export deficit widened as exports rose 5.4 

percent, but imports increased 9.5 percent. Net exports 

subtracted 0.8 percentage point from GDP growth in the 

second quarter, after reducing growth by 0.3 percentage 

point in the first quarter. 

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and, in 2006, reached a record $798 

billion, equivalent to 6.0 percent of GDP. After narrowing to 

$382 billion (2.7 percent of GDP) in 2009, the current 

account deficit widened again to $449 billion (3.1 percent of 

GDP) in 2010 and to $458 billion (3.0 percent of GDP) in 

2011. It narrowed in 2012, to $440 billion, or 2.8 percent of 

GDP. As of the first quarter of 2013, the current account 

deficit had narrowed further, to $427 billion, or 2.7 percent 

of GDP. 

Government purchases—which account for close to 20 

percent of GDP—fell 0.4 percent in the second quarter of 

2013, far less than the 4.2 percent drop in the first quarter of 

2013. Government outlays for consumption and investment 

have fallen in 12 of the past 15 quarters and, in the second 

quarter of this year, subtracted 0.1 percentage point from 

real GDP growth. Federal spending fell 1.5 percent in the 

second quarter after declining 8.4 percent in the first quarter. 

After 10 straight quarterly declines in State and local 

government spending—the longest period of falling 

expenditures at this level of government in postwar 

history—State and local spending grew 0.6 percent in the 

second quarter of 2012, but fell again in the subsequent three 

quarters. In the second quarter of 2013, however, State and 

local spending rose 0.3 percent, and made a slightly positive 

contribution to real GDP growth. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.7 million private-sector jobs. Job 

losses continued even after the recovery began but, in 

February 2010, nonfarm payrolls began to rise again. Since 

then, through July 2013, total nonfarm payroll employment 

has grown by nearly 6.7 million. In the private sector, 

employment has increased by 7.3 million during the same 

period. 

Job losses during the recession were spread broadly 

across most sectors but, with the resumption of job growth, 

all of these sectors have added jobs. Since the labor market 

recovery began in early 2010, payrolls in professional and 

business services have risen by more than 2 million, and the 

leisure and hospitality industries’ employment has increased 

by 1.3 million through July 2013. Growth in manufacturing 

payrolls has slowed in recent months, but payrolls have 

grown by 515,000 since early 2010. A few sectors continued 

to add jobs throughout the recession and still continue to hire 

new workers: since early 2010, the health care and social 

assistance sector has added an additional 1 million jobs. The 
PROFILE OF THE ECONOMY 5 

September 2013 

government sector also added workers to payrolls during the 

recession, but the State and local sectors have since cut 

employment considerably, although at a slower pace in more 

recent months. From February 2010 through July 2013, 

government sector job losses totaled 618,000. Over that 

same period, State and local job losses numbered 494,000, 

including 369,000 local government jobs (of which 269,000 

were in local education). 

The unemployment rate peaked at 10.0 percent in 

October 2009—a 26-year high—and 5.6 percentage points 

above the May 2007 low of 4.4 percent. Over the next 3 

years, the unemployment rate trended lower, reaching 7.4 

percent in July 2013. Broader measures of unemployment 

have also declined. One such measure, that includes workers 

who are underemployed and those who are only marginally 

attached to the labor force (the U-6 unemployment rate), 

reached a record high of 17.2 percent in October 2009 

(series dates from 1994)—nearly double its level of 8.8 

percent in December 2007. This measure stood at 14.0 

percent in July 2013. The percentage of the unemployed who 

have been out of work for 27 weeks or more peaked at an 

all-time high of 45.5 percent in March 2011. This measure 

dropped to 36.7 percent in June, an almost four-year low, but 

rose to 37.0 percent in July. 

Inflation 

Headline inflation has generally leveled off over the past 

year, while core inflation (excluding food and energy) has 

moderated. Headline consumer prices rose 1.8 percent over 

the 12 months ending in June 2013, just above the 1.7 

percent rise over the year through June 2012. Energy prices 

advanced 3.2 percent in the year through June, after falling 

by 3.9 percent in the previous year. Food prices rose 1.4 

percent over the year through June 2013, about half the 2.7 

percent increase in the year through June 2012. On a 12-

month basis, core consumer prices (excluding food and 

energy) rose 1.6 percent through June 2013, less than the 2.2 

percent advance in the year through June 2012, and the 

smallest increase in 2 years. 

Energy prices have increased in recent months. The 

front-month futures price of West Texas Intermediate (WTI) 

crude oil averaged $104.55 per barrel in July 2013, up nearly 

$17 from the July 2012 average. The retail price of regular 

gasoline averaged $3.59 per gallon in July 2013, up 15 cents 

from a year earlier. Prices for crude oil and gasoline 

remained below the all-time highs reached in July 2008, of 

$147 per barrel and $4.11 per gallon, respectively. 
6 PROFILE OF THE ECONOMY 

September 2013 

Federal Budget and Debt 

The federal budget deficit narrowed to $1.1 trillion in 

fiscal year 2012, dropping sharply as a percentage of GDP to 

7.0 percent from 8.7 percent in fiscal year 2011. The deficit 

has declined by roughly 3 percentage points as a share of the 

economy from a peak of 10.1 percent in fiscal year 2009, 

making the past three years the most rapid period of fiscal 

consolidation that the U.S. has experienced since the year 

following the end of World War II. 

On March 1, 2013, $1.2 trillion in mandated public 

spending cuts, collectively known as the sequester, took 

effect. In April 2013, the Administration released its Fiscal 

Year 2014 budget proposal, which would replace the 

sequester with a deficit reduction package worth $1.8 trillion 

over the next 10 years. Together with the $2.5 trillion in 

deficit reduction measures enacted in the previous 2 years, 

these measures would bring the total amount of deficit 

reduction over 10 years to $4.3 trillion. The 

Administration’s Mid-Session Review of the Fiscal Year 

2014 Budget, released in early July, shows a smaller deficit 

in Fiscal Year 2013 than previously forecast, reflecting 

stronger-than-expected revenue growth, lower outlays for 

discretionary and mandatory programs, the implementation 

of spending cuts under the Budget Control Act, and 

increased dividend payments to the Treasury from Fannie 

Mae and Freddie Mac. The budget deficit is projected to 

decline to 6.0 percent of GDP in fiscal year 2013, to 4.5 

percent of GDP in fiscal year 2014, and to dip below 3 

percent of GDP by fiscal year 2017. The primary deficit—

receipts less outlays, excluding net interest—would reach 

balance in fiscal year 2019, at which point spending would 

no longer add to the national debt. 

The national debt-to-GDP ratio is projected to peak at 

78.2 percent in fiscal years 2014 and 2015, and then begin to 

decline, falling to 73 percent of GDP in fiscal year 2023. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have aided the recovery. On the fiscal policy 

side, the American Recovery and Reinvestment Act (ARRA) 

authorized the Federal Government to spend $787 billion to 

stimulate domestic demand, an amount that was increased to 

$840 billion to be consistent with the President’s Fiscal Year 

2012 Budget. This spending provided an important boost to 

economic activity, but the Administration also proposed and 

implemented a variety of additional programs to maintain 

the recovery’s momentum. These included an extension and 

expansion of the first-time home buyer tax credit, a new 

Small Business Jobs and Wages Tax Credit, and additional 

financial support for State and local Governments. In 

December 2010, the 2010 Tax Relief Act authorized a 2 

percentage point payroll tax cut, extensions of 

unemployment benefits and refundable tax credits, and a 2-

year extension of the 2001 tax cuts. In late December 2011, 

the 2 percentage point payroll tax cut and extended 

unemployment benefits included in the 2010 tax legislation, 

were each extended for 2 additional months. In late February 

2012, the extension of the payroll tax cut and extended 

unemployment benefits for the remainder of 2012 were 

signed into law. 

In January 2013, the ATRA was signed into law. The 

ATRA permanently extended tax cuts for the vast majority 

of Americans and small businesses, extended Emergency 

Unemployment benefits for an additional year, extended a 

variety of other tax cuts and credits, postponed the sequester, 

originally scheduled to take effect on January 1, until March 

1, 2013, and raised tax rates for high-income earners. 

Altogether, the ATRA is projected to reduce the deficit by 

$737 billion over the next decade. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in September 

2007. By late 2008, the FOMC had lowered the federal 

funds target interest rate dramatically, reducing it to a 

historically low target range of 0 percent to 0.25 percent at 

the December 2008 FOMC meeting. Beginning with the 

August 2011 meeting, the FOMC also began identifying an 

expected timeframe for maintaining the Federal funds rate 

target at “exceptionally low levels.” Initially put at mid2013, the timeframe was extended to “at least late 2014” at 

the January 2012 FOMC meeting, and then to “at least mid2015” at the September 2012 meeting, a timeframe for the 

target range which was maintained at the October 2012 

meeting. At the December 2012 meeting, however, the 

FOMC implemented numerical targets for its policy rate 

guidance. Specifically, the FOMC indicated that it would 

maintain the target range as long as the unemployment rate 

remained above 6.5 percent, inflation between 1 and 2 years 

ahead is projected to be no more than 0.5 percentage point 

above the FOMC’s 2 percent longer-run goal, and long-term 

inflation expectations remain well anchored. These 

numerical targets were maintained at the FOMC’s most 

recent meeting in July 2013. 

The Federal Reserve significantly expanded its tools to 

increase liquidity in credit markets, and eased lending terms 

to sectors in need of liquidity, including a variety of facilities 

and funds directed at specific financial markets. As of June 

30, 2010, all of these special facilities had expired. At the 

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities, and continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

mature. At the end of June 2011, the FOMC completed 

purchases of $600 billion of longer-term Treasury securities. 

At the September 2011 meeting, the FOMC announced it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 

longer-term (6 to 30 years) Treasury securities and selling an 

equal amount of shorter-term (3 years or less) Treasury 
PROFILE OF THE ECONOMY 7 

September 2013 

securities, all by the end of June 2012. The Committee also 

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. The FOMC announced additional 

monetary accommodation at the December 2012 meeting, 

including the completion of short-term securities sales 

(which drain liquidity) and the continuation of purchases of 

long-term Treasury securities at a rate of $45 billion per 

month beyond the end of 2012. The FOMC also indicated 

that monthly purchases of mortgage-backed securities at a 

pace of $40 billion per month would continue, and affirmed 

its existing policy of reinvesting principal payments. At the 

July 2013 meeting, the FOMC re-affirmed these 

arrangements, which means it will be growing its balance 

sheet at a rate of $85 billion per month on an open-ended 

basis. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, but 

came under renewed pressure in 2011, as investors 

expressed concerns about slowing economic growth in the 

United States as well as globally, and about strains in debt 

markets in Europe. These concerns persisted in 2012 and in 

early 2013, and expanded to include uncertainty about the 

U.S. fiscal situation. Although concerns about U.S. fiscal 

drag persist, concerns have eased about the sovereign debt 

crisis in Europe. Overall, financial conditions in general 

continue to improve. Credit flows have increased 

substantially since early 2009, with banks continuing to ease 

standards and terms across several lending categories, 

though to a lesser extent in the second quarter of 2013. 

However, demand has risen more strongly in the second 

quarter for a variety of loan types. Small firms in particular 

increased their demand for commercial and industrial loans, 

and there was also stronger demand for commercial real 

estate loans as well as mortgages. After some deterioration 

in the summer of 2011, measures of risk tolerance and 

volatility have all improved. 

After plunging 38.5 percent in 2008, the sharpest loss 

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

only 90 stocks, dropped 47 percent), the S&P 500 index rose 

23.5 percent in 2009 and 12.8 percent in 2010. Although the 

index was flat in 2011, it advanced 13.4 percent last year. 

Thus far in 2013, the index has reached successive record 

highs, and is up nearly 19 percent. The S&P Stock Market 

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

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

October 2008, after hovering in a range of 20 to 30 for most 

of that year. The VIX retreated fairly steadily during 2009, 

ending that year at about 20. Since then, the VIX has 

fluctuated more widely, resurging to 46 in mid-May 2010 

and to that level again in early October 2011. Since the most 

recent peak, this index has trended lower, and stood at about 

13 as of early August 2013. 
8 PROFILE OF THE ECONOMY 

September 2013 

A variety of factors have buffeted long-term Treasury 

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

a variety of specific risk events, as well as supply concerns 

related to funding of the government’s debt, concern about 

the need for fiscal retrenchment, the downgrade of U.S. 

Treasury debt by rating agency S&P in August 2011, 

ongoing concerns about European debt markets and debt 

downgrades in some European countries and, most recently, 

concerns about forthcoming fiscal drag in the United States. 

The yield on the 10-year note traded above the 3 percent 

level during the first half of 2011, but thereafter trended 

lower, reaching a record low of 1.43 percent in late July 

2012. The yield subsequently rose and fluctuated around the 

2 percent mark in early 2013, then fell to about 1.7 percent 

in early May. Thereafter, the yield trended much higher, 

reaching about 2.6 percent as of early August. The 3-month 

Treasury bill yield fluctuated in a range from about 0.05 

percent to 0.17 percent for much of 2011 but, between 

August 2011 and January 2012, the yield fluctuated in a 

range of 0.0 percent to 0.02 percent. Since then, the yield has 

fluctuated around 0.1 percent as of early August 2013. The 

2- to 10-year Treasury yield spread, one measure of the 

steepness of the yield curve, widened to 291 basis points in 

early February 2011, then trended noticeably lower, reaching 

132 basis points in mid-November 2012. Since then, the 

spread has widened again, reaching 235 basis points as of 

early August 2013. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

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

October 2008. However, improvements in short-term credit 

availability have led to a narrowing of this spread. Through 

early August 2011, the TED spread fluctuated in a range 

from 14 to 25 basis points. Since then, this spread has 

widened, reaching almost 60 basis points earlier this year, 

before narrowing again to 23 basis points in early August 

2013. The spread between the Baa corporate bond yield and 

the 10-year Treasury yield peaked at nearly 620 basis points 

in December 2008. After narrowing on trend in the 

intervening years, and trading below 300 basis points for 

much of 2011, the spread widened above that level again in 

early August 2011 to about 340 basis points. The spread 

remained above 300 basis points for much of 2012, but 

dropped below that level late in the year, where it has 

remained since. This spread stood at 270 basis points as of 

early August 2013, still very high by historical standards. 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages. The interest 

rate for a 30-year conforming fixed-rate mortgage fell to a 

record low of 3.31 percent in November 2012; starting in 

May 2013, however, it started moving sharply higher. As of 

early August 2013, the rate had risen to 4.5 percent. 

Foreign Exchange Rates 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

next several years. From its peak in February 2002, to the 

recent low reached in August 2011, the exchange value of 

the dollar compared to an index of these currencies fell by 

about 38.5 percent. Although the dollar’s exchange value 

against this index remains well below the February 2002 

peak, it has appreciated between August 2011 and July 2013 

by nearly 12 percent. Over the longer timeframe, the dollar 

depreciated by about 42 percent against the yen and by 39 

percent against the euro. In the period since August 2011 

through July 2013, the dollar has appreciated by almost 30 

percent against the yen, but has depreciated by about 10 

percent against the euro. Against an index of currencies of 

19 other important trading partners (including China, India, 

and Mexico), the dollar depreciated 10.2 percent over the 

longer timeframe, and has appreciated by 4.1 percent against 

this basket between August 2011 and July 2013. 
September 2013 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

September 2013 

10 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

year 2013 supplements fiscal data reported in the 

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

of that issue’s release, not enough data were 

available to adequately analyze collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $437.0 billion for the third 

quarter of fiscal year 2013. This is an increase of $80.6 

billion over the comparable prior year quarter. Withheld 

receipts increased by $12.0 billion and non-withheld receipts 

increased by $70.5 billion during this period. Refunds 

increased by $1.8 billion over the comparable fiscal year 

2012 quarter. There was an increase of $3.3 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2012. 

Corporate income taxes—Net corporate income tax 

receipts were $105.3 billion for the third quarter of fiscal 

year 2013. This is an increase of $13.9 billion compared to 

the prior year third quarter. The $13.9 billion change is 

comprised of an increase of $15.1 billion in estimated and 

final payments, and an increase of $1.2 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2013 were $256.2 billion, an increase of $38.2 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 $30.7 billion, $5.2 billion, and $2.2 billion 

respectively. There was a -$2.5 billion accounting 

adjustment for prior years employment tax liabilities made 

in the third quarter of fiscal year 2013, while there was a 

$0.8 billion adjustment in the third quarter of fiscal year 

2012. 

Unemployment insurance—Unemployment insurance 

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

2013 were $28.6 billion, a decrease of $1.9 billion over the 

comparable quarter of fiscal year 2012. Net State taxes 

deposited in the U.S. Treasury decreased by $1.9 billion to 

$25.5 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.1 billion to $3.2 billion. 
FEDERAL FISCAL OPERATIONS 

September 2013 

11

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

third quarter of fiscal year 2013. This was a negligible 

change from the comparable quarter of fiscal year 2012. 

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2013 were $20.5 billion, a decrease of 

$0.4 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.0 billion, an 

increase of $0.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $8.5 billion for the third quarter of fiscal year 2013. 

These receipts represent an increase of $4.1 billion over the 

same quarter in fiscal year 2012. 

Customs duties—Customs duties net of refunds were 

$7.5 billion for the third quarter of fiscal year 2013. This is 

an increase of $0.1 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of fiscal year 2013 were $26.2 billion, a 

decrease of $3.8 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $3.7 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”] 

 Third quarter 

 April - June 

 Actual fiscal 

 year to date 2013 

Total on- and off-budget results: 

Total receipts ............................................................... 890,532 2,087,144

On-budget receipts .................................................. 692,707 1,581,669

Off-budget receipts .................................................. 197,825 505,474

Total outlays................................................................. 799,874 2,596,969

On-budget outlays.................................................... 656,804 2,158,399

Off-budget outlays.................................................... 143,070 438,570

Total surplus or deficit (-)............................................. 90,658 -509,826

On-budget surplus or deficit (-)................................ 35,903 -576,730

Off-budget surplus or deficit (-)................................ 54,756 66,905

Means of financing: 

Borrowing from the public ............................................ -17,257 633,003

Reduction of operating cash........................................ -55,706 -49,412

Other means ................................................................ -17,695 -73,766

Total on- and off-budget financing........................... -90,658 509,826

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2013 

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

Source April May June 

Individual income taxes...................................................... 240.2 78.4 118.3

Corporate income taxes..................................................... 36.1 6.3 63.0

Employment and general retirement.................................. 97.2 73.8 85.2

Unemployment insurance .................................................. 9.8 18.2 0.5

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

Excise taxes ....................................................................... 6.9 6.9 6.7

Estate and gift taxes .......................................................... 5.9 1.3 1.2

Customs duties .................................................................. 2.5 2.4 2.6

Miscellaneous receipts ....................................................... 7.8 9.5 8.9

Total budget receipts ..................................................... 406.7 197.2 286.6

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

September 2013 

12 
FEDERAL FISCAL OPERATIONS 

September 2013 

13

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

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

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

2010 ............................ 2,161,728 1,530,040 631,688 3,455,931 2,901,248 554,683 -1,294,204 -1,371,208 77,004 1,652,342

2011 ............................ 2,302,495 1,736,709 565,787 3,598,086 3,099,477 498,609 -1,295,591 -1,362,769 67,179 1,234,576

2012 ............................ 2,449,092 1,879,592 569,500 3,538,447 3,030,856 507,589 -1,089,353 -1,151,263 61,913 1,286,476 2013 - Est.................... 2,776,563 2,102,420 674,143 3,535,881 2,899,631 636,250 -759,318 -797,211 37,893 1,026,015

2014 - Est.................... 3,023,004 2,283,787 739,217 3,773,373 3,068,252 705,121 -750,369 -784,465 34,096 1,004,520 2012 - June ................. 260,177 205,262 54,916 319,919 317,698 2,221 -59,741 -112,436 52,695 86,220

July .................. 184,585 141,402 43,183 254,190 205,566 48,624 -69,604 -64,163 -5,441 79,736

Aug .................. 178,860 134,871 43,989 369,393 286,947 82,446 -190,533 -152,076 -38,457 83,090

Sept................. 261,566 213,401 48,165 186,546 157,539 29,007 75,020 55,861 19,159 51,297

Oct................... 184,316 144,166 40,150 304,311 255,939 48,372 -119,995 -111,774 -8,222 195,246

Nov .................. 161,730 118,560 43,169 333,841 278,997 54,844 -172,112 -160,437 -11,675 109,271

Dec .................. 269,508 230,049 39,459 270,699 267,740 2,959 -1,191 -37,691 36,500 63,743

2013 - Jan ................... 272,225 207,810 64,415 269,342 212,018 57,324 2,883 -4,208 7,091 1,215

Feb .................. 122,815 67,807 55,008 326,354 260,700 65,653 -203,539 -192,894 -10,645 253,395

Mar .................. 186,018 120,570 65,448 292,548 226,200 66,348 -106,530 -105,630 -900 85,043

Apr................... 406,723 332,553 74,170 293,833 236,743 57,091 112,889 95,810 17,079 59,272

May.................. 197,182 139,762 57,420 335,914 269,499 66,415 -138,732 -129,737 -8,995 -90,096

June................. 286,627 220,392 66,235 170,126 150,562 19,564 116,501 69,830 46,672 -3,629 Fiscal year 2013 to date ... 2,087,144 1,581,669 505,474 2,596,968 2,158,398 438,570 -509,826 -576,731 66,905 673,460

Means of financing—net transactions, con.

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

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

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) 

 

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

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

2010 ...................................... 771 179,044 1,474,069 34,567 -535 -538 -531 -147,277 -375 1,293,454

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 - 1,295,591

2012 ...................................... -589 133,641 1,152,249 27,356 -643 5,955 819 -29,408 - 1,089,353 2013 - Est.............................. 536 94,832 931,719 24,554 * * * -147,847 * 759,318

2014 - Est.............................. 962 131,799 873,683 -20,000 * * * -143,314 * 750,369 2012 - June ........................... -25 47,795 38,400 -20,949 261 171 431 1,254 - 59,741

July............................ -27 -1,193 80,903 -935 -330 -24 173 -12,415 - 69,604

Aug............................ -346 -68,003 150,747 -60,364 499 952 126 -19,001 - 190,533

Sept........................... 298 53,472 -1,878 55,325 723 442 -57 -16,709 - -75,020

Oct............................. 394 53,304 142,335 14,520 -58 -53 -413 -8,344 - 119,995

Nov............................ -309 -33,255 142,218 -51,019 -200 391 -6 -20,940 - 172,112

Dec............................ 399 34,804 29,338 43,774 76 39 -527 15,215 - 1,191

2013 - Jan ............................. 98 22,252 -20,938 27,527 158 -151 111 45,700 - -2,883

Feb ............................ -219 -8,776 261,952 -38,497 -945 -304 -573 -98,732 - 203,539

Mar............................ -133 -10,445 95,355 -2,599 -560 -334 -825 6,857 - 106,530

Apr............................. 46 31,419 27,899 134,711 351 -133 57 -5,802 - -112,889

May ........................... 97 -43,736 -46,263 -179,182 -360 -128 -1,346 3,979 - 138,732

June .......................... 193 -4,543 1,107 100,176 186 248 618 -16,615 235 -116,501 

Fiscal year 2013 to date ............. 566 41,024 633,003 49,411 -1,352 -425 -2,904 -78,682 235 509,826 

 

Note.—These estimates are based on the mid-session review of the President’s Budget for 

Fiscal Year 2014, released by the Office of Management and Budget on July 8, 2013. 

* Less than $500,000. 

- No transactions. 

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

September 2013 

14 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

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

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

2010 .................. 880,361 278,223 260,035 898,549 279,880 88,443 191,437 1,089,986 813,505 1,749 811,756

2011 .................. 990,952 338,348 237,827 1,091,473 243,492 62,407 181,085 1,272,559 756,371 2,094 754,276

2012 .................. 1,018,104 352,355 238,251 1,132,207 281,841 39,552 242,290 1,374,497 772,948 2,305 770,643 2013 - Est.......... 1,309,683 - - 1,309,683 278,684 - 278,684 1,588,367 883,936 - 883,936

2014 - Est.......... 1,395,844 - - 1,395,844 333,444 - 333,444 1,729,288 963,310 - 963,310 2012 - June ....... 70,886 43,322 5,018 109,189 58,278 1,403 56,875 166,064 73,810 - 73,810

July ........ 85,277 5,639 3,215 87,701 8,789 2,278 6,511 94,212 57,857 - 57,857

Aug ........ 85,269 5,590 3,612 87,247 5,469 1,637 3,832 91,079 59,010 - 59,010

Sept....... 70,012 49,664 2,889 116,787 58,355 2,338 56,017 172,804 68,716 2,305 66,411

Oct......... 95,293 15,155 8,409 102,039 9,014 7,395 1,619 103,658 55,475 - 55,475

Nov ........ 78,982 4,534 8,489 75,027 4,688 1,469 3,219 78,246 59,835 - 59,835

Dec ........ 128,078 9,657 2,404 135,331 60,877 3,207 57,670 193,001 55,597 - 55,597

2013 - Jan ......... 93,832 62,262 127 155,967 10,206 2,454 7,752 163,719 83,981 - 83,981

Feb ........ 92,779 5,757 66,309 32,227 5,382 4,209 1,173 33,400 70,117 - 70,117

Mar ........ 103,809 9,181 58,363 54,627 33,842 4,988 28,854 83,481 83,033 - 83,033

Apr......... 85,958 209,034 54,788 240,204 41,035 4,951 36,083 276,287 96,756 - 96,756

May........ 88,094 6,436 16,090 78,439 8,586 2,324 6,262 84,701 73,300 - 73,300

June....... 72,874 50,482 5,050 118,306 64,768 1,809 62,959 181,265 85,293 - 85,293 Fiscal year 2013 

to date ................ 839,699 372,498 220,029 992,167 238,398 32,806 205,591 1,197,758 663,387 - 663,387

 

Fiscal year 

or month 

Social insurance and retirement receipts, con.

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

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un-

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

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

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

2010 ............................ 4,141 1 4,140 815,896 44,922 99 44,823 4,042 35 4,076

2011 ............................ 4,240 2 4,238 758,515 56,335 95 56,241 4,021 30 4,051

2012 ............................ 4,289 6 4,283 774,926 66,747 99 66,647 3,712 30 3,739 2013 - Est.................... 5,024 - 5,024 888,960 58,593 - 58,593 3,727 19 3,746

2014 - Est.................... 5,172 - 5,172 968,482 57,191 - 57,191 4,516 17 4,533 2012 - June ................. -121 * -121 73,689 1,356 15 1,341 287 2 289

July.................. 422 1 421 58,278 9,112 13 9,099 282 2 284

Aug.................. 578 * 578 59,588 6,459 11 6,448 350 3 353

Sept................. 358 * 358 66,770 513 10 502 288 2 290

Oct................... 570 * 570 56,045 2,771 4 2,767 294 2 296

Nov.................. 339 * 339 60,174 4,818 5 4,813 328 2 330

Dec.................. 387 58 329 55,925 649 4 645 289 3 292

2013 - Jan ................... 463 * 463 84,444 5,050 2 5,048 277 2 279

Feb.................. 569 4 565 70,683 3,598 1 3,596 271 2 273

Mar.................. 498 * 498 83,530 698 18 680 330 2 332

Apr................... 455 * 455 97,211 9,863 47 9,817 279 2 281

May ................. 484 1 483 73,783 18,255 16 18,240 312 2 314

June ................ -131 * -131 85,163 542 10 532 275 2 277 Fiscal year 2013 to date... 3,634 63 3,571 666,958 46,244 107 46,138 2,655 19 2,674

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

September 2013 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

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

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

2010 ....................... 66,909 19,751 866 18,885 26,266 969 25,298 75,845 20,010 95,855 1,530,040 631,688

2011 ....................... 72,381 9,079 1,680 7,399 30,697 1,178 29,519 82,546 19,284 101,831 1,736,708 565,787

2012 ....................... 79,062 14,451 477 13,971 32,079 1,774 30,306 81,955 23,991 105,943 1,879,592 569,500 2013 - Est............... 85,334 17,690 - 17,690 32,154 - 32,154 78,000 23,719 101,719 2,102,420 674,143

2014 - Est............... 105,169 15,243 - 15,243 36,481 - 36,481 83,000 23,617 106,617 2,283,787 739,217 2012 - June ............ 7,235 912 52 860 2,589 92 2,497 6,857 1,346 8,202 205,262 54,916

July............. 7,063 1,071 60 1,011 3,041 127 2,913 6,386 5,339 11,725 141,402 43,183

Aug............. 6,645 1,545 38 1,506 2,884 104 2,780 8,863 1,596 10,460 134,871 43,989

Sept............ 9,641 997 50 947 2,814 77 2,737 6,697 1,178 7,874 213,401 48,165

Oct.............. 6,662 1,186 43 1,143 3,059 120 2,940 8,229 2,576 10,804 144,166 40,150

Nov............. 6,848 991 98 893 2,774 110 2,664 6,460 1,304 7,762 118,561 43,169

Dec............. 6,559 1,215 37 1,178 2,576 116 2,460 7,119 2,328 9,447 230,049 39,459

2013 - Jan .............. 6,352 1,162 32 1,130 2,873 74 2,799 5,650 2,802 8,453 207,810 64,415

Feb ............. 5,051 1,107 80 1,027 2,408 124 2,284 3,845 2,656 6,501 67,807 55,008

Mar............. 7,362 1,194 67 1,126 2,608 82 2,526 5,080 1,899 6,980 120,570 65,448

Apr.............. 6,922 6,206 317 5,888 2,643 148 2,495 5,815 2,007 7,822 332,553 74,170

May ............ 6,893 1,385 53 1,333 2,493 93 2,400 7,211 2,308 9,518 139,762 57,420

June ........... 6,719 1,271 38 1,233 2,667 104 2,563 7,080 1,795 8,875 220,392 66,235 Fiscal year 2013 to 

date ......................... 59,368 15,717 765 14,951 24,101 971 23,131 56,489 19,675 76,162 1,581,670 505,474 

Note.—These estimates are based on the mid-session review of the President’s Budget for 

Fiscal Year 2014, released by the Office of Management and Budget on July 8, 2013. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

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

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

2010.............................. 864,795 10,632 19 10,613 595 - 595 35,562 569 34,993 27,942 7,234 20,709

2011.............................. 818,807 11,551 18 11,532 623 - 623 36,907 - 36,907 27,510 4,191 23,320

2012.............................. 845,312 12,184 23 12,161 664 - 664 41,159 - 41,159 29,551 4,476 25,076 2013 - Est. .................... 951,299 12,670 - 12,670 587 - 587 37,596 - 37,596 34,481 - 34,481

2014 - Est ..................... 1,030,206 14,020 - 14,020 587 - 587 37,637 - 37,637 52,925 - 52,925 2012 - June................... 75,319 1,139 - 1,139 50 - 50 2,143 - 2,143 4,075 172 3,904

July.................... 67,661 1,147 - 1,147 53 - 53 3,321 - 3,321 2,687 146 2,541

Aug.................... 66,389 912 8 904 31 - 31 3,188 - 3,188 3,357 835 2,522

Sept................... 67,562 1,004 3 1,001 104 - 104 6,549 - 6,549 2,462 475 1,987

Oct .................... 59,108 116 - 116 7 - 7 438 - 438 6,357 257 6,100

Nov.................... 65,317 1,298 - 1,298 68 - 68 4,096 - 4,096 1,481 96 1,385

Dec.................... 56,862 1,129 - 1,129 59 - 59 3,560 - 3,560 1,845 34 1,811

2013 - Jan..................... 89,771 1,049 - 1,049 55 - 55 3,305 - 3,305 1,998 55 1,943

Feb.................... 74,552 1,084 - 1,084 53 - 53 3,156 - 3,156 875 117 758

Mar.................... 84,542 1,345 7 1,338 24 - 24 2,306 - 2,306 4,221 527 3,694

Apr .................... 107,309 1,089 - 1,089 53 - 53 3,161 - 3,161 2,780 161 2,619

May ................... 92,337 1,105 - 1,105 45 - 45 3,190 - 3,190 2,732 179 2,553

June .................. 85,972 664 3 661 3 - 3 1,531 - 1,531 5,169 645 4,525 Fiscal year 2013 to date..... 715,770 8,879 10 8,869 367 - 367 24,743 - 24,743 27,458 2,071 25,388 
FEDERAL FISCAL OPERATIONS 

September 2013 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

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

2009 ....................... 4,703 6,643 114,436 10,720 636,772 53,387 23,684 796,266 51,720 61,018 11,778 27,713 138,156

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,775 854,060 44,455 60,143 13,163 29,558 173,053

2011 ....................... 4,583 7,295 139,394 9,930 678,077 64,271 31,371 891,245 45,744 57,008 13,529 30,518 131,973

2012 ....................... 4,438 7,228 139,712 10,267 650,869 57,248 32,485 848,055 47,423 49,591 12,886 31,161 104,742

 2013 - Est............... 4,792 7,283 159,620 9,391 610,266 44,431 25,977 903,970 58,377 56,518 9,964 29,897 86,163

2014 - Est............... 4,894 7,621 149,080 9,327 585,950 74,352 29,426 962,354 53,666 40,283 13,065 35,515 81,066 2012 - June ............ 375 588 10,678 759 56,341 -3,130 2,688 93,722 3,744 3,771 1,337 2,473 8,032

July ............. 348 595 10,077 792 49,282 6,354 2,467 54,413 3,576 791 1,016 1,628 8,292

Aug ............. 337 761 9,728 724 61,545 7,574 2,279 92,829 4,134 12,825 963 2,521 8,136

Sept ............ 340 578 9,904 758 49,694 4,072 2,849 54,585 3,491 2,784 1,495 2,934 6,428

Oct.............. 442 573 21,437 961 62,549 3,853 2,506 76,312 4,858 2,756 910 3,569 5,493

Nov ............. 371 623 14,685 786 53,784 5,722 2,240 90,318 5,352 2,763 -892 2,485 7,651

Dec ............. 354 563 16,363 811 50,140 6,054 2,451 55,528 5,613 3,006 913 1,431 7,647

2013 - Jan .............. 380 563 15,537 736 50,885 -1,032 1,964 72,350 5,866 2,530 851 2,615 8,936

Feb ............. 328 545 11,811 688 43,625 7,971 2,055 70,377 5,146 2,749 789 2,450 6,516

Mar ............. 338 738 11,049 545 53,615 7,180 967 72,497 5,532 2,761 879 2,492 7,287

Apr.............. 399 542 11,756 927 46,514 81 1,949 75,319 4,519 2,412 940 2,486 7,703

May............. 363 616 11,747 705 54,277 6,465 2,319 93,732 4,321 2,363 726 2,899 6,020

June............ 310 501 10,443 802 42,282 -9,296 2,577 53,035 3,812 1,828 1,552 1,700 5,955 ` Fiscal year 2013 to 

date ......................... 3,285 5,264 124,828 6,961 457,671 26,998 19,028 659,468 45,019 23,168 6,668 22,127 63,208 

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) 

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

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

2010 ....................... 23,804 77,751 413,955 30,385 108,275 9,875 54,031 11,007 583 861 20,040

2011 ....................... 24,334 77,302 454,015 82,720 126,917 10,138 54,775 10,770 484 1,889 20,601

2012 ....................... 26,948 75,148 359,240 105,456 124,127 7,777 77,316 12,794 405 1,754 20,060 2013 - Est............... 29,536 78,505 414,655 -10,700 138,901 7,180 56,453 9,158 384 -124 21,630

2014 - Est............... 30,412 86,422 419,797 93,387 149,501 7,059 57,722 8,403 408 -508 26,375 2012 - June ............ 2,032 6,801 103,887 -563 14,592 581 8,783 878 32 64 2,220

July............. 2,934 6,636 -52,817 3,945 5,646 631 26,798 874 30 148 1,372

Aug............. 1,628 5,782 20,045 3,550 16,750 607 8,967 3,318 45 457 306

Sept............ 3,724 8,203 16,700 -30,129 5,928 554 1,202 955 32 120 1

Oct.............. 1,893 7,489 12,923 4,787 11,396 645 5,329 900 26 -25 1,207

Nov............. 2,996 5,793 25,069 6,800 15,812 777 8,546 781 30 -146 2,082

Dec............. 2,186 6,708 95,737 -2,065 10,628 672 5,254 835 31 63 1,624

2013 - Jan .............. 1,723 5,091 17,817 3,101 6,344 537 1,523 891 29 -60 -12

Feb ............. 1,757 4,787 16,882 52,350 10,719 422 5,208 951 32 -119 2,081

Mar............. 1,824 5,089 23,472 -742 12,332 424 4,759 817 37 142 2,313

Apr.............. 1,836 5,574 35,952 10,836 11,335 471 2,338 748 34 -191 845

May ............ 1,874 5,998 24,378 6,774 16,631 499 8,833 685 34 219 2,473

June ........... 1,615 6,460 93,032 -63,386 7,150 437 1,153 604 28 -103 3,150 Fiscal year 2013 to 

date ......................... 17,704 52,989 345,262 18,455 102,347 4,884 42,943 7,212 281 -220 15,763

 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

September 2013 

17

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

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

Undistributed offsetting receipts 

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) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

 

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

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

2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,094 -77,036 -185,764 -4,883 -197 2,901,248 554,684

2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609

2012 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589

 

2013 - Est.......... 16,802 7,293 89,465 893 868,958 37,506 -85,631 -155,978 -7,350 11,696 2,899,631 636,250

2014 - Est.......... 17,992 7,798 95,862 1,134 912,719 18,237 -84,706 -150,649 -7,516 36,925 3,068,252 705,121

 

2012 - June ....... 1,468 668 6,168 83 78,205 -409 -5,661 -81,137 -153 - 317,698 2,221

July........ 1,995 698 7,078 89 65,384 1,704 -5,439 47,928 -1,076 - 205,566 48,624

Aug........ 1,477 815 6,326 107 100,439 3,189 -5,650 -770 -396 -1,956 286,947 82,446

Sept....... 1,659 631 7,310 87 39,304 3,206 -5,750 422 -484 -7,040 157,539 29,007

Oct......... 1,334 650 7,520 95 69,659 3,430 -20,646 11,141 -1,661 - 255,939 48,372

Nov........ 1,397 594 6,837 93 73,919 4,210 -5,620 -1,422 -592 - 278,998 54,844

Dec........ 1,846 669 6,390 101 71,118 2,039 -5,178 -75,680 -567 -2,588 267,740 2,959

2013 - Jan ......... 980 370 7,416 123 67,180 1,941 -5,336 -1,930 -567 - 212,018 57,324

Feb ........ 1,281 607 6,886 98 71,911 1,528 -5,290 -166 -621 - 260,700 65,653

Mar........ 1,455 593 6,537 117 72,501 2,006 -5,765 -1,138 -104 - 226,200 66,348

Apr......... 1,172 402 7,535 -687 71,743 1,090 -5,440 -6,231 -1,075 - 236,743 57,091

May ....... 1,580 598 6,799 115 77,140 2,653 -5,781 -1,537 -604 - 269,499 66,415

June ...... 1,278 674 6,377 106 72,962 3,386 -5,402 -74,458 -437 - 150,562 19,564

 

Fiscal year 2013 

to date................ 12,323 5,157 62,297 161 648,133 22,283 -64,458 -151,421 -6,228 -2,588 2,158,399 438,570 

Note.—These estimates are based on the mid-session review of the President’s Budget for 

Fiscal Year 2014, released by the Office of Management and Budget on July 8, 2013. 

* Less than $500,000. 

- No transactions. 

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

September 2013 

18 

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

June 2013 and Other Periods 

[In millions of dollars. Source: Bureau of the Fiscal 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............................................... 992,134 34 - 992,168 840,435 36 - 840,471

Corporation income taxes........................................... 205,591 - - 205,591 175,929 - - 175,929

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 505,474 505,474 - - 434,163 434,163

Employment and general retirement (on-budget)... - - 161,483 161,483 - - 156,127 156,127

Unemployment insurance ....................................... - - 46,137 46,137 - - 50,598 50,598

Other retirement...................................................... - - 2,674 2,674 - - 2,813 2,813

Excise taxes ................................................................ 22,267 883 36,219 59,369 14,868 744 40,101 55,713

Estate and gift taxes ................................................... 14,953 - - 14,953 10,508 - - 10,508

Customs duties ........................................................... 15,009 6,927 1,195 23,131 13,944 6,722 1,209 21,876

Miscellaneous receipts................................................ 60,756 13,087 2,319 76,162 62,160 13,051 674 75,884

Total receipts....................................................... 1,310,710 20,931 755,502 2,087,143 1,117,844 20,553 685,685 1,824,082

(On-budget)..................................................... 1,310,710 20,931 250,028 1,581,669 1,117,844 20,553 251,521 1,389,918

(Off-budget)..................................................... - - 505,474 505,474 - - 434,163 434,163

 

Budget outlays: 

Legislative branch ....................................................... 3,245 24 17 3,286 3,464 -47 -5 3,412

Judicial branch ............................................................ 5,029 296 -63 5,262 5,069 283 -58 5,294

Department of Agriculture ........................................... 99,602 24,692 532 124,826 98,272 11,037 697 110,005

Department of Commerce........................................... 6,699 258 4 6,961 7,614 383 -1 7,996

Department of Defense-military .................................. 455,203 2,276 192 457,671 487,791 2,430 127 490,348

Department of Education ............................................ 26,842 156 * 26,998 38,616 632 * 39,248

Department of Energy................................................. 20,554 -1,528 * 19,026 26,367 -1,478 * 24,889

Department of Health and Human Services ............... 470,775 -322 189,015 659,468 460,272 -363 186,320 646,229

Department of Homeland Security.............................. 39,942 4,909 167 45,018 37,580 -1,676 318 36,222

Department of Housing and Urban Development....... 23,420 -255 2 23,167 33,457 -267 1 33,191

Department of the Interior........................................... 8,107 -1,819 381 6,669 9,056 7 352 9,414

Department of Justice ................................................. 20,688 1,473 -32 22,129 21,307 2,784 -14 24,077

Department of Labor................................................... 38,827 -434 24,816 63,208 55,841 65 25,981 81,887

Department of State.................................................... 17,160 21 522 17,703 18,482 -320 499 18,661

Department of Transportation..................................... 16,511 -138 36,619 52,992 11,811 -269 42,985 54,527

Department of the Treasury: 

Interest on the public debt....................................... 345,261 -. - 345,261 375,312 - - 375,312

Other ....................................................................... 18,319 -166 302 18,455 127,490 504 97 128,091

Department of Veterans Affairs .................................. 103,759 -2,126 716 102,348 97,016 -1,950 736 95,802

Corps of Engineers ..................................................... 4,743 119 20 4,882 5,056 190 739 5,985

Other defense civil programs...................................... 73,988 -4,246 -26,798 42,945 71,580 -6,285 -24,948 40,348

Environmental Protection Agency............................... 7,301 -44 -45 7,212 7,644 -59 64 7,649

Executive Office of the President................................ 281 * - 281 297 * - 297

General Services Administration ................................ 22 -242 - -221 -49 1,078 - 1,029

International Assistance Program............................... 16,868 -428 -681 15,759 18,680 -579 280 18,381

National Aeronautics and Space Administration ........ 12,360 -40 1 12,321 12,163 -105 1 12,059

National Science Foundation...................................... 5,077 71 9 5,157 5,025 90 -3 5,112

Office of Personnel Management ............................... 8,242 -1,387 55,442 62,297 8,107 -1,734 52,370 58,742

Small Business Administration ................................... 180 -16 * 164 2,668 -15 * 2,652

Social Security Administration .................................... 89,712 * 558,419 648,131 144,947 -13 471,084 616,018

Other independent agencies....................................... 8,213 13,109 964 22,286 9,080 13,559 3,268 25,907

Undistributed offsetting receipts: 

Interest .................................................................... - - -151,421 -151,421 - - -174,722 -174,722

Other ....................................................................... -8,816 -8,529 -55,930 -73,275 -8,646 -11,145 -55,954 -75,745

Total outlays........................................................ 1,938,114 25,684 633,170 2,596,968 2,191,368 6,736 530,213 2,728,317

(On-budget)..................................................... 1,937,859 28,363 192,727 2,158,399 2,191,112 6,754 182,938 2,380,804

(Off-budget)..................................................... 255 -2,679 440,442 438,569 256 -17 347,275 347,513

Surplus or deficit (-)............................................. -627,405 -4,754 122,333 -509,826 -1,073,524 13,817 155,472 -904,236

(On-budget)..................................................... -627,149 -7,432 57,301 -576,730 -1,073,268 13,800 68,583 -990,886

(Off-budget)..................................................... -255 2,679 65,032 66,905 -256 17 86,889 86,650

* Less than $500,000. 

- No transactions. 

Note.—Detail may not add to totals due to rounding. 
September 2013 

19

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, the Bureau of the Fiscal 

Service, and various electronic systems. As the FRB 

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

thousands of tax and loan accounts at financial institutions 

throughout the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 1

[In millions of dollars. Source: Bureau of the Fiscal Service] 

 Credits and withdrawals

 Federal Reserve accounts

 Credits 2 Tax and loan note accounts

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

2010 ................................................ 11,016,385 556,403 11,538,208 1,362,591 1,362,604 

2011 ................................................ 10,508,615 592,338 11,352,518 1,366,003 1,366,181 

2012 ................................................ 9,656,367 1,357,452 10,984,657 700,687 702,492 

 2012 - June..................................... 591,720 197,986 810,655 - -

July ...................................... 737,555 151,800 890,289 - -

Aug ...................................... 871,456 148,361 1,080,181 - -

Sept..................................... 682,488 194,354 821,517 - -

Oct....................................... 787,462 160,834 933,776 - -

Nov ...................................... 842,137 142,178 1,035,334 - -

Dec ...................................... 746,167 245,049 947,442 - -

2013 - Jan....................................... 811,055 185,580 969,109 - -

Feb ...................................... 787,139 166,969 992,604 - -

Mar ...................................... 667,629 218,342 888,570 - -

Apr....................................... 1,018,049 238,276 1,121,614 - -

May...................................... 767,537 167,350 1,114,069 - -

June..................................... 653,891 217,151 770,866 - -

 

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

September 2013 

20 

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

and Tax and Loan Note Account Balances, con. 1

[In millions of dollars. Source: Bureau of the Fiscal Service] 

Balances

 During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

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

2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 

2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 

2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 

2012 ....................... 85,446 - - 166,619 - - 13,680 - - 64,904 - -

 

2012 - June............ 91,419 - - 139,880 - - 36,248 - - 86,946 - -

July ............. 90,485 - - 124,415 - - 29,308 - - 65,083 - -

Aug ............. 30,121 - - 58,993 - - 13,680 - - 29,339 - -

Sept............ 85,446 - - 85,446 - - 26,561 - - 58,635 - -

Oct.............. 99,966 - - 99,966 - - 43,543 - - 62,963 - -

Nov ............. 48,947 - - 48,947 - - 15,639 - - 30,286 - -

Dec ............. 92,720 - - 92,720 - - 19,121 - - 49,448 - -

2013 - Jan.............. 120,247 - - 120,247 - - 42,637 - - 67,626 - -

Feb ............. 81,750 - - 81,750 - - 14,411 - - 40,394 - -

Mar ............. 79,152 - - 90,815 - - 22,220 - - 56,669 - -

Apr.............. 213,863 - - 213,863 - - 52,487 - - 101,126 - -

May............. 34,681 - - 184,624 - - 11,950 - - 71,117 - -

June............ 134,858 - - 134,858 - - 11,476 - - 72,062 - -

 

 1 This report does not include Supplementary Financing Program (SFP) balances.

2

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

other than Government account series, and taxes. 

3

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

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

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

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

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

and employees under the Federal Insurance Contributions Act beginning January 1950 

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

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

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

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
September 2013 

21

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service 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 nonmarketabletes 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 

September 2013

22 

TABLE FD-1.—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

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) 

 

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

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202

2010............................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971

2011............................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

2012............................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

 

2012 - June.................... 15,879,511 15,855,037 24,474 4,806,826 4,806,820 6 11,072,685 11,048,217 24,468

July..................... 15,957,681 15,933,234 24,447 4,806,602 4,806,596 6 11,151,079 11,126,638 24,441

Aug..................... 16,039,870 16,015,769 24,101 4,738,468 4,738,462 6 11,301,402 11,277,307 24,095

Sept.................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

Oct ..................... 16,286,263 16,261,470 24,793 4,845,056 4,845,052 5 11,441,207 11,416,418 24,788

Nov..................... 16,394,033 16,369,548 24,485 4,811,469 4,811,464 5 11,582,564 11,558,084 24,480

Dec..................... 16,457,613 16,432,729 24,884 4,846,174 4,846,169 5 11,611,439 11,586,560 24,879

2013 - Jan...................... 16,458,774 16,433,792 24,982 4,868,335 4,868,329 5 11,590,439 11,565,463 24,977

Feb..................... 16,712,052 16,687,289 24,763 4,859,474 4,859,468 5 11,852,578 11,827,821 24,758

Mar..................... 16,796,009 16,771,378 24,631 4,848,930 4,848,924 5 11,947,079 11,922,454 24,626

Apr ..................... 16,853,522 16,828,845 24,677 4,880,244 4,880,239 5 11,973,278 11,948,606 24,672

May .................... 16,763,595 16,738,821 24,774 4,836,371 4,836,365 5 11,927,224 11,902,456 24,769

June ................... 16,763,286 16,738,319 24,967 4,831,752 4,831,746 5 11,931,534 11,906,573 24,962 

 

End of fiscal 

year or month 

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

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) 

 

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

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987

2010 ............................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764

2011 ............................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

2012 ............................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

 

2012 - June .................... 15,879,511 45,447 15,834,064 4,806,826 22,843 4,783,983 11,072,685 22,604 11,050,081

July..................... 15,957,680 43,908 15,913,773 4,806,602 23,813 4,782,789 11,151,078 20,095 11,130,983

Aug..................... 16,039,870 43,354 15,996,517 4,738,468 23,681 4,714,787 11,301,402 19,673 11,281,730

Sept.................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

Oct...................... 16,286,263 42,512 16,243,751 4,845,056 23,494 4,821,563 11,441,207 19,018 11,422,189

Nov..................... 16,394,033 41,319 16,352,714 4,811,469 23,162 4,788,307 11,582,564 18,157 11,564,407

Dec..................... 16,457,613 40,757 16,416,857 4,846,174 23,062 4,823,112 11,611,439 17,695 11,593,745

2013 - Jan ...................... 16,458,774 40,603 16,418,170 4,868,335 22,971 4,845,364 11,590,439 17,632 11,572,806

Feb ..................... 16,712,052 40,705 16,671,347 4,859,474 22,886 4,836,588 11,852,578 17,819 11,834,759

Mar..................... 16,796,009 39,752 16,756,257 4,848,930 22,787 4,826,143 11,947,079 16,965 11,930,114

Apr...................... 16,853,522 37,947 16,815,575 4,880,244 22,682 4,857,562 11,973,278 15,265 11,958,013

May .................... 16,763,595 38,019 16,725,576 4,836,371 22,544 4,813,826 11,927,224 15,475 11,911,750

June ................... 16,763,286 41,147 16,722,139 4,831,752 22,469 4,809,283 11,931,534 18,678 11,912,856

 
FEDERAL DEBT 

September 2013 

23

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

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

2009 .................................... 192,452 - 4,886 118,636 216,488 29,995 1,466

2010 .................................... 188,796 - 4,186 129,355 193,208 29,995 1,340

2011 .................................... 185,187 - 2,986 151,346 151,831 29,995 1,386

2012 .................................... 183,661 - 2,986 162,880 158,514 29,995 1,380

 

2012 - June ......................... 184,433 - 2,986 161,425 162,015 29,995 1,323

July.......................... 184,212 - 2,986 161,378 154,019 29,995 1,330

Aug.......................... 183,850 - 2,986 162,144 154,589 29,995 1,361

Sept......................... 183,661 - 2,986 162,880 158,514 29,995 1,380

Oct........................... 183,489 - 2,986 162,355 163,558 29,995 1,340

Nov.......................... 183,187 - 2,986 163,626 158,866 29,995 1,333

Dec.......................... 182,513 - 2,986 168,647 162,587 29,995 1,306

2013 - Jan ........................... 182,245 - 2,986 90,661 157,729 29,995 1,328

Feb .......................... 182,054 - 2,986 164,095 153,957 29,995 1,346

Mar.......................... 181,783 - 2,986 165,586 157,814 29,995 1,307

Apr........................... 181,559 - 2,986 167,609 163,574 29,995 1,288

May ......................... 181,233 - 2,986 138,165 166,692 29,995 1,315

June ........................ 180,958 - 2,986 155,293 154,875 29,995 1,317

 

TABLE FD-2.—Debt Held by the Public

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

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Marketable

Nonmarketable 

Total 

(7) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

 

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

2009 .................................. 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924

2010 .................................. 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 546,880

2011 .................................. 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 522,731

2012 .................................. 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 539,415

 

2012 - June ....................... 11,044,185 10,502,007 1,594,427 6,957,009 1,152,800 797,772 542,177

July........................ 11,122,282 10,588,362 1,578,693 7,061,335 1,165,650 782,684 533,919

Aug........................ 11,272,626 10,737,701 1,659,984 7,100,325 1,181,748 795,645 534,924

Sept....................... 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 539,415

Oct......................... 11,411,598 10,867,875 1,619,648 7,221,718 1,207,849 818,660 543,723

Nov........................ 11,553,201 11,013,208 1,692,740 7,261,197 1,223,858 835,413 539,992

Dec........................ 11,581,518 11,033,484 1,626,480 7,320,862 1,236,669 849,473 548,034

2013 - Jan ......................... 11,560,176 11,095,232 1,604,981 7,380,028 1,249,625 860,597 464,944

Feb ........................ 11,822,436 11,288,004 1,738,404 7,416,574 1,265,673 867,353 534,432

Mar........................ 11,916,888 11,377,417 1,788,158 7,428,092 1,278,670 882,497 539,471

Apr......................... 11,943,148 11,396,138 1,692,540 7,520,728 1,291,619 891,251 547,011

May ....................... 11,897,151 11,376,764 1,605,043 7,557,102 1,307,774 906,846 520,387

June ...................... 11,901,292 11,375,869 1,568,076 7,574,018 1,320,622 913,153 525,424
FEDERAL DEBT 

September 2013

24 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

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) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

2008 ..................... 2,150,651 3,320 59,090 12,811 9,272 1,605 624 72,432 614,991

2009 ..................... 2,296,316 3,313 61,764 11,484 8,735 4,239 405 19,628 683,808

2010 ..................... 2,399,111 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426

2011 ..................... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

2012 ..................... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

 

2012 - June .......... 2,598,606 3,422 68,407 13,256 7,164 1,057 468 18,199 934,182

July........... 2,596,371 3,424 74,461 12,099 7,083 - 475 18,811 934,325

Aug........... 2,589,714 3,424 71,208 11,929 6,999 - 663 21,564 908,813

Sept.......... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

Oct............ 2,580,771 3,425 68,472 8,047 6,847 1,884 616 18,972 1,004,740

Nov........... 2,572,536 3,425 60,423 13,598 6,771 2,592 697 19,610 998,007

Dec........... 2,610,272 3,425 67,220 13,448 6,858 3,215 432 20,169 998,659

2013 - Jan ............ 2,618,654 3,425 66,158 13,917 6,772 3,976 557 19,097 923,886

Feb ........... 2,611,958 3,425 67,523 13,890 6,690 3,979 597 21,516 995,517

Mar........... 2,613,914 3,425 68,363 12,681 6,605 3,032 592 19,390 997,902

Apr............ 2,630,299 3,425 67,800 13,221 6,506 3,203 630 20,521 1,004,446

May .......... 2,625,157 3,425 60,464 12,317 6,426 3,353 701 33,264 970,298

June ......... 2,672,229 3,425 69,175 9,332 6,500 3,415 515 28,951 985,291

 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

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

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668

2010 .................. 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194

2011 .................. 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

2012 .................. 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

 

2012 - June ....... 4,953,138 9,598 33,130 41,003 22,685 142,587 815,036 235,085 9,253

July........ 4,952,852 9,907 37,083 41,041 22,686 139,145 810,761 234,250 10,930

Aug........ 4,885,472 10,138 36,940 41,230 22,679 130,236 807,144 220,638 2,153

Sept....... 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

Oct......... 4,992,141 10,455 36,165 41,268 22,682 128,039 832,175 224,268 3,315

Nov........ 4,959,905 10,452 36,094 41,125 22,678 124,808 828,546 213,859 4,684

Dec........ 4,999,647 10,329 37,086 41,160 22,679 122,802 815,965 219,979 5,949

2013 - Jan ......... 4,943,694 10,570 36,883 41,176 22,680 120,655 828,595 219,545 7,148

Feb ........ 5,008,104 10,912 36,805 41,460 22,677 117,261 832,316 213,006 8,572

Mar........ 4,998,995 11,525 35,554 41,500 22,678 114,965 828,544 208,549 9,776

Apr......... 5,032,189 12,247 38,374 41,507 22,679 114,848 824,127 217,368 10,988

May ....... 4,958,796 12,112 37,639 41,739 22,673 111,509 800,609 204,701 12,409

June ...... 4,972,693 11,699 31,972 41,781 22,673 111,225 744,014 216,653 13,843

 
FEDERAL DEBT 

September 2013 

25

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

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

2009 ............................ 23,203 33 144 22,834 193 *

2010 ............................ 23,974 29 139 23,627 180 *

2011 ............................ 24,988 29 133 24,660 166 *

2012 ............................ 24,399 19 128 24,103 151 *

 

2012 - June ................. 24,474 29 133 24,154 158 *

July.................. 24,447 29 134 24,126 158 *

Aug.................. 24,101 19 127 23,806 151 *

Sept................. 24,399 19 128 24,103 151 *

Oct................... 24,793 19 128 24,496 151 *

Nov.................. 24,485 19 129 24,186 151 *

Dec.................. 24,884 19 130 24,585 151 *

2013 - Jan ................... 24,982 19 131 24,682 151 *

Feb .................. 24,763 19 124 24,471 151 *

Mar.................. 24,631 19 124 24,345 142 *

Apr................... 24,677 19 125 24,391 142 *

May ................. 24,774 19 126 24,487 142 *

June ................ 24,967 19 127 24,678 142 *

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

September 2013

26 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5

years 

(3) 

5-10

years 

(4) 

 10-20

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length

(months) 

(7) 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49

2009 ............................... 6,228,565 2,604,676 2,074,723 994,688 350,550 203,928 49

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

2012 ............................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

 

2012 - June .................... 8,792,599 2,808,138 3,667,577 1,501,719 285,192 529,973 56

July ..................... 8,950,594 2,818,970 3,790,401 1,528,840 282,782 529,601 56

Aug ..................... 9,102,348 2,934,717 3,855,400 1,507,576 273,162 531,493 55

Sept.................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

Oct...................... 9,228,648 2,906,732 3,997,210 1,516,348 269,465 538,893 55

Nov ..................... 9,361,561 2,992,450 4,051,300 1,513,173 263,682 540,956 54

Dec ..................... 9,373,556 2,932,843 4,124,101 1,516,995 261,723 537,895 54

2013 - Jan ...................... 9,391,764 2,944,052 4,125,151 1,523,751 259,977 538,834 54

Feb ..................... 9,540,293 3,088,899 4,128,157 1,520,833 251,891 550,513 54

Mar ..................... 9,531,585 3,140,173 4,072,625 1,518,590 250,760 549,433 53

Apr...................... 9,566,751 3,054,099 4,146,448 1,566,604 249,491 550,108 54

May..................... 9,501,911 2,978,685 4,137,715 1,583,519 247,762 554,229 54

June.................... 9,394,294 2,952,585 4,066,202 1,566,245 246,724 562,539 55

 

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

September 2013 

27

TABLE FD-6.—Debt Subject to Statutory Limit*

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities

 not subject

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

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

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794

2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

2012 ................................................ 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221

 

2012 - June ..................................... 16,394,000 15,815,885 15,815,875 10 15,855,037 10 39,162

July ...................................... 16,394,000 15,894,576 15,894,576 - 15,933,235 - 38,658

Aug ...................................... 16,394,000 15,976,711 15,976,711 - 16,015,770 - 39,059

Sept..................................... 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221

Oct....................................... 16,394,000 16,222,235 16,222,235 - 16,261,471 - 39,236

Nov ...................................... 16,394,000 16,330,896 16,330,896 - 16,369,549 - 38,654

Dec ...................................... 16,394,000 16,393,975 16,393,975 - 16,432,730 - 38,756

2013 - Jan ....................................... 16,394,000 16,393,975 16,393,975 - 16,433,792 - 39,818

Feb ...................................... - 16,647,907 16,647,907 - 16,687,289 - 39,383

Mar ...................................... - 16,732,270 16,732,270 - 16,771,379 - 39,110

Apr....................................... - 16,790,780 16,790,780 - 16,828,845 - 38,067

May...................................... 25 16,699,396 16,699,396 - 16,738,822 - 39,427

June..................................... 25 16,699,396 16,699,396 - 16,738,320 - 38,925

 

 1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

September 2013

28 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

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) 

 

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456

2009 ................................................ 747,566 11,617 26,074 16,675 481 778

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160

2011 ................................................ 937,923 9,349 24,883 19,438 523 1,163

2012 ................................................ 979,021 9,009 24,759 20,523 495 1,001

 

2012 - June ..................................... 982,523 9,130 26,736 20,678 530 1,163

July...................................... 988,389 9,153 26,736 20,678 531 1,163

Aug...................................... 971,499 8,855 24,686 20,486 493 1,011

Sept..................................... 979,021 9,009 24,759 20,523 495 1,001

Oct....................................... 1,076,815 15,791 24,935 20,669 501 1,001

Nov...................................... 1,068,378 17,748 25,058 20,795 506 1,001

Dec...................................... 1,070,328 19,641 25,228 20,970 509 1,001

2013 - Jan ....................................... 1,071,958 12,150 25,360 21,107 515 1,001

Feb ...................................... 1,081,368 12,040 25,707 21,373 519 1,001

Mar...................................... 1,085,168 11,961 25,985 21,590 523 1,001

Apr....................................... 1,079,533 11,584 25,048 21,462 506 1,001

May ..................................... 1,086,192 11,079 25,162 21,318 508 1,001

June .................................... 1,138,206 11,080 25,336 21,430 510 1,001

 

 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) 

 

2008 ................................................ 128,331 2,186 4,832 - 21,957

2009 ................................................ 234,918 2,130 4,420 5 47,107

2010 ................................................ 373,717 2,513 4,749 21 46,809

2011 ................................................ 546,321 2,943 6,032 58 45,257

2012 ................................................ 714,368 3,421 11,527 40 57,134

 

2012 - June..................................... 711,020 3,543 6,032 40 52,558

July...................................... 715,687 3,478 6,032 40 53,240

Aug...................................... 710,868 3,485 6,032 40 55,039

Sept..................................... 714,368 3,421 11,527 40 57,134

Oct ...................................... 801,112 3,386 11,527 40 57,588

Nov...................................... 801,112 3,506 11,527 40 58,291

Dec...................................... 799,329 3,506 11,527 40 58,790

2013 - Jan....................................... 803,837 3,615 11,527 70 59,102

Feb...................................... 808,681 3,648 11,527 70 59,779

Mar...................................... 808,681 3,701 11,527 68 60,442

Apr ...................................... 820,528 3,769 11,527 68 60,787

May ..................................... 826,789 3,817 11,527 68 61,214

June .................................... 880,835 3,890 11,527 68 61,647

 
FEDERAL DEBT 

September 2013 

29

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2008 ...................................... 2,929 3,096 9,463 28,793

2009 ...................................... 3,805 3,359 10,873 385,323

2010 ...................................... 7,254 3,481 11,752 374,997

2011 ...................................... 8,279 3,484 11,190 259,006

2012 ...................................... 11,301 3,402 7,920 114,117

 

2012 - June ........................... 12,220 2,404 8,205 128,264

July............................ 12,312 2,755 8,205 128,379

Aug............................ 12,476 3,053 7,920 117,052

Sept........................... 11,301 3,402 7,920 114,117

Oct............................. 11,955 3,753 7,920 116,632

Nov............................ 12,872 4,051 8,073 103,796

Dec............................ 13,495 4,400 8,073 103,816

2013 - Jan ............................. 13,818 4,742 9,081 106,032

Feb ............................ 13,953 5,010 9,081 108,978

Mar............................ 14,964 5,354 9,081 110,288

Apr............................. 15,788 5,699 8,522 93,243

May ........................... 16,194 6,005 8,522 92,988

June .......................... 16,381 2,606 8,541 93,354

 

Note.—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date. 

Note.—Detail may not add to totals due to rounding. 
30 

September 2013 

INTRODUCTION: Public Debt Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High yields on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: Cash management bills identified below are issued 

as part of the Supplementary Financing Program (SFP). For 

more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: APRIL-JUNE 

[Source: Bureau of the Fiscal Service, Office of Financing]

A P R I L 

Auction of 2-Year Notes 

On March 21, 2013, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$57,140 million of securities maturing March 31 and to raise 

new cash of approximately $41,860 million. 

The 2-year notes of Series AK-2015 were dated March 31 

and issued April 1. They are due March 31, 2015, with 

interest payable on September 30 and March 31 until 

maturity. Treasury set an interest rate of 0-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on March 26. Tenders totaled 

$114,434 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.255 percent with an 

equivalent price of $99.990045. Treasury accepted in full all 

competitive tenders at yields lower than 0.255 percent. 

Tenders at the high yield were allotted 90.28 percent. The 

median yield was 0.244 percent, and the low yield was 0.199 

percent. Noncompetitive tenders totaled $166 million. 

Competitive tenders accepted from private investors totaled 

$34,704 million. Accrued interest of $0.00683 per $1,000 

must be paid for the period from March 31 to April 1. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AK-2015 is $100. 

Auction of 5-Year Notes 

On March 21, 2013, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$57,140 million of securities maturing March 31 and to raise 

new cash of approximately $41,860 million. 

The 5-year notes of Series W-2018 were dated March 31 

and issued April 1. They are due March 31, 2018, with 

interest payable on September 30 and March 31 until 

maturity. Treasury set an interest rate of 0-3/4 percent after 

determining which tenders were accept4ed on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 27. Tenders totaled $95,441 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.760 percent with an 

equivalent price of $99.951048. Treasury accepted in full all 

competitive tenders at yields lower than 0.760 percent. 

Tenders at the high yield were allotted 52.11 percent. The 

median yield was 0.725 percent, and the low yield was 0.684 

percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors totaled 

$34,975 million. Accrued interest of $0.02049 per $1,000 

must be paid for the period from March 31 to April 1. The 

minimum par amount required for STRIPS of notes of Series 

W-2018 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2013 

31

Auction of 7-Year Notes

On March 2, 2013, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$57,140 million of securities maturing March 31 and to raise 

new cash of approximately $41,860 million. 

The 7-year notes of Series J-2020 were dated March 31 

and issued April 1. They are due March 21, 2020, with 

interest payable on September 30 and March 31 until 

maturity. Treasury set an interest rate of 1-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the bonds before 11:00 noon 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on March 28. Tenders totaled $74,237 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.248 percent with an 

equivalent price of $99.178276. Treasury accepted in full all 

competitive tenders at yields lower than 1.248 percent. 

Tenders at the high yield were allotted 51.82 percent. The 

median yield was 1.204 percent, and the low yield was 1.145 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$28,989 million. Accrued interest of $0.03074 per $1,000 

must be paid for the period from March 31 to April 1. The 

minimum par amount required for STRIPS of notes of Series 

J-2020 is $100. 

52-Week Bills 

On March 28, 2013, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

April 4, and will mature April 3, 2014. The issue was to 

refund $130,997 million of all maturing bills and to raise new 

cash of approximately $4,003 million. Treasury auctioned the 

bills on April 2. Tenders totaled $122,183 million; Treasury 

accepted $25,000 million. That included $163 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.140 percent. 

Auction of 3-Year Notes

On April 4, 2013, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$59,325 million of securities maturing April 15 and to raise 

new cash of approximately $6,675 million. 

The 3-year notes of Series AK-2016 were dated and issued 

April 15. They are due April 15, 2016, with interest payable 

on October 15 and April 15 until maturity. Treasury set an 

interest rate of 0-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 9. Tenders totaled $103,604 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.342 percent with an 

equivalent price of $99.725644. Treasury accepted in full all 

competitive tenders at yields lower than 0.342 percent. 

Tenders at the high yield were allotted 8.62 percent. The 

median yield was 0.324 percent, and the low yield was 0.257 

percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors totaled 

$31,876 million. The minimum par amount required for 

STRIPS of notes of Series AK-2016 is $100. 

Auction of 9-Year 10-Month 2 Percent Notes 

On April 4, 2013, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2 percent notes. The issue 

was to refund $59,325 million of securities maturing April 15 

and to raise new cash of approximately $6,675 million. 

The 9-year 10 month notes of Series B-2023 were dated 

February 15 and issued April 15. They are due February 15, 

2023, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 10. Tenders totaled $58,619 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.795 percent with an 

equivalent price of $101.839163. Treasury accepted in full all 

competitive tenders at yields lower than 1.795 percent. 

Tenders at the high yield were allotted 54.31 percent. The 

median yield was 1.759 percent, and the low yield was 1.720 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled 

$20,991 million. Accrued interest of $3.25967 per $1,000 

must be paid for the period from February 15 to April 15. The 

minimum par amount required for STRIPS of notes of Series 

B-2023 is $100. 

Auction of 29-Year 10-Month 3-1/8 Percent Bonds 

On April 4, 2013, Treasury announced it would auction 

$13,000 million of 29-year 10-month 3-1/8 percent bonds. 

The issue was to refund $59,325 million of securities 

maturing April 15 and to raise new cash of approximately 

$6,675 million. 

The 29-year 10-month notes of February 2043 were dated 

February 15 and issued April 15. They are due February 15, 

2043. They are due February 15, 2043, with interest payable 

on August 15 and February 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 11. Tenders totaled $32,401 

million; Treasury accepted $13,000 million. All 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2013 

32 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.998 percent with an 

equivalent price of $102.487803. Treasury accepted in full all 

competitive tenders at yields lower than 2.998 percent. 

Tenders at the high yield were allotted 33.48 percent. The 

median yield was 2.950 percent, and the low yield was 2.900 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors totaled 

$12,994 million. Accrued interest of $5.09323 per $1,000 

must be paid for the period from February 15 to April 15. The 

minimum par amount required for STRIPS of bonds of 

February 2043 is $100. 

Auction of 5-Year Treasury Inflation-Protected 

Security (TIPS) 

On April 11, 2013, Treasury announced it would auction 

$18,000 million of 5-year TIPS. The issue was to refund 

$57,950 million of securities maturing April 30 and to raise 

new cash of approximately $59,050 million. 

The 5-year TIPS of Series X-2018 were dated April 15 

and issued April 30. They are due April 15, 2018, with interest 

payable on October 15 and April 15 until maturity. Treasury 

set an interest rate of 0-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 18. Tenders totaled $39,296 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -1.311 percent with an 

equivalent adjusted price of $107.820710. Treasury accepted 

in full all competitive tenders at yields lower than -1.311 

percent. Tenders at the high yield were allotted 19.61 percent. 

The median yield was -1.406 percent, and the low yield was 

-1.486 percent. Noncompetitive tenders totaled $68 million. 

Competitive tenders accepted from private investors totaled 

$17,932 million. Adjusted accrued interest of $0.05144 per 

$1,000 must be paid for the period from April 15 to April 

30.Both the unadjusted price of $107.382589 and the 

unadjusted accrued interest of $0.05123 were adjusted by an 

index ratio of 1.00408, for the period from April 15 to April 

30.The minimum par amount required for STRIPS of TIPS of 

Series -2018 is $100 

Auction of 2-Year Notes 

On April 18, 2013, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$57,950 million of securities maturing April 30 and to raise 

new cash of approximately $59,050 million. 

The 2-year notes of Series AL-2015 were dated and issued 

April 30. They are due April 30, 2015, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 0-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 23. Tenders totaled $126,989 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.233 percent with an 

equivalent price of $99.784628. Treasury accepted in full all 

competitive tenders at yields lower than 0.233 percent. 

Tenders at the high yield were allotted 3.83 percent. The 

median yield was 0.220 percent, and the low yield was 0.164 

percent. Noncompetitive tenders totaled $142 million. 

Competitive tenders accepted from private investors totaled 

$34,758 million. The minimum par amount required for 

STRIPS of notes of Series AL-2015 is $100. 

Auction of 5-Year Notes 

On April 28, 2013, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$57,950 million of securities maturing April 30 and to raise 

new cash of approximately $59,050 million. 

The 5-year notes of Series Y-2018 were dated and issue 

April 30. They are due April 30, 2018, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 0-5/8 percent after determining which tenders 

were accept4ed on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 24. Tenders totaled $99,987 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.710 percent with an 

equivalent price of $99.583182. Treasury accepted in full all 

competitive tenders at yields lower than 0.710 percent. 

Tenders at the high yield were allotted 23.49 percent. The 

median yield was 0.678 percent, and the low yield was 0.628 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$34,981 million. The minimum par amount required for 

STRIPS of notes of Series Y-2018 is $100. 

Auction of 7-Year Notes

On April 18, 2013, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$57,950 million of securities maturing April 30 and to raise 

new cash of approximately $59,050 million. 

The 7-year notes of Series K-2020 were dated and issued 

April 30. They are due April 30, 2020, with interest payable 

on October 30 and April 30 until maturity. Treasury set an 

interest rate of 1-1/8 percent after determining which tenders 

were accept4ed on a yield auction basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2013 

33

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 25. Tenders totaled $78,614 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.155 percent with an 

equivalent price of $99.798822. Treasury accepted in full all 

competitive tenders at yields lower than 1.155 percent. 

Tenders at the high yield were allotted 97.57 percent. The 

median yield was 1.120 percent, and the low yield was 1.069 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$28,988 million. The minimum par amount required for 

STRIPS of notes of Series K-2020 is $100. 

M A Y 

52-Week Bills 

On April 25, 2013, Treasury announced it would auction 

$23,000 million of 364-day Treasury bills. They were issued 

May 2, and will mature May 1, 2014. The issue was to refund 

$131,000 million of all maturing bills and to pay down 

approximately $25,000 million. Treasury auctioned the bills 

on April 30. Tenders totaled $112,893 million; Treasury 

accepted $23,001 million. That included $128 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.105 percent. 

May Quarterly Financing 

On May 1, 2013, Treasury announced it would auction 

$32,000 million of 3-year notes, $24,000 million of 10-year 

notes and $16,000 million of 30-year bonds to refund $59,568 

million of securities maturing May 15 and to raise new cash of 

approximately $12,432 million. 

The 3-year notes of Series AL-2016 were dated and issued 

May 15. They are due May 15, 2016, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 0-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 7. Tenders totaled $108,122 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.354 percent with an 

equivalent price of $99.689924. Treasury accepted in full all 

competitive tenders at yields lower than 0.354 percent. 

Tenders at the high yield were allotted 16.75 percent. The 

median yield was 0.340 percent, and the low yield was 0.266 

percent. Noncompetitive tenders totaled $41 million. 

Competitive tenders accepted from private investors totaled 

$31,859 million. The minimum par amount required for 

STRIPS of notes of Series AL-2016 is $100. 

The 10-year notes of Series C-2023 were dated and issued 

May 15. They are due May 15, 2023, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 1-3/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 8. Tenders totaled $64,762 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.810 percent with an 

equivalent price of $99.453420. Treasury accepted in full all 

competitive tenders at yields lower than 1.810 percent. 

Tenders at the high yield were allotted 94.12 percent. The 

median yield was 1.774 percent, and the low yield was 1.699 

percent. Noncompetitive tenders totaled $18 million. 

Competitive tenders accepted from private investors totaled 

$23,982 million. The minimum par amount required for 

STRIPS of notes of Series C-2023 is $100. 

The 30-year bonds of May 2043 were dated and issued 

May 15. They are due May 15, 2043, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 2-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 9. Tenders totaled $40,482 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.980 percent with an 

equivalent price of $97.927211. Treasury accepted in full all 

competitive tenders at yields lower than 2.980 percent. 

Tenders at the high yield were allotted 62.31 percent. The 

median yield was 2.944 percent, and the low yield was 2.899 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$15,988 million. The minimum par amount required for 

STRIPS of bonds of May 2043 is $100. 

52-Week Bills 

On May 23, 2013, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

May 30 and will mature May 29, 2014. The issue was to 

refund $118,000 million of all maturing bills and to raise new 

cash of approximately $7,000 million. Treasury auctioned the 

bills on May 29. Tenders totaled $104,683 million; Treasury 

accepted $25,000 million. That included $148 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.135 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2013 

34 

Auction of 9-Year 8-Month 0-1/8 Percent TIPS 

On May 16, 2013, Treasury announced it would auction 

$13,000 million of 9-year 8-month 0-1/8 percent TIPS. The 

issue was to refund $58,463 million of securities maturing 

May 31 and to raise new cash of approximately $53,537 

million. 

The 9-year 8 month TIPS of Series A-2023 were dated 

January 15 and issued May 31. They are due January 15, 

2023, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 23. Tenders totaled $32,732 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.225 percent with an 

equivalent adjusted price of $104.272695. Treasury accepted 

in full all competitive tenders at yields lower than -0.225 

percent. Tenders at the high yield were allotted 27.28 percent. 

The median yield was -0.301 percent, and the low yield was 

-0.400 percent. Noncompetitive tenders totaled $30 million. 

Competitive tenders accepted from private investors totaled 

$12,970 million. Adjusted accrued interest of $0.47354 per 

$1,000 must be paid for the period from January 15 to May 

31. Both the adjusted price of $103.407177 and the unadjusted 

accrued interest of $0.46961 were adjusted by an index ratio 

of 1.00837, for the period from January 15 to May 31.The 

minimum par amount required for STRIPS of TIPS of Series 

A-2023 is $100. 

Auction of 2-Year Notes 

On May 23, 2013, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$58,463 million of securities maturing May 31 and to raise 

new cash of approximately $53,537 million. 

The 2-year notes of Series AM-2015 were dated and 

issued May 31. They are due May 31, 2015, with interest 

payable on November 30 and May 31 until maturity. Treasury 

set an interest rate of 0-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 28. Tenders totaled $106,420 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.283 percent with an 

equivalent price of $99.934233. Treasury accepted in full all 

competitive tenders at yields lower than 0.283 percent. 

Tenders at the high yield were allotted 80.95 percent. The 

median yield was 0.271 percent, and the low yield was 0.205 

percent. Noncompetitive tenders totaled $159 million. 

Competitive tenders accepted from private investors totaled 

$34,741 million. The minimum par amount required for 

STRIPS of notes of Series AM-2015 is $100. 

Auction of 5-Year Notes 

On May 23, 2013, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$58,463 million of securities maturing May 3l and to raise 

new cash of approximately $53,537 million. 

The 5-year notes of Series Z-2018 were dated and issue 

May 31. They are due May 31, 2018, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 1 percent after determining which tenders were 

accept4ed on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 29. Tenders totaled $97,749 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.045 percent with an 

equivalent price of $99.781333. Treasury accepted in full all 

competitive tenders at yields lower than 1.045 percent. 

Tenders at the high yield were allotted 33.13 percent. The 

median yield was 1.010 percent, and the low yield was 0.951 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$34,965 million. The minimum par amount required for 

STRIPS of notes of Series Z-2018 is $100. 

Auction of 7-Year Notes

On May 23, 2013, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$58,463 million of securities maturing May 31 and to raise 

new cash of approximately $53,537 million. 

The 7-year notes of Series L-2020 were dated and issued 

May 31. They are due May 31, 2020, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 30. Tenders totaled $78,369 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.496 percent with an 

equivalent price of $99.198680. Treasury accepted in full all 

competitive tenders at yields lower than 1.496 percent. 

Tenders at the high yield were allotted 73.98 percent. The 

median yield was 1.470 percent, and the low yield was 1.422 

percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors totaled 

$28,975 million. The minimum par amount required for 

STRIPS of notes of Series L-2020 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2013 

35

J U N E 

Cash Management Bills 

On May 30, 2013, Treasury announced it would auction 

$30,000 million of 13-day bills. They were issued June 4 and 

matured June17. The issue was to raise new cash. Treasury 

auctioned the bills on June 3. Tenders totaled $128,490 

million; Treasury accepted $30,001 million. The high bank 

discount rate was 0.050 percent. 

Auction of 3-Year Notes 

On June 6, 2013, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$36,207 million of securities maturing June 15 and to raise 

new cash of approximately $29,793 million. 

The 3-year notes of Series AM-2016 were dated and 

issued June 17. They are due June 15, 2016, with interest 

payable on December 15 and June 15 until maturity. Treasury 

set an interest rate of 0-1/2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 11. Tenders totaled $94,261 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.581 percent with an 

equivalent price of $99.759878. Treasury accepted in full all 

competitive tenders at yields lower than 0.581 percent. 

Tenders at the high yield were allotted 58.56 percent. The 

median yield was 0.560 percent, and the low yield was 0.486 

percent. Noncompetitive tenders totaled $30 million. 

Competitive tenders accepted from private investors totaled 

$31,870 million. Accrued interest of $0.02732 per $1,000 

must be paid for the period from June 15 to June 17. The 

minimum par amount required for STRIPS of notes of Series 

AM-2016 is $100. 

Auction of 9-Year 11-Month 1-3/4 Percent Notes 

On June 6, 2013, Treasury announced it would auction 

$21,000 million of 9-year 11-month 1-3/4 percent notes. The 

issue was to refund $36,207 million of securities maturing 

June 15 and to raise new cash of approximately $29,793 

million. 

 The 9-year 11-month notes of Series C-2023 were dated 

May 15 and issued June 17. They are due May 15, 2023, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 12. Tenders totaled $53,105 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.209 percent with an 

equivalent price of $99.933134. Treasury accepted in full all 

competitive tenders at yields lower than 2.209 percent. 

Tenders at the high yield were allotted 33.20 percent. The 

median yield was 2.168 percent, and the low yield was 2.080 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$20,983 million. Accrued interest of $1.56929 per $1,000 

must be paid for the period from May 15 to June 17. The 

minimum par amount required for STRIPS of notes of Series 

C-2023 is $100. 

Auction of 29-Year 11-Month 2-7/8 Percent Bonds 

On June 6, 2013, Treasury announced it would auction 

$13,000 million of 29-year 11-month 2-7/8 percent bonds. 

The issue was to refund $36,207 million of securities 

maturing June 15 and to raise new cash of approximately 

$29,793 million. 

The 29-year 11-month bonds of May 2043 were dated 

May 15 and issued June 17. They are due May 15, 2043, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 13. Tenders totaled $32,091 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.355 percent with an 

equivalent price of $90.978135. Treasury accepted in full all 

competitive tenders at yields lower than 3.355 percent. 

Tenders at the high yield were allotted 47.11 percent. The 

median yield was 3.285 percent, and the low yield was 3.245 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors totaled 

$12,997 million. Accrued interest of $2.57813 per $1,000 

must be paid for the period from May 15 to June 17. The 

minimum par amount required for STRIPS of bonds of May 

2043 is $100. 

52-Week Bills 

On June 20, 2013, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

June 27 and will mature June 26, 2014. The issue was to 

refund $132,991 million of all maturing bills and to pay down 

approximately $22,991 million. Treasury auctioned the bills 

on June 25. Tenders totaled $102,410 million; Treasury 

accepted $25,000 million. That included $130 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.160 percent. 

Auction of 29-Year 8 Month 0-5/8 Percent TIPS 

On June 13, 2013, Treasury announced it would auction 

$7,000 million of 29-year 8-month 0-5/8 percent TIPS. The 

issue was to raise new cash of approximately $7,000 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2013 

36 

The 29-year 8-month TIPS of February2043 were dated 

February 15 and issued June 28. They are due February 15, 

2043, with interest payable on August 15 and February15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 20. Tenders totaled $17,367 

million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.420 percent with an 

equivalent price of $81.754227. Treasury accepted in full all 

competitive tenders at yields lower than 1.420 percent. 

Tenders at the high yield were allotted 4.07 percent. The 

median yield was 1.300 percent, and the low yield was 1.230 

percent. Noncompetitive tenders totaled $18 million. 

Competitive tenders accepted from private investors totaled 

$6,982 million. Adjusted accrued interest of $2.32268 per 

$1,000 must be paid for the period from February 15 to June 

28. Both the adjusted price of $80.824742 and the adjusted 

accrued interest of $2.29627 were adjusted by an index ratio 

of 1.01150, for the period from February 15 to June 28. The 

minimum par amount required for STRIPS of TIPS of 

February 2043 is $100. 
PUBLIC DEBT OPERATIONS 

September 2013 

37

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

[In millions of dollars. Source: Bureau of the Fiscal Service, Office of Financing] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3 

(6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

 2013 – Apr. 04................. 2013 - May 02 28 191,502.4 45,001.3 44,742.7 258.6 99.994556 0.070 0.071

 July 05 92 161,477.0 35,001.4 33,869.5 481.9 99.980833 0.075 0.076

 Oct. 03 182 145,382.0 30,000.2 29,096.4 403.8 99.946917 0.105 0.107

Apr. 11................. May 09 28 205,953.9 45,000.4 44,698.3 302.1 99.995333 0.060 0.061

 July 11 91 170,449.1 35,000.4 34,360.5 489.9 99.983569 0.065 0.066

 Oct. 10 182 148,426.2 30,000.8 29,125.8 475.0 99.951972 0.095 0.096

Apr. 18................. May 16 28 199,448.3 45,000.1 44,688.5 261.5 99.996111 0.050 0.051

 July 18 91 154,168.4 35,000.7 34,351.9 541.8 99.986097 0.055 0.056

 Oct. 17 182 145,547.4 30,000.8 28,969.4 431.4 99.954500 0.090 0.091

Apr. 25................. May 23 28 178,086.1 40,001.2 39,747.3 253.9 99.996500 0.045 0.046

 July 25 91 152,056.5 32,000.9 31,534.6 466.3 99.987361 0.050 0.051

 Oct. 24 182 143,894.1 28,000.7 27,053.8 400.4 99.957028 0.085 0.086

May 02................. May 30 28 147,841.5 30,000.9 29,176.9 261.0 99.998056 0.025 0.025

 Aug. 01 91 141,037.9 29,000.5 27,856.8 417.1 99.987361 0.050 0.051

 Oct. 31 182 130,241.0 24,000.8 22,867.1 330.7 99.959556 0.080 0.081

May 09................. June 06 28 108,387.4 20,000.6 19,761.8 238.8 100.000000 0.000 0.000

 Aug. 08 91 143,898.8 29,000.7 28,390.4 510.3 99.989889 0.040 0.041

 Nov. 07 182 128,852.4 24,000.0 23,113.4 396.2 99.962083 0.075 0.076

May 16................. June 13 28 101,624.0 20,000.4 19,729.1 271.3 99.999222 0.010 0.010

 Aug. 15 91 140,991.3 29,001.1 28,356.9 494.2 99.988625 0.045 0.046

 Nov. 14 182 126,115.9 24,001.5 23,102.0 423.5 99.959556 0.080 0.081

May 23................. June 20 28 198,603.4 45,000.7 44,766.1 234.6 99.997278 0.035 0.035

 Aug. 22 91 136,217.1 30,000.0 29,413.0 487.0 99.988625 0.045 0.046

 Nov. 21 182 116,681.8 25,001.2 24,209.1 416.1 99.957028 0.085 0.086

May 30................. June 27 28 185,202.4 45,000.1 44,193.1 226.3 99.997667 0.030 0.030

 Aug. 29 91 136,599.7 30,001.4 28,822.1 479.4 99.988625 0.045 0.046

 Nov. 29 183 128,257.1 25,001.0 23,865.7 384.3 99.959333 0.080 0.081

June 06................ July 05 29 153,245.2 35,001.4 34,749.3 252.1 99.996778 0.040 0.041

 Sept. 05 91 149,012.7 30,000.7 29,359.2 441.5 99.988625 0.045 0.046

 Dec. 05 182 128,827.4 25,001.6 23,914.7 410.9 99.959556 0.080 0.081

June 13................ July 11 28 138,849.1 30,000.2 29,730.3 269.9 99.996889 0.040 0.041

 Sept. 12 91 143,573.3 30,000.9 29,484.2 516.6 99.988625 0.045 0.046

 Dec. 12 182 124,640.4 25,001.0 24,153.0 372.0 99.959556 0.080 0.081

June 20................ July 18 28 138,225.2 30,001.8 29,722.9 278.9 99.996500 0.045 0.046

 Sept. 19 91 130,492.9 30,000.3 29,408.5 491.7 99.988625 0.045 0.046

 Dec. 19 182 119,490.6 25,000.0 24,294.8 429.3 99.962083 0.075 0.076

June 27................ July 25 28 136,375.1 30,001.1 29,061.3 253.3 99.997667 0.030 0.030

 Sept. 26 91 128,965.0 30,000.4 28,478.2 543.1 99.984833 0.060 0.061

 Dec. 26 182 113,264.6 25,000.7 23,600.9 423.8 99.946917 0.105 0.107

 

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 $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

September 2013 

38 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, 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) 

 

03/26/13 04/01/13 0.250% note—03/31/15-AK 2y 114,434 35,000 0.255 - 99.990045

03/27/13 04/01/13 0.750% note—03/31/18-W 5y 95,441 35,000 0.760 - 99.951048

03/28/13 04/01/13 1.125% note—03/31/20-J 7y 74,237 29,000 1.248 - 99.178276

04/02/13 04/04/13 0.140% bill—04/03/14 364d 122,183 25,000 

04/09/13 04/15/13 0.250% note—04/15/16-AK 3y 103,604 32,000 0.342 - 99.725644

04/10/13 04/15/13 2.000% note—02/15/23-B 9y 10m 58,619 21,000 1.795 - 101.839163

04/11/13 04/15/13 3.125% bond—02/15/43 29y 10m 32,401 13,000 2.998 - 102.487803

04/18/13 04/30/13 0.125% TIPS—04/15/18-X 5y 39,296 18,000 -1.311 - 107.820710

04/23/13 04/30/13 0.125% note—04/30/15-AL 2y 126,989 35,000 0.233 - 99.784628

04/24/13 04/30/13 0.625% note—04/30/18-Y 5y 99,987 35,000 0.710 - 99.583182

04/25/13 04/30/13 1.125% note—04/30/20-K 7y 78,614 29,000 1.155 - 99.798822

04/30/13 05/02/13 0.105% bill—05/01/14 364d 112,893 23,001 

05/07/13 05/15/13 0.250% note—05/15/16-AL 3y 108,122 32,000 0.354 - 99.689924

05/08/13 05/15/13 1.750% note—05/15/23-C 10y 64,762 24,000 1.810 - 99.453420

05/09/13 05/15/13 2.875% bond—05/15/43 30y 40,482 16,000 2.980 - 97.927211

05/23/13 05/31/13 0.125% TIPS—01/15/23-A 9y 8m 32,732 13,000 -0.225 - 104.272695

05/28/13 05/31/13 0.250% note—05/31/15-AM 2y 106,420 35,000 0.283 - 99.934233

05/29/13 05/30/13 0.135% bill—05/29/14 364d 104,683 25,000 

05/29/13 05/31/13 1.000% note—05/31/18-Z 5y 97,749 35,000 1.045 - 99.781333

05/30/13 05/31/13 1.375% note—05/31/20-L 7y 78,369 29,000 1.496 - 99.198680

06/03/13 06/04/13 0.050% bill—06/17/13 13d 128,400 30,001 

06/11/13 06/17/13 0.500% note—06/15/16-AM 3y 94,261 32,000 0.581 - 99.759878

06/12/13 06/17/13 1.750% note—05/15/23-C 9y 11m 53,105 21,000 2.209 - 95.933134

06/13/13 06/17/13 2.875% bond—05/15/43 29y 11m 32,091 13,000 3.355 - 90.978135

06/20/13 09/28/13 0.625% TIPS—02/5/43 29y 8m 17,367 7,000 1.420 – 81.754227

06/25/13 06/27/13 0.160% bill—06/26/14 364d 102,410 25,000 

 

 1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
September 2013 

39

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service 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 Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’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 

September 2013 

40 

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

[In millions of dollars. Source: Bureau of the Fiscal Service] 

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

2012 ................................................ 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

 

2012 - June ..................................... 15,879,511 15,855,037 4,806,826 - 4,806,826 1,754,570

July ...................................... 15,957,681 15,933,235 4,806,602 - 4,806,602 1,741,735

Aug ...................................... 16,039,870 16,015,770 4,738,468 - 4,738,468 1,740,753

Sept..................................... 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

Oct....................................... 16,286,263 16,261,470 4,845,056 - 4,845,056 1,747,981

Nov ...................................... 16,394,033 16,369,549 4,811,469 - 4,811,469 1,769,685

Dec ...................................... 16,457,613 16,432,730 4,846,173 - 4,846,173 1,786,023

2013 - Jan ....................................... 16,458,774 16,433,792 4,868,335 - 4,868,335 1,848,206

Feb ...................................... 16,712,052 16,687,289 4,859,474 - 4,859,474 1,911,125

Mar ...................................... 16,796,009 16,771,378 4,848,930 - 4,848,930 1,971,959

Apr....................................... 16,853,522 16,828,845 4,880,244 - 4,880,244 2,025,817

May...................................... 16,763,595 16,738,822 4,836,371 - 4,836,371 2,084,249

June..................................... 16,763,286 16,738,320 4,831,752 - 4,831,752 2,159,508

 

 Public debt securities, con. Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2008 ................................................ 5,329,748 4,751,490 578,258 23,104 23,098 6

2009 ................................................ 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 ................................................ 8,117,698 7,588,415 529,284 23,974 23,971 3

2011 ................................................ 8,442,847 7,935,360 507,488 24,988 24,982 5

2012 ................................................ 9,530,116 9,005,483 524,634 24,399 24,394 5

 

2012 - June ..................................... 9,293,641 8,766,085 527,557 24,474 24,468 6

July ...................................... 9,384,898 8,865,612 519,285 24,447 24,441 6

Aug ...................................... 9,536,549 9,016,272 520,277 24,101 24,095 6

Sept..................................... 9,530,116 9,005,483 524,634 24,399 24,394 5

Oct....................................... 9,668,434 9,139,487 528,946 24,793 24,788 5

Nov ...................................... 9,788,395 9,263,099 525,296 24,485 24,480 5

Dec ...................................... 9,800,534 9,267,179 533,355 24,884 24,879 5

2013 - Jan ....................................... 9,717,251 9,247,115 450,136 24,982 24,977 5

Feb ...................................... 9,916,690 9,397,228 519,462 24,763 24,758 5

Mar ...................................... 9,950,490 9,426,046 524,444 24,631 24,626 5

Apr....................................... 9,922,784 9,390,944 531,841 24,677 24,672 5

May...................................... 9,818,202 9,313,062 505,040 24,774 24,769 5

June..................................... 9,747,060 9,235,495 511,565 24,967 24,962 5

 

 1 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts. 

Note. – Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage 

Corporation, and the Federal Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

September 2013 

41

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 

Federal 

Reserve and 

Government 

accounts 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

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) 

 

2013 - June ....... 16,738.3 6,773.4 9,964.9 n.a. 180.9 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 Mar ........ 16,771.6 6,656.8 10,114.8 341.4 181.7 457.7 229.0 263.3 946.4 474.5 5,724.2 1,496.5

2012 - Dec......... 16,432.7 6,523.7 9,909.1 348.5 182.5 454.1 217.9 265.6 908.2 478.4 5,573.8 1,480.2

 Sept........ 16,066.2 6,446.8 9,619.4 339.3 183.8 440.4 206.5 262.7 888.1 483.1 5,475.4 1,340.1

 June ....... 15,855.5 6,475.8 9,379.7 304.2 184.7 425.9 197.8 257.2 859.1 490.7 5,313.5 1,346.6

 Mar......... 15,582.3 6,397.2 9,185.1 320.2 184.8 411.9 191.0 259.9 863.4 484.4 5,147.6 1,321.8

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 397.3 174.4 260.7 809.6 486.3 5,006.9 1,183.1

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 387.3 165.9 253.4 711.6 489.0 4,912.1 1,064.0

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 366.6 166.5 250.6 648.0 508.7 4,690.6 1,026.2

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 354.6 165.3 251.4 633.9 527.0 4,481.4 1,389.7

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 345.4 160.0 248.4 631.2 539.8 4,435.6 1,501.5

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 334.4 150.2 240.6 600.3 532.2 4,324.2 1,517.7

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 323.1 149.0 231.8 624.5 537.9 4,070.0 1,464.5

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 311.0 153.3 225.7 638.3 546.2 3,877.9 1,301.4

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 302.1 151.9 222.0 658.2 547.7 3,685.1 1,073.6

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 291.1 146.8 210.2 637.2 544.3 3,570.6 991.9

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 281.6 146.6 200.0 687.1 554.3 3,460.8 853.6

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 272.4 137.0 191.0 707.4 556.0 3,265.7 892.7

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 259.7 129.9 171.4 758.3 526.7 3,077.2 671.2

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 264.0 136.7 163.4 645.7 544.8 2,802.4 450.7

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 266.5 135.5 159.4 466.9 574.3 2,587.4 308.5

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 270.3 135.4 152.1 483.7 582.4 2,506.3 292.4

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 257.2 144.2 141.9 362.4 588.1 2,353.2 222.5

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 246.1 153.2 155.1 306.0 586.0 2,235.3 271.2

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.0 162.3 168.9 267.8 608.9 2,192.0 211.7

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 221.3 156.3 185.4 264.4 582.0 2,194.8 348.8

2006 - Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.2 153.4 197.9 250.6 551.7 2,103.1 341.0

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.7 154.7 196.8 235.7 526.2 2,025.3 416.5

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 191.6 150.9 196.1 244.2 524.9 1,977.8 420.5

 Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.7 153.0 200.3 248.7 473.3 2,082.1 450.9

2005 - Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.2 184.9 153.8 202.3 251.3 475.0 2,033.9 347.0

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 200.7 244.7 463.7 1,929.6 348.2

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 195.0 248.7 444.0 1,877.5 354.4

 Mar......... 7,776.9 3,921.6 3,855.3 141.8 204.2 177.3 158.0 193.3 261.1 412.0 1,952.2 355.5

2004 - Dec......... 7,596.1 3,905.6 3,690.5 125.0 204.5 173.7 151.0 188.5 254.1 389.1 1,849.3 355.4

 Sept........ 7,379.1 3,772.0 3,607.1 138.5 204.2 174.0 140.8 182.9 255.0 381.7 1,794.5 335.5

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 174.6 258.7 381.2 1,735.4 310.1

 Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.5 169.8 143.6 172.4 280.8 374.1 1,670.0 324.8

2003 - Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.9 172.2 148.6 136.5 280.9 364.2 1,523.1 395.4

 Sept........ 6,783.2 3,515.3 3,267.9 146.8 201.6 167.7 155.5 137.4 287.1 357.7 1,443.3 371.0

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.2 170.2 161.3 138.7 302.3 347.9 1,371.9 327.8

 Mar......... 6,460.8 3,390.8 3,070.0 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.2

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
September 2013 

42 

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, June 30, 2013 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,503,395,335,213 $1,458,729,723,248 $1,458,248,131,090 $240,298,366 $241,293,792

Less amounts held by: 

The Treasury....................................... 141,328,207 41,084,311 40,882,275 7,505 194,531

FRBs ................................................... 309,482,543,988 307,497,573,120 307,497,571,413 - 1,707

Amounts in circulation............................. $1,193,771,463,018 $1,151,191,065,817 $1,150,709,677,402 $240,290,861 $241,097,554

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

 

Amounts outstanding .............................. $44,665,611,965 $6,445,553,010 $38,220,058,955 

Less amounts held by: 

The Treasury....................................... 100,243,896 59,934,804 40,309,092

FRBs ................................................... 1,984,970,868 1,409,815,301 575,155,567 

Amounts in circulation............................. $42,580,397,201 $4,975,802,905 $37,604,594,296 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2013 

43

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2013 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no

longer issued 

(4) 

$1 ................................................................................ $10,333,815,536 $10,192,315,690 $143,503 $141,356,343

$2 ................................................................................ 2,009,167,876 1,877,270,882 131,884,418 12,576

$5 ................................................................................ 12,025,125,255 11,891,735,940 108,241,710 25,147,605

$10 .............................................................................. 17,332,381,750 17,311,925,930 6,300 20,449,520

$20 .............................................................................. 148,219,077,500 148,198,970,460 3,840 20,103,200

$50 .............................................................................. 71,751,413,500 71,739,916,900 500 11,496,100

$100 ............................................................................ 889,207,358,300 889,185,375,600 - 4 21,982,700

$500 ............................................................................ 142,084,500 141,891,000 5,500 188,000

$1,000 ......................................................................... 165,416,000 165,205,000 5,000 206,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,460,000 3,360,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,151,191,065,817 $1,150,709,677,402 $240,290,861 $241,097,554 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

June 30, 2013 ...................................................................................... 1,193,771 3,774

May 30, 2013 ....................................................................................... 1,190,450 3,766

Apr. 30, 2013........................................................................................ 1,181,803 3,741

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 current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
September 2013 

47

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

 Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held in 

the Special Drawing Account in the International Monetary

Fund (IMF), holdings of convertible foreign currencies and 

reserve position in the IMF. 

 Table IFS-2 contains statistics on liabilities to foreign 

official institutions, and selected liabilities to all other 

foreigners, which are used in the U.S. balance of payments 

statistics. 

 Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

Note: After the December 2013 issue of the Treasury Bulletin, 

the "International Financial Statistics" tables will be 

discontinued. The same data will continue to be available 

monthly on the Treasury website at: http://www.treasury.gov/ 

resource-center/data-chart-center/tic/Pages/index.aspx, except 

that U.S. Reserve data in Table IFS-1 will be available weekly 

at: http://www.treasury.gov/resource-center/data-chartcenter/IR-Position/Pages/default.aspx. 

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, 6

(5) 

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683

2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385

2010 ................................................................................... 132,433 11,041 56,824 52,075 12,492

2011 ................................................................................... 147,953 11,041 54,955 51,878 30,080

 

2012 - July.......................................................................... 149,384 11,041 54,011 50,293 34,039 

Aug ......................................................................... 151,501 11,041 54,510 50,819 35,131 

Sept........................................................................ 153,075 11,041 55,232 51,554 35,248 

Oct.......................................................................... 152,228 11,041 55,175 51,192 34,821 

Nov ......................................................................... 151,276 11,041 54,975 50,590 34,670 

Dec ......................................................................... 150,175 11,041 55,050 49,922 34,161 

2013 - Jan .......................................................................... 151,895 11,041 55,209 49,708 35,937 

Feb ......................................................................... 148,837 11,041 54,264 48,396 35,136 

Mar ......................................................................... 146,329 11,041 53,704 47,544 34,039 

Apr.......................................................................... 146,795 11,041 54,055 47,556 34,143 

May......................................................................... 144,042 11,041 53,695 46,556 32,750 

June........................................................................ 145,703 11,041 53,881 46,920 33,860 

July ......................................................................... 147,427 11,041 54,214 47,688 34,483 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for 

valuing the special drawing right (SDR) based on a weighted average of exchange rates for 

the currencies of selected member countries. The U.S. SDR holdings and reserve position 

in the IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate 

against all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; consistent with the Quarterly 

Report on Treasury and Federal Reserve Foreign Exchange Operations, foreign currency 

dominated assets are shown not at market value but rather at amortized cost revalued at 

current foreign currency market exchange rates in order to report these assets in U.S. 

dollars. Excludes outstanding reciprocal currency swaps with foreign central banks. As of 

end-July 2013, swaps outstanding were $1.48 billion with the European Central Bank. 5

 The United States has the right to purchase foreign currencies equivalent to its reserve 

position in the IMF automatically if needed. Under appropriate conditions, the United States 

could purchase additional amounts related to the U.S. quota. 

6

 IMF data include the reserve tranche position and, as of May 2011, New Arrangements to 

Borrow. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2013 

48 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11)

 Official institutions 1

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)

Liabilities to other foreigners

Total 

(8)

Liabilities

reported 

by banks

in the 

United 

States 

(9)

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10)

 

2000 ............................ 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926

2001............................. 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612

2002 - June 8 ............... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263

Series Break................ 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690

2002............................. 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692

2003 - June 8 ............... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864

Series Break................ 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677

2003............................. 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081

2004 - June 8 .............. 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631

Series Break................ 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324

2004 ............................ 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178

2005 - June 8 ............... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502

Series Break................ 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905

2005 ............................ 5,371,673 2,012,633 498,510 1,102,333 948 410,842 1,895,904 1,415,705 769,564 646,141 47,431

2006 - June 8 ............... 6,067,930 2,070,222 493,689 1,112,617 986 462,930 2,189,218 1,747,557 1,041,558 705,999 60,933

Series Break................ 6,056,640 2,275,684 493,689 1,211,819 986 569,190 2,189,218 1,537,251 1,041,558 495,693 54,487

2006 ............................ 6,500,815 2,372,319 461,829 1,271,174 1,026 638,290 2,415,205 1,663,099 1,102,189 560,910 50,192

2007 - June 8 ............... 7,098,730 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,926,307 1,261,391 664,916 50,129

Series Break................ 7,210,387 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,759,699 1,261,391 498,308 47,563

2007 ............................ 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776

2008 - June 8 ............... 8,078,003 3,108,890 583,829 1,523,888 1,155 1,000,017 2,612,236 2,314,685 1,598,663 716,022 42,192

Series Break................ 8,103,582 3,340,105 583,829 1,683,160 1,155 1,071,960 2,612,236 2,107,622 1,598,663 508,959 43,619

2008 ............................ 8,220,414 3,386,589 711,622 1,679,181 1,203 994,583 2,799,649 1,980,221 1,357,856 622,365 53,955

2009 - June 8 ............... 8,036,897 3,473,629 779,889 1,722,168 1,251 970,321 2,565,058 1,961,550 1,173,725 787,825 36,659

Series Break................ 8,044,916 3,734,843 779,889 2,052,329 1,251 901,375 2,565,058 1,697,792 1,173,725 524,067 47,223

2009 ............................ 8,295,001 3,766,445 713,990 2,170,748 1,302 880,406 2,607,210 1,877,701 1,142,188 735,513 43,645

2010 - June 8 .............. 8,667,907 3,752,827 630,061 2,232,904 1,354 888,509 2,661,737 2,200,406 1,187,414 1,012,992 52,937

Series Break................ 8,664,958 4,065,513 630,061 2,615,683 1,354 818,416 2,661,737 1,870,438 1,187,414 683,024 67,270

2010 ............................ 9,089,635 4,140,756 640,802 2,725,592 1,409 772,953 2,774,797 2,112,366 1,175,392 936,974 61,716

2011 - June ................. 9,517,644 4,220,155 601,197 2,829,418 1,466 788,075 2,942,320 2,275,266 1,261,581 1,013,685 79,903

Series Break................ 9,624,988 4,443,157 601,197 3,101,991 1,466 738,503 2,942,320 2,144,508 1,261,581 882,927 95,003

2011 ............................ 9,955,621 4,452,563 563,195 3,142,320 1,525 745,523 3,000,736 2,394,134 1,311,051 1,083,083 108,187

2012 - June ................. 9,809,593 4,572,459 556,388 3,279,449 1,587 735,035 2,632,616 2,499,616 1,297,332 1,202,284 104,902

Series Break................ 9,848,450 4,698,413 556,388 3,487,449 1,587 652,989 2,632,616 2,407,533 1,297,332 1,110,201 109,888

 

2012 - July r ................ 9,939,444 4,719,625 555,034 3,517,603 1,597 645,390 2,688,127 2,426,479 1,289,902 1,136,577 105,213

Aug. r............... 10,028,449 4,768,097 573,263 3,536,754 1,608 656,471 2,692,023 2,462,874 1,301,881 1,160,993 105,455

Sept. r.............. 10,024,259 4,791,425 582,744 3,537,673 1,619 669,389 2,653,519 2,467,291 1,328,425 1,138,866 112,024

Oct. r ............... 9,963,464 4,798,910 584,564 3,545,514 1,630 667,202 2,564,857 2,483,112 1,340,412 1,142,700 116,585

Nov .................. 9,949,821 4,794,408 578,100 3,543,817 1,640 670,850 2,515,148 2,527,561 1,354,460 1,173,101 112,704

Dec.................. 10,014,464 4,801,999 577,121 3,552,183 1,651 671,043 2,526,293 2,564,786 1,371,711 1,193,075 121,386

2013 - Jan ................... 10,126,122 4,856,817 570,474 3,605,233 1,663 679,447 2,600,795 2,547,967 1,378,285 1,169,682 120,543

Feb.................. 10,192,938 4,873,949 589,630 3,598,450 1,673 684,196 2,643,197 2,555,892 1,377,999 1,177,893 119,900

Mar.................. 10,233,741 4,914,286 628,509 3,581,353 1,684 702,739 2,585,339 2,619,200 1,431,736 1,187,464 114,916

Apr .................. 10,275,764 4,891,784 613,932 3,557,572 1,695 718,584 2,669,789 2,601,107 1,424,773 1,176,334 113,084

May p .............. 10,297,838 4,908,364 588,282 3,597,870 1,706 720,505 2,699,324 2,580,915 1,436,901 1,144,014 109,235

June p ............. 10,268,837 4,903,106 577,879 3,597,189 1,717 726,320 2,716,317 2,542,703 1,437,888 1,104,815 106,711

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: 

Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in 

January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, 

beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and 

private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American 

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 the figures for earlier 

dates; figures on the second line (“Series Break”) are based in part on benchmark surveys as of 

end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, end-June 2007, 

end-June 2008, end-June 2009, end-June 2010, end-June 2011, and end-June 2012, respectively, 

and are comparable to the figures shown for the subsequent 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 

September 2013 

49

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Payable in dollars 

Grand total

(1) 

Total

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

2008 .............................................................................. 1,203 1,203 95 1,108

2009 .............................................................................. 1,302 1,302 102 1,200

2010 .............................................................................. 1,409 1,409 110 1,299

2011 .............................................................................. 1,525 1,525 118 1,407

 

2012 - June ................................................................... 1,587 1,587 122 1,464

July .................................................................... 1,597 1,597 123 1,474

Aug .................................................................... 1,608 1,608 124 1,485

Sept................................................................... 1,619 1,619 124 1,494

Oct..................................................................... 1,630 1,630 125 1,505

Nov .................................................................... 1,640 1,640 126 1,514

Dec .................................................................... 1,651 1,651 127 1,525

2013 - Jan ..................................................................... 1,663 1,663 127 1,535

Feb .................................................................... 1,673 1,673 128 1,545

Mar .................................................................... 1,684 1,684 129 1,555

Apr..................................................................... 1,695 1,695 130 1,565

May.................................................................... 1,706 1,706 130 1,576

June................................................................... 1,717 1,717 131 1,586

1

 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. 

Remaining face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

September 2013 

50 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

September 2013 

51

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities brokers 

and dealers, and other entities report their transactions with 

foreigners by country in long-term securities on monthly 

Form S. Respondents must report securities transactions with 

foreigners if their aggregate purchases or their aggregate sales 

amount to at least $50 million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter of 

2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and securities 

firms), and other nonbanking enterprises on their liabilities 

and claims positions with unaffiliated foreigners. Separate 

reports are filed for financial balances and for commercial 

balances. Effective for reports filed as of March 31, 2003, the 

threshold applicable to Form CQ-1 for reporting financial 

liabilities to, and claims on, foreigners is $50 million, up from 

$10 million. At the same time, the reporting threshold for 

Form CQ-2, which covers commercial liabilities and claims 

positions with foreigners, was raised from $10 million to $25 

million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, with 

tables showing time series by type and country, and detailed 

breakdowns of the latest available data. The expansion of the 

country coverage on the standard report forms allows for 

publication of additional country detail for data beginning as 

of June 2006. As a result, the former Capital Movements 

Section III, which listed bank-reported claims and liabilities of 

selected countries from the semiannual reports, has been 

discontinued. 

 Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers and 

dealers in the United States. BHCs/FHCs also report for all 

domestic nonbank, non-securities firm affiliates, other than 

their insurance affiliates, which report separately on the Cseries 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 BQ2 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 nontransactions 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 Cseries forms. Data on respondents’ own dollar claims are 
CAPITAL MOVEMENTS 

September 2013 

52 

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 (formerly reported as Section IV) shows 

the liabilities to, and claims on, unaffiliated foreigners of 

exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce on 

its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between endMarch 2003 and end-March 2006. That reporting requirement 

was discontinued with the reports beginning as of June 2006. 

 Section IV (formerly Section V) contains information 

on transactions with foreigners in long-term domestic and 

foreign securities as reported by banks, securities brokers and 

dealers, and other entities in the United States. The data cover 

transactions executed in the United States for the accounts of 

foreigners and transactions executed abroad for the accounts 

of reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the country 

of beneficial owner or issuer, or the currency of denomination 

of securities. For instance, a U.S. purchaser’s order for 

Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, purchases 

and sales of U.S. securities for the account of an Italian 

resident may be placed, for example, in the Swiss market. In 

that case, the trades would be reported opposite Switzerland 

and not opposite Italy. 

 Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the reporter. 

The fair (market) value is generally defined as the amount for 

which a derivative contract could be exchanged in a current 

transaction between willing parties, other than in a forced or 

liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the terms 

of derivatives contracts such as the periodic settlement under a 

swap agreement and the daily settlement of an exchangetraded contract. In calculating net settlements, U.S. receipts of 

cash from foreign persons are positive amounts (+), and U.S. 

payments of cash to foreign persons are negative amounts (-). 

Items excluded from net settlements are: (a) collateral 

including initial and maintenance margins, whether or not in 

the form of cash; and (b) purchases of underlying 

commodities, securities, or other noncash assets. (e.g., the 

purchase/sale by foreigners of a long-term security is reported 

on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative and 

by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table on 

“Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the TIC 

website are updated monthly. 

NOTE: After the December 2013 issue of the Treasury 

Bulletin, the “Capital Movements” tables will be 

discontinued. The same data will continue to be available 

monthly on the Treasury website: http://www.treasury.gov/ 

resource-center/data-chart-center/tic/Pages/index.aspx. 
CAPITAL MOVEMENTS 

September 2013 

53

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Liability 

Calendar 

Year 

2011 

2012 2013 

Dec. r Jan. r Feb. r Mar. r Apr. May June p 

Total liabilities to all foreigners............................... 4,914,933 4,521,289 4,592,556 4,652,189 4,685,608 4,750,089 4,758,916 4,764,858

Payable in dollars............................................... 4,657,259 4,296,281 4,367,548 4,427,181 4,466,850 4,531,331 4,540,158 4,546,100

Foreign official institutions.............................. 563,195 577,121 570,474 589,630 628,509 613,932 588,282 577,879

Deposits, excluding negotiable CDs............. 56,962 50,246 57,696 55,097 66,318 61532 59,697 67,389

U.S. Treasury bills and certificates ............... 357,222 372,720 377,078 385,573 404,047 399,222 379,830 362,718

Other short-term negotiable securities,

negotiable CDs, and other custody 

liabilities .......................................................

 

13,578 

 

12,731 

 

14,274 

 

13,692 

 

15,012 

 

14,691 

 

16,878 

 

15,418 

Other liabilities............................................ 135,433 141,424 121,426 135,268 143,132 138,487 131,877 132,354

Foreign banks (including own foreign 

offices) and other foreigners ....................... 4,056,739 3,674,334 3,755,410 3,797,526 3,798,966 3,876,453 3,918,116 3,936,096 

Deposits, excluding negotiable CDs.......... 2,105,417 1,798,868 1,837,019 1,817,702 1,789,986 1,869,679 1,874,298 1,882,648

U.S. Treasury bills and certificates ............ 280,909 279,706 286,891 291,609 307,572 297,532 279,936 306,209

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ...................................................

 

345,822 

 

395,207 

 

394,642 

 

393,158 

 

391,809 

 

378,837 

 

379,973 

 

368,635 

Other liabilities............................................ 1,324,591 1,200,553 1,236,858 1,295,057 1,309,599 1,330,405 1,383,909 1,378,604

International and regional organizations 1 ..... 37,325 44,826 41,664 40,025 39,375 40,946 33,760 32,125

Deposits, excluding negotiable CDs.......... 14,553 16,035 18,764 17,946 19,360 20,357 20,462 20,795

U.S. Treasury bills and certificates ............ 9,542 9,228 8,062 8,813 8,616 8,369 6,136 5,783

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ...................................................

 

3,219 

 

3,631 

 

4,054 

 

3,987 

 

3,561 

 

3,616 

 

3,702 

 

3,306 

Other liabilities............................................ 10,011 15,932 10,784 9,279 7,838 8,604 3,460 2,241

Payable in foreign currencies 2 .......................... 257,674 225,008 225,008 225,008 218,758 218,758 218,758 218,758

Sector: 

Banks and other foreigners........................ 255,048 223,670 223,670 223,670 218,109 218,109 218,109 218,109 

International and regional organizations 1 ...... 2,626 1,338 1,338 1,338 649 649 649 649 

Major currencies: 

Canadian dollars ........................................ 24,579 24,637 24,637 24,637 24,320 24,320 24,320 24,320 

Euro............................................................ 118,784 88,977 88,977 88,977 83,144 83,144 83,144 83,144 

United Kingdom pounds sterling................ 24,241 27,138 27,138 27,138 27,285 27,285 27,285 27,285 

Japanese yen............................................. 49,131 34,360 34,360 34,360 34,599 34,599 34,599 34,599 

Memoranda: 

Respondents’ own liabilities payable in 

dollars ........................................................ 3,646,967 

 

3,223,058 

 

3,282,547 

 

3,330,349 

 

3,336,233 

 

3,429,064 

 

3,473,703 

 

3,484,031 

Liabilities to own foreign offices..................... 2,356,269 1,833,583 1,945,031 1,977,654 1,900,354 2,018,995 2,042,972 2,050,725

Liabilities collaterized by repurchase 

agreements ............................................ 

763,137 

 

762,973 

 

738,881 

 

795,512 

 

818,736 

 

813,547 

 

812,480 788,643 

Foreign official institutions...................... 121,626 128,851 112,241 125,506 132,982 124,936 121,433 121,769 

Foreign banks and other foreigners....... 633,002 618,926 619,186 664,134 680,446 682,836 688,566 665,474 

International and regional organizations 1..... 8,509 15,196 7,454 5,872 5,308 5,775 2,481 1,400 

Reported by IBFs ................................... 744,682 488,006 511,405 502,185 492,450 476,237 505,976 538,781 

Respondents’ own liabilities payable in 

foreign currencies 2 ...................................... 

251,335 

 

217,694 

 

217,694 

 

217,694 

 

211,272 

 

211,272 

 

211,272 

 

211,272 

Reported by IBFs ................................... 64,583 47,190 47,190 47,190 38,936 38,936 38,936 38,936 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 

1,016,631 

 

1,080,537 

 

1,092,315 

 

1,104,146 

 

1,138,103 

 

1,109,753 

 

1,073,941 

 

1,069,555 

Payable in dollars....................................... 1,010,292 1,073,223 1,085,001 1,096,832 1,130,617 1,102,267 1,066,455 1,062,069 

of which: other short-term negotiable 

securities and negotiable CDs ............ 

185,467 

 

186,814 

 

200,338 

 

199,272 

 

198,807 

 

203,556 

 

214,011 

 

199,138 

 of which: short-term U.S. Government 

agency securities ................................ 

31,876 

 

21,841 

 

24,692 

 

24,719 

 

21,710 

 

18,488 

 

21,906 

 

23,787 

 of which: negotiable CDs ...................... 56,372 67,147 71,608 70,726 72,244 77,512 77,305 74,482 

Payable in foreign currencies 2 .................. 6,339 7,314 7,314 7,314 7,486 7,486 7,486 7,486

1

 Principally the Bank for International Settlements, the International Bank for Reconstruction 

and Development (World Bank), and the Inter-American Development Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

September 2013 

54 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country

Calendar year 2013 

2010 2011 2012 r Feb. r Mar. r Apr. May June p

Europe: Austria ............................................... 2,426 3,493 2,060 2,424 2,720 2,773 3,367 2,337

Belgium ............................................ 18,355 19,438 33,905 36,296 37,065 37,359 24,843 26,491

Bulgaria ............................................. 130 140 671 633 791 747 702 735

Cyprus............................................... 968 770 1,763 1,512 3,030 1,692 1,287 957

Czech Republic ................................. 504 171 568 516 222 171 171 248

Denmark............................................ 5,168 6,011 6,798 6,169 6,433 6,903 6,090 6,575

Finland............................................... 900 3,586 6,450 13,041 9,479 13,963 14,259 12,504

France ............................................... 58,463 159,334 94,177 110,972 76,032 107,460 106,998 110,603

Germany............................................ 104,054 122,547 90,499 94,204 85,297 89,690 88,386 86,196

Greece............................................... 1,272 4,409 3,126 2,518 2,663 2,530 2,793 2,545

Hungary............................................. 671 1,292 1,488 1,233 1,092 1,119 1,076 1,087

Iceland .............................................. 795 1,757 608 991 954 855 867 829

Ireland ............................................... 128,409 146,285 158,742 153,951 154,190 161,284 162,537 161,951

Italy.................................................... 6,359 14,191 12,958 13,118 14,139 13,509 12,377 15,136

Kazakhstan ....................................... 13,051 22,537 23,566 23,371 18,600 19,372 22,534 22,603

Luxembourg ..................................... 86,461 113,573 128,369 116,106 122,198 113,392 116,079 119,511

Monaco.............................................. 186 809 720 694 754 749 715 664

Netherlands....................................... 15,784 18,827 21,339 25,939 33,352 30,535 35,662 25,255

Norway .............................................. 2,999 3,521 2,915 2,491 2,867 2,227 1,979 2,840

Poland ............................................... 6,037 5,647 2,523 1,277 1,542 1,187 1,881 1,878

Portugal............................................. 2,710 1,968 2,170 2,305 2,277 1,987 1,793 1,367

Romania............................................ 3,468 343 798 1,114 455 915 1,229 1,103

Russia .............................................. 50,963 12,823 20,814 16,174 24,930 13,017 16,364 21,221

Serbia and Montenegro .................... 457 1,320 1,568 2,499 2,351 1,782 1,654 1,381

Spain ................................................. 12,612 13,879 16,656 14,553 15,783 15,197 15,253 16,295

Sweden ............................................. 5,295 7,264 6,335 9,225 13,858 12,994 14,217 13,792

Switzerland........................................ 44,600 87,919 61,567 70,323 74,347 76,280 66,114 59,724

Turkey ............................................... 24,177 21,379 50,759 44,303 44,742 47,669 46,004 44,374

Ukraine.............................................. 4,278 3,380 6,026 5,282 4,944 4,733 4,152 4,286

United Kingdom................................. 996,991 1,085,392 880,355 957,419 933,874 986,687 1,006,094 966,504

Channel Islands ................................ 18,226 25,274 26,182 26,139 28,498 24,524 24,264 25,317

All other Europe ................................ 8,828 13,533 13,296 12,914 13,409 15,566 15,380 14,966

Total Europe.................................. 1,625,597 1,922,812 1,679,770 1,769,706 1,732,889 1,808,868 1,817,120 1,771,275

Memo: Euro Area 1........................ 439,347 622,933 572,924 587,493 558,957 592,107 586,293 582,228

Memo: European Union 2.............. 1,458,271 1,729,604 1,472,870 1,565,292 1,517,684 1,603,076 1,618,014 1,574,673

Canada.................................................. 109,604 139,938 161,264 158,165 162,059 154,706 156,274 160,476

Latin America: 

Argentina........................................... 12,342 11,242 12,883 12,645 12,831 12,500 12,778 12,933

Belize................................................. 308 510 714 737 705 718 677 670

Bolivia................................................ 1,711 2,359 2,557 2,775 2,532 2,710 3,197 3,099

Brazil ................................................. 41,018 24,965 34,408 37,286 36,591 36,187 40,892 43,677

Chile .................................................. 16,281 21,639 27,391 27,759 26,546 29,733 25,990 23,736

Colombia ........................................... 21,024 12,060 8,303 10,233 9,552 10,234 10,215 10,527

Costa Rica......................................... 1,431 1,536 3,892 2,834 2,529 3,518 4,113 2,809

Ecuador............................................. 3,840 3,864 3,817 3,859 3,726 3,438 3,399 3,482

El Salvador........................................ 1,873 1,515 1,728 1,240 1,158 1,467 1,382 1,114

Guatemala......................................... 2,170 1,862 1,715 2,224 1,623 1,611 1,753 1,634

Guyana.............................................. 270 223 272 112 113 120 120 123

Honduras........................................... 1,558 1,745 1,491 1,454 1,482 1,494 1,519 1,753

Mexico............................................... 62,664 71,052 67,180 60,830 68,059 69,902 67,707 70,765

Nicaragua.......................................... 773 810 667 642 707 733 756 724

Panama............................................. 8,051 7,902 8,673 9,117 9,054 9,650 10,177 9,925

Paraguay........................................... 902 830 868 940 875 821 843 895

Peru................................................... 7,740 9,077 9,130 10,061 11,235 9,993 8,667 9,019

Suriname........................................... 269 520 593 505 458 479 549 591

Uruguay............................................. 7,745 8,082 9,271 10,441 9,622 10,032 9,786 10,549

Venezuela ......................................... 23,079 26,922 20,828 20,574 21,025 20,807 20,514 21,234

All other Latin America...................... 50 35 34 14 15 18 6 8

Total Latin America ....................... 215,099 208,750 216,415 216,282 220,438 226,165 225,040 229,267

Caribbean: 

Anguilla.............................................. 10,914 12,317 13,955 15,462 16,424 15,228 16,153 15,604

Antigua and Barbuda ........................ 69 100 139 134 138 151 144 153

Aruba................................................. 373 335 345 484 400 377 423 327

Bahamas ........................................... 264,406 237,897 208,887 215,414 223,579 207,994 189,382 174,587

Barbados........................................... 11,213 14,857 14,165 14,741 15,050 13,147 13,038 14,310

Bermuda............................................ 42,009 48,188 45,482 45,497 44,235 44,921 44,228 49,999

British Virgin Islands ......................... 44,188 41,281 41,389 40,198 42,159 41,729 43,014 42,614

Cayman Islands ................................ 1,528,616 1,415,473 1,306,893 1,332,095 1,343,783 1,358,541 1,412,479 1,480,383

Cuba.................................................. 77 46 54 44 50 43 45 44

Dominican Republic .......................... 3,548 3,247 3,094 2,874 2,994 3,934 2,990 3,273

French West Indies ........................... 35 37 25 26 23 23 25 23

Haiti ................................................... 1,279 928 703 620 613 582 538 555

Jamaica............................................. 877 974 906 753 980 838 1,051 817

Netherlands Antilles .......................... 7,694 6,603 8,237 14,113 16,974 15,989 15,401 5,785

See footnotes at end of table.
CAPITAL MOVEMENTS 

September 2013 

55

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2013 

2010 2011 2012 r Feb. r Mar. r Apr. May June p

Caribbean, con. 

St. Kitts and Nevis............................. 159 214 482 498 487 502 536 448

Trinidad and Tobago......................... 3,474 4,897 4,311 4,253 4,132 4,180 4,280 4,426

Turks and Caicos Islands.................. 100 68 171 180 94 96 88 130

All other Caribbean ........................... 161 293 240 275 380 381 402 386

Total Caribbean............................. 1,919,193 1,787,755 1,649,478 1,687,661 1,712,495 1,708,655 1,744,216 1,793,863

Asia: 

Bangladesh ....................................... 3,837 2,841 5,209 5,522 5,117 5,653 5,343 5,714

China, Mainland ................................ 47,449 56,691 70,760 62,236 75,701 75,853 71,624 60,824

Hong Kong ........................................ 105,350 93,556 86,062 87,720 91,489 87,092 83,342 71,798

India................................................... 23,137 19,603 15,099 14,717 17,190 12,789 11,146 11,023

Indonesia........................................... 22,546 19,485 11,656 12,123 13,113 12,625 15,258 14,350

Israel.................................................. 18,498 21,219 21,710 20,034 23,579 23,144 23,307 22,343

Japan................................................. 162,291 217,606 178,715 194,304 186,189 193,205 183,267 208,131

Jordan ............................................... 2,752 2,059 2,080 1,623 1,750 1,563 1,768 1,998

Korea, South ..................................... 11,182 19,041 14,168 18,076 20,232 20,124 21,284 23,801

Laos................................................... 103 97 67 58 47 46 47 32

Lebanon ............................................ 1,620 1,245 3,882 4,601 4,822 4,063 3,246 3,241

Malaysia ............................................ 4,276 4,146 3,955 4,647 5,461 4,584 5,468 4,971

Pakistan............................................. 5,253 4,332 4,304 3,129 2,114 2,401 1,849 2,153

Philippines......................................... 6,189 11,292 13,522 6,235 6,723 5,756 5,180 5,194

Singapore.......................................... 40,918 38,013 40,351 36,728 36,240 31,223 30,109 33,636

Syria .................................................. 39 40 47 16 16 14 13 14

Taiwan............................................... 31,360 31,249 30,872 29,569 26,007 28,512 25,294 26,790

Thailand............................................. 31,724 35,310 37,166 50,680 60,077 50,530 45,290 41,952

Yemen............................................... 247 275 834 354 446 493 451 487

Oil exporting countries 3 .................... 100,888 136,179 131,458 131,391 144,583 146,101 137,338 132,014

All other Asia ..................................... 6,498 9,393 11,762 8,929 9,231 10,650 9,847 9,387

Total Asia ...................................... 626,157 723,672 683,679 692,692 730,127 716,421 680,471 679,853

Africa: 

Botswana........................................... 232 319 321 445 376 284 368 368

Egypt ................................................. 26,550 7,101 4,432 3,534 4,562 5,081 6,935 5,609

Ghana................................................ 641 858 1,342 1,401 1,097 1,072 765 743

Kenya ................................................ 400 515 768 1,143 995 1,234 1,272 935

Liberia................................................ 664 556 480 435 426 416 414 381

Mauritius............................................ 2,145 1,972 2,054 1,716 2,440 1,844 2,356 2,272

Morocco............................................. 784 230 243 299 275 185 228 214

Mozambique...................................... 283 555 333 392 338 437 535 562

South Africa....................................... 1,384 2,455 2,443 2,230 2,073 2,242 2,363 2,841

Tanzania............................................ 483 697 534 382 809 742 661 832

Uganda.............................................. 468 597 705 724 680 511 711 813

Zambia .............................................. 425 369 316 271 196 222 268 218

Zimbabwe.......................................... 321 213 270 115 176 272 349 307

Oil exporting countries 4 .................... 5,605 6,668 7,575 6,824 6,486 7,066 8,476 6,368

All other Africa................................... 6,938 7,418 7,320 5,968 5,135 4,809 4,508 6,825

Total Africa .................................... 47,323 30,523 29,136 25,879 26,064 26,417 30,209 29,288

Other countries: 

Australia ............................................ 32,702 48,754 41,734 46,200 46,637 52,260 57,578 53,925

New Zealand ..................................... 142 131 137 160 166 161 138 158

French Polynesia .............................. 3,926 4,800 4,865 5,534 5,969 5,924 4,751 4,973

All other ............................................. 11,248 7,847 8,647 8,547 8,740 8,917 8,710 9,006

Total other .................................... 48,018 61,532 55,383 60,441 61,512 67,262 71,177 68,062

All countries........................................... 4,590,991 4,874,982 4,475,125 4,610,826 4,645,584 4,708,494 4,724,507 4,732,084

International and regional orgs: 

International organizations............... 14,667 31,917 37,171 32,198 31,629 32,234 24,864 24,278

Regional organizations 5 .................. 5,462 8,034 8,993 9,165 8,395 9,361 9,545 8,496

Total international and 

 regional organizations................ 20,129 39,951 46,164 41,363 40,024 41,595 34,409 32,774

Grand total ................................ 4,611,120 4,914,933 4,521,289 4,652,189 4,685,608 4,750,089 4,758,916 4,764,858

 

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the 

Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, 

Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, 

Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning 

June 2006. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2013 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2013, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable deposits 

and brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Europe: Austria ............................ 2,337 1,475 1,186 290 719 293 207 1 2 232 22 862

Belgium .......................... 26,491 24,547 10,836 13,710 3,631 845 12,649 995 53 6,361 12 1,944

Cyprus............................ 957 918 903 15 514 273 15 - - 3 113 39

Czech Republic .............. 248 236 230 6 79 80 6 - - 70 1 12

Denmark......................... 6,575 6,542 1,839 4,703 698 854 4,533 98 9 324 26 33

Finland............................ 12,504 12,411 11,656 756 11,385 143 36 35 685 122 6 93

France ............................ 110,603 103,536 93,397 10,139 63,309 2,686 7,887 1,101 709 19,381 8,463 7,067

Germany......................... 86,196 72,876 67,241 5,636 21,378 3,187 4,761 263 295 41,183 1,810 13,320

Greece............................ 2,545 2,533 978 1,555 313 625 1,539 - 16 34 6 12

Hungary.......................... 1,087 922 295 627 103 76 602 14 11 115 1 165

Ireland ............................ 161,951 160,884 45,994 114,890 4,093 12,399 29,943 47,973 33,456 3,478 29,542 1,067

Italy................................. 15,136 14,596 12,253 2,343 9,844 1,475 264 2,003 7 937 66 540

Kazakhstan .................... 22,603 22,597 6,912 15,685 2,402 179 15,685 - - 4,327 4 6

Luxembourg ................... 119,511 106,990 27,611 79,378 7,134 10,612 41,884 19,034 15,939 723 11,663 12,521

Monaco........................... 664 652 543 109 41 386 108 - 1 116 - 12

Netherlands.................... 25,255 24,721 17,809 6,912 6,247 6,188 4,026 1,964 40 2,301 3,955 534

Norway ........................... 2,840 2,827 1,283 1,544 600 148 1,504 1 2 502 70 13

Poland ............................ 1,878 1,808 1,193 615 106 103 610 4 1 984 - 70

Portugal.......................... 1,367 1,359 1,248 110 960 258 106 - 1 28 5 8

Romania......................... 1,103 1,103 1,103 - 110 30 - - - 962 1 -

Russia ............................ 21,221 20,227 20,224 3 17,605 1,206 - - 3 1,370 43 994

Spain .............................. 16,295 15,766 12,740 3,026 4,129 3,563 2,673 99 167 5,076 58 529

Sweden........................... 13,792 13,702 5,538 8,164 77 512 6,180 965 897 3,585 1,486 90

Switzerland..................... 59,724 57,171 25,955 31,216 11,201 5,572 23,085 7,282 746 6,568 2,717 2,553

Turkey............................. 44,374 44,244 3,265 40,979 1,440 201 40,976 - 1 1,624 2 130

Ukraine ........................... 4,286 3,882 3,882 - 3,229 148 - - - 502 3 404

United Kingdom.............. 966,504 903,376 869,382 33,994 239,476 28,484 23,754 4,179 3,752 322,500 281,231 63,128

Channel Islands ............. 25,317 24,389 21,173 3,216 2,448 3,997 2,633 178 96 13,421 1,616 928

All other Europe............... 17,911 16,984 13,764 3,220 3,075 770 2,373 309 501 9,884 72 927

Total Europe ................ 1,771,275 1,663,274 1,280,433 382,841 416,347 85,293 228,039 86,498 57,390 446,713 342,994 108,001

Memo: Euro Area 4...... 582,228 543,677 304,750 238,927 134,195 42,800 106,114 73,510 51,371 79,938 55,749 38,551

Canada................................. 160,476 153,520 125,094 28,426 53,944 13,060 18,667 6,257 1,735 42,032 17,825 6,956

Latin America: 

Argentina.......................... 12,933 12,789 12,406 383 1,044 10,931 157 125 99 282 151 144

Belize................................ 670 662 606 56 293 262 35 - 21 50 1 8

Bolivia............................... 3,099 3,041 1,919 1,122 679 1,239 103 163 856 - 1 58

Brazil................................. 43,677 42,803 22,911 19,892 7,960 6,511 19,514 95 274 3,814 4,635 874

Chile ................................. 23,736 23,424 11,992 11,432 5,142 4,547 10,015 232 1,184 2,250 54 312

Colombia .......................... 10,527 10,445 9,085 1,360 3,174 4,776 1,001 231 113 1,124 26 82

Costa Rica........................ 2,809 2,802 2,246 556 789 580 506 35 14 867 11 7

Ecuador............................ 3,482 3,473 3,021 452 485 2,261 206 180 19 256 66 9

El Salvador....................... 1,114 1,109 1,048 61 355 451 34 1 26 240 2 5

Guatemala........................ 1,634 1,584 1,570 14 215 1,229 2 3 8 117 10 50

Honduras.......................... 1,753 1,753 1,708 45 853 617 1 1 35 238 8 -

Mexico .............................. 70,765 53,734 42,287 11,447 18,077 19,230 8,995 675 1,755 4,353 649 17,031

Panama............................ 9,925 9,825 9,318 507 4,082 4,585 275 80 145 593 65 100

Paraguay.......................... 895 893 873 20 354 511 - 15 5 - 8 2

Peru .................................. 9,019 7,590 7,499 91 5,754 1,632 12 61 14 101 16 1,429

Uruguay............................ 10,549 10,528 9,978 550 2,536 4,085 283 178 88 3,217 141 21

Venezuela ........................ 21,234 20,972 20,570 402 3,024 17,288 26 137 235 203 59 262

All other Latin America .... 1,446 1,444 1,318 126 390 373 13 80 33 554 1 2

Total Latin America ..... 229,267 208,871 160,355 48,516 55,206 81,108 41,178 2,292 4,924 18,259 5,904 20,396

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2013 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2013, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 Liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs) 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Caribbean: 

Aruba........................................ 327 327 312 15 80 206 - 6 9 6 20 -

Bahamas.................................. 174,587 173,946 172,157 1,789 128,066 7,330 1,181 518 81 35,024 1,746 641

Barbados.................................. 14,310 14,286 11,119 3,167 796 1,194 1,194 1,745 228 6,916 2,213 24

Bermuda .................................. 49,999 47,611 22,828 24,783 2,343 16,786 21,259 2,125 680 184 4,234 2,388

British Virgin Islands ................ 42,614 40,217 29,858 10,359 20 29,023 7,278 1,988 800 - 1,108 2,397

Cayman Islands ....................... 1,480,383 1,444,156 1,175,694 268,462 561,592 248,121 86,180 9,524 1,252 398,938 138,549 36,227

Dominican Republic................. 3,273 3,248 3,239 9 941 1,822 4 - 5 420 56 25

Haiti .......................................... 555 555 543 12 154 255 3 1 6 136 - -

Jamaica.................................... 817 777 772 5 228 420 3 - 2 119 5 40

Netherlands Antilles................. 5,785 5,718 5,542 176 2,865 2,365 97 75 4 169 143 67

Trinidad and Tobago................ 4,426 4,395 2,845 1,550 1,767 379 1,514 16 4 666 49 31

All other Caribbean .................. 16,787 14,598 13,827 771 332 12,499 581 97 21 21 1,047 2,189

Total Caribbean.................. 1,793,863 1,749,834 1,438,736 311,098 699,184 320,400 119,294 16,095 3,092 442,599 149,170 44,029

Asia: China, Mainland....................... 60,824 59,979 55,018 4,961 33,863 4,553 4,572 191 41 16,201 558 845

Hong Kong............................... 71,798 70,616 34,711 35,905 19,458 4,144 35,499 286 83 9,807 1,339 1,182

India ......................................... 11,023 10,962 6,159 4,803 1,929 774 4,601 - 55 3,075 528 61

Indonesia ................................. 14,350 14,343 10,505 3,838 4,743 371 3,181 454 202 5,293 99 7

Israel ........................................ 22,343 22,209 13,300 8,909 1,250 2,253 8,711 133 61 9,777 24 134

Japan ....................................... 208,131 188,048 125,100 62,948 29,991 9,454 59,463 2,228 193 83,879 2,840 20,083

Jordan ...................................... 1,998 1,998 1,998 - 1,941 40 - - - 17 - -

Korea, South............................ 23,801 23,131 11,484 11,647 5,790 643 9,319 408 1,519 5,189 263 670

Malaysia................................... 4,971 4,954 4,748 206 3,014 674 194 10 2 1,023 37 17

Pakistan ................................... 2,153 2,153 1,487 666 333 155 642 1 2 995 25 -

Philippines................................ 5,194 5,165 4,442 723 3,415 429 689 16 14 483 119 29

Singapore................................. 33,636 32,988 27,941 5,047 22,407 3,243 2,681 1,178 1,104 1,860 515 648

Taiwan...................................... 26,790 26,487 23,072 3,415 8,741 6,068 3,183 31 179 7,936 349 303

Thailand ................................... 41,952 41,908 3,053 38,855 1,515 330 38,849 - 4 1,204 6 44

All other Asia............................ 150,889 150,791 70,300 80,491 22,235 2,229 72,440 6,001 2,031 44,959 896 98

Total Asia............................. 679,853 655,732 393,318 262,414 160,625 35,360 244,024 10,937 5,490 191,698 7,598 24,121

Africa: Egypt........................................ 5,609 5,608 5,175 433 1,795 213 427 2 3 3,165 3 1

Ghana ...................................... 743 743 725 18 175 98 18 - - 451 1 -

Kenya....................................... 935 934 934 - 425 107 - - - 401 1 1

Liberia ...................................... 381 349 338 11 17 208 3 6 2 113 - 32

Morocco ................................... 214 213 213 - 159 43 - - - 11 - 1

South Africa ............................. 2,841 2,803 2,597 206 1,925 276 89 9 108 333 63 38

All other Africa.......................... 18,565 18,481 17,174 1,307 11,999 1,478 1,204 70 33 3,301 396 84

Total Africa........................... 29,288 29,131 27,156 1,975 16,495 2,423 1,741 87 146 7,775 464 157

Other countries: Australia ................................... 53,925 47,125 30,762 16,363 5,302 2,617 14,732 409 385 15,544 8,136 6,800

New Zealand............................ 4,973 4,847 3,620 1,227 1,146 360 1,165 59 3 2,039 75 126

All other.................................... 9,164 1,641 1,521 120 292 875 87 3 30 349 5 7,523

Total other........................... 68,062 53,613 35,903 17,710 6,740 3,852 15,984 471 418 17,932 8,216 14,449

All countries.................................. 4,732,084 4,513,975 3,460,995 1,052,980 1,408,541 541,496 668,927 122,637 73,195 1,167,008 532,171 218,109

International and regional orgs: International organizations....... 24,278 23,677 17,961 5,716 - 16,422 5,484 125 107 - 1,539 601

Regional organizations 5.......... 8,496 8,448 5,075 3,373 - 4,373 299 1,894 1,180 - 702 48

Total International and 

 regional organizations ........ 32,774 32,125 23,036 9,089 - 20,795 5,783 2,019 1,287 - 2,241 649

Grand total ...................... 4,764,858 4,546,100 3,484,031 1,062,069 1,408,541 562,291 674,710 124,656 74,482 1,167,008 534,412 218,758

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

September 2013 

58 

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.8 trillion in June 2013, an increase 

of $240 billion from year-end 2012. U.S. banking liabilities include foreign holdings of U.S. short-term 

securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities increased about 

$131 billion in 2010 and $304 billion in 2011 but decreased $394 billion in 2012. 

U.S. banking liabilities are concentrated in international financial centers. The data on this page show that 

about 57 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking 

centers in the Caribbean. Overall, banking liabilities rebounded in 2010 and 2011 from earlier declines, with 

the exception of Caribbean banking centers. In 2012, liabilities to Caribbean banking centers continued to fall 

and liabilities to other international financial centers and Japan turned down. However, liabilities to “all other 

countries” have continued to grow at a steady pace in the post crisis years. In the first two quarters of 2013, 

liabilities to most regions increased, especially those to the Caribbean banking centers and the United 

Kingdom. The only region to which there was a decline in liabilities was “all other Asia”. 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

 2009 2010 2011 2012 June 2013 

United Kingdom ..................... 784,529 996,991 1,085,392 880,355 966,504

All other Europe ..................... 688,431 628,606 837,420 799,415 804,771

Caribbean banking centers 1 .... 1,862,921 1,894,964 1,757,344 1,619,561 1,763,293

Japan ..................................... 185,546 162,291 217,606 178,715 208,131

All other Asia ......................... 522,362 463,866 506,066 504,964 471,722

Subtotal ............................... 4,043,789 4,146,718 4,403,828 3,983,010 4,214,421

All other countries .................. 436,178 464,402 511,105 538,279 550,437

Grand total ........................... 4,479,967 4,611,120 4,914,933 4,521,289 4,764,858

 

1

 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 
 CAPITAL MOVEMENTS 

September 2013 

59

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Claim 

Calendar 

Year 

2011 

2012 2013 

Mar. r June r Sept. r Dec. Mar. p

 

Total claims .............................................................. 4,263,195 3,997,704 3,714,648 3,861,769 3,824,298 3,793,888

Payable in dollars .................................................. 3,825,465 3,616,984 3,289,377 3,407,475 3,405,497 3,402,990

Own claims on foreigners ................................... 3,181,274 3,065,286 2,752,960 2,809,943 2,817,628 2,790,830

Foreign official institutions ............................... 29,856 35,707 36,436 39,486 34,809 33,885

Foreign banks, including own foreign 

offices ........................................................... 2,323,791 2,198,019 1,889,525 1,933,595 1,903,247 1,865,281 

All other foreigners .......................................... 827,627 831,560 826,999 836,862 879,572 891,664

Claims of domestic customers .............................. 644,191 551,698 536,417 597,532 587,869 612,160

Payable in foreign currencies .................................. 437,730 380,720 425,271 454,294 418,801 390,898

Own claims on foreigners ..................................... 366,417 335,334 368,321 381,103 363,949 344,361

of which: 

Canadian dollars .............................................. 41,458 45,070 45,142 52,849 58,078 56,217

Euros ................................................................ 152,483 133,953 137,328 130,226 122,892 122,943

United Kingdom pounds sterling ...................... 45,150 51,253 53,636 60,489 50,269 49,118

Japanese yen ................................................... 63,437 38,132 59,202 73,395 64,832 47,449

Claims of domestic customers .............................. 71,313 45,386 56,950 73,191 54,852 46,537

of which: 

Canadian dollars .............................................. 12,705 11,698 11,352 13,076 13,532 11,118

Euros ................................................................ 6,777 6,713 4,927 12,232 6,351 5,968

United Kingdom pounds sterling ...................... 2,178 2,502 1,751 2,373 2,444 3,391

Japanese yen ................................................... 36,070 8,759 22,270 25,099 12,015 4,071

Memoranda: 

Total own claims on foreigners ............................. 3,547,691 3,400,620 3,121,281 3,191,046 3,181,577 3,135,191

Non-negotiable deposits .................................... 1,481,677 1,339,160 1,046,317 1,092,405 1,063,066 1,013,458

Short-term negotiable instruments 

 (payable in dollars) ........................................... 12,377 10,395 9,828 11,374 9,432 10,365 

Resale agreements ............................................ 808,014 811,734 818,631 818,036 847,723 830,087

Other ................................................................... 1,245,623 1,239,331 1,246,505 1,269,231 1,261,356 1,281,281

Claims on own foreign offices ............................... 2,274,435 2,109,768 1,827,656 1,875,730 1,820,366 1,791,796

Claims reported by IBFs ....................................... 656,935 577,213 432,673 421,476 452,210 431,704

Payable in dollars ............................................... 592,270 541,863 371,523 382,939 410,012 393,105

Payable in foreign currencies ............................. 64,665 35,350 61,150 38,537 42,198 38,599

Total claims held for domestic customers ............ 715,504 597,084 593,367 670,723 642,721 658,697

Non-negotiable deposits .................................... 360,308 270,713 254,671 297,266 282,324 281,800

Short-term negotiable instruments 

 (payable in dollars) ........................................... 286,985 277,304 278,354 296,938 301,713 325,335 

Other................................................................... 68,211 49,067 60,342 76,519 58,684 51,562

 
CAPITAL MOVEMENTS 

September 2013 

60 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar 

year 

2010 

2011 2012 2013 

 Sept. Dec. Mar. r June r Sept. r. Dec. Mar. p

Europe: .

Austria ................................................... 3,470 3,081 3,105 3,329 3,957 3,284 3,348 3,232

Belgium.................................................. 20,991 10,020 9,912 7,660 9,095 8,587 11,928 9,328

Bulgaria ................................................. 19 10 11 6 10 19 6 8

Czech Republic ..................................... 51 24 81 20 108 25 62 15

Denmark................................................ 4,004 2,551 3,574 3,505 797 956 912 1,151

Finland................................................... 45,772 38,849 37,664 29,555 27,805 15,516 26,567 25,008

France ................................................... 206,754 157,471 104,759 96,514 101,279 71,164 82,440 92,143

Germany................................................ 87,489 68,387 56,754 66,441 65,109 82,380 65,232 74,835

Greece................................................... 700 184 147 140 137 147 185 89

Hungary................................................. 556 338 353 390 323 353 568 448

Ireland.................................................... 29,276 33,099 26,612 26,026 24,786 19,703 15,095 14,517

Italy ........................................................ 32,855 7,704 6,160 6,072 4,850 11,108 2,346 3,788

Kazakhstan ........................................... 270 87 141 169 82 85 198 74

Luxembourg .......................................... 23,688 30,305 26,992 28,909 29,090 32,087 34,556 35,562

Netherlands ........................................... 48,277 56,734 55,440 51,867 51,141 58,928 51,319 54,715

Norway .................................................. 17,456 17,525 15,953 14,329 15,130 13,590 18,564 16,067

Poland ................................................... 391 442 621 680 1,614 568 475 1,036

Portugal ................................................. 1,415 798 796 905 632 789 670 703

Romania ................................................ 112 502 406 315 108 69 90 152

Russia.................................................... 1,353 1,750 1,427 1,166 1,152 1,268 1,911 2,030

Spain ..................................................... 15,506 8,315 5,861 7,697 7,002 8,068 9,849 9,735

Sweden.................................................. 41,082 37,428 38,081 37,255 28,767 36,345 34,745 38,986

Switzerland............................................ 57,846 98,523 75,182 59,264 47,469 48,265 45,568 53,252

Turkey.................................................... 5,519 5,710 5,231 5,900 6,210 6,340 7,247 8,288

United Kingdom..................................... 1,325,525 1,229,804 1,270,212 1,202,312 1,139,930 1,236,751 1,191,078 1,147,040

Channel Islands..................................... 15,538 14,195 10,365 8,627 8,330 6,900 7,352 8,572

All other Europe .................................... 4,901 4,758 4,075 3,605 3,417 3,109 3,179 3,142

Total Europe ....................................... 1,990,817 1,828,594 1,759,915 1,662,658 1,578,332 1,666,403 1,615,490 1,603,917

Memo: Euro Area 1 ............................. 518,230 415,814 335,148 326,302 325,910 312,493 305,072 325,238

Memo: European Union 2 ................... 1,889,977 1,687,029 1,648,503 1,570,796 1,497,594 1,587,602 1,533,026 1,514,091

Canada ..................................................... 221,144 207,441 222,300 213,803 218,461 243,437 269,080 256,607

Latin America: 

Argentina ............................................... 4,444 7,220 5,403 5,709 5,804 5,847 4,656 4,352

Bolivia ................................................... 154 163 140 145 150 155 201 149

Brazil...................................................... 56,667 76,500 83,083 82,202 81,948 79,744 81,391 86,401

Chile ...................................................... 14,986 15,540 17,142 16,882 19,736 19,906 22,115 20,409

Colombia ............................................... 7,442 8,493 8,520 8,109 7,429 7,606 8,717 8,528

Costa Rica ............................................ 1,226 1,941 1,974 1,981 2,048 2,327 2,378 2,364

Ecuador................................................. 491 439 475 537 549 540 597 651

El Salvador ........................................... 386 496 560 554 573 668 800 771

Guatemala............................................. 1,249 2,219 2,345 2,327 2,461 2,442 2,315 2,324

Honduras .............................................. 372 394 477 536 623 569 787 714

Mexico ................................................... 31,826 40,450 38,671 38,958 40,763 39,817 42,207 42,283

Nicaragua .............................................. 97 104 85 98 111 143 110 121

Panama ................................................. 3,766 4,794 4,666 4,542 5,051 5,161 5,962 6,959

Paraguay .............................................. 488 346 447 417 416 548 356 524

Peru ....................................................... 4,434 5,651 5,085 6,620 7,268 6,991 7,137 7,839

Uruguay................................................. 2,446 897 675 1,872 3,092 1,455 1,652 1,991

Venezuela ............................................. 1,573 1,770 1,683 1,885 1,918 2,176 2,094 2,082

All other Latin America ......................... 72 197 195 184 189 192 190 201

Total Latin America............................. 132,119 167,614 171,626 173,558 180,129 176,287 183,665 188,663

Caribbean: 

Anguilla ................................................. 10,826 13,285 13,968 14,718 13,615 15,389 15,016 17,551

Bahamas ............................................... 380,494 480,613 470,556 358,915 184,686 192,240 185,753 199,946

Barbados .............................................. 504 633 493 859 816 972 636 593

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2013 

61

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar 

year 

2010 

2011 2012 2013 

 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

Caribbean, con. 

Bermuda..................................... 12,256 16,490 14,250 17,239 17,094 16,830 17,834 18,560

British Virgin Islands................... 12,552 13,457 13,760 15,037 12,644 13,516 14,412 14,419

Cayman Islands.......................... 1,176,720 956,743 901,163 887,010 796,855 783,527 772,054 725,892

Dominican Republic ................... 891 1,094 1,270 1,137 1,038 1,192 1,390 1,270

Haiti ............................................ 38 30 40 31 39 51 71 120

Jamaica ...................................... 379 585 631 668 413 410 384 449

Netherlands Antilles ................... 6,080 2,563 2,826 2,125 1,686 1,365 1,179 1,393

Trinidad and Tobago .................. 546 530 689 728 565 846 460 511

All other Caribbean..................... 645 538 481 667 699 1,060 1,133 807

Total Caribbean ....................... 1,601,931 1,486,561 1,420,127 1,299,134 1,030,150 1,027,398 1,010,322 981,511

Asia: 

China, Mainland ......................... 17,232 20,185 18,637 20,524 22,556 19,619 18,151 26,172

Hong Kong ................................. 39,832 65,048 56,091 42,272 60,038 67,552 70,541 60,260

India............................................ 13,760 19,068 19,867 19,245 21,051 21,478 22,990 22,913

Indonesia.................................... 1,018 2,118 2,620 2,290 2,618 2,236 2,999 2,788

Israel........................................... 5,828 5,670 5,411 4,982 3,558 3,306 3,076 3,055

Japan.......................................... 289,439 314,753 362,403 334,094 383,919 413,218 393,809 371,775

Jordan ........................................ 77 73 71 82 82 43 92 90

Korea, South .............................. 19,623 23,825 22,604 22,889 24,495 24,815 22,672 24,520

Lebanon...................................... 56 96 62 75 79 82 74 140

Malaysia ..................................... 2,391 6,108 4,884 5,952 5,649 5,527 5,492 5,937

Pakistan...................................... 11 58 181 44 28 62 121 131

Philippines .................................. 1,739 2,662 1,545 1,508 1,458 1,755 2,083 3,752

Singapore ................................... 19,915 24,420 26,176 33,142 35,458 30,472 29,848 52,734

Taiwan........................................ 5,451 6,837 6,260 3,681 2,714 3,899 3,115 8,828

Thailand...................................... 842 442 339 463 420 545 591 1,012

Asian oil exporters 3 ................... 16,066 16,704 15,593 19,601 15,121 16,577 19,040 18,918

All other Asia .............................. 1,289 3,369 2,959 3,345 3,107 2,520 2,395 2,654

Total Asia ................................. 434,569 511,436 545,703 514,189 582,351 613,706 597,089 605,679

Africa: 

Cameroon................................... 5 3 3 5 11 9 7 7

Egypt .......................................... 7,772 1,675 1,064 786 750 1,134 741 700

Ghana......................................... 104 116 117 249 239 244 272 349

Liberia......................................... 951 1,061 1,095 1,221 1,117 1,178 1,103 1,045

Morocco...................................... 232 139 361 339 456 218 300 214

South Africa................................ 1,193 678 631 1,280 1,343 1,103 779 876

African oil exporters 4 ................. 308 336 339 763 1,041 1,174 1,746 2,007

All other Africa ............................ 6,147 6,167 6,492 6,402 5,175 7,211 7,168 6,800

Total Africa .............................. 16,712 10,175 10,102 11,045 10,132 12,271 12,116 11,998

Other countries: 

Australia...................................... 97,247 107,303 107,620 100,769 94,455 103,199 114,050 122,476

New Zealand .............................. 10,437 7,524 6,758 6,046 6,497 6,100 5,311 4,723

All other ...................................... 4,683 1,715 1,850 2,026 2,239 2,070 2,012 2,128

Total other countries ................ 112,367 116,542 116,228 108,841 103,191 111,369 121,373 129,327

Total foreign countries .......... 4,509,659 4,328,363 4,246,001 3,983,228 3,702,746 3,850,871 3,809,135 3,777,702

International and regional orgs: 

International organizations......... 10,901 10,651 14,083 10,502 8,446 7,741 11,252 11,891

Regional organizations 5 ............ 9,684 4,167 3,111 3,974 3,456 3,157 3,911 4,295

Total international 

 and regional organizations ........ 20,585 14,818 17,194 14,476 11,902 10,898 15,163 16,186

 Grand total ........................... 4,530,244 4,343,181 4,263,195 3,997,704 3,714,648 3,861,769 3,824,298 3,793,888

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2013 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2013 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,232 3,232 3,211 303 2,908 21 1 - 1

Belgium.............................................. 9,328 9,117 7,575 7,118 457 1,542 211 116 95

Czech Republic ................................. 15 15 6 2 4 9 - - -

Denmark............................................ 1,151 694 417 166 251 277 457 454 3

Finland............................................... 25,008 22,378 22,221 22,167 54 157 2,630 2,625 5

France ............................................... 92,143 66,156 58,045 33,797 24,248 8,111 25,987 24,973 1,014

Germany............................................ 74,835 45,153 32,683 29,072 3,611 12,470 29,681 28,722 959

Greece............................................... 89 89 74 2 72 15 1 - 1

Hungary............................................. 448 187 149 42 107 38 261 - 261

Ireland................................................ 14,517 14,116 12,589 3,012 9,577 1,527 401 381 20

Italy .................................................... 3,788 3,590 2,154 1,799 355 1,436 198 21 177

Kazakhstan........................................ 74 74 72 45 27 2 - - -

Luxembourg ...................................... 35,562 32,464 22,063 4,646 17,417 10,401 3,098 3,065 33

Netherlands ....................................... 54,715 42,430 35,537 3,618 31,919 6,893 12,286 11,835 451

Norway .............................................. 16,067 2,721 2,573 2,097 476 148 13,346 12,428 918

Poland ............................................... 1,036 1,034 964 951 13 70 2 1 1

Portugal ............................................. 703 678 658 172 486 20 25 24 1

Romania ............................................ 152 73 63 46 17 10 79 - 79

Russia................................................ 2,030 2,029 1,890 1,494 396 139 1 1 -

Spain ................................................. 9,735 7,168 3,762 2,304 1,458 3,406 2,567 2,513 54

Sweden.............................................. 38,986 10,547 5,218 3,289 1,929 5,329 28,439 27,656 783

Switzerland........................................ 53,252 50,831 46,483 39,096 7,387 4,348 2,421 2,409 12

Turkey................................................ 8,288 8,269 6,511 4,930 1,581 1,758 19 2 17

United Kingdom................................. 1,147,040 1,060,512 929,090 643,526 285,564 131,422 86,528 80,178 6,350

Channel Islands .................................. 8,572 8,292 7,758 1,805 5,953 534 280 171 109

All other Europe ................................ 3,150 3,056 2,417 354 2,063 639 94 38 56

Total Europe ................................... 1,603,917 1,394,904 1,204,183 805,853 398,330 190,721 209,013 197,613 11,400

Memo: Euro Area 1 ......................... 325,238 248,149 201,744 108,132 93,612 46,405 77,089 74,277 2,812

Canada ................................................. 256,607 209,688 162,534 130,404 32,130 47,154 46,919 36,682 10,237

Latin America: 

Argentina ........................................... 4,352 4,328 4,185 305 3,880 143 24 24 -

Bolivia................................................ 149 149 142 5 137 7 - - -

Brazil.................................................. 86,401 85,983 83,275 47,112 36,163 2,708 418 407 11

Chile .................................................. 20,409 19,626 19,620 10,986 8,634 6 783 783 -

Colombia ........................................... 8,528 8,528 7,247 4,025 3,222 1,281 - - -

Costa Rica ........................................ 2,364 2,364 2,086 1,115 971 278 - - -

Ecuador............................................. 651 647 647 44 603 - 4 4 -

El Salvador ....................................... 771 771 767 518 249 4 - - -

Guatemala......................................... 2,324 2,324 2,164 1,330 834 160 - - -

Honduras .......................................... 714 714 713 551 162 1 - - -

Mexico ............................................... 42,283 39,091 32,377 11,099 21,278 6,714 3,192 6 3,186

Panama ............................................. 6,959 6,857 6,696 4,432 2,264 161 102 102 -

Peru ................................................... 7,839 7,823 7,778 3,556 4,222 45 16 16 -

Uruguay............................................. 1,991 1,965 1,964 216 1,748 1 26 - 26

Venezuela ......................................... 2,082 2,074 1,965 165 1,800 109 8 8 -

All other Latin America ..................... 846 845 830 343 487 15 1 1 -

Total Latin America......................... 188,663 184,089 172,456 85,802 86,654 11,633 4,574 1,351 3,223

 

See footnotes at end of table.
 CAPITAL MOVEMENTS 

September 2013 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2013, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 199,946 158,309 157,611 152,336 5,275 698 41,637 41,637 -

Bermuda............................................ 18,560 18,330 16,525 137 16,388 1,805 230 230 -

British Virgin Islands.......................... 14,419 14,090 10,140 340 9,800 3,950 329 329 -

Cayman Islands................................. 725,892 489,141 455,686 252,579 203,107 33,455 236,751 233,621 3,130

Dominican Republic .......................... 1,270 1,270 1,243 362 881 27 - - -

Jamaica ............................................. 449 446 446 192 254 - 3 3 -

Netherlands Antilles .......................... 1,393 1,390 1,044 388 656 346 3 - 3

Trinidad and Tobago ......................... 511 511 509 49 460 2 - - -

All other Caribbean ........................... 19,071 19,071 16,558 43 16,515 2,513 - - - 

Total Caribbean .............................. 981,511 702,558 659,762 406,426 253,336 42,796 278,953 275,820 3,133 

Asia: 

China, Mainland ................................ 26,172 25,405 22,597 16,907 5,690 2,808 767 755 12

Hong Kong ........................................ 60,260 56,893 52,968 47,202 5,766 3,925 3,367 2,690 677 

India................................................... 22,913 21,334 20,196 13,330 6,866 1,138 1,579 1,558 21

Indonesia........................................... 2,788 2,741 2,704 2,349 355 37 47 23 24

Israel.................................................. 3,055 2,383 2,293 1,940 353 90 672 224 448 

Japan................................................. 371,775 349,210 320,565 248,447 72,118 28,645 22,565 19,167 3,398

Korea, South ..................................... 24,520 23,055 20,265 17,714 2,551 2,790 1,465 215 1,250

Malaysia ............................................ 5,937 367 215 173 42 152 5,570 4 5,566 

Pakistan............................................. 131 129 128 118 10 1 2 2 -

Philippines ......................................... 3,752 2,968 2,912 2,843 69 56 784 7 777

Singapore .......................................... 52,734 43,903 43,181 40,430 2,751 722 8,831 6,698 2,133 

Taiwan............................................... 8,828 8,821 8,413 8,081 332 408 7 5 2

Thailand............................................. 1,012 815 584 534 50 231 197 9 188

All other Asia ..................................... 21,802 20,770 20,426 17,396 3,030 344 1,032 694 338 

Total Asia ........................................ 605,679 558,794 517,447 417,464 99,983 41,347 46,885 32,051 14,834 

Africa: 

Egypt ................................................. 700 678 663 572 91 15 22 9 13

Ghana................................................ 349 349 349 304 45 - - - - 

Liberia................................................ 1,045 1,045 957 - 957 88 - - -

Morocco............................................. 214 214 208 201 7 6 - - -

South Africa....................................... 876 875 728 604 124 147 1 - 1 

All other Africa ................................... 8,814 7,162 6,820 930 5,890 342 1,652 111 1,541 

Total Africa ..................................... 11,998 10,323 9,725 2,611 7,114 598 1,675 120 1,555 

Other countries: 

Australia............................................. 122,476 61,661 54,711 49,655 5,056 6,950 60,815 60,755 60 

New Zealand ..................................... 4,723 1,869 1,493 950 543 376 2,854 2,853 1

All other ............................................. 2,128 2,118 2,105 1 2,104 13 10 - 10 

Total other countries ....................... 129,327 65,648 58,309 50,606 7,703 7,339 63,679 63,608 71 

Total foreign countries ................. 3,777,702 3,126,004 2,784,416 1,899,166 885,250 341,588 651,698 607,245 44,453 

International and regional orgs: 

International organizations................ 11,891 6,687 3,949 - 3,949 2,738 5,204 4,179 1,025

Regional organizations 2 .................... 4,295 2,500 2,465 - 2,465 35 1,795 736 1,059 

Total international and regional 

 organizations ................................ 16,186 9,187 6,414 - 6,414 2,773 6,999 4,915 2,084 

 Grand total .................................. 3,793,888 3,135,191 2,790,830 1,899,166 891,664 344,361 658,697 612,160 46,537 

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, 

Slovakia, Slovenia, and Spain. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2013 

64 

In March 2013, U.S. claims on foreigners reported by U.S. banks amounted to $3.8 trillion, a similar level 

to that of December 2012 and a decrease of $469 billion from year-end 2011. U.S. banking claims include 

holdings of foreign short-term securities but exclude holdings of foreign long-term securities. U.S. banking 

claims increased $257 billion in 2009 and $554 billion in 2010. However, they decreased $267 billion in 2011. 

As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international 

financial centers. Nearly 56 percent of these claims are reported opposite the United Kingdom and banking 

centers in the Caribbean. In the post crisis years, there has been a steady fall in claims on Caribbean banking 

centers, the United Kingdom, and all other Europe. In contrast, claims on Asia have consistently risen since 

2008. Although the lion’s share of banking claims against the United States is held by the international 

financial centers, this share has fallen while Asia’s share has grown from under 5 percent in 2008 to over 15 

percent in 2012. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years 

2009 2010 2011 2012 Mar. 2013 

United Kingdom ........................... 1,155,891 1,325,525 1,270,212 1,191,078 1,147,040

All other Europe ........................... 775,694 665,292 489,703 424,412 456,877

Caribbean banking centers 1 ....... 1,370,044 1,591,868 1,407,221 997,194 967,169

Japan ........................................... 185,928 289,439 362,403 393,809 371,775

All other Asia ................................ 97,448 145,130 183,300 203,280 233,904

Subtotal ...................................... 3,585,005 4,017,254 3,712,839 3,209,773 3,176,765

All other countries ........................ 391,680 512,990 550,356 614,525 617,123

Grand total ................................. 3,976,685 4,530,244 4,263,195 3,824,298 3,793,888

1

 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 
CAPITAL MOVEMENTS 

September 2013 

65

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of liability or claim 

Calendar year 2012 2013 

 2009 2010 2011 Mar. r June r Sept. r Dec. Mar p.

Total liabilities ................................................... 79,272 78,876 84,236 84,875 84,819 91,748 87,326 91,509 

Payable in dollars .......................................... 58,595 63,764 72,381 72,026 72,800 78,798 76,421 77,378 

Financial .................................................... 12,986 12,225 12,651 11,692 11,689 12,985 12,687 12,473 

Short-term negotiable securities ........... 1,300 902 936 1,430 870 545 573 113 

Other ..................................................... 11,686 11,323 11,715 10,262 10,819 12,440 12,114 12,360 

Commercial ............................................... 45,609 51,539 59,730 60,334 61,111 65,813 63,734 64,905 

Trade payables ..................................... 21,000 27,087 30,552 29,045 28,310 31,420 28,899 27,368 

Advance receipts and other .................. 24,609 24,452 29,178 31,289 32,801 34,393 34,835 37,537 

Payable in foreign currencies ....................... 20,677 15,112 11,855 12,849 12,019 12,950 10,905 14,131 

By major foreign currency: 

Canadian dollars ................................... 3,709 3,456 2,831 2,957 2,431 4,805 2,664 2,741

Euros ..................................................... 5,276 4,742 3,754 4,182 4,019 4,236 4,386 4,742

United Kingdom pounds sterling ........... 1,431 1,241 1,133 1,105 1,087 1,092 816 752

Japanese yen ........................................ 926 1,645 1,124 1,127 1,312 1,310 1,433 4,304

Other ..................................................... 9,335 4,028 3,013 3,478 3,170 1,507 1,606 1,592

By type of liability: 

Financial ................................................ 16,914 9,966 6,757 7,321 7,984 8,732 6,584 10,071

Short-term negotiable securities ....... 1,264 633 453 504 538 573 561 ,539

Other ................................................. 15,650 9,333 6,304 6,817 7,446 8,159 6,023 9,532

Commercial ........................................... 3,763 5,146 5,098 5,528 4,035 4,218 4,321 4,060

Trade payables ................................. 1,318 1,889 1,943 2,423 2,250 2,589 2,487 2,060

Advance receipts and other .............. 2,445 3,257 3,155 3,105 1,785 1,629 1,834 2,000

Total claims ....................................................... 102,138 104,801 96,668 92,926 108,321 112,103 105,130 106,986

Payable in dollars .......................................... 77,184 79,433 79,582 70,076 76,319 76,280 79,530 81,130

Financial .................................................... 35,654 31,947 28,867 22,136 26,825 26,547 29,346 33,191

Non-negotiable deposits ....................... 9,042 10,684 8,521 6,704 8,952 7,253 8,721 8,508

Negotiable CDs and short-term 

negotiable instruments .......................... 7,082 6,525 2,095 1,357 1,206 1,337 2,456 4,466

Other ..................................................... 19,530 14,738 18,251 14,075 16,667 17,957 18,169 20,217

Commercial ............................................... 41,530 47,486 50,715 47,940 49,494 49,733 50,184 47,939

Trade receivables ................................. 29,196 35,109 40,299 36,941 37,557 35,826 36,527 30,248

Advance payments and other ............... 12,334 12,377 10,416 10,999 11,937 13,907 13,657 17,691

Payable in foreign currencies ....................... 24,954 25,368 17,086 22,850 32,002 35,823 25,600 25,856

By major foreign currency: 

Canadian dollars ................................... 2,519 3,661 2,981 3,058 2,785 4,056 2,785 2,792

Euros ..................................................... 8,838 8,825 3,313 7,375 7,426 15,857 8,045 8,881

United Kingdom pounds sterling ........... 1,738 3,088 2,488 3,194 3,087 4,059 4,283 4,207

Japanese yen ........................................ 1,795 3,279 2,101 1,617 11,528 7,165 5,279 4,951

Other ..................................................... 10,064 6,515 6,203 7,606 7,176 4,686 5,208 5,025

By type of claim: 

Financial ................................................ 21,405 21,776 12,703 18,380 27,579 31,732 20,060 20,555

Non-negotiable deposits ................... 2,139 1,377 1,580 1,691 2,242 2,890 1,565 1,451

Short-term negotiable securities ....... 7,462 10,475 1,489 872 10,686 11,947 4,146 1,408

Other ................................................. 11,804 9,924 9,634 15,817 14,651 16,895 14,349 17,696

Commercial ........................................... 3,549 3,592 4,383 4,470 4,423 4,091 5,540 5,301

Trade receivables ............................. 3,334 3,268 3,964 3,900 4,109 3,712 4,981 4,639

Advance payments and other ........... 215 324 419 570 314 379 559 662
CAPITAL MOVEMENTS 

September 2013 

66 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2012 2013 

2008 2009 2010 2011 Mar. r June r Sept. r Dec. Mar. p

Europe: 

Austria ................................ 95 78 113 76 72 82 80 121 66

Belgium .............................. 427 201 258 309 326 336 351 216 229

Bulgaria .............................. 1 - -- 3 1 2 3 3

Czech Republic .................. 45 44 32 32 59 59 62 64 106

Denmark ............................. 161 140 177 204 90 180 253 277 270

Finland ............................... 79 521 105 122 101 138 102 102 109

France ................................ 4,801 3,004 2,968 3,133 2,712 2,570 2,758 2,794 3,933

Germany ............................ 3,746 5,428 4,563 4,594 4,659 5,048 4,770 5,426 5,540

Greece ............................... 241 232 273 229 246 216 242 212 205

Hungary .............................. 30 16 58 86 51 41 39 43 44

Ireland ................................ 2,067 2,725 1,532 1,718 1,345 1,200 1,204 1,412 1,101

Italy ..................................... 509 509 463 799 491 562 641 1,002 909

Luxembourg ....................... 837 503 373 402 278 229 258 203 248

Netherlands ........................ 1,728 882 731 1,765 1,097 829 1,377 962 914

Norway ............................... 385 472 870 1,015 1,167 1,541 839 801 1,334

Poland ................................ 269 201 151 123 144 163 174 136 119

Portugal .............................. 35 25 26 16 35 17 16 14 15

Romania ............................. 71 11 15 11 19 12 17 21 16

Russia ................................ 524 297 714 847 1,125 1,181 1,255 1,118 1,014

Serbia and Montenegro 

(formerly Yugoslavia) ..... 6 - 2 4 4 3 4 2 2

Spain .................................. 816 502 363 364 456 333 340 449 425

Sweden .............................. 274 446 1,345 1,237 1,210 1,068 1,031 1,163 1,173

Switzerland ........................ 2,333 2,444 2,357 2,378 2,349 2,007 2,150 1,883 1,423

Turkey ................................ 709 1,619 1,358 748 795 668 685 1,011 1,064

United Kingdom ................. 14,916 10,428 10,150 11,267 10,721 9,707 9,631 10,385 12,025

Channel Islands and 

Isle of Man ..................... 95 84 70 124 122 146 137 114 110

Other Europe ..................... 435 524 484 638 813 784 911 903 1,035

Total Europe .................. 35,635 31,336 29,551 32,241 30,488 29,121 29,329 30,837 33,432

Canada ................................... 5,960 6,199 8,800 9,899 10,504 10,589 13,105 9,563 8,964

Latin America: 

Argentina ............................ 89 68 110 76 61 69 74 89 231

Brazil .................................. 626 587 734 1,077 1,088 1,393 1,326 1,167 1,585

Chile ................................... 353 318 553 548 639 638 516 368 384

Colombia ............................ 332 385 550 453 472 439 418 384 612

Ecuador .............................. 30 13 28 23 60 153 34 39 31

Guatemala ......................... 8 6 5 12 16 13 21 20 16

Mexico ................................ 1,579 2,088 3,121 2,928 2,836 2,997 3,541 2,953 3,165

Panama .............................. 166 330 221 332 305 199 188 294 328

Peru .................................... 34 32 99 63 57 63 87 88 75

Uruguay .............................. 12 13 55 12 6 30 19 22 14

Venezuela .......................... 413 190 726 450 640 680 958 885 908

Other Latin America ........... 50 74 34 113 91 63 80 153 114

Total Latin America ........... 3,692 4,104 6,236 6,087 6,271 6,737 7,262 6,462 7,463

Caribbean: 

Bahamas ............................ 52 85 103 50 90 77 197 91 189

Bermuda ................................. 723 1,706 1,069 764 539 718 666 558 844

Cayman Islands ................. 10,354 8,348 2,175 668 778 853 603 582 720

Cuba ................................... - 8 1 - - - - --

Jamaica .............................. 37 15 13 10 11 22 19 19 22

Netherlands Antilles ........... 6 3 8 2 2 3 1 21

Trinidad and Tobago .......... 60 45 19 57 60 17 18 18 21

Other Caribbean ................ 444 362 1,057 1,717 1,063 981 1,100 1,273 542

Total Caribbean ............. 11,676 10,572 4,445 3,268 2,543 2,671 2,604 2,543 2,339

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2013 

67

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2012 2013 

2008 2009 2010 2011 Mar. r June r Sept. r Dec. Mar. p

Asia: 

China, Mainland. ...................... 4,769 3,956 4,346 5,853 6,793 7,085 7,487 7,679 7,901

Hong Kong ............................... 593 689 1,147 806 1,371 1,467 1,796 1,220 939

India .......................................... 1,082 761 818 682 731 681 805 649 679

Indonesia .................................. 366 381 424 521 468 453 344 482 533

Israel ......................................... 292 336 205 96 149 195 230 321 295

Japan ........................................ 6,190 6,072 6,544 6,526 6,924 6,673 7,004 8,012 8,073

Korea, South ............................ 1,314 919 1,169 1,391 1,360 1,315 2,029 2,081 1,744

Lebanon ................................... 15 8 7 5 7 8 6 4 1

Malaysia ................................... 363 311 347 469 695 681 699 652 495

Pakistan .................................... 28 25 67 50 37 39 64 71 64

Philippines ................................ 107 86 100 210 267 215 263 197 164

Singapore ................................. 3,767 1,872 1,447 1,476 2,250 1,993 2,301 2,349 2,296

Syria ......................................... 3 1 - 1 1 1 2 4 4

Taiwan ...................................... 722 483 360 370 414 577 662 422 611

Thailand .................................... 295 432 403 278 515 411 472 490 377

Oil-exporting countries 1 ........... 6,378 6,700 8,567 10,688 9,221 10,189 10,756 9,271 10,657

Other Asia ................................ 460 305 423 612 696 522 849 607 666

Total Asia ............................. 26,744 23,337 26,374 30,034 31,899 32,505 35,769 34,511 35,499

Africa: 

Congo (formerly Zaire) ............. - 8 - - - - - - -

Egypt ........................................ 293 192 111 106 128 96 165 163 172

Ghana ....................................... 5 3 2 3 5 10 15 12 14

Liberia ....................................... 64 61 52 57 48 53 49 48 6

Morocco .................................... 112 118 89 161 153 125 124 160 152

South Africa .............................. 256 283 67 134 241 237 197 143 94

Oil-exporting countries 2 ........... 764 984 799 430 769 699 684 690 695

Other Africa .............................. 341 541 693 591 572 635 1,063 587 609

Total Africa ........................... 1,835 2,190 1,813 1,482 1,916 1,855 2,297 1,803 1,742

Other countries: 

Australia ................................... 1,925 1,228 1,241 961 1,007 1,095 1,127 1,340 1,776

New Zealand ............................ 92 179 279 114 72 73 92 101 117

All other .................................... 30 25 23 9 30 12 9 12 17

Total other countries ............ 2,047 1,432 1,543 1,084 1,109 1,180 1,230 1,453 1,910

Total foreign countries ..... 87,589 79,170 78,762 84,095 84,730 84,658 91,596 87,172 91,349

International and regional orgs: 

International organizations ....... 7 71 109 137 141 143 147 142 145

Regional organizations 3 .......... 34 31 5 4 4 18 5 12 15

Total international and 

regional organizations ...... 41 102 114 141 145 161 152 154 160

Grand total ....................... 87,630 79,272 78,876 84,236 84,875 84,819 91,748 87,326 91,509

1

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2

 Includes Algeria, Gabon, Libya, and Nigeria. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2013 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2012 2013 

2008 2009 2010 2011 Mar. r June r Sept. r. Dec. Mar. p

Europe: 

Austria .......................................... 1,951 1,832 1,789 1,602 1,568 1,591 1,599 1,382 1,388

Belgium ........................................ 393 365 503 402 413 352 325 288 290

Bulgaria ........................................ 6 7 16 16 18 13 17 19 19

Czech Republic ............................ 85 107 131 63 130 118 107 107 95

Denmark ....................................... 74 272 210 190 146 155 146 218 136

Finland ......................................... 541 1,801 1,469 62 96 77 76 83 96

France .......................................... 2,736 3,184 2,496 3,086 3,833 4,365 5,840 4,086 5,502

Germany ...................................... 8,621 4,151 5,073 5,298 4,530 5,308 7,973 5,601 6,656

Greece ......................................... 192 193 223 182 176 194 128 166 86

Hungary ........................................ 95 197 83 380 335 244 283 212 309

Ireland .......................................... 1,814 1,252 791 910 589 569 661 357 331

Italy ............................................... 1,195 1,981 1,778 1,279 1,644 1,875 2,346 2,425 2,494

Luxembourg ................................. 183 188 177 178 193 168 230 203 242

Netherlands .................................. 2,092 2,783 2,304 2,495 2,314 2,549 1,735 1,766 1,544

Norway ......................................... 271 257 185 250 185 204 337 291 260

Poland .......................................... 132 239 277 255 286 292 278 277 178

Portugal ........................................ 76 67 53 35 67 50 35 28 29

Romania ....................................... 54 96 132 113 103 94 95 90 97

Russia .......................................... 694 547 506 1,483 440 1,158 1,169 1,675 1,262

Serbia and Montenegro 

(formerly Yugoslavia) ............... 14 17 13 7 8 8 10 11 12

Spain ............................................ 1,072 967 712 1,298 1,237 1,478 1,709 1,867 1,776

Sweden ........................................ 450 311 516 523 526 535 539 619 587

Switzerland .................................. 1,788 1,723 1,726 1,370 1,586 1,427 1,572 1,546 1,192

Turkey .......................................... 593 667 677 815 530 809 658 872 850

United Kingdom ........................... 17,983 25,389 20,162 17,046 16,004 20,181 23,824 22,677 20,736

Channel Islands and 

Isle of Man ............................... 419 541 100 424 319 377 407 414 362

Other Europe ............................... 1,107 433 422 1,115 1,226 1,181 1,091 1,108 1,300

Total Europe ............................ 44,631 49,567 42,524 40,878 38,503 45,373 53,191 48,389 47,831

Canada ............................................. 10,551 10,474 14,233 12,378 12,732 12,747 13,048 11,476 12,881

Latin America: 

Argentina ...................................... 473 513 581 452 383 381 331 369 375

Brazil ............................................ 2,365 2,003 2,424 2,251 2,256 2,341 2,273 2,191 2,112

Chile ............................................. 540 362 454 523 601 610 525 611 569

Colombia ...................................... 429 411 455 343 658 619 602 477 433

Ecuador ........................................ 173 146 173 129 86 98 102 89 85

Guatemala ................................... 180 134 115 99 78 106 78 95 89

Mexico .......................................... 3,089 3,082 4,830 4,475 5,015 4,747 4,740 4,489 4,320

Panama ........................................ 408 340 330 344 424 468 635 620 485

Peru .............................................. 270 194 319 236 352 416 423 397 399

Uruguay ........................................ 106 68 148 72 165 44 55 72 45

Venezuela .................................... 657 479 412 461 723 642 764 687 663

Other Latin America ..................... 435 336 319 397 334 294 372 405 408

Total Latin America ...................... 9,125 8,068 10,560 9,782 11,075 10,766 10,900 10,502 9,983

Caribbean: 

Bahamas ...................................... 353 302 164 545 305 257 205 379 597

Bermuda ............................................ 1,722 3,567 1,449 1,287 1,069 1,375 1,158 1,503 2,172

Cayman Islands ........................... 19,513 6,908 8,416 5,319 2,954 3,141 3,887 5,822 8,446

Cuba ............................................. - - 2 - - - - --

Jamaica ........................................ 79 64 58 48 25 48 24 74 40

Netherlands Antilles ..................... 112 52 178 66 82 69 69 42 73

Trinidad and Tobago .................... 111 83 42 46 63 287 78 93 65

Other Caribbean .......................... 1,013 1,188 1,061 1,508 1,107 1,132 1,271 1,292 844

Total Caribbean ....................... 22,903 12,164 11,370 8,819 5,605 6,309 6,692 9,205 12,237

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2013 

69

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2012 2013 

2008 2009 2010 2011 Mar. r June r Sept. r Dec. Mar. p

Asia: 

China, Mainland. ....................... 1,455 1,737 2,278 2,468 2,570 2,429 2,176 2,192 1,889

Hong Kong ................................ 809 943 1,491 1,090 1,523 2,873 2,323 1,579 1,428

India .......................................... 695 779 997 1,703 1,674 1,732 1,476 2,364 2,533

Indonesia................................... 273 354 362 332 292 284 232 272 267

Israel ......................................... 635 456 284 232 304 320 417 398 391

Japan ........................................ 4,578 2,513 4,372 4,920 3,611 11,220 6,681 3,587 3,882

Korea, South ............................. 980 2,312 1,986 1,850 1,513 1,245 810 1,006 804

Lebanon .................................... 44 19 29 14 14 9 8 20 11

Malaysia .................................... 275 215 245 188 295 208 206 353 189

Pakistan .................................... 33 38 33 75 35 52 30 27 41

Philippines ................................. 63 81 126 121 129 172 513 177 200

Singapore .................................. 1,448 2,991 3,532 3,100 3,391 2,285 2,516 3,283 2,388

Syria .......................................... 12 11 15 34 34 31 267 23 22

Taiwan ....................................... 976 966 1,025 1,021 1,552 1,638 1,377 1,334 1,249

Thailand .................................... 330 336 250 179 215 212 204 158 226

Oil-exporting countries 1 ............ 3,392 2,601 4,035 2,969 3,487 3,643 3,372 4,063 3,866

Other Asia ................................. 179 230 307 292 353 281 708 246 228

Total Asia .............................. 16,177 16,582 21,367 20,588 20,992 28,634 23,316 21,082 19,614

Africa: 

Congo (formerly Zaire) .............. 5 15 2 - - 1 - - 2

Egypt ......................................... 362 228 219 242 146 185 313 243 279

Ghana ....................................... 7 6 14 12 7 41 13 12 9

Liberia ....................................... 54 55 37 2 - - 6 2 5

Morocco .................................... 24 10 15 31 20 24 22 35 21

South Africa .............................. 356 374 403 373 380 216 363 412 176

Oil-exporting countries 2 ............ 300 260 270 305 281 290 308 326 253

Other Africa ............................... 495 498 383 541 280 489 525 441 391

Total Africa ............................ 1,603 1,446 1,343 1,506 1,114 1,246 1,550 1,471 1,136

Other countries: 

Australia .................................... 2,194 3,655 3,246 2,482 2,677 2,902 3,056 2,633 2,964

New Zealand ............................. 72 100 90 65 65 82 232 230 251

All other ..................................... 13 7 24 33 51 99 52 87 40

Total other countries ............. 2,279 3,762 3,360 2,580 2,793 3,083 3,340 2,950 3,255

Total foreign countries ...... 107,269 102,063 104,757 96,531 92,814 108,158 112,037 105,075 106,937

International and regional orgs: 

International organizations ........ 21 49 37 35 37 32 39 42 43

Regional organizations 3 ........... 186 26 7 102 75 131 27 13 6

Total international and 

regional organizations ........... 207 75 44 137 112 163 66 55 49

Grand total .................... 107,476 102,138 104,801 96,668 92,926 108,321 112,103 105,130 106,986

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2013 

70 

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

Country, March 31, 2013, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

 (6) 

 

Europe: 

Austria ............................................... 66 29 37 1,388 1,326 62 

Belgium ............................................ 229 46 183 290 96 194 

Bulgaria ............................................ 3 - 3 19 - 19 

Czech Republic ................................ 106 - 106 95 5 90 

Denmark ........................................... 270 1 269 136 60 76 

Finland .............................................. 109 8 101 96 54 42 

France .............................................. 3,933 2,811 1,122 5,502 3,945 1,557 

Germany........................................... 5,540 3,565 1,975 6,656 2,499 4,157 

Greece .............................................. 205 5 200 86 33 53 

Hungary ............................................ 44 1 43 309 - 309 

Ireland .............................................. 1,101 129 972 331 84 247 

Italy ................................................... 909 - 909 2,494 505 1,989 

Luxembourg ..................................... 248 1 247 242 174 68 

Netherlands ...................................... 914 452 462 1,544 532 1,012 

Norway ............................................. 1,334 165 1,169 260 164 96 

Poland .............................................. 119 3 116 178 21 157 

Portugal ............................................ 15 6 9 29 1 28 

Romania ........................................... 16 1 15 97 20 77 

Russia .............................................. 1,014 43 971 1,262 544 718 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 2 1 1 12 - 12 

Spain ................................................ 425 53 372 1,776 1,179 597 

Sweden ............................................ 1,173 775 398 587 324 263 

Switzerland ....................................... 1,423 21 1,402 1,192 464 728 

Turkey .............................................. 1,064 23 1,041 850 689 161 

United Kingdom ................................ 12,025 7,334 4,691 20,736 15,266 5,470 

Channel Islands and 

Isle of Man .................................... 110 90 20 362 326 36 

Other Europe .................................... 1,035 64 971 1,300 884 416 

Total Europe ................................. 33,432 15,627 17,805 47,831 29,197 18,634 

Canada ................................................. 8,964 3,624 5,340 12,881 8,233 4,648 

Latin America: 

Argentina .......................................... 231 9 222 375 57 318 

Brazil ................................................ 1,585 91 1,494 2,112 1,006 1,106 

Chile ................................................. 384 21 363 569 117 452 

Colombia .......................................... 612 1 611 433 12 421 

Ecuador ............................................ 31 6 25 85 8 77 

Guatemala ........................................ 16 - 16 89 30 59 

Mexico .............................................. 3,165 58 3,107 4,320 1,548 2,772 

Panama ............................................ 328 16 312 485 173 312 

Peru .................................................. 75 - 75 399 94 305 

Uruguay ............................................ 14 - 14 45 2 43 

Venezuela ........................................ 908 14 894 663 119 544 

Other Latin America ......................... 114 11 103 408 46 362 

Total Latin America .......................... 7,463 227 7,236 9,983 3,212 6,771 

Caribbean: 

Bahamas .......................................... 189 15 174 597 424 173 

Bermuda................................................ 844 - 844 2,172 396 1,776 

Cayman Islands .................................. 720 292 428 8,446 6,396 2,050 

Cuba ................................................. - - - - - - 

Jamaica ............................................ 22 - 22 40 6 34 

Netherlands Antilles ......................... 1 - 1 73 15 58 

Trinidad and Tobago ........................ 21 9 12 65 - 65 

Other Caribbean ............................... 542 2 540 844 98 746 

Total Caribbean ............................ 2,339 318 2,021 12,237 7,335 4,902 

See footnote at end of table. 
CAPITAL MOVEMENTS 

September 2013 

71

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

Country, march 31, 2013, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims

(4) 

Financial 

 (5) 

Commercial

 (6) 

Asia: 

China, Mainland ................................ 7,901 104 7,797 1,889 149 1,740 

Hong Kong ........................................ 939 50 889 1,428 240 1,188 

India ................................................... 679 48 631 2,533 317 2,216 

Indonesia ........................................... 533 23 510 267 113 154 

Israel .................................................. 295 3 292 391 32 359 

Japan ................................................. 8,073 1,594 6,479 3,882 988 2,894 

Korea, South ..................................... 1,744 9 1,735 804 184 620 

Lebanon ............................................ 1 - 1 11 2 9 

Malaysia ............................................ 495 4 491 189 32 157 

Pakistan ............................................. 64 7 57 41 2 39 

Philippines ......................................... 164 1 163 200 134 66 

Singapore .......................................... 2,296 87 2,209 2,388 271 2,117 

Syria .................................................. 4 - 4 22 - 22 

Taiwan ............................................... 611 13 598 1,249 7 1,242 

Thailand ............................................. 377 54 323 226 126 100 

Other Asia ......................................... 666 44 622 228 87 141 

Total Asia ........................................ 35,499 2,138 33,361 19,614 2,973 16,641 

Africa: 

Congo (formerly Zaire) ...................... - - - 2 - 2 

Egypt ................................................. 172 2 170 279 2 277 

Ghana ................................................ 14 - 14 9 7 2 

Liberia ................................................ 6 - 6 5 - 5 

Morocco ............................................. 152 1 151 21 - 21 

South Africa ....................................... 94 2 92 176 85 91 

Other Africa ....................................... 609 49 560 391 258 133 

Total Africa .................................... 1,742 57 1,685 1,136 368 768 

Other countries: 

Australia ............................................ 1,776 542 1,234 2,964 2,212 752 

New Zealand ..................................... 117 9 108 251 177 74 

All other ............................................. 17 2 15 40 38 2 

Total other countries ..................... 1,910 553 1,357 3,255 2,427 828 

Total foreign countries .............. 91,349 22,544 68,805 106,937 53,745 53,192 

International and regional orgs: 

International organizations ................ 145 - 145 43 - 43 

 Regional organizations 1 .................. 15 - 15 6 1 5 

Total international and 

regional organizations ............... 160 - 160 49 1 48 

Grand total ................................ 91,509 22,544 68,965 106,986 53,746 53,240 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2013 

72

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month

Marketable Treasury bonds and notes 

U.S. Government corporations and 

federally-sponsored agencies

Net foreign purchases 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Foreign countries 

 Total 

 (1) 

Official 

institutions 

(2) 

Other

foreigners 

(3) 

International

and regional

(4) 

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2009 ......................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669 

2010 ......................................... 703,682 172,065 531,429 188 16,189,912 15,486,230 108,019 1,108,653 1,000,634 

2011 ......................................... 432,571 144,155 276,867 11,549 17,969,880 17,537,309 80,904 1,132,565 1,051,661 

2012 ......................................... 405,938 201,863 202,075 2,000 14,734,136 14,328,198 141,186 1,581,112 1,439,926 

2013 - Jan. - June p ................. -44,539 45,006 -88,260 -1,285 9,281,475 9,326,014 21,814 706,541 684,727 

2012 - June .............................. 31,280 21,267 10,408 -395 1,192,552 1,161,272 3,557 145,220 141,663

July............................... 53,424 30,154 26,376 -3,106 1,139,669 1,086,245 9,426 132,638 123,212

Aug ............................... 42,903 19,151 24,416 -664 1,184,755 1,141,852 25,769 157,385 131,616

Sept.............................. -17,492 919 -22,127 3,716 1,119,439 1,136,931 23,489 158,342 134,853

Oct................................ 12,043 7,841 3,834 368 1,135,339 1,123,296 14,994 159,196 144,202

Nov ............................... 28,085 -1,697 30,401 -619 1,015,991 987,906 9,020 129,528 120,508

Dec ............................... 29,893 8,366 19,974 1,553 975,473 945,580 18,117 126,468 108,351

2013 – Jan. r. ........................... 31,976 53,050 -23,393 2,319 1,192,747 1,160,771 4,454 114,002 109,548

Feb. r............................ 2,424 -6,783 8,211 996 1,502,437 1,500,013 1,576 110,052 108,476

Mar. r............................ -11,171 -17,097 9,571 -3,645 1,439,802 1,450,973 8,511 112,376 103,865

Apr................................ -38,314 -23,781 -11,130 -3,403 1,499,691 1,538,005 22,822 121,322 98,500

May p............................ 11,315 40,298 -32,320 3,337 1,857,242 1,845,927 -10,307 112,458 122,765

June p........................... -40,769 -681 -39,199 -889 1,789,556 1,830,325 -5,242 136,331 141,573

Calendar 

year or month 

Corporate and other securities 

Bonds * Stocks 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

2009 .............................................................................. -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223 

2010 .............................................................................. -13,154 971,246 984,400 109,741 6,747,218 6,637,477 

2011 .............................................................................. -45,175 996,101 1,041,276 25,075 7,720,283 7,695,208 

2012 .............................................................................. -25,069 952,601 977,670 102,064 7,094,570 6,992,506 

2013 - Jan. - June p ...................................................... 6,582 484,493 477,911 -14,449 3,895,311 3,909,760 

 

2012 - June ................................................................... -22,077 63,644 85,721 -4,261 569,935 574,196

July.................................................................... -57 63,160 63,217 6,649 562,146 555,497

Aug .................................................................... 10,754 86,988 76,234 6,278 583,119 576,841

Sept................................................................... -4,741 81,162 85,903 23,763 598,716 574,953

Oct..................................................................... 3,871 96,273 92,402 1,271 665,481 664,210

Nov .................................................................... 11,180 79,128 67,948 21,474 560,949 539,475

Dec .................................................................... 2,580 69,547 66,967 25,887 584,838 558,951

2013 – Jan. r. ................................................................ 5,612 77,504 71,892 6,113 669,537 663,424

Feb. r................................................................. 9,535 77,826 68,291 -3,043 621,058 624,101

Mar. r................................................................. -6,501 76,820 83,321 6,755 610,795 604,040

Apr..................................................................... -4,681 73,354 78,035 11,187 679,194 668,007

May p................................................................. 7,606 106,715 99,109 -8,620 688,160 696,780

June p................................................................ -4,989 72,274 77,263 -26,841 626,567 653,408

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

September 2013 

73

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Foreign bonds Foreign stocks 

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) 

 

2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861

2010 ...................................................... -115,259 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263

2011 ...................................................... -124,327 -52,625 3,530,814 3,583,439 -71,702 3,968,484 4,040,186

2012 ...................................................... -35,393 4,632 3,855,482 3,850,850 -40,025 3,357,666 3,397,691

2013 - Jan. - June p .............................. -106,332 -6,269 2,189,142 2,195,411 -100,063 1,928,317 2,028,380

 

2012 - June ........................................... 3,310 9,998 320,364 310,366 -6,688 265,430 272,118

July............................................ 7,135 7,971 282,284 274,313 -836 262,559 263,395

Aug............................................ 10,385 12,755 266,271 253,516 -2,370 243,263 245,633

Sept........................................... -15,271 -22,242 341,811 364,053 6,971 266,651 259,680

Oct............................................. -27,064 -26,943 378,996 405,939 -121 273,701 273,822

Nov............................................ -12,752 -6,491 371,726 378,217 -6,261 239,781 246,042

Dec............................................ -12,288 -7,478 296,023 303,501 -4,810 281,194 286,004

2013 – Jan. r. ........................................ -22,858 -3,104 373,235 376,339 -19,754 315,941 335,695

Feb. r......................................... -25,505 -6,808 327,724 334,532 -18,697 295,294 313,991

Mar. r......................................... -29,096 -2,284 365,067 367,351 -26,812 316,254 343,066

Apr............................................. -12,834 3,996 388,572 384,576 -16,830 331,958 348,788

May p........................................ -27,010 -11,396 380,994 392,390 -15,614 351,817 367,431

June p....................................... 10,971 13,327 353,550 340,223 -2,356 317,053 319,409

 
CAPITAL MOVEMENTS 

September 2013 

74

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks

 Calendar 

 year 

 2012 

 (1) 

2013 

Calendar

year 

2012 

(4) 

2013

 Calendar

 year 

 2012 

 (7) 

2013

Calendar 

year 

2012 

(10) 

2013

 Jan. 

 through 

 June 

(2) 

 Apr. 

 through 

 June p 

 (3) 

 Jan.

 through

 June 

(5) 

 Apr.

 through

 June p 

 (6) 

 Jan.

 through

 June 

(8) 

 Apr. 

 through 

 June p 

 (9) 

 Jan.

 through

 June 

(11) 

 Apr.

 through

 June p

 (12) 

Europe: 

Austria ............................. 101 -231 -239 57 -15 1 147 -27 12 -257 114 32

Belgium ........................... -6,891 -9,118 -5,093 -173 151 112 -21,483 -13,331 -10,070 -445 -928 -1,204

Bulgaria ........................... 39 5 -3 - - - - - - -25 74 -6

Cyprus ............................ 50 86 20 6 1 - -19 -64 -21 1,014 14 -8

Czech Republic ............... 265 -2,727 -2,763 - - - -20 50 - -62 75 -8

Denmark ......................... -4,548 -717 -496 103 105 49 70 265 284 1,301 344 -147

Finland ............................ 488 166 97 -93 29 36 -221 -216 -6 -64 608 109

France ............................. 83,956 42,667 23,376 -870 -1,906 -864 -5,461 -2,788 -4,095 15,868 -4,692 -9,948

Germany ......................... 6,663 -1,640 -2,294 519 1,113 514 -3,075 448 41 3,154 5,443 1,342

Greece ............................ 285 -106 -65 -13 2 4 30 -16 1 58 -24 13

Hungary .......................... 250 142 -31 65 13 -7 57 29 22 -125 -85 -74

Ireland ............................. -15,027 11,543 7,579 -3,357 -984 758 -4,131 -3,856 -3,272 7,141 3,348 1,224

Italy ................................. 577 -666 -127 -25 -166 -55 -567 -808 -263 -2,221 -571 -324

Kazakhstan ..................... 1,589 -611 -491 - - - 19 9 10 -60 2 -2

Luxembourg .................... -32,266 -23,213 -8,679 24,958 12,278 1,507 -1,151 -1,998 -1,202 -1,361 1,044 393

Monaco ........................... 223 -84 14 -69 -5 2 163 139 72 227 105 -212

Netherlands .................... -1,168 719 173 -190 -462 -430 294 -831 -137 -2,607 -1,648 -1,749

Norway ............................ 9,778 -2,043 -2,286 -860 -28 -14 2,429 3,664 2,556 3,102 2,124 1,682

Poland ............................. 736 4,176 1,106 1,042 50 -50 250 -66 -51 -27 24 99

Portugal .......................... 624 48 83 -18 -14 -6 -13 -42 -22 -128 19 -156

Romania ......................... -5,542 -151 -135 11 -6 - - - - -18 -13 -9

Russia ............................. -36,118 -2,679 -3,130 194 - - 89 1 -1 -82 -40 -27

Serbia and Montenegro ..... -330 5 -40 - - - - - - -2 3 1

Spain............................... 1,336 -3,475 -1,148 -183 -15 -8 -274 -87 -62 -770 -79 -117

Sweden ........................... -4,403 -950 -330 -231 -6 - -2,264 -190 24 2,525 3,067 1,136

Switzerland ..................... 53,276 -9,084 1,416 116 -1,132 -759 1,793 -2,239 -3,449 10,269 -503 -2,460

Turkey ............................. -5,407 6,995 2,393 -1 - - -8 2 -1 5 73 85

Ukraine ........................... 348 -49 37 -59 - - -11 -6 -5 113 1 -

United Kingdom .............. 98,678 -20,791 -25,560 11,428 13,708 7,806 -13,677 3,811 2,309 33,155 3,289 -5,294

Channel Islands .............. -2,027 -862 -409 -423 324 177 -769 -569 -497 -173 -765 -328

All other Europe .............. -791 -2,120 -1,477 -104 575 34 -26 206 -8 518 189 204

Total Europe ............... 144,743 -14,763 -18,502 31,831 23,609 8,806 -47,829 -18,510 -17,831 70,023 10,612 -15,753

Memo: Euro Area 1 ..... 38,477 16,378 13,515 20,629 9,991 1,560 -35,932 -23,661 -19,110 19,887 2,578 -10,452

Memo: European 

 Union 2 ..................... 123,986 -4,629 -14,694 33,031 23,881 9,358 -51,549 -19,742 -16,511 56,613 9,359 -14,780

Canada ............................... 56,278 -7,398 -8,682 5,117 -7,320 -6,175 1,674 6,170 2,121 11,180 -2,937 -2,724

Latin America: 

Argentina ........................ -8 42 47 15 2 -2 282 131 64 1 127 180

Brazil ............................... 2,738 -2,356 -6,171 5,222 417 456 -491 -133 -134 532 40 26

Chile ............................... -1,398 744 -72 55 -353 -107 -120 -324 -305 1,703 -1,103 -1,546

Colombia ......................... 7,334 1,634 2,242 176 -713 -434 -250 -1,551 -523 13 651 -145

Ecuador .......................... -166 390 300 -29 2 2 2 -8 -1 -52 65 78

Costa Rica ...................... 1,970 387 286 59 327 32 171 162 95 58 -170 -3

Guatemala ...................... -94 267 15 -2 1 - 26 10 6 -10 8 1

Mexico ............................ 26,226 1,231 780 -4,145 -3,772 -1,976 -2,454 203 -33 2,890 83 -426

Panama .......................... -2 5,354 2,446 381 15 -108 -154 419 227 -83 -114 -124

Peru ................................ 5,309 1,203 -51 1,451 1,649 792 189 -41 -28 456 501 752

Uruguay .......................... 978 -706 -449 725 -179 -203 243 116 55 -25 -108 -43

Venezuela ....................... -253 51 -6 219 -9 3 635 222 69 53 160 64

All other Latin America ..... 102 154 123 353 109 167 281 167 125 -19 -18 1

Total Latin America ..... 42,736 8,395 -510 4,480 -2,504 -1,378 -1,640 -627 -383 5,517 122 -1,185

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2013 

75

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

Calendar 

year 

2012 

(1) 

2013 

Calendar

year 

2012 

(4) 

2013

Calendar 

year 

2012 

(7) 

2013 

Calendar 

year 

2012 

(10) 

2013

 Jan. 

 through 

 June 

(2) 

 Apr.

 through

 June p 

 (3) 

 Jan.

 through

 June 

(5) 

 Apr.

 through

 June p 

 (6) 

 Jan.

 through

 June

(8) 

 Apr. 

 through 

 June p 

 (9) 

 Jan.

 through

 June 

(11) 

 Apr.

 through

 June p

 (12) 

Caribbean: 

Anguilla ...................................... -151 -3,539 -1,845 -17 -86 -121 -738 -58 -40 -1,268 -778 -512

Bahamas .................................... -1,432 -4,738 -2,917 10,152 -51 -61 896 321 220 -572 -646 -685

Barbados ................................... 1,997 -436 -419 554 106 8 994 832 681 -40 -95 -88

Bermuda .................................... 4,598 -189 1,952 4,104 -387 -553 4 621 1,184 -73 -1,660 -1,162

British Virgin Islands ................... 6,248 -4,176 -2,449 70 -63 -35 1,163 -519 -496 5,748 -5,372 2,809

Cayman Islands ......................... -23,056 -56,779 -47,160 20,804 -3,206 -1,960 4,330 7,066 5,598 12,884 1,888 3,673

Cuba .......................................... - - --- - - -- -46 - -

Jamaica ..................................... -2 5 5 -270 27 15 27 12 10 682

Netherlands Antilles ................... -75 -5,278 -2,225 127 97 13 1,156 -213 -132 241 -797 -179

Trinidad and Tobago .................. 130 177 131 79 -88 -79 -7 7 33 -10 73 47

All other Caribbean .................... 5 8 -35 658 55 38 415 41 29 -559 -245 -171

Total Caribbean ..................... -11,738 -74,945 -54,962 36,261 -3,596 -2,735 8,240 8,110 7,087 16,311 -7,624 3,734

Asia: 

China, Mainland. ........................ 73,310 83,427 29,750 7,177 27,946 20,089 5,681 5,951 2,704 -1,496 2,279 763

Hong Kong ................................. 23 -3,635 -1,250 -2,413 -1,378 -731 259 1,681 813 -103 -150 -2,812

India ........................................... 4,375 -1,035 2,038 106 -44 -3 - -13 -23 -517 -299 -78

Indonesia ................................... 461 -3,533 -2,529 2,831 -711 -170 118 44 10 -56 213 138

Israel .......................................... 2,653 -79 1,549 285 242 195 -90 154 87 247 206 -177

Japan ......................................... 87,280 -14,768 -11,940 24,745 -29,789 -13,155 162 -2,654 -337 -8,011 -20,942 -5,458

Korea, South .............................. 363 -3,154 -1,659 12,903 2,317 361 838 566 437 497 941 417

Lebanon ..................................... 200 34 -7 - -2 -2 62 - -1 2 -37 -14

Malaysia ..................................... -522 -1,564 -1,080 2,192 1,131 475 348 184 140 1,938 148 423

Pakistan ..................................... - -40 -38 - -1 -1 -10 3 1 -20 -19 -7

Philippines ................................. 3,054 225 -2,028 537 54 59 158 -172 -155 7 -66 -16

Singapore .................................. -1,265 -12,861 -6,056 1,013 -27 -144 4,927 4,100 2,968 -1,209 1,361 -1,095

Syria........................................... - - --- - - -- -1 - -

Taiwan ....................................... 1 -2,948 1,555 8,564 11,000 2,548 4,964 2,251 540 983 -924 -325

Thailand ..................................... 1,313 -4,113 -325 512 -183 -1 -39 -9 1 -60 -96 -

Oil exporting countries 3 ............. -5,130 6,776 4,803 2,863 551 -765 995 -1,527 -1,354 4,772 3,978 1,464

All other Asia .............................. 34 362 -162 -267 605 93 244 6 -57 -68 200 337

Total Asia ............................... 166,150 43,094 12,621 61,048 11,711 8,848 18,617 10,565 5,774 -3,095 -13,207 -6,440

Africa: 

Egypt .......................................... -461 14 17 -7 -7 -1 -2 1 - -23 -11 -5

Liberia ........................................ 10 10 22 -2 - - 6 -11 -3 -12 -14 7

Morocco ..................................... -100 -109 -22 41 45 29 3 5 2 -5 -4 -2

South Africa ............................... -2,198 -710 -626 84 75 66 -107 -82 -28 365 262 130

Oil exporting countries 4 ............. 1,662 1,861 1,578 501 -2 -3 675 -57 -41 16 -23 -26

All other Africa ............................ -5 635 616 -11 18 34 56 93 122 56 257 264

Total Africa ............................. -1,092 1,701 1,585 606 129 125 631 -51 52 397 467 368

Other countries: 

Australia ..................................... 6,593 963 1,792 1,510 76 163 -2,518 482 883 795 -1,656 -2,021

New Zealand .............................. 257 -272 -142 69 60 52 -214 -116 -109 -55 -109 -209

All other countries ...................... 11 -29 -13 -9 12 3 -170 -5 -12 46 13 -1

Total other countries .............. 6,861 662 1,637 1,570 148 218 -2,902 361 762 786 -1,752 -2,231

Total foreign countries ....... 403,938 -43,254 -66,813 140,913 22,177 7,709 -23,209 6,018 -2,418 101,119 -14,319 -24,231

International and regional orgs: 

International organizations ......... 1,553 -940 -655 744 -270 -255 -1,592 526 341 968 -121 -35

Regional organizations 5 ............ 447 -345 -300 -471 -93 -181 -268 38 13 -23 -9 -8

Total international and 

 regional organizations .............. 2,000 -1,285 -955 273 -363 -436 -1,860 564 354 945 -130 -43

Grand total ......................... 405,938 -44,539 -67,768 141,186 21,814 7,273 -25,069 6,582 -2,064 102,064 -14,449 -24,274

1

As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, 

Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 

2

As of January 2007, the European Union (E.U.) , includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, 

Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 

3

Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

Includes Algeria, Gabon, Libya, and Nigeria. 

5

Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2013 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2013, 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 

Country 

Total 

 purchases 

 (1) 

Domestic securities

 Foreign securities Total

 sales

 (8) 

Domestic securities 

 Foreign securities 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

Corporate and 

other 

 Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

 other 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 3,626 232 195 145 729 1,967 357 2,087 471 194 133 697 290 301

Belgium................................... 7,328 1,207 378 504 2,600 1,604 1,035 46,699 6,300 267 10,574 3,804 24,423 1,331

Bulgaria .................................. 9 7 - - 2 - - 62 10 - - 8 44 -

Cyprus .................................... 1,268 25 - 17 214 878 133 918 6 - 38 222 497 155

Czech Republic ...................... 78,433 77,764 - - 238 357 74 80,961 80,527 - - 246 85 103

Denmark................................. 21,769 3,531 98 822 5,989 9,354 1,975 16,971 4,027 49 538 6,136 4,385 1,836

Finland.................................... 3,263 1,282 276 124 568 792 221 3,944 1,186 240 130 459 1,593 337

France .................................... 1,444,140 1,210,010 5,328 8,439 179,096 27,257 14,010 1,433,909 1,186,634 6,192 12,534 189,044 19,038 20,468

Germany................................. 103,326 25,305 1,309 2,520 28,497 35,670 10,026 80,385 27,598 795 2,479 27,155 13,925 8,433

Greece.................................... 566 109 8 3 323 63 60 844 174 4 2 310 234 120

Hungary.................................. 735 - 3 22 135 493 82 589 31 10 - 209 277 62

Ireland..................................... 115,047 26,807 31,270 6,731 18,251 13,114 18,874 112,805 19,228 30,512 10,003 17,027 17,010 19,025

Italy ......................................... 24,473 3,212 56 300 5,536 13,432 1,937 24,788 3,339 111 563 5,860 12,228 2,687

Kazakhstan............................. 428 316 - 15 12 83 2 969 807 - 5 14 143 -

Luxembourg ........................... 83,472 10,489 13,707 9,681 16,204 17,573 15,818 105,169 19,168 12,200 10,883 15,811 29,414 17,693

Monaco................................... 2,353 136 2 85 1,743 180 207 2,334 122 - 13 1,955 81 163

Netherlands ............................ 38,567 4,313 964 2,363 12,443 9,710 8,774 40,519 4,139 1,395 2,500 14,192 11,128 7,165

Norway ................................... 24,026 4,963 37 3,252 4,861 6,641 4,272 22,928 7,249 51 696 3,179 9,019 2,734

Poland .................................... 12,931 8,929 - 7 235 3,530 230 10,729 7,823 50 58 136 2,356 306

Portugal .................................. 2,363 485 5 12 936 434 491 2,504 402 11 34 1,092 261 704

Romania ................................. 573 440 - - 6 114 13 630 575 - - 15 28 12

Russia..................................... 14,830 13,808 - 2 111 700 209 18,843 16,938 - 3 138 1,394 370

Serbia and Montenegro.......... 160 - - - 3 157 - 103 40 - - 2 61 -

Spain ...................................... 30,037 5,704 13 199 3,151 18,863 2,107 23,527 6,853 22 261 3,268 11,006 2,118

Sweden................................... 26,820 7,122 175 91 10,286 5,826 3,320 29,874 7,452 175 67 9,150 9,231 3,799

Switzerland............................. 68,766 11,840 1,196 5,442 33,220 7,800 9,268 71,967 10,424 1,955 8,891 35,680 5,670 9,347

Turkey..................................... 6,302 4,807 - - 213 841 441 3,750 2,414 - 1 128 319 888

Ukraine ................................... 650 172 - - 4 391 83 403 135 - 5 4 96 163

United Kingdom...................... 2,809,442 1,649,081 70,516 79,092 382,787 320,229 307,737 2,866,671 1,674,641 62,710 76,783 388,081 337,318 327,138

Channel Islands...................... 20,413 1,971 757 584 11,392 1,738 3,971 21,179 2,380 580 1,081 11,720 1,627 3,791

All other Europe...................... 8,192 724 500 142 2,457 638 3,731 9,659 2,200 467 150 2,253 734 3,856

Total Europe....................... 4,954,308 3,074,790 126,794 120,594 722,242 500,430 409,458 5,036,721 3,093,292 117,988 138,425 737,995 513,916 435,105

Memo: Euro Area 1 ............. 1,859,102 1,289,564 53,525 31,070 269,557 141,440 73,946 1,880,104 1,276,049 51,965 50,180 280,009 141,264 80,637

Canada....................................... 520,081 202,394 12,281 18,334 96,106 124,899 66,067 542,533 211,076 18,456 16,213 98,830 131,119 66,839

Latin America: 

Argentina ................................ 4,543 171 5 265 1,970 1,167 965 3,793 124 7 201 1,790 1,019 652

Brazil....................................... 71,120 37,858 780 495 2,345 16,554 13,088 78,441 44,029 324 629 2,319 16,911 14,229

Chile ....................................... 20,259 6,648 133 249 5,234 5,335 2,660 22,858 6,720 240 554 6,780 5,532 3,032

Colombia ................................ 14,627 8,523 346 229 1,956 2,528 1,045 13,787 6,281 780 752 2,101 2,666 1,207

Costa Rica.............................. 2,017 1,020 3 45 798 100 51 3,078 720 1 46 720 1,532 59

Ecuador.................................. 1,481 296 767 138 167 73 40 1,021 10 735 43 170 41 22

Guatemala.............................. 746 378 - 13 173 158 24 763 363 - 7 172 208 13

Mexico .................................... 46,596 5,774 4,183 660 9,424 14,250 12,305 51,829 4,994 6,159 693 9,850 18,372 11,761

Panama .................................. 10,241 2,778 197 1,317 2,047 2,530 1,372 7,456 332 305 1,090 2,171 2,388 1,170

Peru ........................................ 9,603 2,045 1,550 86 3,200 2,233 489 9,441 2,096 758 114 2,448 3,223 802

Uruguay.................................. 11,645 6,764 233 332 839 2,876 601 12,315 7,213 436 277 882 3,021 486

Venezuela .............................. 3,590 131 32 297 1,212 1,484 434 2,539 137 29 228 1,148 740 257

All other Latin America ........... 5,777 4,077 520 271 204 592 113 4,928 3,954 353 146 203 230 42

Total Latin America ............ 202,245 76,463 8,749 4,397 29,569 49,880 33,187 212,249 76,973 10,127 4,780 30,754 55,883 33,732

Caribbean: 

Anguilla................................... 226,475 4,748 177 99 183,960 254 37,236 229,220 6,593 298 139 184,472 185 37,533

Bahamas ................................ 87,512 31,894 1,675 2,582 30,635 13,429 7,297 91,254 34,811 1,736 2,362 31,320 13,894 7,131

Barbados ................................ 4,331 697 98 1,112 207 838 1,379 4,075 1,116 90 431 295 689 1,454

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2013 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2013, 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 

Country 

Domestic securities 

Foreign securities Total

 sales

(8) 

Domestic securities 

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) 

Corporate and 

other 

Marketable

Treasury 

and 

Federal 

 Financing

Bank bonds

 and notes

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks

(7) 

 Bonds 

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda................................ 198,068 17,884 5,238 9,750 119,556 20,063 25,577 194,742 15,932 5,791 8,566 120,718 18,910 24,825

British Virgin Islands .............. 155,149 24,117 1,231 4,273 82,309 19,970 23,249 156,480 26,566 1,266 4,769 79,500 21,264 23,115

Cayman Islands..................... 2,413,863 1,211,540 54,374 64,396 624,882 283,434 175,237 2,447,244 1,258,700 56,334 58,798 621,209 279,170 173,033

Cuba...................................... --------------

Jamaica................................. 355 234 51 14 22 33 1 517 229 36 4 20 227 1

Netherlands Antilles............... 14,499 8,035 44 120 2,925 1,168 2,207 16,709 10,260 31 252 3,104 868 2,194

Trinidad and Tobago ............. 2,114 958 572 95 203 223 63 1,895 827 651 62 156 140 59

All other Caribbean ................ 3,408 124 63 210 2,375 463 174 4,400 159 25 181 2,546 1,314 175

Total Caribbean ................. 3,105,774 1,300,231 63,523 82,651 1,047,074 339,875 272,420 3,146,536 1,355,193 66,258 75,564 1,043,340 336,661 269,520

Asia: 

China, Mainland. ................... 176,598 73,847 77,013 4,225 5,339 12,323 3,851 116,324 44,097 56,924 1,521 4,576 6,493 2,713

Hong Kong ............................ 150,789 26,102 4,964 1,965 16,745 9,770 91,243 153,665 27,352 5,695 1,152 19,557 5,658 94,251

India ...................................... 11,516 6,134 1 9 696 446 4,230 10,293 4,096 4 32 774 197 5,190

Indonesia............................... 13,874 6,634 3,748 53 288 1,052 2,099 16,402 9,163 3,918 43 150 1,086 2,042

Israel ..................................... 141,792 132,800 687 342 3,968 1,612 2,383 138,779 131,251 492 255 4,145 677 1,959

Japan .................................... 267,613 136,496 24,207 6,385 20,256 18,285 61,984 312,473 148,436 37,362 6,722 25,714 23,354 70,885

Korea, South ......................... 48,246 7,854 15,275 1,986 2,731 10,645 9,755 43,529 9,513 14,914 1,549 2,314 6,252 8,987

Lebanon ................................ 700 23 - 25 463 98 91 608 30 2 26 477 8 65

Malaysia ................................ 9,787 538 1,845 221 1,380 3,306 2,497 9,782 1,618 1,370 81 957 3,210 2,546

Pakistan ................................ 92 7 - 1 32 2 50 107 45 1 - 39 5 17

Philippines............................. 9,771 8,128 66 46 424 668 439 12,216 10,156 7 201 440 676 736

Singapore.............................. 76,486 30,469 3,487 4,585 16,446 6,936 14,563 76,145 36,525 3,631 1,617 17,541 3,895 12,936

Syria...................................... 15 - - - 1 - 14 42 - - - 1 - 41

Taiwan................................... 27,601 5,881 4,632 1,462 7,524 2,689 5,413 23,185 4,326 2,084 922 7,849 1,729 6,275

Thailand ................................ 4,721 764 27 10 273 1,088 2,559 5,285 1,089 28 9 273 842 3,044

All other Asia ......................... 54,960 21,626 15,789 934 10,169 4,064 2,378 50,455 16,985 16,461 2,345 8,368 4,227 2,069

Total Asia .......................... 994,561 457,303 151,741 22,249 86,735 72,984 203,549 969,290 444,682 142,893 16,475 93,175 58,309 213,756

Africa: 

Egypt..................................... 336 83 25 2 131 23 72 511 66 26 2 136 200 81

Liberia ................................... 449 57 - 87 78 206 21 238 35 - 90 71 16 26

Morocco ................................ 188 99 30 3 4 50 2 131 121 1 1 6 - 2

South Africa........................... 3,529 1,037 124 5 582 1,144 637 4,287 1,663 58 33 452 1,172 909

All other Africa ....................... 6,541 3,510 78 180 924 1,366 483 3,687 1,316 47 99 686 733 806

Total Africa ........................ 11,043 4,786 257 277 1,719 2,789 1,215 8,854 3,201 132 225 1,351 2,121 1,824

Other countries: 

Australia ................................ 64,103 14,284 4,604 3,275 9,528 18,212 14,200 56,697 12,492 4,441 2,392 11,549 11,946 13,877

New Zealand ......................... 3,811 834 434 51 751 1,280 461 3,712 976 382 160 960 676 558

All other ................................. 238 23 3 11 112 50 39 470 36 - 23 113 76 222

Total other countries .......... 68,152 15,141 5,041 3,337 10,391 19,542 14,700 60,879 13,504 4,823 2,575 12,622 12,698 14,657

Total foreign countries ... 9,856,164 5,131,108 368,386 251,839 1,993,836 1,110,399 1,000,596 9,977,062 5,197,921 360,677 254,257 2,018,067 1,110,707 1,035,433

International and regional orgs: 

International organizations..... 20,410 15,129 1,670 420 74 2,886 231 24,371 15,784 1,925 79 109 6,366 108

Regional organizations 2 ........ 10,234 252 55 84 11 9,831 1 1,081 552 236 71 19 116 87

Total international and 

 regional organizations .... 30,644 15,381 1,725 504 85 12,717 232 25,452 16,336 2,161 150 128 6,482 195

Grand total .................... 9,886,808 5,146,489 370,111 252,343 1,993,921 1,123,116 1,000,82810,002,514 5,214,257 362,838 254,407 2,018,195 1,117,189 1,035,628

1

As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, 

Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 

2

Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
CAPITAL MOVEMENTS 

September 2013 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2012 

[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 

Country

Domestic securities Domestic securities 

 Total 

 purchases

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

Corporate and 

other 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

Foreign securities other Foreign securities Total

 sales

 (8) 

 Bonds

 (4) 

Stocks

 (5) 

Bonds

 (6) 

 Stocks

 (7) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria................................ 14,225 2,337 1,160 861 2,555 6,381 931 9,359 2,236 1,102 714 2,812 1,393 1,102

Belgium .............................. 29,045 3,071 1,114 1,672 9,256 9,273 4,658 129,933 9,962 1,287 23,155 9,701 82,141 3,686

Bulgaria .............................. 623 371 - - 234 9 9 600 332 - - 259 4 5

Cyprus................................ 217,080 130 6 109 193,012 1,204 22,618 216,025 81 1 128 191,998 1,214 22,603

Czech Republic .................. 4,451 1,279 - - 1,175 1,483 514 4,667 1,014 - 20 1,237 2,077 319

Denmark............................. 61,051 12,115 691 3,809 24,342 14,637 5,457 59,648 16,663 588 3,739 23,041 10,720 4,897

Finland ............................... 12,172 3,753 1,969 659 1,843 2,884 1,064 13,107 3,265 2,062 880 1,907 4,065 928

France................................ 3,624,221 2,713,754 33,391 14,650 710,911 75,028 76,487 3,504,736 2,629,799 34,260 20,111 695,043 48,741 76,782

Germany ............................ 357,350 106,307 5,557 8,425 102,718 104,932 29,411 297,068 99,644 5,037 11,500 99,564 53,530 27,793

Greece ............................... 3,756 1,292 4 309 1,368 437 346 3,153 1,007 16 279 1,310 270 271

Hungary.............................. 2,857 723 90 126 754 1,052 112 2,659 473 25 69 879 1,112 101

Ireland ................................ 453,563 199,283 103,940 20,784 33,482 29,981 66,093 489,283 214,310 107,297 24,915 26,341 52,736 63,685

Italy..................................... 79,823 15,052 386 1,031 28,320 27,408 7,627 73,092 14,475 411 1,598 30,541 17,390 8,677

Kazakhstan......................... 6,045 5,065 - 19 42 827 92 4,004 3,476 - - 102 356 70

Luxembourg ....................... 309,295 53,950 99,653 33,911 39,096 27,287 55,397 382,986 86,216 74,695 35,062 40,457 89,552 57,004

Monaco .............................. 6,340 869 29 360 4,176 383 523 5,941 646 98 197 3,949 157 894

Netherlands........................ 153,014 18,209 3,889 8,230 41,809 51,315 29,563 151,227 19,377 4,078 7,936 44,416 43,585 31,835

Norway ............................... 151,965 86,245 545 8,194 17,758 26,592 12,631 137,945 76,467 1,405 5,765 14,656 28,652 11,000

Poland................................ 48,843 34,113 1,292 328 451 12,315 344 43,165 33,377 250 78 478 8,458 524

Portugal.............................. 10,363 2,989 2 100 4,330 1,568 1,375 9,111 2,364 20 113 4,458 887 1,268

Romania............................. 2,601 2,352 16 - 58 114 61 8,087 7,894 5 - 76 68 44

Russia ................................ 44,505 39,892 246 101 805 2,092 1,369 81,134 76,010 52 12 887 3,263 910

Serbia and Montenegro ...... 700 167 - - 12 521 - 575 497 - - 14 64 -

Spain.................................. 65,166 19,864 62 1,343 9,989 25,338 8,571 60,525 18,528 246 1,617 10,759 19,187 10,189

Sweden .............................. 100,801 36,886 95 788 18,708 30,330 13,994 99,099 41,289 326 3,052 16,183 23,032 15,217

Switzerland......................... 284,098 97,656 3,799 25,313 98,654 22,195 36,481 218,407 44,380 3,683 23,520 88,385 22,892 35,547

Turkey ................................ 9,917 3,491 - 4 939 3,862 1,621 13,335 8,898 1 12 934 1,704 1,786

Ukraine............................... 4,747 3,945 6 46 204 409 137 4,097 3,597 65 57 91 195 92

United Kingdom.................. 10,096,909 6,221,909 251,235 347,161 1,175,359 1,021,620 1,079,625 10,015,991 6,123,231 239,807 360,838 1,142,204 1,057,694 1,092,217

Channel Islands.................. 79,018 11,166 3,240 2,518 42,462 3,560 16,072 81,340 13,193 3,663 3,287 42,635 2,948 15,614

All other Europe .................. 20,860 3,920 1,391 447 5,421 6,727 2,953 22,233 4,711 1,495 473 4,903 8,098 2,552

Total Europe ................... 16,255,405 9,702,154 513,807 481,298 2,570,243 1,511,765 1,476,138 16,142,532 9,557,411 481,976 529,127 2,500,220 1,586,184 1,487,614

Memo: Euro Area 1 ......... 5,334,754 3,141,574 251,194 92,159 1,181,802 363,529 304,496 5,345,382 3,103,097 230,565 128,091 1,161,915 415,522 306,192

Canada ................................... 2,029,435 725,364 42,915 64,923 582,538 373,981 239,714 1,964,805 669,086 37,798 63,249 571,358 382,703 240,611

Latin America: 

Argentina............................ 21,771 500 63 1,115 6,002 10,559 3,532 14,767 508 48 833 6,001 4,704 2,673

Brazil .................................. 258,275 152,118 9,196 1,625 10,087 32,312 52,937 260,980 149,380 3,974 2,116 9,555 42,508 53,447

Chile................................... 76,706 31,984 1,758 1,472 17,699 15,637 8,156 79,480 33,382 1,703 1,592 15,996 17,823 8,984

Colombia ............................ 57,413 34,814 2,410 893 5,350 9,415 4,531 49,517 27,480 2,234 1,143 5,337 8,617 4,706

Costa Rica.......................... 4,930 3,391 72 83 899 287 198 6,435 3,557 101 81 951 1,569 176

Ecuador.............................. 5,183 2,144 444 352 901 737 605 2,431 174 385 181 843 264 584

Guatemala.......................... 2,848 1,570 3 44 819 346 66 4,240 1,664 5 18 829 1,667 57

Mexico................................ 167,054 43,944 23,789 3,650 28,335 29,644 37,692 159,808 17,718 27,934 6,104 25,445 44,303 38,304

Panama.............................. 25,711 1,431 1,507 3,491 5,833 7,538 5,911 26,218 1,433 1,126 3,645 5,916 8,358 5,740

Peru.................................... 30,723 11,532 3,512 1,196 4,742 7,000 2,741 25,001 6,223 2,061 1,007 4,286 7,511 3,913

Uruguay.............................. 26,734 9,128 1,026 1,276 4,649 8,636 2,019 24,218 8,150 301 1,033 4,674 8,611 1,449

Venezuela .......................... 13,843 1,128 343 1,586 5,190 4,332 1,264 12,233 1,381 124 951 5,137 3,651 989

All other Latin America ....... 5,083 1,513 846 587 636 1,137 364 5,357 1,411 493 306 655 2,148 344

Total Latin America ........ 696,274 295,197 44,969 17,370 91,142 127,580 120,016 670,685 252,461 40,489 19,010 85,625 151,734 121,366

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2013 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2012, 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 

Country

Domestic securities Domestic securities 

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

Corporate and 

other Foreign securities Total

sales

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

 Bonds 

(4) 

Stocks

(5) 

Bonds

(6) 

Stocks

 (7) 

Bonds 

(11) 

Stocks

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla ................................. 680,392 9,974 133 302 572,241 180 97,562 682,851 10,125 150 1,040 573,509 165 97,862

Bahamas ............................... 246,179 85,089 13,529 11,099 88,150 17,597 30,715 233,475 86,521 3,377 10,203 88,722 15,042 29,610

Barbados ............................... 20,381 8,898 906 2,009 2,293 3,133 3,142 16,466 6,901 352 1,015 2,333 2,596 3,269

Bermuda ................................ 768,756 78,821 31,294 29,127 346,983 198,892 83,639 758,136 74,223 27,190 29,123 347,056 198,412 82,132

British Virgin Islands .............. 542,655 71,038 1,311 18,158 295,528 76,231 80,389 529,240 64,790 1,241 16,995 289,780 74,407 82,027

Cayman Islands ..................... 6,289,949 1,829,518 258,285 203,098 2,212,439 1,215,341 571,268 6,260,700 1,852,574 237,481 198,768 2,199,555 1,206,777 565,545

Cuba ..................................... 578 - - 1 491 15 71 639 - - 1 537 11 90

Jamaica ................................. 999 160 386 183 109 125 36 1,243 162 656 156 103 136 30

Netherlands Antilles .............. 47,785 20,847 762 2,444 12,438 4,557 6,737 44,977 20,922 635 1,288 12,197 3,336 6,599

Trinidad and Tobago ............. 8,256 2,803 3,817 435 574 484 143 8,003 2,673 3,738 442 584 437 129

All other Caribbean ................ 12,189 800 953 787 6,983 1,644 1,022 11,719 795 295 372 7,542 1,882 833

Total Caribbean ................ 8,618,119 2,107,948 311,376 267,643 3,538,229 1,518,199 874,724 8,547,449 2,119,686 275,115 259,403 3,521,918 1,503,201 868,126

Asia: 

China, Mainland................ 441,073 203,630 185,744 12,408 21,232 8,903 9,156 349,697 130,320 178,567 6,727 22,728 3,398 7,957

Hong Kong ........................ 485,921 118,384 20,897 8,723 42,652 30,576 264,689 493,674 118,361 23,310 8,464 42,755 20,400 280,384

India................................... 69,998 50,919 174 23 1,189 3,600 14,093 66,648 46,544 68 23 1,706 1,645 16,662

Indonesia........................... 46,374 21,176 16,445 149 549 3,005 5,050 44,704 20,715 13,614 31 605 2,849 6,890

Israel.................................. 354,949 316,260 3,990 2,058 18,639 3,858 10,144 348,669 313,607 3,705 2,148 18,392 2,445 8,372

Japan................................. 1,345,134 765,376 261,561 40,532 66,916 63,663 147,086 1,240,394 678,096 236,816 40,370 74,927 53,945 156,240

Korea, South...................... 199,098 43,965 73,530 8,361 6,876 32,713 33,653 176,708 43,602 60,627 7,523 6,379 21,926 36,651

Lebanon ............................ 3,920 849 1 818 1,914 122 216 3,580 649 1 756 1,912 38 224

Malaysia ............................ 38,192 3,164 8,699 1,159 4,304 13,982 6,884 28,168 3,686 6,507 811 2,366 6,986 7,812

Pakistan............................. 132 - - 5 63 16 48 178 - - 15 83 15 65

Philippines ......................... 35,283 28,566 641 329 1,885 2,502 1,360 32,290 25,512 104 171 1,878 3,222 1,403

Singapore .......................... 275,004 137,783 7,306 13,485 45,697 18,882 51,851 259,673 139,048 6,293 8,558 46,906 11,467 47,401

Syria .................................. 85 - - - 8 33 44 38 - - - 9 22 7

Taiwan............................... 106,714 26,646 18,376 10,423 21,823 8,277 21,169 92,107 26,645 9,812 5,459 20,840 4,665 24,686

Thailand............................. 19,908 7,408 627 178 1,376 2,928 7,391 20,804 6,095 115 217 1,436 2,955 9,986

All other Asia ..................... 181,641 74,959 39,588 6,223 36,794 14,143 9,934 178,166 80,055 36,992 4,984 32,090 14,310 9,735

Total Asia ...................... 3,603,426 1,799,085 637,579 104,874 271,917 207,203 582,768 3,335,498 1,632,935 576,531 86,257 275,012 150,288 614,475

Africa: 

Egypt ................................. 2,296 293 36 22 609 909 427 2,060 754 43 24 632 204 403

Liberia................................ 1,266 94 - 304 312 448 108 1,520 84 2 298 324 687 125

Morocco............................. 417 264 44 8 12 72 17 425 364 3 5 17 4 32

South Africa....................... 21,938 11,937 1,059 200 1,930 3,973 2,839 25,765 14,135 975 307 1,565 5,476 3,307

All other Africa ................... 18,080 5,774 658 1,086 2,355 3,395 4,812 15,130 4,117 168 355 2,283 2,146 6,061

Total Africa .................... 43,997 18,362 1,797 1,620 5,218 8,797 8,203 44,900 19,454 1,191 989 4,821 8,517 9,928

Other countries: 

Australia ............................ 217,570 34,826 19,010 12,881 31,126 66,071 53,656 193,161 28,233 17,500 15,399 30,331 49,338 52,360

New Zealand ..................... 10,185 1,331 1,669 501 2,022 3,526 1,136 7,917 1,074 1,600 715 2,077 1,187 1,264

All other ............................. 1,238 136 80 93 543 111 275 3,065 125 89 263 497 935 1,156

Total other countries...... 228,993 36,293 20,759 13,475 33,691 69,708 55,067 204,143 29,432 19,189 16,377 32,905 51,460 54,780

Total foreign 

 countries................ 31,475,649 14,684,403 1,573,202 951,203 7,092,978 3,817,233 3,356,630 30,910,012 14,280,465 1,432,289 974,412 6,991,859 3,834,087 3,396,900

International and regional orgs: 

International organizations ... 68,431 48,510 7,292 1,266 1,561 9,383 419 72,654 46,957 6,548 2,858 593 15,268 430

Regional organizations 2 ..... 31,487 1,223 618 132 31 28,866 617 4,175 776 1,089 400 54 1,495 361

Total international and 

 regional organizations ....... 99,918 49,733 7,910 1,398 1,592 38,249 1,036 76,829 47,733 7,637 3,258 647 16,763 791

Grand total..................... 31,575,567 14,734,136 1,581,112 952,601 7,094,570 3,855,482 3,357,666 30,986,841 14,328,198 1,439,926 977,670 6,992,506 3,850,850 3,397,691

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, 

Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. 

2 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

September 2013 

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 in the TIC reporting system. Foreign 

investors have also acquired U.S. equities through mergers and reincorporations that involve stock swaps, but these acquisitions 

have been relatively small in recent years. Stock swap acquisitions were less than $1 billion in 2009, picked up to $8.3 billion in 

2010, but again slowed during 2011 to $1.3 billion. Stock swaps rose in 2012 to $2.8 billion. For the first half of 2013, stock swap 

acquisitions were $2 billion (stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are

subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC 

Website. The TIC Website also provides estimates from the Federal Reserve Bank of New York on principal repayment flows of 

foreign holdings of U.S. government agency and corporate asset-backed securities (ABS). These repayments are estimated to have 

reduced foreign net purchases of U.S. securities by $204 billion in 2009, $231 billion in 2010, $164 billion in 2011, $226 billion in 

2012, and $117 billion in the first half of 2013. 

After including stock swaps and accounting for ABS repayment flows, net foreign purchases totaled $685 billion in 2010. 

The pace of acquisitions slowed considerably in both 2011 and again in 2012, with net foreign purchases recorded at $331 

billion in 2011 and $401 billion in 2012. Foreign net purchases were negative at -$145 billion in the first half of 2013. 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

 2010 2011 2012 

 2013

 Jan. June 

 2013 

 Apr. - June

United Kingdom ........................... 376,505 133,295 129,584 17 -20,739

All other Europe .......................... 744 -22,856 69,184 931 -22,541

Caribbean banking centers 1 ....... 69,439 58,390 47,459 -68,407 -42,124

Japan ........................................... 200,839 197,866 104,176 -68,153 -30,890

All other Asia ............................... 130,519 -231 138,544 120,316 51,693

Subtotal ................................... 778,046 366,464 488,947 -15,296 -64,601

All other countries ....................... 130,242 126,911 135,172 -15,296 -22,232

Grand total .............................. 908,288 493,375 624,119 -30,592 -86,833

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 
 CAPITAL MOVEMENTS 

September 2013 

81

The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to 

the TIC reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock 

swaps. Net acquisitions through stock swaps amounted to $2 billion in 2009, $12 billion in 2010, $10 billion in 

2011, $15 billion in 2012, and $2.3 billion in the first half of 2013 (stock swaps data for the most recent quarter are 

Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not 

reported under the TIC reporting system, but are available on the TIC website. 

Including acquisitions through stock swaps, U.S. net purchases of long-term foreign securities amounted to $189 

billion in 2009. They slowed in 2010 to $127 billion and picked up slightly in 2011 to $134 billion. In 2012, U.S. 

investors’ net purchases slowed again to $50 billion in foreign securities. Net purchases of foreign securities picked 

up notably to $109 billion in the first half of 2013. 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors* 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type 

Calendar years

2009 2010 2011 

 

2012 

 2013 

 Jan. - June 

 2013 

 Apr. - June 

Foreign bonds ................................. 127,474 54,644 52,625 -4,632 6,269 -5,927 

Foreign stocks ................................. 59,360 60,615 71,702 40,025 100,063 34,800 

Total .............................................. 186,834 115,259 124,327 35,393 106,332 28,873 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

September 2013 

82 

 SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2011 2012 2013 

Dec. Mar. r June r Sept. r Dec. Mar. p

Gross total of holdings with negative fair values ........................... 4,630,539 3,873,953 4,088,231 3,873,113 3,561,985 3,206,880

Total over-the-counter (OTC) contracts..................................... 4,581,255 3,825,528 4,040,450 3,831,621 3,527,668 3,174,582

Single-currency interest rate contracts.................................. 3,799,720 3,140,763 3,360,305 3,191,914 2,912,113 2,564,910

Forwards ............................................................................ 5,232 5,216 4,806 8,031 4,502 3,352

Swaps ................................................................................ 3,486,749 2,854,324 3,054,469 2,910,341 2,662,024 2,339,398

Options............................................................................... 307,739 281,223 301,030 273,542 245,587 222,160

Foreign exchange contracts .................................................. 330,141 298,390 289,351 294,301 295,181 300,166

Forwards ............................................................................ 135,840 116,994 141,253 138,970 150,827 163,143

Swaps ................................................................................ 159,805 150,245 118,478 129,668 116,132 102,030

Options............................................................................... 34,496 31,151 29,620 25,663 28,222 34,993

Other contracts ...................................................................... 451,394 386,375 390,794 345,406 320,374 309,506

Equity ................................................................................. 48,201 54,620 55,119 55,833 57,482 59,442

Credit.................................................................................. 336,158 268,100 280,084 234,824 224,399 211,695

All other .............................................................................. 67,035 63,655 55,591 54,749 38,493 38,369

Total exchange-traded contracts ............................................... 49,284 48,425 47,781 41,492 34,317 32,298

Own contracts on foreign exchanges .................................... 3,395 5,989 8,664 7,002 5,965 5,416

U.S. customers’ contracts on foreign exchanges.................. 6,974 8,209 9,908 4,992 4,471 3,326

Foreign counterparty contracts on U.S. exchanges .............. 38,915 34,227 29,209 29,498 23,881 23,556

Memorandum items: 

Contracts with own foreign office........................................... 1,100,643 1,028,021 1,079,730 1,078,393 971,414 916,780

Contracts with foreign official institutions .............................. 18,881 23,745 20,230 20,409 15,950 15,365

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 4,716,578 3,950,239 4,155,820 3,925,606 3,619,761 3,245,866

Total over-the-counter (OTC) contracts..................................... 4,668,527 3,903,938 4,108,439 3,883,568 3,585,781 3,213,153

Single-currency interest rate contracts.................................. 3,861,581 3,207,155 3,420,939 3,252,272 2,973,245 2,616,889

Forwards ............................................................................ 5,095 5,083 4,600 7,523 4,670 3,545

Swaps ................................................................................ 3,520,846 2,900,217 3,093,254 2,957,150 2,708,998 2,382,668

Options............................................................................... 335,640 301,855 323,085 287,599 259,577 230,676

Foreign exchange contracts .................................................. 323,413 281,791 270,609 264,810 280,217 276,423

Forwards ............................................................................ 116,356 90,377 122,079 109,291 125,011 134,760

Swaps ................................................................................ 166,785 156,879 115,112 126,914 125,429 105,391

Options............................................................................... 40,272 34,535 33,418 28,605 29,777 36,272

Other contracts ...................................................................... 483,533 414,992 416,891 366,486 332,319 319,841

Equity ................................................................................. 59,317 67,380 67,406 68,658 63,367 65,885

Credit.................................................................................. 359,920 288,205 295,009 246,868 233,266 217,635

All other .............................................................................. 64,296 59,407 54,476 50,960 35,686 36,321

Total exchange-traded contracts ............................................... 48,051 46,301 47,381 42,038 33,980 32,713

Own contracts on foreign exchanges .................................... 3,284 5,396 6,927 5,929 5,350 5,051

Customers’ contracts on foreign exchanges ......................... 4,908 6,829 9,396 6,050 4,635 3,518

Foreign counterparty contracts on U.S. exchanges .............. 39,859 34,076 31,058 30,059 23,995 24,144

Memorandum items: 

Contracts with own foreign office........................................... 1,119,567 1,039,948 1,093,984 1,091,196 996,239 935,574

Contracts with foreign official institutions .............................. 14,669 19,434 14,936 13,959 11,895 10,456

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.
 CAPITAL MOVEMENTS 

September 2013 

83

TABLE CM-V-2.—Gross Totals of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2011 2012 2013 

 Dec. Mar. r June r Sept. r Dec. Mar. p

Europe: 

Belgium.......................................................................... 12,544 11,172 11,212 11,243 7,786 6,988

France............................................................................ 213,092 191,999 208,748 214,504 204,131 193,826

Germany ........................................................................ 274,134 245,732 267,536 267,115 237,720 210,706

Ireland ............................................................................ 322,165 280,618 249,490 234,147 226,004 205,311

Italy................................................................................. 7,904 7,531 8,024 7,979 7,613 6,357

Netherlands.................................................................... 16,843 16,116 17,187 16,765 15,592 14,873

Switzerland .................................................................... 65,690 55,739 54,406 41,626 39,328 34,510

United Kingdom ............................................................. 3,322,861 2,704,832 2,893,375 2,702,397 2,469,756 2,212,218

All other Europe ............................................................. 56,031 55,581 53,863 51,848 43,622 35,484

Total Europe .............................................................. 4,291,264 3,569,320 3,763,841 3,547,624 3,251,552 2,920,273

Memo: Euro Area 1 ........................................................ 882,547 789,166 795,286 782,806 728,268 661,176

Memo: European Union 2............................................... 4,221,543 3,510,022 3,705,526 3,501,256 3,209,177 2,882,851

Canada............................................................................... 66,134 58,731 64,960 58,009 53,408 53,008

Total Latin America............................................................ 8,214 8,789 8,909 9,301 7,717 8,628

Caribbean: 

Cayman Islands ............................................................. 37,016 35,026 37,947 35,237 32,672 30,661

All other Caribbean ........................................................ 14,245 13,610 14,826 14,640 12,869 13,469

Total Caribbean ......................................................... 51,261 48,636 52,773 49,877 45,541 44,130

Asia: 

Japan ............................................................................. 129,083 110,537 115,657 115,681 95,956 83,845

All other Asia.................................................................. 29,304 27,921 27,568 29,895 51,441 47,647

Total Asia ................................................................... 158,387 138,458 143,225 145,576 147,397 131,492

Total Africa......................................................................... 28,158 25,538 27,495 34,928 32,083 27,469

Other countries: 

Australia ......................................................................... 18,390 16,659 19,214 18,543 16,610 15,166

All other.......................................................................... 1,076 1,096 1,037 999 918 770

Total other countries .................................................. 19,466 17,755 20,251 19,542 17,528 15,936

Total foreign countries ........................................... 4,622,884 3,867,227 4,081,454 3,864,857 3,555,226 3,200,936

Total international and regional organizations................... 7,655 6,720 6,773 8,257 6,757 5,941

Grand total ................................................................. 4,630,539 3,873,953 4,088,231 3,873,113 3,561,985 3,206,880

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

September 2013 

84 

TABLE CM-V-3.—Gross Totals of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2011 2012 2013 

 Dec. Mar. r June r Sept. r Dec. Mar. p

Europe: 

Belgium .................................................................... 16,260 14,502 14,900 14,977 10,499 9,317

France ...................................................................... 243,291 218,778 236,076 233,091 220,286 210,981

Germany................................................................... 291,465 259,709 281,363 279,388 250,683 222,814

Ireland ...................................................................... 338,016 293,587 263,093 248,528 238,591 214,346

Italy ........................................................................... 9,617 9,309 9,734 9,812 10,039 8,406

Netherlands .............................................................. 18,055 18,394 18,447 18,736 17,389 15,784

Switzerland ............................................................... 72,400 58,273 58,314 42,522 39,986 37,006

United Kingdom ........................................................ 3,326,796 2,711,935 2,902,490 2,701,460 2,477,642 2,209,214

All other Europe ....................................................... 52,322 50,201 47,534 46,489 40,860 33,965

Total Europe ......................................................... 4,368,222 3,634,688 3,831,951 3,595,003 3,305,975 2,961,833

Memo: Euro Area 1 ................................................... 953,073 849,559 856,222 835,928 776,305 704,707

Memo: European Union 2 ......................................... 4,292,537 3,573,961 3,771,188 3,549,214 3,263,580 2,922,551

Canada ......................................................................... 63,950 59,054 60,867 59,704 53,483 51,327

Total Latin America ...................................................... 10,515 11,209 11,059 10,695 9,060 9,931

Caribbean: 

Cayman Islands ....................................................... 47,638 40,441 38,613 34,549 31,160 28,455

All other Caribbean .................................................. 14,510 13,569 14,745 15,033 13,016 13,888

Total Caribbean .................................................... 62,148 54,010 53,358 49,582 44,176 42,343

Asia: 

Japan ........................................................................ 125,913 110,501 113,039 114,120 99,470 85,309

All other Asia ............................................................ 32,072 29,375 29,216 32,210 50,045 44,560

Total Asia ............................................................. 157,985 139,876 142,255 146,330 149,515 129,869

Total Africa ................................................................... 31,482 30,718 32,181 38,911 34,723 29,699

Other countries: 

Australia ................................................................... 17,986 17,385 20,544 21,162 19,205 17,538

All other .................................................................... 1,225 1,146 1,233 1,321 1,136 991

Total other countries ............................................ 19,211 18,531 21,777 22,483 20,341 18,529

Total foreign countries ..................................... 4,713,513 3,948,086 4,153,448 3,922,708 3,617,273 3,243,531

Total international and regional organizations ............. 3,065 2,151 2,370 2,897 2,488 2,331

Grand total ........................................................... 4,716,578 3,950,239 4,155,820 3,925,606 3,619,761 3,245,866

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

September 2013 

85

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Derivatives Contract 

 2011 2012 2012 2013 

 Total Total Jan.-Mar. r Apr.-June r July-Sept. r Oct.-Dec. Jan.-Mar. p

 

Total over-the-counter (OTC) contracts....................... 28,803 -12,128 -8,096 2,730 -4,282 -2,480 -288

Single-currency interest rate contracts .................... 2,310 -4,885 -714 -3,109 -1,384 322 -4,204

Foreign exchange contracts..................................... 20,890 11,187 1,411 7,423 1,913 440 5,027

Other contracts......................................................... 5,603 -18,430 -8,793 -1,584 -4,811 -3,242 -1,111

Total exchange-traded contracts ................................. 6,203 5,064 757 -311 -847 5,465 4,176

Own contracts on foreign exchanges ...................... 13,100 404 391 -468 296 185 -429

U.S. customers’ contracts on foreign exchanges .... -2,108 5,790 2,521 -2,724 3,740 2,253 3,685

Foreign counterparty contacts on U.S. exchanges . -4,789 -1,130 -2,155 2,881 -4,883 3,027 920

Total net cash settlements from foreigners ................. 35,006 -7,064 -7,339 2,419 -5,129 2,985 3,888

Memorandum items: 

Contracts with foreign official institutions............. 518 -710 -226 -420 -204 140 -662

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

September 2013 

86 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2011 2012 2012 2013 

 Total Total Jan.-Mar. r Apr.-June r July-Sept. r Oct.-Dec. Jan.-Mar. p 

Europe: 

Belgium................................................. -83 -17 -47 74 18 -62 -90

France................................................... -9,071 6,984 2,005 310 3,668 1,001 -918

Germany............................................... 3,063 4,543 1,597 693 3,322 -1,069 2,046

Ireland................................................... 5,690 -6,721 -8,706 536 1,892 -443 -414

Italy ....................................................... -1,988 494 301 -102 276 19 60

Netherlands .......................................... 1,317 -389 -225 -304 44 96 -208

Switzerland ........................................... -1,452 262 1,159 -358 -787 248 955

United Kingdom.................................... 24,389 -25,766 -10,262 -1,614 -14,111 221 -6,288

All other Europe.................................... -137 -1,583 843 -10 -1,167 -1,249 -404

Total Europe ..................................... 21,728 -22,193 -13,335 -775 -6,845 -1,238 -5,261

Memo: Euro area 1 ............................... -1,384 5,422 -4,470 2,024 8,704 -836 1,418

Memo: European Union 2 ..................... 22,059 -21,205 -15,515 220 -5,630 -280 -5,260

Canada ..................................................... -455 1,454 -1,659 3,561 -251 -197 190

Total Latin America................................... 4,244 2,353 553 597 1,004 199 3,478

Caribbean: 

Cayman Islands.................................... 3,199 7,052 4,205 -1,708 1,868 2,687 -564

All other Caribbean............................... 5,775 5,864 2,643 1,433 1,564 224 820

Total Caribbean................................ 8,974 12,916 6,848 -275 3,432 2,911 256

Asia: 

Japan.................................................... -10,309 1,459 486 -92 -1,872 2,937 4,293

All other Asia ........................................ 9,506 913 246 2,324 -985 -672 2,082

Total Asia.......................................... -803 2,372 732 2,232 -2,857 2,265 6,375

Total Africa ............................................... 2,595 116 252 -85 188 -239 -525

Other countries: 

Australia................................................ -149 -4,078 -875 -2,477 137 -863 -211

All other................................................. -154 405 425 -24 -22 26 -182

Total other countries......................... -303 -3,673 -450 -2,501 115 -837 -393

Total foreign countries.................. 35,980 -6,655 -7,059 2,754 -5,214 2,864 4,120

Total international and regional 

organizations ............................................ -976 -409 -282 -333 85 121 -237

Grand total........................................ 35,006 -7,064 -7,339 2,419 -5,129 2,985 3,888

1

 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from 

the United States. 
September 2013 

87

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, 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, September, 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 reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

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 

September 2013 

88 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

01/02/2013 ............................................................. 749,019 752,666 n.a. 0.9859

01/09/2013 ............................................................. 766,305 770,147 n.a. 0.9867

01/16/2013 ............................................................. 761,750 762,107 -713 0.9850

01/23/2013 ............................................................. 779,628 781,213 -641 0.9986

01/30/2013 ............................................................. 803,724 800,993 -949 1.0033

02/06/2013 ............................................................. 802,265 811,094 n.a. 0.9959

02/13/2013 ............................................................. 797,195 797,557 n.a. 1.0020

02/20/2013 ............................................................. 817,452 822,283 n.a. 1.0162

02/27/2013 ............................................................. 857,039 855,874 -566 1.0249

03/06/2013 ............................................................. 856,832 864,449 102 1.0314

03/13/2013 ............................................................. 911,769 921,118 58 1.0272

03/20/2013 ............................................................. 795,006 803,831 n.a. 1.0268

03/27/2013 ............................................................. 783,561 791,203 -18 1.0169

04/03/2013 ............................................................. 779,219 783,734 n.a. 1.0134

04/10/2013 ............................................................. 787,685 794,576 n.a. 1.0148

04/17/2013 ............................................................. 815,990 825,176 n.a. 1.0263

04/24/2013 ............................................................. 786,043 795,177 477 1.0270

05/01/2013 ............................................................. 817,073 824,478 n.a. 1.0083

05/08/2013 ............................................................. 800,156 805,797 - 1.0023

05/15/2013 ............................................................. 834,507 841,549 n.a. 1.0173

05/22/2013 ............................................................. 879,529 883,922 2,048 1.0331

05/29/2013 ............................................................. 878,648 883,568 n.a. 1.0369

06/05/2013 ............................................................. 875,512 880,810 n.a. 1.0346

06/12/2013 ............................................................. 936,455 941,742 n.a. 1.0202

06/19/2013 ............................................................. 772,451 775,375 n.a. 1.0187

06/26/2013 ............................................................. 786,840 790,015 n.a. 1.0468
FOREIGN CURRENCY POSITIONS 

September 2013 

89

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2010 - Dec................... 767,345 772,953 166,550 143,383 39,280 39,410 42,383 35,399 n.a. 0.9948

2011 - Dec................... 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168

2012 - July................... 724,562 730,268 172,544 160,887 43,930 50,256 63,420 53,613 546 1.0014

Aug .................. 778,341 778,444 171,910 168,387 40,987 51,712 59,663 54,307 962 0.9862

Sept................. 778,819 788,864 180,278 171,476 42,142 51,870 59,025 55,088 n.a. 0.9837

Oct................... 821,858 826,879 175,756 167,321 40,836 52,702 68,950 62,516 n.a. 0.9994

Nov .................. 782,901 786,394 197,717 180,850 41,625 52,669 58,025 52,032 -312 0.9931

Dec .................. 723,826 727,471 195,584 177,964 43,124 45,411 52,812 54,827 -821 0.9958

2013 - Jan ................... 807,851 810,025 203,824 187,597 49,512 53,871 67,890 55,325 -888 0.9992

Feb .................. 850,569 857,930 179,323 169,797 55,486 60,750 86,588 70,292 n.a. 1.0286

Mar .................. 781,456 789,411 185,180 178,005 52,293 68,172 91,568 66,872 n.a. 1.0174

Apr................... 819,558 825,912 187,197 180,781 48,889 n.a. 116,119 68,094 109 1.0072

May.................. 886,145 890,580 187,915 187,302 59,586 87,716 122,555 81,022 n.a. 1.0337

June................. 780,031 783,200 186,980 189,185 58,923 83,676 111,640 76,776 n.a. 1.0513

 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2010 - Dec................... 13,412 26,103 92,168 50,946 n.a. n.a. n.a. n.a. n.a. 0.9948

2011 - Mar................... 26,910 38,843 100,865 57,266 n.a. 112 n.a. n.a. n.a. 0.9717

June ................. 20,248 34,127 81,226 45,781 1,222 1,129 1,194 869 137 0.9642

Sept.................. 16,785 31,287 87,268 41,908 375 404 n.a. 471 118 1.0389

Dec................... 18,977 33,319 77,674 38,291 695 544 n.a. n.a. n.a. 1.0168

2012 - Mar................... 16,450 30,333 90,621 44,773 534 565 1,408 465 n.a. 0.9990

June.................. 22,308 34,176 85,428 45,946 n.a. 474 1,753 1,833 n.a. 1.0190

Sept.................. 21,078 33,681 90,487 47,000 n.a. n.a. 1,400 1,157 n.a. 0.9837

Dec ................... 19,395 30,069 73,597 45,414 n.a. n.a. 869 662 n.a. 0.9958

2013 - Mar................... 17,015 32,402 88,822 53,718 276 467 3,545 2,502 n.a. 1.0174

 
FOREIGN CURRENCY POSITIONS 

September 2013 

90 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/02/2013 .............................................................. 395,462 430,738 -145 87.10

01/09/2013 .............................................................. 406,046 443,564 -80 87.90

01/16/2013 .............................................................. 442,668 478,194 -215 88.64

01/23/2013 .............................................................. 431,110 470,077 -318 88.44

01/30/2013 .............................................................. 340,178 349,864 -420 91.05

02/06/2013 .............................................................. 374,749 380,763 -435 93.56

02/13/2013 .............................................................. 385,985 394,305 -869 93.39

02/20/2013 .............................................................. 364,303 372,972 -556 93.53

02/27/2013 .............................................................. 390,338 395,788 -243 91.88

03/06/2013 .............................................................. 354,889 359,952 -622 93.64

03/13/2013 .............................................................. 372,410 383,474 -473 96.00

03/20/2013 .............................................................. 398,819 408,576 -385 95.51

03/27/2013 .............................................................. 351,170 363,869 -451 94.38

04/03/2013 .............................................................. 344,773 358,628 -279 92.96

04/10/2013 .............................................................. 372,287 379,467 -346 99.61

04/17/2013 .............................................................. 376,645 380,788 -546 97.74

04/24/2013 .............................................................. 375,614 380,645 -344 99.39

05/01/2013 .............................................................. 375,001 379,916 -197 97.28

05/08/2013 .............................................................. 358,379 363,831 -322 98.90

05/15/2013 .............................................................. 378,051 383,840 -404 102.44

05/22/2013 .............................................................. 380,852 387,142 -390 103.52

05/29/2013 .............................................................. 390,339 396,048 -23 100.91

06/05/2013 .............................................................. 391,804 397,529 -218 99.16

06/12/2013 .............................................................. 411,021 416,473 -131 95.36

06/19/2013 .............................................................. 362,559 367,833 1 95.22

06/26/2013 .............................................................. 372,207 377,588 190 97.43
FOREIGN CURRENCY POSITIONS 

September 2013 

91

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2010 - Dec.................. 339,781 344,997 56,007 49,309 38,873 37,582 62,471 64,126 n.a. 81.11

2011 - Dec.................. 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98

2012 - July.................. 306,841 325,903 78,171 76,638 32,176 31,112 53,714 56,546 320 78.10

Aug ................. 335,846 353,415 73,639 69,688 45,334 36,091 60,494 81,650 354 78.30

Sept................ 349,383 378,568 76,621 72,346 31,248 29,946 52,979 54,758 288 77.92

Oct.................. 353,356 388,907 78,127 73,039 32,693 31,814 55,584 56,628 455 79.94

Nov ................. 361,467 398,187 82,406 77,091 35,583 37,008 66,171 64,775 189 82.54

Dec ................. 364,964 399,781 83,896 78,585 36,393 40,545 70,462 66,147 -131 86.64

2013 - Jan .................. 364,151 373,200 86,198 80,798 42,662 49,481 86,117 78,014 -424 91.28

Feb ................. 383,414 389,451 87,831 83,490 44,236 51,935 105,089 89,866 -272 92.36

Mar ................. 340,014 345,523 89,082 83,565 46,073 54,631 95,979 86,419 -565 94.16

Apr.................. 386,710 391,542 91,025 86,090 53,366 65,040 110,554 96,806 -296 97.52

May................. 401,225 407,023 93,618 89,673 51,099 59,563 102,481 93,425 -168 100.83

June................ 369,638 373,671 93,234 88,991 50,153 61,085 104,812 93,171 128 99.21

 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

 Written 

 (8) 

 

2010 - Dec................... 2,732 3,685 5,483 2,843 n.a. 206 329 n.a. -8 81.11

2011 - Mar................... 2,855 3,816 6,500 3,476 77 238 820 276 -28 82.76

June ................. 2,767 3,392 5,139 2,569 233 327 837 422 -28 80.64

Sept.................. 2,899 3,480 4,698 2,446 n.a. 299 538 334 n.a. 77.04

Dec................... 2,937 4,203 5,090 2,553 n.a. 314 447 129 12 76.98

2012 - Mar................... 3,466 4,683 7,764 2,811 180 325 1,274 982 16 82.41

June ................. 4,081 5,603 6,045 2,285 47 276 749 499 17 79.81

Sept.................. 3,610 4,018 5,481 2,227 N/A 279 689 336 -4 77.92

Dec ................... 3,576 5,481 5,971 2,412 230 358 1,853 1,175 -47 86.64

2013 - Mar................... 3,089 5,704 9,256 4,631 N/A 825 2,923 1,779 24 94.16

 
FOREIGN CURRENCY POSITIONS 

September 2013 

92 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/02/2013 .............................................................. 696,427 726,562 1 0.9166

01/09/2013 .............................................................. 707,258 732,853 280 0.9244

01/16/2013 .............................................................. 794,462 815,702 1,363 0.9313

01/23/2013 .............................................................. 747,810 775,314 1,549 0.9295

01/30/2013 .............................................................. 766,248 795,620 1,810 0.9124

02/06/2013 .............................................................. 748,109 789,473 1,271 0.9100

02/13/2013 .............................................................. 727,686 757,707 1,226 0.9182

02/20/2013 .............................................................. 694,462 724,846 2,018 0.9241

02/27/2013 .............................................................. 749,013 778,349 1,947 0.9310

03/06/2013 .............................................................. 651,012 687,210 1,992 0.9470

03/13/2013 .............................................................. 701,362 735,267 753 0.9518

03/20/2013 .............................................................. 671,645 702,564 -489 0.9439

03/27/2013 .............................................................. 679,349 709,492 469 0.9534

04/03/2013 .............................................................. 648,695 676,853 927 0.9451

04/10/2013 .............................................................. 634,447 670,278 874 0.9333

04/17/2013 .............................................................. 642,900 676,774 687 0.9306

04/24/2013 .............................................................. 670,741 705,011 1,309 0.9484

05/01/2013 .............................................................. 678,307 712,064 728 0.9268

05/08/2013 .............................................................. 627,270 655,145 1,169 0.9349

05/15/2013 .............................................................. 718,589 744,499 n.a. 0.9680

05/22/2013 .............................................................. 741,937 764,842 n.a. 0.9814

05/29/2013 .............................................................. 774,280 791,333 1,557 0.9613

06/05/2013 .............................................................. 752,441 767,180 2,815 0.9422

06/12/2013 .............................................................. 772,425 790,873 3,957 0.9181

06/19/2013 .............................................................. 650,837 662,087 3,453 0.9192

06/26/2013 .............................................................. 663,784 674,599 3,318 0.9432
FOREIGN CURRENCY POSITIONS 

September 2013 

93

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2010 - Dec................... 942,502 936,617 74,952 67,265 140,789 129,566 137,755 152,444 721 0.9341

2011 - Dec................... 884,081 913,811 127,681 93,533 135,380 133,882 160,846 153,679 -41 0.9374

2012 - July................... 633,421 669,577 130,265 103,317 102,651 98,737 122,549 125,011 -997 0.9753

Aug .................. 650,468 689,491 129,992 85,903 91,734 86,275 109,249 112,374 398 0.9546

Sept................. 632,657 660,810 155,535 90,310 94,830 94,772 117,990 116,423 423 0.9400

Oct................... 639,354 673,107 165,995 86,136 95,917 97,283 115,942 113,396 -754 0.9311

Nov .................. 659,865 692,228 174,905 96,630 90,673 88,542 107,736 107,764 -234 0.9264

Dec .................. 654,579 683,540 158,819 85,852 86,352 88,023 102,871 101,876 -670 0.9155

2013 - Jan ................... 768,684 797,434 124,516 89,768 110,972 113,235 139,566 132,025 1,475 0.9093

Feb .................. 717,889 751,859 135,623 96,484 116,436 120,170 166,334 164,089 2,503 0.9336

Mar .................. 659,148 684,373 123,049 90,712 110,372 117,126 142,769 131,424 375 0.9490

Apr................... 638,933 673,464 103,172 67,744 112,355 129,916 155,499 136,638 171 0.9298

May.................. 768,751 788,807 97,148 68,760 127,287 171,998 212,608 162,632 1,289 0.9583

June................. 660,601 673,216 80,775 58,463 122,106 152,009 185,295 152,196 3,247 0.9450

 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2010 - Dec................... 9,513 14,149 52,189 10,966 233. n.a. 256 n.a. -27 0.9341

2011 - Mar................... 10,382 15,792 49,574 8,475 47. n.a. 1,796 n.a. n.a. 0.9157

June ................. 9,726 15,257 50,996 7,859 n.a. n.a. n.a. n.a. n.a. 0.8413

Sept.................. 11,861 15,339 51,004 7,441 n.a. n.a. n.a. n.a. n.a. 0.9048

Dec................... 12,282 19,706 48,877 8,420 n.a. n.a. n.a. n.a. n.a. 0.9374

2012 - Mar................... 11,411 18,791 58,909 9,829 n.a. 1,872 4,637 4,153 n.a. 0.9026

June ................. 13,949 14,899 48,392 9,618 1,289 1,531 n.a. n.a. 4 0.9485

Sept.................. 13,646 14,961 n.a. 8,085 n.a. n.a. 944 1,286 8 0.9400

Dec ................... 14,365 16,096 n.a. 8,884 n.a. n.a. n.a. n.a. n.a. 0.9155

2013 - Mar................... 16,520 21,737 n.a. 9,348 430 1,234 3,684 n.a. -54 0.9490

 
FOREIGN CURRENCY POSITIONS 

September 2013 

94 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/02/2013 .............................................................. 1,534,243 1,520,828 461 1.6255

01/09/2013 .............................................................. 1,623,067 1,606,361 15 1.6024

01/16/2013 .............................................................. 1,648,975 1,624,611 -489 1.6009

01/23/2013 .............................................................. 1,651,571 1,628,688 -593 1.5848

01/30/2013 .............................................................. 1,670,226 1,646,212 -586 1.5793

02/06/2013 .............................................................. 1,669,118 1,653,433 -965 1.5655

02/13/2013 .............................................................. 1,738,951 1,719,682 -648 1.5544

02/20/2013 .............................................................. 1,735,197 1,713,667 193 1.5301

02/27/2013 .............................................................. 1,798,028 1,778,082 n.a. 1.5134

03/06/2013 .............................................................. 1,709,722 1,681,251 -612 1.5036

03/13/2013 .............................................................. 1,767,559 1,752,179 n.a. 1.4925

03/20/2013 .............................................................. 1,723,180 1,701,417 n.a. 1.5133

03/27/2013 .............................................................. 1,641,405 1,624,382 -634 1.5112

04/03/2013 .............................................................. 1,614,017 1,596,993 -47 1.5140

04/10/2013 .............................................................. 1,599,910 1,578,138 718 1.5315

04/17/2013 .............................................................. 1,640,552 1,618,582 n.a. 1.5255

04/24/2013 .............................................................. 1,627,688 1,598,563 n.a. 1.5258

05/01/2013 .............................................................. 1,698,134 1,671,614 1,656 1.5578

05/08/2013 .............................................................. 1,616,688 1,588,332 n.a. 1.5563

05/15/2013 .............................................................. 1,680,615 1,649,844 1,219 1.5198

05/22/2013 .............................................................. 1,698,208 1,669,445 1,144 1.5038

05/29/2013 .............................................................. 1,716,033 1,685,408 n.a. 1.5121

06/05/2013 .............................................................. 1,728,383 1,701,841 n.a. 1.5392

06/12/2013 .............................................................. 1,797,175 1,766,736 140 1.5697

06/19/2013 .............................................................. 1,679,477 1,661,494 234 1.5657

06/26/2013 .............................................................. 1,712,932 1,684,336 n.a. 1.5332
FOREIGN CURRENCY POSITIONS 

September 2013 

95

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2010 - Dec................... 1,209,032 1,241,403 480,853 366,026 61,324 61,186 68,692 69,611 n.a. 1.5598

2011 - Dec................... 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 60,664 n.a. 1.5537

2012 - July................... 1,349,366 1,388,702 702,547 598,948 55,263 57,621 62,255 60,663 -601 1.5686

Aug .................. 1,476,102 1,465,862 635,908 532,109 49,849 52,382 51,206 50,795 -293 1.5864

Sept................. 1,511,135 1,494,943 668,175 564,637 57,459 58,292 62,383 65,015 n.a. 1.6132

Oct................... 1,479,915 1,463,284 656,191 550,689 51,463 56,044 63,344 62,521 -1,344 1.6111

Nov .................. 1,538,841 1,512,113 649,187 553,730 51,826 50,947 59,404 60,142 -1,677 1.6027

Dec .................. 1,457,283 1,438,257 658,674 554,948 46,300 45,013 48,575 51,867 n.a. 1.6262

2013 - Jan ................... 1,677,493 1,651,760 638,253 551,188 53,592 86,346 99,707 70,387 -490 1.5856

Feb .................. 1,742,402 1,723,009 635,481 537,504 66,473 n.a. 221,642 120,562 52 1.5192

Mar .................. 1,637,994 1,622,393 637,349 542,434 73,239 98,708 129,208 102,655 -664 1.5193

Apr................... 1,684,697 1,659,558 613,972 539,805 75,451 103,072 134,577 104,822 n.a. 1.5539

May.................. 1,730,801 1,697,334 599,499 520,823 72,955 96,068 135,434 110,790 n.a. 1.5185

June................. 1,645,811 1,619,769 581,864 506,029 73,518 95,886 128,913 102,991 n.a. 1.5210

 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2010 - Dec................... 8,984 13,361 113,538 43,007 n.a. n.a. n.a. n.a. n.a, 1.5598

2011 - Mar................... 14,298 16,138 118,729 43,723 n.a. n.a. n.a. n.a. n.a. 1.6048

June ................. 10,468 12,578 115,514 38,337 n.a. n.a. n.a. 371 n.a. 1.6067

Sept.................. 15,005 14,989 131,501 44,370 n.a. n.a. 2,711 715 -178 1.5624

Dec................... 11,774 12,622 127,285 29,650 n.a. n.a. n.a. 657 74 1.5537

2012 - Mar................... 14,740 12,296 127,456 32,805 705 347 2,298 623 5 1.5985

June ................. 11,790 11,560 165,914 47,081 668 429 2,271 570 16 1.5686

Sept.................. 16,441 15,379 147,991 33,874 n.a. n.a. 2,046 409 -18 1.6132

Dec ................... 18,837 16,899 57,032 32,581 n.a. n.a. n.a. n.a. n.a. 1.6262

2013- Mar.................... 22,023 21,376 68,646 38,456 332 497 3,585 856 -12 1.5193

 
FOREIGN CURRENCY POSITIONS 

September 2013 

96 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

01/02/2013 ............................................................ 18,463,917 17,770,316 9,704 n.a.

01/09/2013 ............................................................ 19,006,076 18,296,892 12,857 n.a.

01/16/2013 ............................................................ 19,553,305 18,862,460 10,681 n.a.

01/23/2013 ............................................................ 19,797,848 19,076,003 9,427 n.a.

01/30/2013 ............................................................ 18,962,393 18,601,493 8,941 n.a.

02/06/2013 ............................................................ 19,126,109 18,951,524 9,521 n.a.

02/13/2013 ............................................................ 19,245,060 18,938,159 8,954 n.a.

02/20/2013 ............................................................ 19,028,065 18,498,190 9,018 n.a.

02/27/2013 ............................................................ 20,086,048 19,701,581 11,012 n.a.

03/06/2013 ............................................................ 18,426,883 18,078,517 16,633 n.a.

03/13/2013 ............................................................ 19,240,787 18,791,657 14,753 n.a.

03/20/2013 ............................................................ 18,689,179 18,266,236 10,041 n.a.

03/27/2013 ............................................................ 18,395,825 17,945,425 12,052 n.a.

04/03/2013 ............................................................ 17,847,989 17,451,866 13,903 n.a.

04/10/2013 ............................................................ 18,047,830 17,659,929 7,301 n.a.

04/17/2013 ............................................................ 18,443,412 18,071,164 10,454 n.a.

04/24/2013 ............................................................ 18,311,449 17,932,705 3,868 n.a.

05/01/2013 ............................................................ 19,012,919 18,568,823 5,467 n.a.

05/08/2013 ............................................................ 18,232,112 17,789,393 5,300 n.a.

05/15/2013 ............................................................ 18,883,917 18,435,747 425 n.a.

05/22/2013 ............................................................ 19,186,248 18,746,944 -176 n.a.

05/29/2013 ............................................................ 19,580,970 19,145,684 -1,541 n.a.

06/05/2013 ............................................................ 19,268,646 18,835,354 1,099 n.a.

06/12/2013 ............................................................ 20,478,965 20,039,387 3,221 n.a.

06/19/2013 ............................................................ 18,434,762 18,017,034 -2,457 n.a.

06/26/2013 ............................................................ 19,052,716 18,640,647 -2,153 n.a.
FOREIGN CURRENCY POSITIONS 

September 2013 

97

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2010 - Dec.............. 18,086,298 18,224,239 - - 1,852,707 1,883,560 1,950,486 1,985,879 33,277 n.a.

2011 - Dec.............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a.

2012 - July.............. 17,432,619 17,091,738 - - 1,613,672 2,160,044 1,297,002 1,841,217 -2,538 n.a.

Aug ............. 18,158,161 17,700,757 - - 1,670,357 2,255,458 1,548,982 1,770,428 613 n.a.

Sept............ 18,490,841 18,012,274 - - 1,471,719 1,882,751 1,274,797 1,588,368 1,344 n.a.

Oct.............. 18,510,917 17,956,102 - - 1,536,458 1,980,505 1,277,893 1,651,346 -1,174 n.a.

Nov ............. 18,701,892 18,107,530 - - 1,595,945 2,044,060 1,306,601 1,761,886 1,276 n.a.

Dec ............. 17,398,629 16,771,084 - - 1,550,821 2,000,809 1,229,560 1,766,978 1,689 n.a.

2013 - Jan .............. 19,567,518 19,147,340 - - 1,596,533 1,513,685 1,178,289 1,215,025 9,221 n.a.

Feb ............. 19,885,930 19,517,370 - - 1,767,592 1,864,088 1,278,583 1,548,621 11,170 n.a.

Mar ............. 18,185,851 17,729,905 - - 1,825,082 1,723,900 1,232,546 1,312,701 9,466 n.a.

Apr.............. 18,849,906 18,425,422 - - 1,951,646 1,811,444 1,368,366 1,456,066 5,958 n.a.

May............. 19,847,383 19,415,262 - - 1,941,273 1,858,474 1,401,262 1,440,136 -1,730 n.a.

June............ 18,665,861 18,230,134 - - 1,995,665 1,873,388 1,416,498 1,479,492 -681 n.a.

 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

 Written

 (6) 

 Bought

 (7) 

Written 

(8) 

 

2010 - Dec................... 270,278 247,274 - - 14,838 14,605 11,007 9,394 -901 n.a.

2011- Mar.................... 308,306 268,728 - - 23,859 13,314 19,004 14,882 -1,380 n.a.

June ................. 303,785 266,617 - - 28,158 15,066 30,490 26,443 -2,250 n.a.

Sept.................. 307,505 258,447 - - 25,246 16,710 41,329 26,316 -598 n.a.

Dec................... 280,638 237,104 - - 29,815 11,500 18,618 19,252 -1,380 n.a.

2012 - Mar................... 288,754 266,557 - - 30,838 21,200 24,943 21,699 210 n.a.

June ................. 302,534 263,951 - - 36,184 22,751 13,751 15,998 n.a. n.a.

Sept.................. 271,014 297,070 - - 25,109 13,575 20,027 16,847 n.a. n.a.

Dec ................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 n.a. n.a.

2013 - Mar................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a.

 
FOREIGN CURRENCY POSITIONS 

September 2013 

98 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

01/02/2013 ......................................................................... 4,963,885 4,841,512 523 0.7579

01/09/2013 ......................................................................... 5,194,469 5,070,355 -265 0.7646

01/16/2013 ......................................................................... 5,402,615 5,287,010 710 0.7516

01/23/2013 ......................................................................... 5,301,621 5,174,952 1,493 0.7514

01/30/2013 ......................................................................... 5,459,608 5,345,648 2,990 0.7373

02/06/2013 ......................................................................... 5,457,394 5,354,529 2,766 0.7392

02/13/2013 ......................................................................... 5,419,304 5,307,598 2,293 0.7436

02/20/2013 ......................................................................... 5,346,144 5,137,131 1,356 0.7491

02/27/2013 ......................................................................... 5,826,196 5,687,483 -572 0.7631

03/06/2013 ......................................................................... 5,345,805 5,062,014 291 0.7698

03/13/2013 ......................................................................... 5,413,223 5,279,695 922 0.7723

03/20/2013 ......................................................................... 5,334,117 5,203,815 2,741 0.7722

03/27/2013 ......................................................................... 5,406,478 5,284,107 583 0.7824

04/03/2013 ......................................................................... 5,168,295 5,024,337 -68 0.7784

04/10/2013 ......................................................................... 5,115,435 5,020,190 -1,199 0.7657

04/17/2013 ......................................................................... 5,250,092 5,162,525 -1,217 0.7663

04/24/2013 ......................................................................... 5,203,638 5,118,094 35 0.7694

05/01/2013 ......................................................................... 5,462,829 5,381,892 2,216 0.7580

05/08/2013 ......................................................................... 5,137,554 5,070,368 2,649 0.7589

05/15/2013 ......................................................................... 5,293,313 5,226,897 3,352 0.7778

05/22/2013 ......................................................................... 5,396,515 5,325,541 2,985 0.7774

05/29/2013 ......................................................................... 5,390,800 5,330,088 3,549 0.7726

06/05/2013 ......................................................................... 5,302,412 5,241,627 2,289 0.7641

06/12/2013 ......................................................................... 5,630,347 5,570,278 2,261 0.7488

06/19/2013 ......................................................................... 5,182,379 5,124,767 3,216 0.7461

06/26/2013 ......................................................................... 5,417,733 5,361,701 3,608 0.7689
FOREIGN CURRENCY POSITIONS 

September 2013 

99

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2010 - Dec................... 4,973,621 4,907,778 1,803,684 1,735,403 355,926 407,702 497,762 454,056 n.a. 0.7467

2011 - Dec................... 5,557,886 5,594,727 2,212,049 2,098,286 380,524 430,827 565,230 521,678 -8,026 0.7708

2012 - July................... 5,073,550 5,112,569 2,438,554 2,398,542 393,805 439,585 565,123 525,559 -3,619 0.8120

Aug .................. 5,197,149 5,098,025 2,135,559 2,107,273 380,839 429,932 512,148 463,360 -1,653 0.7950

Sept................. 5,278,338 5,161,298 2,118,152 2,096,423 408,161 432,908 491,607 465,553 -2,202 0.7778

Oct................... 5,126,210 5,003,037 2,105,744 2,076,500 375,512 389,803 460,273 444,128 -2,087 0.7717

Nov .................. 5,087,889 4,974,182 2,177,846 2,096,677 356,646 386,750 436,744 406,547 -4,137 0.7686

Dec .................. 4,742,320 4,617,740 2,124,942 1,995,883 345,564 383,059 431,599 400,556 -3,395 0.7584

2013 - Jan ................... 5,533,187 5,411,447 2,070,571 1,932,021 419,502 406,678 421,143 424,355 2,590 0.7362

Feb .................. 5,711,400 5,616,840 2,095,782 1,980,412 377,951 450,952 485,330 442,258 -317 0.7646

Mar .................. 5,275,002 5,183,932 2,098,352 1,986,269 376,009 399,661 460,995 419,430 1,007 0.7803

Apr................... 5,256,805 5,176,470 2,091,683 1,989,291 376,907 395,581 454,047 423,584 1,318 0.7594

May.................. 5,476,174 5,412,009 2,040,447 1,959,135 390,222 395,208 446,123 429,359 3,674 0.7699

June................. 5,287,699 5,223,223 1,971,010 1,890,657 381,746 392,708 442,864 410,420 3,428 0.7686

 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2010 - Dec................... 59,618 69,885 239,412 119,562 9,683 2,980 7,674 7,781 -115 0.7467

2011 - Mar................... 68,004 77,932 261,631 131,370 10,426 3,469 6,505 6,628 534 0.7051

June ................. 64,976 75,325 277,916 140,625 11,741 6,946 13,773 8,825 -624 0.6886

Sept.................. 67,032 80,620 273,218 122,781 11,708 7,866 13,578 10,704 -1,065 0.7436

Dec................... 68,457 76,675 275,793 110,758 8,485 4,847 6,131 8,070 -909 0.7708

2012 - Mar................... 78,078 82,647 318,663 135,064 10,420 4,907 9,969 11,105 70 0.7500

June ................. 73,202 69,492 494,312 209,043 15,867 7,315 13,923 12,535 n.a. 0.7894

Sept.................. 88,373 76,674 274,639 123,965 9,525 4,526 6,688 6,407 28 0.7778

Dec ................... 69,920 61,111 202,499 120,619 8,126 2,152 3,662 n.a. 8 0.7584

2013 - Mar................... 86,922 82,911 226,324 238,669 7,953 6,697 11,137 6,602 n.a. 0.7803

 
September 2013 

100

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of December 31, 2012, and March 31, 2013 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2012 

Jan. 1, 2013, 

through 

Mar. 31, 2013 Mar. 31, 2013 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,679,209 -1,206 22,678,003

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 55,050,355 -1,346,167 53,704,188

Foreign exchange and securities: 

European euro ..................................................................... 14,269,679 -389,950 13,879,729

Japanese yen....................................................................... 10,749,162 -853,489 9,895,673

Accounts receivable................................................................. 105,602 -11,339 94,263

Total assets.......................................................................... 102,854,007 -2,602,151 100,251,856

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 6,450 1,576 8,026

Total current liabilities ...................................................... 6,450 1,576 8,026

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 54,277,376 -1,332,107 52,945,269

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 59,477,376 -1,332,107 58,145,269

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -813,121 -1,245,987 -2,059,108

Total capital...................................................................... 43,370,181 -1,271,620 42,098,561

Total liabilities and capital............................................ 102,854,007 -2,602,151 100,251,856

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 2013 

101

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

Jan. 1, 2013, 

through 

Mar. 31, 2013 

Fiscal year to date

Oct. 1, 2012, 

through 

Mar. 31, 2013 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -1,257,129 -2,103,458

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -19,110 -21,754

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 154 295

U.S. Government securities......................................................... 3,763 9,231

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 26,335 56,578

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations ............................................................... -1,245,987 -2,059,108

Net income (+) or loss (-)............................................................. -1,245,987 -2,059,108

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 

September 2013 

105

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2013. 

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 2013. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2014) .............................................................................................................. 101

less: 

Cash balance (fiscal year 2014) ......................................................................................................................................................................................... 9

Unfunded authorizations (fiscal year 2014)........................................................................................................................................................................ 93

48-month revenue estimate (fiscal years 2015, 2016, 2017, and 2018)............................................................................................................................ 146

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 21

less: 

Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 3

Unfunded authorizations (fiscal year 2013)........................................................................................................................................................................ 18

48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017)........................................................................................................................... 21

Note.—Detail may not add due to rounding. 
TRUST FUNDS 

September 2013 

106

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606aI (1) to be submitted by the Secretary of the Treasury, 

after consultation with the Secretary of Agriculture, on the 

financial condition and the results of the operations of the 

trust fund during the past fiscal year and on its expected 

condition and operations during the next fiscal year. 

Note: This page is included in the September issue due 

to an incorrect fiscal year on the Expected Conditions and 

Result of Operations table in the June issue. 

TABLE TF-10.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2012 

[Source: Department of Agriculture] 

Balance Oct. 1, 20111 .......................................................................................................................................................................................... $4,853,947

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,000

Redemption of investment ............................................................................................................................................................................... -

Total receipts................................................................................................................................................................................................ 30,000,000

Expenses: 

Expenditure ...................................................................................................................................................................................................... 28,688,953

Total expenses............................................................................................................................................................................................. 28,688,953

Adjustment ........................................................................................................................................................................................................... -

Balance Sept. 30, 2012 ........................................................................................................................................................................................ $6,164,994

1

The beginning balance for fiscal year 2011 was adjusted. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2013 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 6,165

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000

Redemption of investment .............................................................................................................................................................................. -

Total receipts............................................................................................................................................................................................... 30,000

Outlays ................................................................................................................................................................................................................ 30,000

Balance Sept. 30 ................................................................................................................................................................................................. 6,165

Correction page included due to an error in the Fiscal Year as previously reported in the June 2013 issue. 
September 2013 

107

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

September 2013 

108

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
September 2013 

109

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of June 2013, the debt 

limit was 25 million; the limit may change from year to year. 

Total Public Debt Subject to Limit - The Total Public Debt 

Subject to Limit is the Total Public Debt Outstanding adjusted 

for Unamortized Discount on Treasury Bills and Zero Coupon 

Treasury Bonds, Other Debt (old debt issued before 1917 and 

old currency called United States Notes), Debt held by the 

Federal Financing Bank, Hope Bonds and Guaranteed Debt of 

Government Agencies. For a breakout of the debt subject to 

limit, see the Monthly Statement of the Public Debt at 

http://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 
GLOSSARY 

September 2013 

110

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-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 
GLOSSARY 

September 2013 

111

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-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).