December 2006 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

FFO-5.—Internal Revenue Receipts by State...................................................................................................................... 21 

FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................ 23

ACCOUNT OF THE U.S. TREASURY 

Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 29 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 29

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 31 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 32 

FD-2.—Debt Held by the Public ......................................................................................................................................... 33 

FD-3.—Government Account Series................................................................................................................................... 34 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 35 

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

 Private Investors .................................................................................................................................................... 36 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 37 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 38

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 40 

TREASURY FINANCING ................................................................................................................................................. 40 

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

 and 52-Week Treasury Bills Outstanding............................................................................................................ 44 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 49 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 50 

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 51 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 51 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 52

SBN-3.—Sales and Redemptions by Period, Series E, EE, and I........................................................................................ 52

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 54 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 55 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 56
December 2006 

IV 

Contents 

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 57 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 57 

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 58 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 58 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 59

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 63 

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

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 64 

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

 Residents of Foreign Countries.............................................................................................................................. 65

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 66 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 69 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 70 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 72 

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

 with Respect to Selected Countries...................................................................................................................... 74 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 75 

CM-II-2.—Total Claims by Country ................................................................................................................................... 76 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 78 

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

 with Respect to Selected Countries...................................................................................................................... 80 

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

 in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 81 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 82 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 84 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 86 

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 ............................................ 88 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 89 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 90 

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

 and Country, during (third quarter)................................................................................................................... 92 

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

 and Country, during (calendar year) ................................................................................................................. 94 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 96 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 97
December 2006 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 98 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ............................................................................................... 103 

FCP-III-2.—Monthly Report of Major Market Participants.............................................................................................. 104 

FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................. 104 

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants............................................................................................... 105 

FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 106 

FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 106 

SECTION V.—U.S. Dollar Positions 

FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 107 

FCP-V-2.—Monthly Report of Major Market Participants............................................................................................... 108 

FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 108 

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants............................................................................................... 109 

FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 110 

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 110 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 111 

ESF-1.—Balance Sheet ..................................................................................................................................................... 111 

ESF-2.—Income and Expense........................................................................................................................................... 112
December 2006 

VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 115 

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 115

 

RESEARCH PAPER INDEX............................................................................................................................................ 116

GLOSSARY ...................................................................................................................................................................... 117

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

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

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

SPECIAL REPORTS 

Trust Funds 1-8, previously published in the December 

issue of the Treasury Bulletin, are discontinued effective 

December 2006. Trust fund information can be found in 

the Monthly Treasury Statement, 

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

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

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic 

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
December 2006 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product 

October’s advance estimate of real gross domestic 

product (GDP) reported annualized growth slowing to 1.6 

percent in the third quarter of 2006, following a strong 5.6 

percent gain in the first quarter and moderate 2.6 percent 

growth in the second quarter of 2006. Strong first quarter 

growth partly reflects recovery from last fall’s hurricanes, 

while the slowdown in the most recent two quarters is 

largely due to slowing residential building. A clearer picture 

emerges when average growth over the third quarter of 2005 

to the third quarter of 2006 is considered. Over this five 

quarter period, real GDP grew at an average rate of 3.2 

percent. 

Real consumer spending accelerated to 3.1 percent 

annual growth in the third quarter, up from the 2.6 percent 

pace in the second quarter. A rebound in motor vehicle and 

parts sales contributed to the 8.4 percent recovery in the 

durable goods component of consumer spending. The 

speedup in consumer spending was a major contributor to 

GDP growth in the third quarter, offsetting some moderation 

in other areas and adding 2.1 percentage points to overall 

growth. 

Investment in business equipment and software 

rebounded at a 6.4 percent pace in the third quarter after 

declining slightly in the second quarter. The average growth 

rate for this volatile series over the past five quarters is 6.9 

percent. Overall growth was held down by a sharp 17.4 

percent annual rate of decline in residential investment 

spending, particularly in single family structures, which 

extended a four quarter string of declines as housing demand 

weakened, and which reduced GDP growth by 1.1 

percentage point. Partially offsetting this was strength in 

investment in nonresidential structures, which grew 14.0 

percent in the third quarter and contributed 0.4 percentage 

point to GDP growth. 

The deficit on trade in goods and services increased 

slightly as a proportion of GDP in the third quarter, 

subtracting 1.3 percentage points from GDP growth. Real 

exports showed continued strength, up 6.5 percent in the 

third quarter after a 6.2 percent gain in the second quarter. 

However, imports rose at an even faster 7.8 percent pace, 

rebounding from a 1.4 percent pace in the second quarter. 

Growth in public sector spending increased 2.0 percent 

in the third quarter after increasing just 0.8 percent in the 

second quarter. Federal spending was up 1.7 percent in 

contrast to a decline of 4.5 percent in the second quarter. 

Federal outlays added 0.1 percentage point to GDP growth, 

chiefly due to higher non-defense spending. State and local 

outlays added 0.25 percentage point to GDP growth. 

Reinforcing some of the weaker readings in the third 

quarter was a decrease in inventory investment which 

subtracted 0.1 percentage point to third quarter GDP growth 

after having added 0.44 percentage point in the prior quarter. 

Growth of Real GDP

2.2

0.2

1.2

3.5

7.5

2.7

3.9

3.1

2.6

3.3

4.2

1.8

5.6

2.6

1.6

2.7 2.4

4.0 3.4

0

2

4

6

8

10

2002 2003 2004 2005 2006

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

December 2006

4 

0

1

2

3

4

5

6

7

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

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

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

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

Inflation 

Swings in energy prices have been the key driver of 

changes in the overall inflation rate so far this year. After 

rising at an average rate of about 0.4 percent during the 6 

months from March 2006 to August 2006, the consumer 

price index declined 0.5 percent in September. Lower energy 

prices accounted for the decline, down 7.2 percent in 

September 2006 as gasoline prices retreated by 13.5 percent. 

During the first 9 months of this year, consumer inflation 

was 3.4 percent at an annual rate. During the same time, 

energy costs increased at an 8.3 percent seasonally-adjusted 

annual rate, while petroleum-based energy costs increased at 

a 16.3 percent pace. The core consumer price index (which 

excludes food and energy) rose 0.2 percent in September and 

was 2.9 percent higher than a year earlier, well above the 

rates of the previous 4 years from 2002 to 2005. 

Declines in energy prices in September contributed to a 

1.3 percent dip in the Producer Price Index (PPI) for finished 

goods that month. The sharp decline in producer prices 

followed slight price increases of 0.1 percent in both July 

and August. Compared to a year earlier, the September PPI 

for finished goods was 0.9 percent higher than in September 

2005. The core index (finished goods less foods and energy) 

rose 0.6 percent in September and was up 1.2 percent from a 

year ago. Prices for finished energy goods at the producer 

level fell 8.4 percent in September after edging up a slight 

0.3 percent in August. More than half of the downturn 

reflected a 22.2 percent decline in gasoline prices in 

September following a 2.2 percent increase in August. 

During the third quarter of 2006, finished energy goods 

prices fell at a 24.7 percent seasonally-adjusted annual rate 

after rising at a 22.3 percent pace in the second quarter. The 

price index for passenger cars rose 2.8 percent in September 

but was down 3.6 percent from a year earlier. Prices for 

finished consumer foods slowed from a 1.4 percent increase 

in August to a 0.7 rise in September, and over the last 12 

months were up 2.2 percent. 
PROFILE OF THE ECONOMY 

December 2006 

5

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

97 98 99 00 01 02 03 04 05 06

(Percent)

Oct. 2006

4.4%

Payroll Employment

18

-26

-89

134

174

199

115

210

160 167

115

179 176

167 155

-150

-50

50

150

250

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

(Average monthly change in thousands

from end of quarter to end of quarter)

Employment and unemployment 

The labor market appeared firm at the start of the 

fourth quarter. Payroll job growth was moderate in 

October, but there were sharp upward revisions to 

payrolls in previous months and the unemployment rate 

dipped to a 5-1/2 year low. Nonfarm payroll employment 

rose 92,000 in October, but upward revisions to August 

and September summed to nearly 140,000. Job gains 

through October averaged 147,000 per month, down from 

165,000 per month for all of 2005. Since employment hit 

its low point in August 2003, the economy has generated 

more than 6.0 million jobs. Incorporating the Bureau of 

Labor Statistics’ preliminary estimate of its benchmark 

revision to payroll data would push that figure up to 6.9 

million jobs over that period. 

Most of the recent job gains have been in the service 

sector. Employment in professional and business services 

increased 43,000 in October, up from the average monthly 

gain of 32,000 in the third quarter. Payrolls in education 

and health services rose by 28,000 in October, down from 

its third quarter average. Employment in leisure and 

hospitality was up 35,000 in October, on par with the 

recent monthly trend. Retail employment fell for the third 

consecutive month in October and has declined a net 

100,000 since the beginning of 2006. 

Turning to goods-producing industries, construction 

employment fell by 26,000 in October, the largest 

monthly decline since early 2003. The housing slowdown 

is likely to blame as declines were concentrated in 

residential specialty trade contractors. Still, gains in 

nonresidential specialty trade employment have partly 

offset the residential contraction. Manufacturing 

employment dipped by 39,000 in October, although 

strikes in the rubber products and aerospace industries 

accounted for about one-third of that decline. On net, 

manufacturing employment is down about 15,000 over 

the past year. 

The unemployment rate declined from 4.6 percent to 

4.4 percent in October, the lowest level since May 2001. 

That is 0.5 percentage points lower than the level in 

October 2005. The labor force participation rate (the share 

of the non-institutionalized population over 15 years old 

in the labor force) remained flat at 66.2 percent in 

October, but is up from 66.0 percent at the start of 2006 

The average workweek edged up from 33.8 hours to 

33.9 hours in October and aggregate production worker 

hours increased 0.3 percent. Nominal average hourly 

earnings increased 0.4 percent in October and were up 3.9 

percent from a year earlier. Adjusting for inflation, real 

earnings were up 2.4 percent from a year earlier in 

September (latest data available), the strongest gain since 

early 2002. 
PROFILE OF THE ECONOMY 

December 2006

6 

Real disposable personal income and 

consumer spending 

Personal income and outlays experienced slowing 

growth in the third quarter of 2006 relative to the first two 

quarters of the year. Nominal personal income grew 5.7 

percent at an annual rate in the third quarter of 2006, 

following growth of 6.9 percent the second quarter and 9.4 

percent in the first quarter. Wages and salaries, accounting 

for more than half of personal income, rose at a 4.8 percent 

annual rate in the third quarter following gains of 7.7 percent 

and 13.3 percent in the second and first quarters, 

respectively. 

Personal income receipts on assets rose by a solid 9.4 

percent at an annual rate after climbing 11.8 percent during 

the second quarter. Growth of personal interest income 

increased at a healthy 7.3 percent annual pace after jumping 

up 12.7 percent the second quarter. Rental income posted its 

first positive growth since the fourth quarter of 2004, 

increasing 18.5 percent at an annual rate. The recent cooling 

of the housing market has greatly increased rental activity. 

Real disposable (after-tax) income adjusted for inflation 

rose 3.7 percent at an annual rate in the third quarter 

following a 1.7 percent gain in the second quarter and a 4.7 

percent gain in the first quarter. September was the strongest 

month of the quarter due to falling energy prices. Real 

personal consumption expenditures increased at a 3.1 

percent annual pace, 0.5 percent faster than growth in the 

second quarter. This increase was due in part to moderate 

unit sales for automobiles, which increased 11.6 percent at 

an annual rate in the third quarter after falling 9.8 percent in 

the second quarter. The personal savings rate crept up 0.1 

percent to -0.5 percent in the third quarter from -6 percent in 

the second quarter. Consumer spending has been larger than 

personal disposable income since the second quarter of 

2005. 

Industrial production and capacity 

utilization 

Industrial production from factories, mines, and utilities 

increased at a 3.6 percent annual rate in the third quarter, 

after rising at a 6.6 percent pace in the second quarter. Over 

the 12 months ending in September, output increased 5.6 

percent. 

Manufacturing production, which accounts for about 81 

percent of all industrial output, grew 3.8 percent at an annual 

rate in the third quarter after 5.4 percent in the second 

quarter. Output of high-technology goods (computers, 

communications equipment, and semiconductors) grew by 

22.7 percent at an annual rate, accelerating from the second 

quarter’s 18.8 percent pace. In the third quarter, output of 

semi-conductors and related electronic components led the 

surge, rising 44 percent at an annual rate (from 13.4 percent 

in the second quarter). Output of communications equipment 

slowed to a 7.3 percent annual rate from rates well in excess 

of 30 percent in each of the previous three quarters. 

Production of motor vehicles and parts plunged 12 percent at 

an annual rate in the third quarter, after rising by 2.2 percent 

in the second quarter. In the 12 months through September, 

output of motor vehicles and parts declined nearly 7 percent. 

Apart from automobiles, manufacturing output rose at a 5.4 

percent annual rate in the third quarter of 2006. 

Production at utilities, which accounts for roughly 9 

percent of total industrial output, rose 4.3 percent at an 

annual rate in the third quarter, less than the 16.3 percent 

surge in the second quarter, as warmer weather in September 

reduced demand for electricity and heat. Weather is usually 

a factor in this sector, and unseasonable weather in quarters 

often causes sharp swings in output from one month or 

quarter to the next. Output at mines (the remaining 10 

percent of industrial output) rose 1.9 percent in the third 

quarter, following double-digit surges in each of the two 

previous quarters (as oil and gas extraction operations in the 

Gulf regions continued to be restored). In the 12 months 

through September, mining output was up 12.2 percent. 

The capacity utilization rate for the industrial sector 

edged up to 82.3 percent in the third quarter from 82.0 

percent in the second quarter. Capacity utilization has 

trended higher over the past 2 years or so; in the third 

quarter it was above its long-term average of 81.0. Capacity 

utilization ranged between 82 and 85 percent from 1994 

through 1999. Capacity utilization in manufacturing was 

81.1 percent in the third quarter, up from 80.8 percent in the 

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

79.8 percent by 1.3 percentage points. Utilization in the 

high-technology industries rose more than 3 percentage 

points to 79.6 percent in the third quarter from 76.2 percent 

in the second quarter, and also moved above its long-term 

average of 78.1 percent. 

Nonfarm productivity and unit labor costs 

Productivity growth has slowed through the year, and did 

not grow at all in the third quarter of 2006, according to 

preliminary data. Over the year ending in the third quarter of 

2006, productivity grew 1.3 percent in the nonfarm business 

sector, roughly half of the 2.7 percent pace during the year 

ending in the third quarter of 2005. In the third quarter, real 

output and hours worked both rose at a 1.6 percent annual 

rate. 

The slowdown in productivity largely reflects the 

slowdown in GDP growth in 2006, which itself has been due 

to reduced activity in the residential building sector. Looking 

at productivity over longer time periods helps to smooth out 

temporary fluctuations and the longer-term picture remains 

good. Since the business cycle peak in the first quarter of 

2001, productivity has grown 3.0 percent annual rate, up 

from 2.5 percent during the preceding 5-year period. 

Hourly compensation costs in the nonfarm business 

sector rose 3.7 percent at an annual rate in the third quarter. 

These costs were up a sharp 6.7 percent over the most recent 

four quarters. An alternative measure of compensation from 

the Bureau of Labor Statistics, the employment cost index, 

shows a rise of 3.3 percent from a year earlier. Unlike the 

productivity series, the employment cost index shows data 
PROFILE OF THE ECONOMY 

December 2006 

7

on the two main components of compensation–wages and 

salaries and benefits. Wages and salaries for all civilian 

workers were up 3.2 percent from a year earlier in the third 

quarter. Benefits were up 3.3 percent. While the growth in 

benefit costs has slowed over the past 2 years, benefits 

continue to account for a disproportionate share of overall 

compensation gains. 

Unit labor costs, which represent the interaction of 

productivity and compensation, increased 3.8 percent at an 

annual rate in the third quarter. These costs were up 5.3 

percent over the latest four quarters, the largest year-overyear increase since late 1990. The year-over-year increase 

reflects a sharp rise in the first quarter unit labor cost growth 

has slowed for two straight quarters. Rising unit labor costs 

can compel some companies to raise prices and could 

contribute to higher inflation. 

Productivity in the manufacturing sector rose 5.9 percent 

at an annual rate in the third quarter and was up 4.3 percent 

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

factory productivity has averaged a strong 4.5 percent at an 

annual rate. Hourly compensation costs in manufacturing 

were up 2.9 percent at an annual rate in the third quarter and 

have advanced 5.1 percent over the most recent four 

quarters. Factory unit labor costs declined at a 2.9 percent 

annual rate in the third quarter but were up 0.8 percent over 

the past four quarters. 

International transactions 

The U.S. current account deficit widened in the second 

quarter of 2006 to an annual rate of $873 billion, but 

remained steady as a share of GDP (6.6 percent). The 

current account deficit has accounted for more than 5 

percent of GDP over the past 5 years, up from just over 

2 percent in the latter half of the 1990s. The U.S. trade 

deficit, which typically accounts for about 90 percent of the 

current account deficit, increased by $2.7 billion in the 

second quarter as the surplus on services edged lower and 

the merchandise deficit rose. 

Another component of the current account is the balance 

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

less income payments on foreign assets in the U.S.) In the 

second quarter of 2006, income payments on foreign assets 

in the U.S. exceeded income receipts on U.S. assets abroad 

by $4.1 billion. Although the stock of foreign-owned assets 

in the U.S. is much higher than the stock of U.S. assets 

abroad, the balance on income payments has typically been 

positive as U.S. residents have traditionally earned a higher 

rate of return on their foreign investments than foreigners 

earn on their investments in the United States. 

The third major component of the current account 

balance, net unilateral transfers from the U.S. to abroad 

(which are mostly private remittances and government 

grants), increased slightly in the second quarter of 2006. 

Net financial inflows, which finance the current account 

deficit, slowed about $17 billion to $154 billion in the 

second quarter, or just over $616 billion at an annual rate. 

U.S.-owned assets abroad rose $212 billion in the second 

quarter, down from a pace of $356 billion in the first quarter. 

However, net foreign purchases of U.S. assets slowed more. 

Foreign-owned assets in the United States increased $366 

billion in the second quarter following a $527 billion 

increase in the first quarter. 

Exchange rate of the dollar 

During the first 10 months of 2006, the nominal 

exchange value of the dollar as measured by a broad index 

covering the currencies of 26 important US trading partners, 

has depreciated nearly 3 percent, essentially reversing the 3 

percent appreciation posted in 2005. The U.S. currency has 

generally trended lower after reaching a peak in February 

2002: In the 34-month period between the 2002 peak and 

December 2004, the dollar depreciated by 16 percent and the 

cumulative drop from the February 2002 peak to October 

2006 is 16.3 percent. 

The aggregate decline since 2002 mainly reflected dollar 

weakness against the seven currencies of the United States’ 

major trading partners, including the euro area countries, 

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

Switzerland. Between February 2002 and October 2006, the 

exchange rate of the dollar compared to an index of these 

currencies fell by nearly 26 percent. Over this period, the 

dollar was down by 31 percent against the euro and by 11 

percent against the yen. 

With respect to the currencies of 19 other important 

trading partners, the dollar generally showed much less 

movement, actually strengthening somewhat from February 

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

depreciated against the index of other important trading 

partners by about 5 percent. In October 2006, the dollar was 

2.1 percent lower against these currencies than at the 

February 2002 peak. 
PROFILE OF THE ECONOMY 

December 2006

8 

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004 2005 2006

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004 2005 2006

Short-term Interest Rates

Federal funds

rate target

3-month

Treasury bills

(Percent)

Interest rates 

At its most recent meeting in October 2006, the Federal 

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

policy-making arm–maintained the Federal funds target 

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

June. The Federal has paused in the most recent three 

meetings, following 17 straight hikes of 25 basis points each 

in the current cycle of monetary tightening which began in 

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

funds target (the rate that banks and other financial 

institutions charge each other for overnight loans) constant 

at 1 percent for 1 year. The funds target in October 2006 was 

at its highest level since March 2001. 

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

reached 4.9 percent in early November 2006 and has risen 

by about 350 basis points over the past 2 years. The 10-year 

yield remained subdued in the face of monetary tightening 

during 2004 and 2005, but moved significantly higher 

starting in early 2006. At about 5.2 percent as of early June, 

the rate was about 145 basis points above its level in early 

2004. Since then, the rate has declined, and has traded below 

the 5 percent mark since early August. As of early 

November, the rate had fallen to 4.6 percent. 

Mortgage interest rates have generally followed 

movements of the 10-year Treasury rate. Low rates 

contributed to record home sales in 2005 and to high levels 

of mortgage refinancings. Mortgage rates have generally 

been on an upward trend since mid-2005, and moved 

decisively higher through the first half of this year. In early 

July, the rate for a 30-year fixed rate mortgage reached 6.8 

percent, its highest level in over 4 years. Since then it has 

declined in tandem with the 10-year Treasury rate, to 6.4 

percent as of October. 

Corporate bond yields have also generally followed 

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

Baa yield moved higher earlier this year, reaching a recent 

peak of 6.9 percent in late June before retreating in recent 

months (to 6.3 percent as of early November). The spread 

between the Baa yield and the 10-year Treasury yield, a 

measure of investor risk appetite, has remained essentially 

unchanged through much of 2005 and 2006. This spread had 

widened to as much as 4.0 percentage points in October 

2002, but narrowed to about 1.6 percentage points as of 

early November 2006. 
PROFILE OF THE ECONOMY 

December 2006 

9

Housing 

Housing activity cooled off in the third quarter of 2006. 

Housing starts continued to decline and sales of singlefamily homes declined for a fourth straight quarter. 

However, housing affordability began to improve and the 

homeownership rate remained close to record levels, caused 

in part by falling prices and decreasing mortgage rates. 

Housing starts fell to a 1.735 million unit pace in the 

third quarter from a 1.873 million rate in the second quarter, 

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

quarter. Real residential investment–a key component of 

GDP–declined 17.4 percent at an annual rate in the third 

quarter, following an 11.1 percent decline in the second 

quarter. Forward-looking housing indicators do not suggest 

the downtrend will reverse in the near future, although the 

rate of decline may slow. The number of permits issued for 

future construction, which fell below starts in September for 

the third time this year, was 1.709 million at an annual rate 

in the third quarter, the slowest quarterly rate since the 

fourth quarter of 2001. However, measures of consumer 

home buying attitudes and home builder sentiment improved 

towards the end of the quarter, but builders were much less 

optimistic than consumers. 

Sales of new single-family homes fell by 1.1 percent at 

an annual rate in the third quarter to a 1.027 million unit 

pace, the lowest level since the first quarter of 2003. Resales 

of existing single-family homes (which account for nearly 

85 percent of all single-family home sales) fell by 

23.7 percent at an annual rate to a 5.480 million unit rate, 

also the lowest level since mid-2003. The homeownership 

rate edged up by 0.1 percentage point to 68.9 percent in the 

third quarter. The homeownership rate remains at a 

historically high level, just 0.4 percent below the peak in 

spring of 2004. Falling home prices should also help the 

homeownership rate to stay high. The median sales price of 

new, single-family homes fell 10.7 percent in the third 

quarter, while the median price of existing single-family 

homes fell 4.5 percent. 

Mortgage interest rates began to decrease in the latter 

part of the third quarter after hitting the highest level in 4 

years in July. The average rate on a 30-year conventional 

mortgage dropped to 6.40 percent in September. That was 63 

basis points higher than the 30-year mortgage rate in 

September 2005, but still well below the 7-1⁄2 percent 

average posted in the second half of the 1990s. The recent 

decrease in the mortgage interest rate, along with declining 

housing prices, should help to increase the affordability of 

homes in the coming months. The National Association of 

Realtors’ housing affordability index decreased by just 

2.1 percent over the year ended in September and should 

continue to rise as long as mortgage rates stay low. 

Federal budget 

Budget results for the 12 months of fiscal year 2006 

(from October through September) show that receipts of the 

U.S. Government totaled $2,407 billion in fiscal year 2006, 

$253 billion or 11.8 percent higher than in fiscal year 2005. 

Growth in receipts was led by gains in individual and 

corporate income tax receipts and social insurance and 

retirement receipts. As a percent of GDP, receipts rose from 

a 17.6 percent share in 2005 to 18.4 percent of GDP in 2006. 

Individual income taxes were $1,044 billion, or $19 billion 

lower than the Mid-Session Review (MSR) estimate of 

$2,400 billion. Other sources of receipts (such as excise 

taxes, customs duties, estate and gift taxes, and 

miscellaneous receipts) were $171 billion. 

Total outlays were $2,654 billion, $42 billion below the 

MSR estimate. Outlays for nearly all agencies were down 

from the MSR, led by reductions in the Departments of 

Defense-Military, Health and Human Services, and the 

Social Security Administration. Higher outlays than had 

been projected in the MSR occurred for the Departments of 

Education, Department of Treasury, and Environmental 

Protection Agency. With total outlays exceeding receipts, 

the budget total for the fiscal year that ended September 30, 

2006, showed a deficit of $248 billion, $71 billion less than 

the $319 billion deficit in the prior (fiscal year 2005). The 

$248 billion deficit represents a 2.3 percent share of GDP, 

down from 3.2 percent of GDP as previously projected. 

According to the MSR, the deficit is projected to continue to 

diminish through the remainder of the forecast horizon out to 

fiscal year 2011, when it is expected to reach just a 0.7 

percent share of GDP. 
PROFILE OF THE ECONOMY 

December 2006

10 

Net national saving and investment 

Net national saving has been on a downward trend since 

the 1960s, falling from 11.8 percent of net national product 

(NNP) in 1960 to a slight 0.1 percent in 2005, and well 

below a recent high of 7.3 percent in 1998. Net national 

saving continued to decline to 7.0 percent of NNP in 1999, 

to 6.7 percent in 2000, to 1.3 percent in 2003 and to 1.0 

percent in 2004 before the small 0.1 percent share in 2005. 

(Net national saving and NNP exclude depreciation to 

replace worn-out or obsolete equipment, software, and 

structures used in production.) 

Private saving hit 12.7 percent of NNP in 1984 before 

decreasing during the years 1985 through 2005-posting a 4.9 

percent share of NNP in 2004 before easing to 2.9 percent of 

NNP in 2005. Corporate saving, in contrast, increased to 3.3 

percent as a percent of NNP in both 2004 and 2005, rising 

from 3.9 percent in 1997 and settling well above its recent 

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

share of 3.3 percent was the highest since the 3.9 percent 

share in 1997, exceeded only by a 4.0 percent share in 1977 

and by readings above 5.0 percent in the 1960s. 

Net Government saving (Federal plus State and local) 

has been negative through much of the period from the 

1970s to the present, mostly reflecting Federal Government 

budget deficits. Net Government deficits as a percent of 

NNP have narrowed over the last 3 years, however, 

declining from 4.1 percent of NNP in 2003 to 3.8 percent in 

2004 and a modest 2.9 percent in 2005. The Federal deficit 

narrowed to 2.8 percent of NNP in 2005 from 3.7 percent in 

2004 and 3.8 percent in 2003 as the economic expansion 

boosted tax receipts. Along with a small surplus for State 

and local Governments, total net Government deficits 

amounted to 2.9 percent of NNP in 2005, below the 3.3 

percent average from 1980 through 1997 and the 3.5 percent 

average over the period 2002 to 2005. 

Net domestic investment (by Government and private 

industry in structures, equipment, software, and inventory) 

rose to 7.8 percent of NNP in 2005, a shade lower than the 

8.0 percent in 2004 but the same as the 7.8 percent average 

over the period 1990 to 2003. A large portion of domestic 

investment has been financed from abroad. This is reflected 

in net foreign investment, which shifted from a small surplus 

of 0.3 percent of NNP in 1991 to average deficits of -3.0 

percent from 1992 to 2004 and -7.1 percent through the four 

quarters of 2005. Through the period from 1998 to 2000 the 

rate of net investment was 6.3 percent, just slightly below 

the 6.9 percent average posted from 1998 through 2000. The 

rate of net investment was considerably higher than readings 

around 6 percent in the early 1990s. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05

Public

Total

(Saving as a percent of NNP)
December 2006 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

December 2006 

12 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget receipts, 

by source, for the fourth quarter of fiscal year 2006 

supplements fiscal data reported in the September 

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

issue’s release, not enough data were available to 

analyze adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $250.0 billion for the fourth 

quarter of fiscal year 2006. This is an increase of $16.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $11.9 billion and non-withheld receipts 

increased by $8.8 billion during this period. Refunds 

increased by $4.3 billion over the comparable fiscal year 

2005 quarter. There was an increase of $0.2 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2005. 

Corporate income taxes—Net corporate income tax 

receipts were $102.7 billion for the fourth quarter of fiscal 

year 2006. This is an increase of $22.3 billion compared to 

the prior year fourth quarter. The $22.3 billion change is 

comprised of an increase of $21.7 billion in estimated and 

final payments, and a decrease of $0.6 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2006 were $188.8 billion, an increase of $5.3 

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 $3.4 billion, $0.6 billion, and $1.4 billion 

respectively. There was a $1.2 billion accounting adjustment 

for prior years employment tax liabilities made in the fourth 

quarter of fiscal year 2006, while there was a $1.4 billion 

adjustment in the fourth quarter of fiscal year 2005. 

Unemployment insurance—Unemployment insurance 

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

2006 were $8.6 billion, a decrease of $0.5 billion over the 

comparable quarter of fiscal year 2005. Net State taxes 

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

$7.4 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.2 billion.
FEDERAL FISCAL OPERATIONS 

December 2006 

13

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

fourth quarter of fiscal year 2006. This is a decrease of $0.2 

billion from the comparable quarter of fiscal year 2005. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2006 were $20.3 billion, a decrease of 

$0.2 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.7 billion, a 

decrease of $0.7 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.7 billion for the fourth quarter of fiscal year 2006. 

These receipts represent an increase of $0.3 billion over the 

same quarter in fiscal year 2005. 

Customs duties—Customs duties net of refunds were 

$7.0 billion for the fourth quarter of fiscal year 2006. This is 

an increase of $0.5 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2006 were $11.8 billion, 

an increase of $2.7 billion over the comparable prior year 

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

Federal Reserve banks increasing by $2.6 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”] 

Fourth quarter 

July - Sept. Fiscal Year 2006 

Total on- and off-budget results: 

Total receipts ................................................................ 596,942 2,406,681

On-budget receipts ................................................... 451,532 1,798,299

Off-budget receipts ................................................... 145,410 608,382

Total outlays.................................................................. 638,716 2,654,379

On-budget outlays..................................................... 511,826 2,232,309

Off-budget outlays..................................................... 126,890 422,069

Total surplus or deficit (-) .............................................. -41,774 -247,698

On-budget surplus or deficit (-)................................. -60,293 -434,011

Off-budget surplus or deficit (-)................................. 18,519 186,313

Means of financing: 

Borrowing from the public............................................. 43,369 236,975

Reduction of operating cash......................................... -6,347 -16,447

Other means ................................................................. 4,753 27,169

Total on- and off-budget financing............................ 41,774 247,698

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

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

Source July Aug. Sept. 

Individual income taxes...................................................... 72.6 66.4 111.0 

Corporate income taxes..................................................... 10.1 6.8 85.9 

Employment and general retirement.................................. 59.4 60.4 68.9 

Unemployment insurance .................................................. 2.9 5.4 0.3 

Contributions for other insurance and retirement .............. 0.5 0.2 0.3 

Excise taxes ....................................................................... 6.3 5.7 8.2 

Estate and gift taxes .......................................................... 2.0 2.3 2.4 

Customs duties .................................................................. 2.5 2.2 2.3 

Miscellaneous receipts....................................................... 3.4 4.5 3.9

Total budget receipts ..................................................... 159.8 153.9 283.3

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

December 2006 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2005-2006

(In billions of dollars) 

-50

0

50

100

150

200

250

300

SONDJ FMAM J J AS

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

600

700

800

900

1000

1100

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. 

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2006

2005 *

CHART FFO-B.—

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

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

December 2006 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2002 ............................ 1,853,051 1,337,730 515,321 2,010,871 1,655,208 355,663 -157,820 -317,478 159,658 428,391 

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

2004 ............................ 1,879,784 1,345,040 534,744 r 2,289,701 r 1,910,189 379,512 r -409,917 r -565,149 155,233 595,064

2005 ............................ 2,153,350 1,575,874 577,475 r 2,472,095 r 2,069,885 402,210 r -318,746 r -494,011 175,265 551,329

2006 ............................ 2,406,681 1,798,299 608,382 2,654,379 2,232,309 422,069 -247,698 -434,011 186,313 546,436 

 

2006 - Est.................... 2,400,456 1,795,231 605,225 2,696,294 2,265,360 430,934 -295,838 -470,129 174,291 593,131 

2007 - Est.................... 2,458,805 1,829,411 629,394 2,798,037 2,346,132 451,905 -339,232 -516,721 177,489 623,208 

 

2005 - Sept.................. 251,628 199,751 51,877 215,972 172,121 43,851 35,656 27,631 8,025 2,728 

Oct................... 149,488 108,519 40,969 r 196,935 r 158,000 38,936 r -47,448 r -49,481 2,033 93,384 

Nov .................. 138,840 94,831 44,009 r 222,300 r 180,103 42,197 r -83,460 r -85,273 1,812 63,991 

Dec .................. 241,883 197,571 44,312 r 230,723 r 232,810 -2,087 r 11,160 r -35,239 46,399 78,153 

2006 - Jan ................... 230,010 172,347 57,663 r 208,627 r 167,983 40,644 r 21,383 r 4,364 17,019 25,212 

Feb .................. 112,853 65,092 47,761 r 232,177 r 187,895 44,281 r -119,323 r -122,803 3,480 51,493 

Mar .................. 164,563 109,056 55,507 r 249,934 r 206,076 43,859 r -85,372 r -97,020 11,648 98,353 

Apr................... 315,090 250,561 64,529 r 195,488 r 155,157 40,332 r 119,602 r 95,404 24,197 -15,873 

May.................. 192,657 143,483 49,174 r 235,170 r 190,448 44,722 r -42,513 r -46,965 4,452 856 

June................. 264,355 205,307 59,048 r 244,083 r 241,788 2,295 r 20,272 r -36,481 56,753 62,706 

July .................. 159,761 113,796 45,965 192,903 151,143 41,760 -33,142 -37,346 4,204 25,833 

Aug .................. 153,878 107,135 46,743 218,768 180,016 38,752 -64,890 -72,881 7,991 69,194 

Sept................. 283,303 230,601 52,702 227,269 180,891 46,378 56,034 49,710 6,324 -6,865 

 

Fiscal year 2006............... 2,406,681 1,798,299 608,382 2,654,379 2,232,309 422,069 -247,698 -434,011 186,313 546,436 

 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve position

on the U.S. 

quota in the 

IMF (deduct) 

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

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

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

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

2005 ...................................... -547 254,096 296,687 -669 -4,537 -70 -6,195 9,810 778 318,746 

2006 ...................................... -245 309,215 236,975 16,447 410 673 -6,596 20,994 666 247,698 

 

2006 - Est.............................. -362 289,981 302,788 - * * * -6,950 * 295,838 

2007 - Est.............................. -549 264,691 357,968 - * * * -18,736 * 339,232 

2005 - Sept............................ 66 18,479 -15,685 27,116 -59 -377 -88 6,350 271 -35,656 

Oct............................. -132 44,455 48,797 5,031 -21 r 99 -527 3,233 - r 47,448 

Nov ............................ 138 5,422 58,706 -34,722 -44 r -532 -623 -11,167 - r 83,460 

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

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

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

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

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

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

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

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

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

Sept........................... 75 34,750 -41,540 35,690 -71 -322 -64 20,489 250 -56,034 

Fiscal year 2006....................... -245 309,215 236,975 16,447 410 673 -6,596 20,994 666 247,698 

 

 

* Less than $500,000. Note.—These estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” 

released by the Office of Management and Budget on July 11, 2006. 

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

December 2006 

16 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

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

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

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

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

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

 

2006 - Est...................... 1,063,374 - - 1,063,374 332,257 - 332,257 1,395,631 781,431 - 781,431 

2007 - Est...................... 1,107,717 - - 1,107,717 324,735 - 324,735 1,432,452 812,028 - 812,028 

 

2005 - Sept.................... 55,829 45,212 3,838 97,203 71,991 1,476 70,514 167,717 69,473 2,170 67,303 

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

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

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

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

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

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

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

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

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

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

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

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

 

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

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

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

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

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

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

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

 

2006 - Est.................... 4,246 - 4,246 785,677 43,708 - 43,708 4,423 49 4,472 

2007 - Est.................... 4,306 - 4,306 816,334 44,017 - 44,017 4,285 49 4,334 

 

2005 - Sept ................. 339 * 338 67,641 -522 11 -533 359 4 363 

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

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

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

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

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

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

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

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

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

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

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

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

 

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

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2006 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

 

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

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

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

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

2006 ............................ 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,445 44,390 1,798,299 608,382 

 

2006 - Est.................... 73,165 27,420 - 27,420 24,666 - 24,666 29,753 15,964 45,717 1,795,231 605,225 

2007 - Est.................... 59,356 23,057 - 23,057 28,013 - 28,013 34,534 16,708 51,242 1,829,411 629,394 

 

2005 - Sept.................. 8,584 2,507 56 2,451 2,212 58 2,154 1,801 1,450 3,250 199,751 51,877 

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

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

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

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

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

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

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

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

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

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

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

Sept................. 8,217 2,460 70 2,390 2,379 33 2,346 2,362 1,579 3,941 230,601 52,702 

 

Fiscal year 2006 .............. 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,445 44,390 1,798,299 608,382 

 

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

adjustment for revenue uncertainty. 

* Less than $500,000. 

Note.—These estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” 

released by the Office of Management and Budget on July 11, 2006. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 

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

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

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

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

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

2006 - Est ................... 833,857 10,850 - 10,850 609 - 609 39,521 - 39,521 22,185 - 22,185

2007 - Est ................... 864,685 11,616 - 11,616 630 - 630 39,921 - 39,921 7,189 - 7,189

 

2005 - Sept ................. 67,471 1,604 28 1,577 99 - 99 5,918 162 5,755 1,258 105 1,153

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

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

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

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

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

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

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

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

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

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

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

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

 

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

 
FEDERAL FISCAL OPERATIONS 

December 2006 

18 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

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

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

2004 ....................... 3,900 5,393 71,572 5,829 437,043 62,779 19,894 542,895 26,802 44,989 8,615 29,576 56,679

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

2006 ....................... 4,129 5,820 93,534 6,374 499,355 93,427 19,652 614,318 69,100 42,434 9,063 23,320 43,139

 

2006 - Est............... 4,427 6,084 94,649 6,581 512,099 88,441 20,312 627,449 72,633 45,856 9,635 22,597 47,097

2007 - Est............... 4,463 6,382 88,296 6,673 537,308 66,623 21,583 687,946 49,302 45,891 9,952 24,643 50,218

 

2005 - Sept............. 328 473 6,409 541 46,858 5,999 2,887 52,832 6,716 3,054 1,223 1,956 2,640

Oct.............. 440 431 15,005 511 44,157 5,718 2,226 44,090 5,829 3,398 765 1,901 3,276

Nov ............. 313 466 11,338 543 37,179 5,155 1,395 50,207 11,934 3,136 731 1,879 3,455

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

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

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

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

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

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

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

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

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

Sept ............ 381 473 6,388 629 45,076 18,518 1,536 45,779 4,580 3,100 997 2,222 2,960

 

Fiscal year 2006........ 4,129 5,820 93,534 6,374 499,355 93,427 19,652 614,318 69,100 42,434 9,063 23,320 43,139

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

2002 ....................... 9,360 56,333 332,537 38,518 50,900 4,728 35,158 7,451 453 -279 13,267 

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

2004 ....................... 10,925 54,872 321,566 r 51,178 59,585 4,732 41,732 8,328 3,349 -452 13,660 

2005 ....................... 12,754 56,597 352,350 r 58,376 69,844 4,720 43,484 7,911 7,689 17 15,034 

2006 ....................... 12,957 60,141 405,872 58,395 69,808 6,946 44,435 8,322 5,378 22 13,914 

2006 - Est............... 14,023 61,432 400,208 56,488 70,356 7,288 45,700 7,980 5,362 409 15,946 

2007 - Est............... 15,225 65,928 440,627 58,626 74,032 7,758 47,540 7,875 3,644 881 17,246 

2005 - Sept ............ 1,362 6,151 16,822 - 6,503 7,888 548 3,535 650 767 91 313 

Oct.............. 930 5,022 18,804 r 897 3,014 590 3,754 611 504 -104 1,133 

Nov............. 1,124 4,665 26,912 r 2,059 5,558 884 3,206 686 545 56 1,597 

Dec............. 1,462 4,859 93,067 r 714 9,020 799 4,080 696 493 6 4,017 

2006 - Jan .............. 512 4,471 13,849 r 5,031 3,168 633 4,114 713 489 -93 457 

Feb............. 1,220 4,240 21,243 r 29,453 5,631 699 3,561 682 458 -64 784 

Mar............. 943 4,350 19,694 r 11,501 7,274 820 4,105 831 512 279 1,676 

Apr.............. 756 4,574 19,621 r 5,268 3,084 416 3,339 704 404 14 398 

May ............ 1,098 4,626 26,062 r 1,562 5,982 606 3,710 623 463 56 -87 

June ........... 1,002 5,467 98,255 r 3,287 9,259 623 3,606 722 456 106 1,200 

July............. 1,020 4,739 23,296 1,644 3,024 498 4,073 653 372 -128 1,274 

Aug............. 1,526 6,533 24,213 2,052 6,104 101 3,132 887 322 42 477 

Sept............ 1,364 6,596 20,854 -5,073 8,689 276 3,755 514 360 -149 988 

 

Fiscal year 2006.......... 12,957 60,141 405,872 58,395 69,808 6,946 44,435 8,322 5,378 22 13,914 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

December 2006 

19

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

2002 ....................... 14,404 4,187 52,541 492 488,241 15,761 -42,782 -153,316 -5,024 -2 1,655,208 355,663 

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

2004 ....................... 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * r 1,910,189 379,512 

2005 ....................... 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 r 2,069,885 402,210 

2006 ....................... 15,125 5,546 62,400 905 585,742 12,352 -60,856 -169,295 -7,282 -113 2,232,309 422,069 

 

2006 - Est............... 15,562 5,759 63,457 1,387 591,108 16,554 -63,082 -169,183 -8,210 -110 2,265,360 430,934 

2007 - Est............... 16,350 5,837 67,428 1,433 621,979 21,919 -64,841 -181,184 -9,826 -19,720 2,346,132 451,905 

 

2005 - Sept ............ 1,694 528 5,083 53 49,542 1,985 -5,221 -418 -655 -160 172,121 43,851 

Oct.............. 678 449 5,267 60 44,373 1,444 -16,788 -1,023 -427 * r 158,000 r 38,936 

Nov............. 1,383 427 5,045 92 46,861 1,361 -3,096 -4,236 -559 * r 180,103 r 42,197 

Dec............. 1,384 423 4,736 92 50,607 2,801 -4,174 -75,318 -396 * r 232,810 r -2,087 

2006 - Jan .............. 1,060 384 5,344 115 46,327 1,498 -4,440 374 -1,045 * r 167,983 40,644 

Feb............. 1,150 435 5,119 113 48,809 -45 -3,711 -1,438 -586 - r 187,895 44,281 

Mar............. 1,273 467 5,217 -414 52,260 -958 -4,131 -1,062 -442 - r 206,076 43,859 

Apr.............. 1,037 359 5,541 123 46,745 1,022 -3,885 -1,661 -356 * r 155,157 40,332 

May ............ 1,403 438 5,109 148 49,722 1,018 -3,783 -4,089 -1,043 * r 190,448 44,722 

June ........... 1,325 504 5,030 111 56,465 -113 -4,386 -77,247 -911 -1 r 241,788 2,295 

July............. 1,048 518 5,704 160 46,785 2,211 -3,907 -736 -560 - 151,143 41,760 

Aug............. 1,353 590 5,111 160 44,095 1,085 -4,296 -2,474 -547 - 180,016 38,752 

Sept............ 2,030 551 5,176 142 52,693 1,027 -4,259 -385 -410 -111 180,891 46,378 

Fiscal year 2006........ 15,125 5,546 62,400 905 585,742 12,352 -60,856 -169,295 -7,282 -113 2,232,309 422,069 

 

 * Less than $500,000. Note.—These estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” 

released by the Office of Management and Budget on July 11, 2006. 

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

December 2006 

20 

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

September 2006 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,043,858 50 - 1,043,908 927,169 53 - 927,222

Corporation income taxes........................................... 353,914 - 1 353,915 278,278 - 4 278,281

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 608,382 608,382 - - 577,475 577,475

Employment and general retirement (on-budget)... - - 181,660 181,660 - - 170,187 170,187

Unemployment insurance ....................................... - - 43,420 43,420 - - 42,001 42,001

Other retirement...................................................... - - 4,358 4,358 - - 4,460 4,460

Excise taxes ................................................................ 21,772 689 51,501 73,962 21,822 724 50,546 73,093

Estate and gift taxes ................................................... 27,877 - - 27,877 24,764 - - 24,764

Customs duties ........................................................... 16,150 7,383 1,277 24,810 15,293 6,967 1,119 23,378

Miscellaneous receipts................................................ 31,912 11,632 845 44,390 21,137 10,509 841 32,487

Total receipts....................................................... 1,495,483 19,754 891,444 2,406,681 1,288,463 18,254 846,633 2,153,350

(On-budget)..................................................... 1,495,483 19,754 283,062 1,798,299 1,288,463 18,254 269,157 1,575,874

(Off-budget)..................................................... - - 608,382 608,382 - - 577,475 577,475

 

Budget outlays: 

Legislative branch ....................................................... 3,956 125 48 4,129 3,949 -22 67 3,995

Judicial branch ............................................................ 5,678 136 6 5,820 5,409 122 12 5,543

Department of Agriculture ........................................... 69,499 22,874 1,161 93,534 65,482 19,060 791 85,333

Department of Commerce........................................... 6,368 5 1 6,374 6,211 -65 * 6,147

Department of Defense-military .................................. 497,136 2,272 -53 499,355 471,520 2,802 52 474,374

Department of Education ............................................ 93,420 6 * 93,427 72,732 125 * 72,857

Department of Energy................................................. 22,089 -2,441 4 19,652 23,310 -2,036 * 21,274

Department of Health and Human Services ............... 458,246 -180 156,252 614,318 407,879 -203 173,787 581,463

Department of Homeland Security.............................. 54,052 14,734 313 69,100 39,039 -519 197 38,717

Department of Housing and Urban Development....... 44,235 -1,801 * 42,434 43,489 -1,041 * 42,448

Department of the Interior........................................... 9,961 -1,245 346 9,063 10,169 -1,218 338 9,288

Department of Justice ................................................. 22,173 1,090 57 23,320 21,095 1,109 162 22,366

Department of Labor................................................... 10,222 -2,538 35,456 43,139 10,333 171 36,439 46,943

Department of State.................................................... 12,705 -221 474 12,957 12,466 -163 451 12,754

Department of Transportation..................................... 12,459 -262 47,944 60,141 5,561 -50 51,087 56,597

Department of the Treasury: 

Interest on the public debt....................................... 405,872 - - 405,872 352,350 - - 352,350

Other ....................................................................... 59,609 -1,098 -116 58,395 58,739 -239 -125 58,376

Department of Veterans Affairs .................................. 70,588 -1,833 1,053 69,808 70,420 -1,612 1,036 69,844

Corps of Engineers ..................................................... 6,165 -167 947 6,946 4,033 -100 787 4,720

Other defense civil programs...................................... 40,135 -13,324 17,624 44,435 37,177 -11,368 17,676 43,484

Environmental Protection Agency............................... 8,308 -20 34 8,322 7,919 -53 45 7,911

Executive Office of the President................................ 5,377 * * 5,378 7,688 * - 7,689

General Services Administration ................................ 134 -112 - 22 147 -129 * 17

International Assistance Program............................... 16,609 -1,507 -1,188 13,914 16,387 -1,792 438 15,034

National Aeronautics and Space Administration ........ 15,154 -31 * 15,125 15,601 -2 1 15,600

National Science Foundation...................................... 5,455 44 48 5,546 5,369 43 19 5,432

Office of Personnel Management ............................... 36,662 -62 25,801 62,400 33,603 -120 26,017 59,500

Small Business Administration ................................... 944 -39 * 905 2,553 -50 * 2,503

Social Security Administration .................................... 53,249 3 532,491 585,742 54,538 15 506,779 561,333

Other independent agencies....................................... 6,320 3,239 2,794 12,352 10,103 980 3,336 14,419

Undistributed offsetting receipts: 

Interest .................................................................... - - -169,295 -169,295 - - -160,992 -160,992

Other ....................................................................... -6,502 -12,031 -49,718 -68,251 -5,258 -11,537 -48,428 -65,223

Total outlays........................................................ 2,046,279 5,615 602,484 2,654,379 1,870,013 -7,892 609,974 2,472,095

(On-budget)..................................................... 2,046,279 6,690 179,341 2,232,309 1,870,013 -6,100 205,972 2,069,885

(Off-budget)..................................................... - -1,075 423,144 422,069 - -1,791 404,002 402,210

Surplus or deficit (-)............................................. -550,796 14,139 288,959 -247,698 -581,550 26,145 236,659 -318,746

(On-budget)..................................................... -550,796 13,065 103,721 -434,011 -581,550 24,354 63,185 -494,011

(Off-budget)..................................................... - 1,075 185,238 186,313 - 1,791 173,474 175,265

- No transactions. 

* Less than $500,000. 

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

December 2006 

21

TABLE FFO-5.—Internal Revenue Receipts by State, 2006 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income and employment taxes 

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Corporation 

income tax 2

(2) 

Total 

(3) 

Income tax 

not withheld and

 SECA tax 3, 4

(4) 

Income tax 

withheld 

and FICA 

tax 3

(5) 

Railroad 

retirement 

tax 

(6) 

Unemployment 

insurance 

 tax 

(7) 

Estate 

tax 

(8) 

Gift 

 tax 

(9) 

Excise 

taxes 1

(10) 

United States, total......................2,518,680,229 380,924,573 2,051,078,589 432,320,219 1,606,551,780 4,673,471 7,533,119 26,717,493 1,970,031 57,989,543 

Alabama ........................................ 19,597,752 1,815,533 17,409,030 3,612,875 13,711,347 1,469 83,339 201,185 6,945 165,059 

Alaska............................................ 3,624,188 255,042 3,309,769 769,079 2,525,906 1,448 13,336 15,337 7 44,033 

Arizona .......................................... 33,595,431 3,672,111 29,106,427 7,246,071 21,717,570 422 142,364 247,107 12,185 557,601 

Arkansas ....................................... 25,398,237 6,440,664 16,756,931 1,950,876 14,655,179 1,939 148,937 1,579,543 11,300 609,799 

California ....................................... 265,806,165 34,892,564 223,856,646 56,716,118 166,302,774 6,432 831,322 3,492,421 349,188 3,215,346 

Colorado........................................ 34,871,449 2,425,761 30,982,554 6,646,866 24,213,864 10,600 111,224 305,131 10,253 1,147,750 

Connecticut ................................... 44,504,145 8,339,880 35,240,769 8,212,673 26,933,328 941 93,827 537,022 44,945 341,529 

Delaware ....................................... 15,846,988 4,332,484 11,207,608 1,648,298 9,527,574 273 31,463 165,112 4,180 137,604 

District of Columbia....................... 11,443,816 873,166 10,478,395 1,330,397 8,817,168 312,119 18,711 78,989 9,214 4,052 

Florida ........................................... 119,340,490 8,495,698 107,933,994 31,704,849 75,161,298 626,115 441,732 1,785,287 162,572 962,939 

Georgia.......................................... 64,832,664 11,098,952 50,248,015 8,519,082 41,477,951 2,213 248,769 381,554 13,989 3,090,154 

Hawaii............................................ 6,201,450 491,069 5,515,490 1,562,431 3,930,836 - 22,223 68,902 3,078 122,911 

Idaho ............................................. 6,139,907 275,875 5,781,867 1,477,736 4,272,330 1,038 30,763 37,662 7,816 36,687 

Illinois ............................................ 112,439,720 16,431,866 93,335,960 16,755,264 76,026,066 209,555 345,075 938,051 124,036 1,609,807 

Indiana........................................... 35,365,573 3,992,969 30,775,045 4,748,929 25,885,322 21,504 119,290 197,992 17,490 382,077 

Iowa............................................... 15,703,955 1,627,635 13,757,307 2,270,453 11,423,856 3,354 59,644 170,743 3,982 144,288 

Kansas .......................................... 18,977,316 1,971,623 15,509,414 2,634,730 11,958,990 845,753 69,941 103,848 9,983 1,382,448 

Kentucky........................................ 19,893,559 1,366,707 18,085,843 2,783,035 15,216,629 6,081 80,098 148,251 7,270 285,488 

Louisiana....................................... 24,513,279 988,196 23,093,240 2,667,822 20,345,737 2,742 76,939 137,129 7,748 286,966 

Maine............................................. 5,454,710 356,718 4,997,028 1,088,534 3,880,684 4,017 23,793 70,335 1,514 29,115 

Maryland........................................ 42,215,201 2,580,077 39,028,140 7,501,546 31,368,000 17,305 141,289 451,347 35,849 119,788 

Massachusetts .............................. 67,521,183 5,827,228 60,528,149 11,296,584 49,014,062 49,696 167,807 650,567 35,461 479,778 

Michigan........................................ 63,167,374 6,046,220 56,115,735 7,640,417 48,225,254 15,490 234,574 686,801 79,060 239,558 

Minnesota...................................... 64,909,697 11,411,625 51,921,179 5,744,488 45,912,458 64,641 199,592 285,158 43,807 1,247,928 

Mississippi..................................... 8,685,147 655,983 7,673,234 1,434,607 6,196,964 1,278 40,385 101,808 3,677 250,445 

Missouri......................................... 40,749,906 4,658,326 34,521,051 5,085,642 29,225,341 61,087 148,981 338,172 69,132 1,163,225 

Montana ........................................ 3,959,061 196,456 3,678,598 911,696 2,733,580 15,854 17,468 32,489 1,158 50,360 

Nebraska....................................... 15,302,036 3,885,454 11,209,516 1,641,264 8,520,260 1,001,404 46,588 102,889 14,867 89,310 

Nevada.......................................... 16,758,390 2,144,122 14,369,123 5,396,606 8,911,565 81 60,871 139,432 9,809 95,904 

New Hampshire............................. 8,403,099 354,090 7,752,296 1,637,865 6,086,232 227 27,972 100,900 4,230 191,583 

New Jersey ................................... 96,933,358 13,662,628 81,029,604 12,552,626 68,121,633 96,767 258,578 538,170 63,804 1,639,152 

New Mexico................................... 6,691,895 249,139 6,310,276 1,538,711 4,742,581 134 28,850 49,053 8,267 75,160 

New York....................................... 187,026,749 28,930,527 154,509,281 30,727,433 122,913,256 267,678 600,914 2,168,426 286,008 1,132,507 

North Carolina ............................... 57,065,340 12,726,322 43,664,533 7,420,161 36,035,188 5,113 204,071 354,526 26,820 293,139 

North Dakota ................................. 2,989,334 254,876 2,706,463 611,008 2,080,360 2,806 12,289 9,038 1,025 17,932 

Ohio............................................... 81,023,654 11,163,211 66,564,663 8,800,000 57,437,670 19,975 307,018 652,254 33,238 2,610,288 

Oklahoma...................................... 25,992,523 6,156,132 14,694,808 3,602,443 11,020,621 2,238 69,506 124,791 3,373 5,013,419 

Oregon .......................................... 21,121,890 1,641,212 19,026,842 3,704,435 15,238,505 957 82,945 234,349 17,606 201,881 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2006 

22 

TABLE FFO-5.—Internal Revenue Receipts by State, 2006, con. 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income and employment taxes 

State 

Total 

Internal 

Revenue 

collections 1

 (1) 

Corporation 

income tax 2 

(2) 

Total 

(3) 

Income tax 

not withheld 

and 

 SECA tax 3, 4

(4) 

Income tax 

withheld 

and FICA 

tax 3

(5) 

Railroad 

retirement 

tax 

(6) 

Unemployment 

insurance 

 tax 

(7) 

Estate 

tax 

(8) 

Gift 

tax 

(9) 

Excise 

taxes 1

(10) 

Pennsylvania............................ 93,197,433 10,286,085 79,694,193 12,825,473 66,496,713 55,042 316,965 701,887 44,848 2,470,420 

Rhode Island ............................ 9,006,889 1,704,680 7,219,866 1,188,406 5,996,227 - 35,233 71,536 2,886 7,921 

South Carolina ......................... 28,759,844 891,163 27,534,611 3,377,222 24,075,445 2,595 79,349 157,982 11,350 164,738 

South Dakota ........................... 3,698,700 171,435 3,432,928 1,089,752 2,314,884 14,762 13,530 57,880 2,794 33,663 

Tennessee ............................... 40,167,842 5,056,883 34,125,238 5,141,050 28,802,161 2,189 179,838 161,927 9,168 814,626 

Texas........................................ 175,202,473 28,651,380 129,636,834 26,970,999 102,096,784 14,790 554,261 909,374 125,343 15,879,542 

Utah.......................................... 12,004,719 888,162 10,462,938 2,504,112 7,901,629 2,905 54,292 122,280 5,143 526,196 

Vermont.................................... 3,215,649 151,842 2,998,048 646,309 2,337,668 1,892 12,179 41,460 690 23,609 

Virginia ..................................... 54,467,844 7,702,779 44,978,304 9,420,446 34,832,113 555,838 169,907 498,904 42,434 1,245,423 

Washington .............................. 50,500,288 7,392,404 41,764,349 9,353,444 32,216,735 7,213 186,957 321,665 36,828 985,042 

West Virginia ............................ 5,391,914 402,129 4,833,496 969,818 3,842,417 357 20,904 66,946 1,661 87,682 

Wisconsin................................. 36,929,958 4,732,101 31,641,564 5,323,032 26,165,963 4,179 148,390 204,451 62,850 288,992 

Wyoming .................................. 3,447,351 394,615 2,774,672 1,174,666 1,589,627 385 9,994 43,570 7,749 226,745 

International and U.S. 

 Territories 6 ........................... 13,699,408 1,627,204 11,844,148 2,468,838 9,329,493 1,010 44,807 38,328 7,427 182,301 

International ............................. 4,508,853 799,931 3,493,315 1,897,783 1,591,567 1,010 2,955 36,239 6,826 172,542 

U.S. Armed Services 

overseas and Territories 

other than Puerto Rico ........ 5,175,340 11,635 5,155,596 305,650 4,846,365 - 3,581 1,389 601 6,119 

Puerto Rico .......................... 4,015,215 815,638 3,195,237 265,405 2,891,561 - 38,271 700 - 3,640 

Other 7 ...................................... 8,869,606 54,875 6,101,215 5,475,238 624,421 7 1,549 2,648,564 26,571 38,381 

Adjustments and credits 5 ........ 2,640,566 249,507 2,391,059 2,391,059 - - --- -

Highway and Airport and 

Airways Trust Funds ........ 368,019 249,507 118,512 118,512 - - --- -

Excess Federal Insurance 

Contributions Act 

(FICA) credits ................... 2,213,400 - 2,213,400 2,213,400 - - --- -

Advance earned income 

tax credit........................... 59,147 - 59,147 59,147 - - --- -

Undistributed 8 ......................... 286,053,680 88,128,695 189,351,362 62,797,764 121,310,744 329,561 62,476 2,988,968 37,403 5,547,252 

 

1

 Excludes excise taxes collected by the Customs Service and the Alcohol and Tobacco Tax 

and Trade Bureau. 

2

 Includes tax-exempt business income taxes totaling $884.6 million, of which $635.3 million 

were from tax on “unrelated business income” (Forms 990-T) and $249.2 million were from 

tax on farmers’ cooperatives (Forms 990-C). 

3

 Collections of individual income tax are not reported by payers separately from old-age, 

survivors, disability, and hospital insurance (OASDHI) taxes on salaries and wages (under 

the Federal Insurance Contributions Act or FICA), and on self-employment income (under 

the Self-Employment Insurance Contributions Act or SECA). 

4

 Includes estate and trust income tax collections of $17.1 billion. 5

 Adjustments and credits are not shown by State, but are included in the U.S. totals. In prior 

years, adjustments and credits were included in "Undistributed" gross collections. 

6

 U.S. Armed Services overseas and territories other than Puerto Rico. Includes returns filed 

from Army Post Offices, Fleet Post Offices, and U.S. possessions such as American Samoa, 

Guam, and the Virgin Islands. 

7

 Returns filed with undefined locations. 

8

 Includes tax payments not classified by State as of the end of the fiscal year because they 

have not been applied to taxpayer accounts. 

Detail may not add to totals due to rounding. 

NOTES: Amounts include adjustments to prior years made in fiscal year 2006. These 

adjustments may result in negative amounts of collections being shown in this table. 

Collection and refund data by State may not be comparable. Collections primarily relate to 

fiscal year 2006. However, refunds may be issued for a tax paid in a prior year, and 

therefore, the total refund may exceed the collection amount. 

Classification by State is based on the individual's address (or in the case of businesses, the 

location of the principal office or place of business). However, some individuals may use the 

address of a tax attorney or accountant, or, in the case of certain individuals who were sole 

proprietors, partners in a partnership, or share- holders in an S corporation, the business 

address. Such addresses could have been located in a State other than the State in which 

the individual resided. Similarly, taxes withheld reported by employers located near a State 

boundary might include substantial amounts withheld from salaries of employees who reside 

in a neighboring State. Also, while taxes of corporations may be paid from the principal 

office, the operations of these corporations may be located in one or more other State(s). 

Through an improved location methodology, entities are now more accurately distributed by 

State. Beginning with fiscal year 2006, the ZIP Code on the tax return is used to classify 

returns by State. In prior years, the location of the IRS District Office associated with the 

taxpayer's account was used to determine State distribution. 
FEDERAL FISCAL OPERATIONS 

December 2006

23

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

by Districts and Ports 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

 

Headquarters: Ogdensburg, New York: 

National Finance Center ..................................................... $1,842,125,838.88 Ogdensburg, NY ................................ 10701.................... 5,916,424.69

 Massena, NY ..................................... 10704.................... 4,535,901.99

Portland, Maine: Alexandria Bay, NY............................ 10708.................... 28,716,949.13

Portland, ME ...................................... 10101..................... 41,348,367.93 Champlain, NY................................... 10712.................... 140,553,503.45

Bangor, ME ........................................ 10102..................... 207,119.35 Trout River, NY .................................. 10715.................... 22,872,188.93

Eastport, ME ...................................... 10103..................... 60,267.87 Total District................................................................. 202,594,968.19

Jackman, ME ..................................... 10104..................... 2,687,776.98 

Vanceboro, ME .................................. 10105..................... 6,683,166.83 Buffalo, New York: 

Houlton, ME ....................................... 10106..................... 2,472,825.97 Buffalo, NY......................................... 10901.................... 235,652,651.50

Fort Fairfield, ME................................ 10107..................... 50,486.47 Rochester, NY ................................... 10903.................... 8,428,701.93

Van Buren, ME................................... 10108..................... 443,563.43 Oswego, NY....................................... 10904.................... 2,885,439.10

Madawaska, ME................................. 10109..................... 65,450.16 Syracuse, NY..................................... 10906.................... 10,143,031.28

Fort Kent, ME ..................................... 10110..................... 45,900.84 Border Patrol Tonawanda, NY........... 10950.................... -415.71

Calais, ME.......................................... 10115..................... 2,948,484.80 TNT Skypak, NY ................................ 10971.................... -17.03

Limestone, ME ................................... 10118..................... 295.54 Binghampton User Fee Airport.......... 10981.................... 134,156.99

Bridgewater, ME................................. 10127..................... 15,653.72 Total District................................................................. 257,243,548.06

Portsmouth, NH.................................. 10131..................... 2,425,197.93 

Belfast, ME......................................... 10132..................... 1,223,544.07 New York, New York: 

Manchester, NH User Fee Airport ......... 10182..................... 224,355.05 New York, NY .................................... 21001.................... 370,295,114.57

Total District .................................................................. 60,902,456.94 Albany, NY......................................... 21002.................... 2,318,437.81

 UPS, Newark, NJ............................... 24670.................... 15,809,231.37

St. Albans, Vermont: Federal Express ECCF...................... 24671.................... 22,032,782.04

St. Albans, VT .................................... 10201..................... 623,655.77 Newark, NJ ........................................ 24601.................... 3,986,241,525.38

Richford, VT ....................................... 10203..................... 30,363.31 Perth Amboy, NJ................................ 24602.................... 9,806,779.64

Beecher Falls, VT............................... 10206..................... 481,252.33 Morristown, NJ User Fee Airport ....... 24681.................... 193,756.17

Burlington, VT .................................... 10207..................... 40,664.12 JFK..................................................... 24701.................... 1,218,066,550.56

Derby Line, VT ................................... 10209..................... 15,332,107.31 Federal Express Corp (JFK).............. 24770.................... 10,138.90

Norton, VT.......................................... 10211..................... 7,755,225.80 NYACC, Jamaica, NY........................ 24771.................... 1,531,511.97

Highgate Springs, VT......................... 10212..................... 46,800,125.40 DHL Airways, Jamaica, NY ............... 24772.................... 10,702,396.63

Total District .................................................................. 71,063,394.04 TNT Skypak (JFK) ............................. 24778.................... 1,261,138.59

 Total District................................................................. 5,638,269,363.63

Boston, Massachusetts: 

Boston, MA......................................... 10401..................... 242,183,169.49 Philadelphia, Pennsylvania: 

Springfield, MA................................... 10402..................... 29,678.52 Philadelphia, PA ................................ 11101.................... 395,546,331.01

Worchester, MA ................................. 10403..................... 94,581,172.86 Chester, PA........................................ 11102.................... 60,743,627.41

Glouchester, MA ................................ 10404..................... 16,494.52 Wilmington, DE .................................. 11103.................... 27,639,269.01

New Bedford, MA............................... 10405..................... 5,318,597.84 Pittsburgh, PA.................................... 11104.................... 57,223,984.00

Salem, MA.......................................... 10408..................... 2,070,375.18 Wilkes-Barre/Scranton, PA................ 11106.................... 835,240.91

Bridgeport, CT.................................... 10410..................... 3,036,184.21 Philadelphia Int'l. Airport.................... 11108.................... 36,770,637.09

Hartford, CT ....................................... 10411..................... 8,750,513.56 Harrisburg, PA ................................... 11109.................... 17,351,008.93

New Haven, CT.................................. 10412..................... 17,793,593.24 Allentown, PA .................................... 11119.................... 13,564,294.79

New London, CT ................................ 10413..................... 2,440,558.58 Easton User Fee Airport, PA ............. 11181.................... 2,490.21

Lawrence, MA .................................... 10416..................... 97,097.87 Atlantic City, NJ User Fee Airport ........ 11182.................... 139,571.06

Logan Airport, MA .............................. 10417..................... 102,934,492.70 Trenton/Mercer User Fee Airport....... 11183.................... 188,149.40

Hanscom Field User Fee Airport ....... 10481..................... 257,402.55 UPS (Philadelphia, PA)...................... 11195.................... 37,900,971.23

Total District .................................................................. 479,509,331.12 Total District................................................................. 647,905,575.05

 

Providence, Rhode Island: Baltimore, Maryland: 

Newport, RI ........................................ 10501..................... 58,095.70 Annapolis, MD ................................... 11301.................... 25.36

Providence, RI.................................... 10502..................... 83,310,763.93 Cambridge, MD.................................. 11302.................... 2,416.73

Total District .................................................................. 83,368,859.63 Baltimore, MD.................................... 11303.................... 580,713,802.15

 BWI Airport......................................... 11305.................... 13,274,789.31

 Dover, DE .......................................... 11307.................... 2,103.77

 Total District................................................................. 593,993,137.32

 

 

 

 
FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

December 2006 

24 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

 

Norfolk, Virginia: New Orleans, Louisiana: 

Norfolk, VA ......................................... 41401..................... 601,569,946.59 Morgan City, LA ................................. 52001.................... 6,924,872.79

Newport News, VA............................. 41402..................... 38,206,240.81 New Orleans, LA................................ 52002.................... 126,060,629.98

Richmond-Petersburg, VA ................. 41404..................... 39,154,741.25 Little Rock, AK ................................... 52003.................... 25,471,449.05

Charleston, WV .................................. 41409..................... 11,197,241.95 Baton Rouge, LA ............................... 52004.................... 21,979,738.86

Front Royal, VA.................................. 41410..................... 6,852.55 Port Sulphur, LA ................................ 52005.................... 3,818.87

New River Valley Airport, VA ............. 41412..................... 1,805,432.11 Memphis, TN...................................... 52006.................... 452,877,465.74

New River Valley User Fee Airport .... 41481..................... 3,664,107.82 Nashville, TN...................................... 52007.................... 84,411,205.86

Total District .................................................................. 695,604,563.08 Chattanooga, TN ............................... 52008.................... 1,432,048.08

 Gramercy, LA..................................... 52010.................... 18,296,294.46

Charlotte, North Carolina: Vicksburg, MS.................................... 52015.................... 10,798,058.19

Wilmington, NC .................................. 41501..................... 48,540,974.24 Knoxville, TN...................................... 52016.................... 43,710,136.61

Winston Salem, NC............................ 41502..................... 20,018,767.43 Lake Charles, LA ............................... 52017.................... 8,998,876.12

Durham, NC ....................................... 41503..................... 19,181,417.94 Shrevesport/Bossler, LA.................... 52018.................... 284,194.10

Beaufort-Morehead, NC..................... 41511..................... 1,667,905.13 FT. Smith, AR .................................... 52024.................... 1,701.00

Charlotte, NC ..................................... 41512..................... 216,117,646.49 Fayetteville, AR.................................. 52025.................... 21,280.00

Total District .................................................................. 305,526,711.23 Texarkana, AR................................... 52026.................... 18,267.00

 Tri City User Fee Airport.................... 52082.................... 3,295,851.50

Charleston, South Carolina: Rogers Mun. Airport, AR ................... 52084.................... 169,025.03

Charleston, SC................................... 41601..................... 1,038,855,966.31 Federal Express (Memphis, TN)........ 52095.................... 138,295,030.10

Georgetown, SC................................. 41602..................... 704,884.10 Total District................................................................. 943,049,943.34

Greenville-Spartanburg, SC............... 41603..................... 124,262,979.49 

Columbia, SC ..................................... 41604..................... 16,188,480.72 Port Arthur, Texas: 

Myrtle Beach User Fee Airport........... 41681..................... 94,227.95 Port Arthur, TX................................... 62101.................... 26,762,468.08

Total District .................................................................. 1,180,106,538.57 Beaumont, TX.................................... 62104.................... 1,392,027.51

 Border Patrol, Yuma, AZ ................... 62150.................... 180,593.00

Savannah, Georgia: Border Patrol, Blythe, CA .................. 62151.................... 8,093.70

Brunswick, GA.................................... 41701..................... 118,813,561.53 Total District................................................................. 28,343,182.29

Savannah, GA.................................... 41703..................... 614,141,013.88 

Atlanta, GA......................................... 41704..................... 558,834,444.46 Laredo, Texas: 

Total District .................................................................. 1,291,789,019.87 Brownsville, TX.................................. 62301.................... 24,225,118.96

 Del Rio, TX......................................... 62302.................... 2,049,357.43

Tampa, Florida: Eagle Pass, TX.................................. 62303.................... 17,305,163.31

Tampa, FL.......................................... 41801..................... 92,074,010.88 Laredo, TX ......................................... 62304.................... 306,613,180.54

Jacksonville, FL.................................. 41803..................... 330,500,204.00 Hidalgo, TX ........................................ 62305.................... 48,189,994.18

Fernandina, FL................................... 41805..................... 597,171.88 Rio Grande City, TX........................... 62307.................... 275,190.04

Orlando, FL ........................................ 41808..................... 11,050,287.70 Progresso, TX.................................... 62309.................... 417,694.58

Orlando/Sanford Airport ..................... 41809..................... 24,767.90 Roma, TX........................................... 62310.................... 723,913.07

St. Petersburg, FL.............................. 41814..................... 52,012.43 Border Patrol, Del Rio, TX ................. 62350.................... 118,768.88

Port Canaveral, FL............................. 41816..................... 4,709,664.60 Border Patrol, Comstock, TX............. 62351.................... 1,673.28

Panama City, FL ................................ 41818..................... 27,517,118.70 Border Patrol, Carrizo Springs, TX.... 62352.................... 2,830.00

Pensacola, FL .................................... 41819..................... 88,635.65 Border Patrol, Del Rio, TX ................. 62353.................... 2,800.00

Manatee, FL ....................................... 41821..................... 24,236,452.86 Border Patrol, Eagle Pass, TX........... 62354.................... 690.00

Ft. Myers, FL ...................................... 41822..................... 348,804.52 Border Patrol, Brackettville, TX ......... 62355.................... 3,800.00

Sarasota, FL User Fee Airport........... 41883..................... 200,453.21 Border Patrol, Uvalde, TX.................. 62356.................... 1,100.00

Daytona Beach, FL User Fee Airport .... 41884..................... 467,552.34 Total District................................................................. 399,931,274.27

Melbourne, FL User Fee Airport ........ 41885..................... 276,687.86 

Leesburg, FL User Fee Airport .......... 41887..................... 174,184.47 El Paso, Texas:

Total District .................................................................. 492,318,009.00 El Paso, TX........................................ 62402.................... 158,845,271.41

 Presidio, TX ....................................... 62403.................... 673,164.06

Mobile, Alabama: Fabens, TX ........................................ 62404.................... 36,879.00

Mobile, AL .......................................... 51901..................... 31,653,034.90 Columbus, TX .................................... 62406.................... 326,853.92

Gulfport, MS ....................................... 51902..................... 30,423,106.89 Albuquerque, NM............................... 62407.................... 2,446,173.09

Pascagoula, MS................................. 51903..................... 2,303,828.70 Santa Teresa, NM.............................. 62408.................... 3,359,364.93

Birmingham, AL.................................. 51904..................... 57,912,893.81 Roswell, NM....................................... 62482.................... 124,512.12

Huntsville, AL ..................................... 51910..................... 38,633,270.68 Total District................................................................. 165,812,218.53

Total District .................................................................. 160,926,134.98 

 

 

 

 

 
 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

December 2006 

25

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

 

San Diego, California: Great Falls, Montana: 

San Diego, CA ................................... 72501..................... 154,975,957.89 Raymond, MT .................................... 33301.................... 128,443.75

Andrade, CA....................................... 72502..................... 236,942.94 Eastport, ID........................................ 33302.................... 23,566,125.81

Calexico, CA ...................................... 72503..................... 1,509,364.07 Salt Lake City, UT.............................. 33303.................... 46,742,049.59

San Ysidro, CA................................... 72504..................... 5,195,764.10 Great Falls, MT .................................. 33304.................... 458,400.08

Tecate, CA ......................................... 72505..................... 18,483,616.25 Butte, MT ........................................... 33305.................... 25.00

Otay Mesa, CA................................... 72506..................... 76,246,845.21 Turner, MT ......................................... 33306.................... 23,612.50

Calexico East, CA .............................. 72507..................... 21,491,940.81 Denver, CO........................................ 33307.................... 88,167,343.41

Total District .................................................................. 278,140,431.27 Porthill, ID .......................................... 33308.................... 2,935,207.24

 Scoby, MT.......................................... 33309.................... 1,290.37

Nogales, Arizona: Sweetgrass, MT................................. 33310.................... 17,631,688.54

Douglas, AZ ....................................... 62601..................... 1,339,598.54 Piegan, MT......................................... 33316.................... 62,285.12

Lukeville, AZ....................................... 62602..................... 248,743.05 Ophiem, MT ....................................... 33317.................... 1,773.78

Naco, AZ ............................................ 62603..................... 82,734.59 Roosville, MT ..................................... 33318.................... 7,659,617.35

Nogales, AZ ....................................... 62604..................... 61,708,304.60 Morgan, MT........................................ 33319.................... 27,189.67

Phoenix, AZ........................................ 62605..................... 35,411,424.12 Whitlash, MT...................................... 33321.................... 408.26

Sasabe, AZ ........................................ 62606..................... 35,257.25 Del Bonita, MT ................................... 33322.................... 9,987.02

San Luis, AZ....................................... 62608..................... 2,963,972.27 Wildhorse, MT.................................... 33323.................... 32,575.74

Tucson, AZ......................................... 62609..................... 1,063,578.48 Kalispell, MT ...................................... 33324.................... 424.00

Border Patrol, Tucson, AZ ................. 62650..................... 15,718.74 Willow Creek, MT............................... 33325.................... 146,702.00

Scottsdale User Fee Airport............... 62681..................... 131,906.07 Casper, WY........................................ 33382.................... 918.00

Williams Gateway User Fee Airport... 62682..................... 155,439.06 Jefferson County Airport.................... 33383.................... 139,533.16

Total District .................................................................. 103,156,676.77 Arapahoe County Airport ................... 33384.................... 166,211.58

 Eagle County User Fee Airport.......... 33385.................... 141,483.36

Los Angeles, California: Total District................................................................. 188,043,295.33

Los Angeles, CA ................................ 72704..................... 6,676,655,985.30 

Port San Luis Harbor, CA .................. 72707..................... 392.00 Pembina, North Dakota: 

Long Beach, CA................................. 72709..................... 8,134.10 Pembina, ND...................................... 33401.................... 24,793,219.88

Port Hueneme, CA............................. 72713..................... 21,393,175.31 Noyes, ND.......................................... 33402.................... 20,343,149.49

LAX..................................................... 72720..................... 561,884,829.59 Portal, ND .......................................... 33403.................... 62,723,257.00

Las Vegas, NV ................................... 72722..................... 30,583,883.78 Neche, ND ......................................... 33404.................... 11,332.35

DHL (LAX).......................................... 72770..................... 13,359,290.40 St. John, ND....................................... 33405.................... 2,015.50

Virgin Atlantic Cargo (LAX)................ 72774..................... 88,721.28 Northgate, ND.................................... 33406.................... 3,800.65

TNT Express Worldwide .................... 72775..................... 841,202.96 Walhalla, ND...................................... 33407.................... 18,555.13

Int'l. Bonded Couriers......................... 72776..................... 216,752.87 Sarles, ND.......................................... 33409.................... 368.66

Palm Springs User Fee Airport .......... 72781..................... 156,138.35 Ambrose, ND ..................................... 33410.................... 242.00

So. California Logistics Airport, CA.... 72783..................... 171,066.82 Antler, ND .......................................... 33413.................... 514.00

DHL LAX Airport, CA ......................... 72791..................... 1,172,386.03 Sherwood, ND ................................... 33414.................... 29,712.48

UPS Ontario ....................................... 72795..................... 11,204,747.08 Hansboro, ND .................................... 33415.................... 1,531.74

Total District .................................................................. 7,317,736,705.87 Maida, ND.......................................... 33416.................... 1,861.10

 Fortuna, ND ....................................... 33417.................... 4,906.25

San Francisco, California: Westhope, ND ................................... 33419.................... 3,793.38

San Francisco Int'l. Airport................. 72801..................... 132,537,479.68 Noonan, ND ....................................... 33420.................... 3,610.40

Eureka, CA......................................... 72802..................... 18,151.82 Carbury, ND....................................... 33421.................... 1,011.00

Fresno, CA ......................................... 72803..................... 3,100,474.25 Dunseith, ND...................................... 33422.................... 443,373.22

Monterey, CA ..................................... 72805..................... 70.24 Warroad, MN...................................... 33423.................... 176,808.26

San Francisco, CA ............................. 72809..................... 789,857,596.24 Baudette, MN..................................... 33424.................... 26,562.55

Oakland, CA....................................... 72811..................... 9,836.45 Pinecreek, MN ................................... 33425.................... 1,532.68

Sacramento, CA................................. 72816..................... 39.00 Roseau, MN....................................... 33426.................... 383,113.62

Reno, NV..............................................72833..................... 3,694,211.55 Grand Forks Airport, ND.................... 33427.................... 2,436.01

San Jose, CA ..................................... 72834..................... 394,228.25 Lancaster, MN ................................... 33430.................... 24,979.64

DHL (SFO) ......................................... 72870..................... 2,839,823.83 Hector User Fee Airport..................... 33481.................... 24,371.56

IBC (SFO)........................................... 72873..................... -0.09 Total District................................................................. 109,026,058.55

Sacramento User Fee Airport ............ 72881..................... 766,582.03 

Fresno Yosemite Airport, CA ............. 72882..................... 513,084.88 

Federal Express (SFO)..................... 72895..................... 25,351,806.15 

Total District .................................................................. 959,083,384.28 

 

 
FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

December 2006 

26 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

 

Minneapolis, Minnesota: Chicago, Illinois: 

Minneapolis, MN ..................................33501..................... 134,232,673.93 Chicago, IL..................................... 33901.................... 1,383,090,082.98

Sioux Falls, SD.....................................33502..................... 963,047.11 Peoria, IL........................................ 33902.................... 19,399,916.62

Duluth, MN ...........................................33510..................... 2,660,335.45 Omaha, NE .................................... 33903.................... 5,434,623.73

Omaha, NE ..........................................33512..................... 30,154,476.50 O'Hare Airport, IL........................... 33906.................... 15,712.86

Des Moines, IA.....................................33513..................... 2,898,232.58 Des Moines, IA .............................. 33907.................... 77,136.59

Rochester User Fee Airport .................33581..................... 139,080.25 Davenport/Rock Island/Moline, IL...... 33908.................... 10,914,750.76

Total District .................................................................. 171,047,845.82 Rockford Airport, IL........................ 33909.................... 16,461,282.06

 Midway Int'l. Airport ....................... 33910.................... 173,968.75

Duluth, Minnesota: Waukegan User Fee Airport ................33981.................... 112,053.08

Duluth, MN ...........................................33601..................... 1,088.54 Greater Rockford Airport, IL ................33982.................... -4,579.33

Int’l. Falls/Ranier, MN...........................33604..................... 185,951,228.99 Pal-waukee User Fee Airport ..............33983.................... 127,750.48

Superior, WI .........................................33608..................... 4,901.72 Dupage User Fee Airport.....................33984.................... 148,224.97

Grand Portage, MN..............................33613..................... 3,307,825.57 Decatur User Fee Airport.....................33985.................... 112,216.84

Total District .................................................................. 189,265,044.82 Total District................................................................. 1,436,063,140.39

 

Milwaukee, Wisconsin: Cleveland, Ohio: 

Milwaukee, WI.....................................33701..................... 32,549,392.85 Cleveland, OH .....................................34101.................... 124,578,501.74

Marinette, WI........................................33702..................... 2,452.77 Cincinnati, OH/Lawrenceburg, IN........34102.................... 85,329,977.02

Green Bay, WI......................................33703..................... 470,657.56 Columbus, OH .....................................34103.................... 458,865,984.28

Manitowoc, WI......................................33706..................... 2.00 Dayton, OH..........................................34104.................... 3,758,130.76

Racine, WI............................................33708..................... 518,080.80 Toledo/Sandusky, OH..........................34105.................... 5,543,368.01

Total District .................................................................. 33,540,585.98 Erie, PA................................................34106.................... 601,824.82

 Ft Mitchell, KY......................................34107.................... 386,060.98

Columbia-Snake, Oregon: Indianapolis, IN ....................................34110.................... 106,914,613.35

Astoria, OR...........................................72901..................... 364,838.55 Akron, OH ............................................34112.................... 29,977.44

Newport, OR ........................................72902..................... 114.00 Louisville, KY .......................................34115.................... 257,440,326.89

Coos Bay, OR ......................................72903..................... 124,816.32 Owensboro, KY....................................34116.................... 6,563,501.86

Portland, OR ........................................72904..................... 395,923,281.81 Ashtabula/Conneaut, OH.....................34122.................... 168,272.17

Longview, WA ......................................72905..................... 3,090,659.86 Burlington Air Express .........................34170.................... -5,633.02

Boise, ID...............................................72907..................... 92,839.51 Airborne Airpark User Fee Airport .......34181.................... 123,262.13

Vancouver, WA ....................................72908..................... 157.85 Ft. Wayne User Fee Airport.................34183.................... 147,055.70

Portland Int'l. Airport.............................72910..................... 4,943.12 Bluegrass User Fee Airport .................34184.................... 594,072.86

Total District .................................................................. 399,601,651.02 Airborne Express .................................34191.................... 8,918.15

 BAX GlobalEmery Worldwide..............34192.................... 4,086,111.51

Detroit, Michigan: DHL Express........................................34194.................... 31,212,712.65

Detroit, MI.............................................33801..................... 434,856,731.66 Emery Courier......................................34195.................... 11,062,558.19

Port Huron, MI......................................33802..................... 113,887,392.28 UPS......................................................34196.................... 131,339,690.01

Sault St. Marie, MI................................33803..................... 20,463,801.74 DHL (Cincinnati) ..................................34197.................... 24,987.26

Saginaw/Bay City/Flint, MI...................33804..................... 86,983.25 Federal Express (Indianapolis)............34198.................... 25,733,487.07

Battle Creek, MI ...................................33805..................... 13,344,042.76 Total District................................................................. 1,254,507,761.83

Grand Rapids, MI.................................33806..................... 15,782,934.90 

Detroit Airport, MI.................................33807..................... 45,175,974.55 St. Louis, Missouri: 

Algonac, MI ..........................................33814..................... 6,985.47 Kansas City, MO .................................34501.................... 100,919,797.53

Oakland County User Fee Airport........33881..................... 385,729.30 St. Joseph, MO ....................................34502.................... 330.62

Willow Run User Fee Airport................33882..................... 595,249.34 St. Louis, MO .......................................34503.................... 130,217,167.18

Total District .................................................................. 644,585,825.25 Wichita, KA ..........................................34504.................... 29,695,241.41

 Springfield, MO ....................................34505.................... 12,373,255.95

 Spirit of St. Louis, Airport.....................34506.................... 30.67

 Total District................................................................. 273,205,823.36

 

 

 

 

 
 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

December 2006 

27

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

 

Preclearance-Canada: Ireland Preclearance: 

North Central Regional ........................37900..................... 250.00 Dublin, IE .............................................57541.................... 315.00

Montreal, Canada, Preclearance .........37922..................... 648,391.68 Shannon, IE .........................................57542.................... 6,230.00

Winnepeg, Canada, Preclearance.......37923..................... 779,988.00 Total District................................................................. 6,545.00

Toronto, Canada, Preclearance...........37924..................... 243,805.00 

Ottawa, Canada, Preclearance............37925..................... 617,441.38 Houston, Texas: 

Victoria, Canada, Preclearance ...........37926..................... 2,006,555.94 Houston, TX.........................................65301.................... 725,637,605.11

Vancouver, British Columbia, Preclear.......37928..................... 101,840.00 Tulsa, OK.............................................65305.................... -486.00

Calgary, Canada, Preclearance...........37929..................... 151,726.83 Texas City, TX .....................................65306.................... 2,272.14

Total District .................................................................. 4,549,998.83 Houston Intercontinental......................65309.................... 34,300,448.56

 Galveston, TX ......................................65310.................... 15,652,075.85

San Juan, Puerto Rico: Freeport, TX.........................................65311.................... 12,410,624.06

Aguadilla, PR .......................................44901..................... 737,058.90 Corpus Christi, TX ...............................65312.................... 13,074,893.96

Fajardo, PR ..........................................44904..................... 920,980.72 Port Lavaca, TX...................................65313.................... 808,744.53

Mayaguez, PR......................................44907..................... 2,321,128.18 Sugar Land, TX User Fee Airport........65381.................... 138,444.89

Ponce, PR ............................................44908..................... 14,315,895.37 Total District................................................................. 802,024,623.10

San Juan, PR .......................................44909..................... 98,802,396.11 

Old San Juan Int’l. Airport....................44913..................... 9,121,452.98 Dallas-Ft. Worth, Texas 

Total District .................................................................. 126,218,912.26 Dallas/Ft. Worth, TX ............................65501.................... 395,434,751.46

 Amarillo, TX .........................................65502.................... 166,930.74

Virgin Islands of the United States: Lubbock, TX.........................................65503.................... 5,430.35

Charlotte Amalie, VI .............................45101..................... 8,555,139.04 Oklahoma City, OK ..............................65504.................... 5,586,364.77

Cruz Bay, VI .........................................45102..................... 195,751.29 Tulsa, OK.............................................65505.................... 5,845,962.79

Coral Bay, VI ........................................45103..................... 5.00 Austin, TX ............................................65506.................... 6,293,163.60

Christiansted, VI...................................45104..................... 5,984,998.04 San Antonio, TX...................................65507.................... 12,698,957.29

Frederiksted, VI....................................45105..................... 122.50 Marfa, TX Border Patrol.......................65554.................... 1,010.00

Total District .................................................................. 14,736,015.87 Sierra Blanca Border Patrol.................65560.................... 31,207.00

 Midland User Fee Airport.....................65582.................... 136,986.40

Miami, Florida: Ft. Worth Airport ..................................65583.................... 133,682.29

Miami, FL..............................................45201..................... 463,358,479.97 Addison User Fee Airport ....................65584.................... 157,874.81

Key West, FL........................................45202..................... 90,568.37 McKinney User Fee Airport .................65585.................... 129,652.10

Port Everglades, FL .............................45203..................... 203,188,463.54 Total District................................................................. 426,621,973.60

West Palm Beach, FL ..........................45204..................... 6,278,835.97 

Fort Pierce, FL .....................................45205..................... 66,297.76 Seattle, Washington: 

Miami Int’l. Airport ................................45206..................... 94,260,335.67 Seattle, WA..........................................73001.................... 709,871,909.12

Fort Lauderdale Int’l. Airport ................45210..................... 195,213.61 Tacoma, WA ........................................73002.................... 412,769,323.01

Miami Int'l. Courier Association............45270..................... 25.65 Aberdeen, WA .....................................73003.................... 48,707.57

DHL Worldwide Express ......................45271..................... 1,329,571.46 Blaine, WA ...........................................73004.................... 161,030,544.10

MIA/CFS ECCF....................................45272..................... 308.79 Bellingham, WA ...................................73005.................... 2,607,558.00

UPS (Miami Int'l. Airport)......................45273..................... 10,030.46 Everett, WA..........................................73006.................... 1,766,341.91

UPS Courier Hub .................................45295..................... 291,706.67 Port Angeles, WA ................................73007.................... 205,063.09

Fedex Courier Hub...............................45297..................... 830,142.31 Port Townsend, WA.............................73008.................... 75,557.14

IBC Courier Hub...................................45298..................... 117,282.81 Sumas, WA..........................................73009.................... 54,365,931.26

Miami Seaport ......................................45299..................... 2,714,186.17 Anacortes, WA.....................................73010.................... 579,191.88

Total District .................................................................. 772,731,449.21 Nighthawk, WA ....................................73011.................... 350.63

 Danville, WA ........................................73012.................... 164,660.41

Washington, DC: Ferry, WA.............................................73013.................... 394,923.49

Dulles Int'l. Airport ................................45401..................... 28,900,221.52 Friday Harbor, WA...............................73014.................... 103,175.92

Alexandria, VA .....................................45402..................... 519.83 Boundary, WA......................................73015.................... 5,651.71

Total District .................................................................. 28,900,741.35 Laurier, WA..........................................73016.................... 19,946,411.25

 Point Roberts, WA ...............................73017.................... 211,095.04

Bahamas Preclearance: St Thomas: Oroville, WA.........................................73019.................... 8,801,498.37

Preclearance-Christiansted, VI ............47401..................... 189,204.42 Frontier, WA.........................................73020.................... 976,269.44

Preclearance-St Croix, VI ....................47404..................... 4,011.32 Spokane, WA.......................................73022.................... 207,635.98

Kindley Field, Bermuda........................47421..................... 37,388.30 Lynden, WA .........................................73023.................... 1,731,634.12

Freeport, Bahamas ..............................47422..................... 21,243.50 Metaline Falls, WA...............................73025.................... 2,839,227.27

Nassau, Bahamas................................47423..................... 131,537.38 Olympia, WA........................................73026.................... 213,308.96

Aruba....................................................47424..................... 5,387.75 Seattle-Tacoma Airport........................73029.................... 37,757,907.01

Total District .................................................................. 388,772.67 UPS (SEATAC)....................................73071.................... 896,258.62

 Moses Lake User Fee Airport..............73082.................... 207,956.93

 Total District................................................................. 1,417,778,092.23

 
FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

December 2006 

28 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2006

 

Anchorage, Alaska: Honolulu, Hawaii: 

Juneau, AK...........................................73101..................... 137,917.50 Honolulu, HI .........................................73201.................... 33,184,538.00

Ketchikan, AK.......................................73102..................... 205,323.98 Hilo, HI .................................................73202.................... 53,885.34

Skagway, AK........................................73103..................... 26,133.90 Kahului, HI ...........................................73203.................... 165,459.68

Alcan, AK..............................................73104..................... 459,327.24 Nawiliwili-Port Allen, HI........................73204.................... 21,604.94

Wrangell, AK ........................................73105..................... 3,811.64 Honolulu Int’l. Airport ...........................73205.................... 7,955,438.17

Dalton Cache, AK.................................73106..................... 21,697.25 Kailua-Kona, HI....................................73206.................... 313,227.27

Valdez, AK ...........................................73107..................... 3,563.62 Total District................................................................. 41,694,153.40

Fairbanks, AK.......................................73111..................... 7,435.73 

Sitka, AK...............................................73115..................... 9,889.46 

Pelican, AK...........................................73124..................... 408.00 

Anchorage, AK.....................................73126..................... 7,782,759.43 

Kodiak, AK ...........................................73127..................... 730.18 

Federal Express...................................73195..................... 96,437,603.28 

UPS ......................................................73196..................... 395,507.51 Total Customs and Border Protection

Total District .................................................................. 105,492,108.72 Collections for fiscal year 2006...................................... $32,638,531,684.80

 

 

 

 
December 2006 

29

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

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

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

 

2005 - Sept...................................... 686,060 44,456 731,785 148,138 119,752 

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

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

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

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

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

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

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

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

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

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

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

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

 

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

December 2006 

30 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note 

accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note 

accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note 

accounts 

(13) 

 

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

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

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

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

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

 

2005 - Sept............................ 4,381 31,300 7,434 67,207 4,229 1,379 5,338 28,273 

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

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

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

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

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

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

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

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

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

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

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

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

 

 

1

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

than Government account series, and taxes. 

2

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

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

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

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

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

under the Federal Insurance Contributions Act beginning January 1950 and under 

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

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

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

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

beginning October 1988. 
December 2006 

31

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2006

32 

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

 Agency 

 securities

 (6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

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

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

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

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

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

 

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

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

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

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

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

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

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

Apr...................... 8,379,083 81,843 8,297,240 3,536,001 44,075 3,491,925 4,843,082 37,768 4,805,315

May..................... 8,380,354 82,045 8,298,308 3,549,086 44,645 3,504,442 4,831,268 37,400 4,793,867

June ................... 8,443,683 82,605 8,361,078 3,622,594 44,735 3,577,859 4,821,089 37,870 4,783,219

July..................... 8,467,856 81,077 8,386,779 3,624,439 43,106 3,581,333 4,843,417 37,971 4,805,446

Aug..................... 8,538,350 82,570 8,455,781 3,629,882 42,229 3,587,653 4,908,468 40,341 4,868,127

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

 
FEDERAL DEBT 

December 2006 

33

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

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

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

2004 ....................................... 204,201 - 5,881 58,528 158,214 29,995 4,669 

2005 ....................................... 203,645 - 3,086 67,961 225,283 29,995 5,214 

2006 ....................................... 203,656 - 2,986 78,129 238,835 29,995 5,715 

 

2005 - Sept............................. 203,645 - 3,086 67,961 225,283 29,995 5,214 

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

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

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

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

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

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

April ............................ 206,067 - 3,186 72,082 238,663 29,995 5,494 

May............................. 205,669 - 2,986 73,698 239,174 29,995 5,478 

June............................ 205,227 - 2,986 76,289 242,022 29,995 5,558 

July ............................. 204,825 - 2,986 77,631 237,425 29,995 5,533 

Aug ............................. 204,025 - 2,986 78,224 238,603 29,995 5,541 

Sept............................ 203,656 - 2,986 78,129 238,835 29,995 5,715 

 

 

TABLE FD-2.—Debt Held by the Public

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

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

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

2004 .................................. 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

2005 .................................. 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

2006 .................................. 4,843,121 4,283,804 908,474 2,445,307 534,473 395,550 559,317 

 

2005 - Sept........................ 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

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

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

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

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

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

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

Apr......................... 4,819,949 4,264,460 962,168 2,408,208 526,510 367,573 555,489 

May........................ 4,807,517 4,250,516 951,623 2,406,354 522,965 369,573 557,001 

June ...................... 4,797,204 4,235,126 913,803 2,425,710 522,924 372,689 562,078 

July........................ 4,819,732 4,261,336 929,926 2,414,905 522,918 393,587 558,396 

Aug........................ 4,884,685 4,325,311 959,323 2,437,098 534,473 394,417 559,374 

Sept....................... 4,843,121 4,283,804 908,474 2,445,307 534,473 395,550 559,317 
FEDERAL DEBT 

December 2006

34 

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

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

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

2004 ..................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

2005 ..................... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

2006 ..................... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

 

2005 - Sept........... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

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

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

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

2006 - Jan ............ 3,090 25,290 10,796 10,598 1,866 473 - 51,557 486,671 

 Feb ........... 3,100 27,237 10,854 10,514 2,274 501 - 52,787 473,746 

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

 Apr............ 3,123 29,146 13,470 10,328 3,532 544 - 49,734 497,277 

 May........... 3,065 31,151 13,524 10,240 3,868 454 - 66,332 497,051 

 June.......... 2,978 27,246 13,451 10,452 2,930 575 - 65,279 532,309 

 July ........... 2,992 31,101 12,826 10,375 2,519 609 - 64,277 485,823 

 Aug ........... 3,005 30,895 12,820 10,289 3,091 496 - 68,310 486,480 

 Sept.......... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

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

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

2004 .............. 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

2005 .............. 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

2006 .............. 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

 

2005 - Sept.... 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

 Oct..... 3,426,716 10,907 32,641 29,513 15,286 192,198 657,077 278,448 23,355 1,618,658 

 Nov .... 3,432,818 11,084 33,015 29,923 15,267 191,461 654,138 278,417 23,679 1,620,345 

 Dec .... 3,506,577 11,661 32,799 29,996 15,320 195,715 670,101 285,941 23,800 1,663,726 

2006 - Jan ..... 3,523,210 11,999 32,850 30,032 15,377 196,841 653,893 288,996 23,749 1,679,132 

 Feb .... 3,513,085 11,894 33,126 30,387 15,372 196,377 650,289 287,856 23,965 1,682,806 

 Mar .... 3,551,185 12,136 32,954 30,384 15,399 196,701 661,190 283,296 23,965 1,693,145 

 Apr..... 3,589,106 11,685 33,142 30,386 15,456 198,773 657,952 295,171 23,964 1,715,423 

 May.... 3,604,230 11,321 33,891 30,787 15,524 198,170 654,859 292,941 21,320 1,719,732 

 June... 3,680,235 11,378 - 30,851 15,548 203,646 670,501 299,470 21,319 1,772,302 

 July .... 3,683,171 10,771 45,776 30,889 15,617 202,715 667,218 300,797 21,319 1,777,547 

 Aug .... 3,689,211 10,262 46,242 31,244 15,645 202,198 664,463 297,012 21,543 1,785,216 

 Sept... 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

 
FEDERAL DEBT 

December 2006 

35

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2002 ..................................... 26,874 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

2005 ..................................... 23,637 - 146 - 23,097 - 394 

2006 ..................................... 23,392 - 112 - 22,899 - 381 

 

2005 - Sept .......................... 23,637 - 146 - 23,097 - 394 

Oct............................ 23,505 - 149 - 22,961 - 395 

Nov........................... 23,643 - 149 - 23,097 - 396 

Dec........................... 23,837 - 161 - 23,278 - 398 

2006 - Jan ............................ 23,674 - 166 - 23,109 - 399 

Feb ........................... 23,448 - 85 - 22,971 - 391 

Mar ........................... 23,584 - 80 - 23,112 - 392 

Apr............................ 23,365 - 85 - 22,891 - 389 

May .......................... 23,577 - 87 - 23,099 - 390 

June ......................... 23,641 - 90 - 23,159 - 391 

July........................... 23,509 - 90 - 23,026 - 393 

Aug........................... 23,317 - 90 - 22,846 - 380 

Sept.......................... 23,392 - 112 - 22,899 - 381 

 

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

December 2006

36 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

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

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

2006 ............................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. 

 

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

Oct...................... 3,376,594 1,136,101 1,278,315 508,135 280,839 173,203 4 yrs. 9 mos. 

Nov ..................... 3,426,982 1,201,621 1,248,485 526,593 276,571 173,712 4 yrs. 9 mos. 

Dec ..................... 3,399,628 1,176,549 1,237,702 534,929 276,633 173,815 4 yrs. 9 mos. 

2006 - Jan ...................... 3,431,952 1,182,593 1,260,294 529,361 286,315 173,388 4 yrs. 9 mos. 

Feb ..................... 3,508,777 1,238,763 1,275,570 526,340 292,517 175,586 4 yrs. 9 mos. 

Mar ..................... 3,567,753 1,278,145 1,286,260 534,872 292,674 175,802 4 yrs. 8 mos. 

Apr...................... 3,483,412 1,198,187 1,273,413 543,174 292,741 175,897 4 yrs. 9 mos. 

May..................... 3,492,721 1,178,383 1,288,303 573,995 275,911 176,129 4 yrs. 10 mos. 

June.................... 3,473,551 1,136,203 1,302,488 582,153 276,216 176,491 4 yrs. 10 mos. 

July ..................... 3,563,832 1,195,210 1,316,350 581,832 290,832 179,608 4 yrs. 10 mos. 

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

Sept.................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. 

 

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

December 2006 

37

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

 

2005 - Sept...................................... 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

Oct....................................... 8,184,000 7,964,782 7,964,648 133 8,027,123 133 62,475 

Nov ...................................... 8,184,000 8,028,918 8,028,773 145 8,092,322 145 63,549 

Dec ...................................... 8,184,000 8,107,019 8,106,870 150 8,170,414 150 63,544 

2006 - Jan ....................................... 8,184,000 8,132,290 8,132,221 69 8,196,070 69 63,849 

Feb ...................................... 8,184,000 8,183,975 8,183,906 69 8,269,886 69 85,980 

Mar ...................................... 8,965,000 8,281,451 8,281,382 69 8,371,156 69 89,775 

Apr....................................... 8,965,000 8,262,718 8,262,647 71 8,355,718 71 93,071 

May...................................... 8,965,000 8,263,812 8,263,741 71 8,356,777 71 93,035 

June..................................... 8,965,000 8,330,646 8,330,572 74 8,420,042 74 89,470 

July ...................................... 8,965,000 8,352,614 8,352,521 92 8,444,347 92 91,826 

Aug ...................................... 8,965,000 8,423,321 8,423,225 97 8,515,034 97 91,809 

Sept..................................... 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

December 2006

38 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ 224,472 24,858 15,291 11,497 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

 

2005 - Sept...................................... 211,763 26,851 18,489 12,608 461 1,979 

Oct....................................... 206,224 18,585 18,489 12,608 461 1,121 

Nov ...................................... 224,663 24,050 18,498 12,697 465 1,121 

Dec ...................................... 234,407 27,221 18,725 12,735 469 1,123 

2006 - Jan ....................................... 236,924 21,158 18,850 13,050 476 1,123 

Feb ...................................... 246,465 22,104 18,993 13,164 482 1,108 

Mar ...................................... 243,973 23,033 19,133 13,284 486 1,108 

Apr....................................... 246,842 23,308 19,648 13,637 496 1,128 

May...................................... 251,249 22,580 19,648 13,637 499 1,128 

June..................................... 246,122 23,051 19,648 13,637 499 1,146 

July ...................................... 251,390 22,326 19,648 13,637 499 1,561 

Aug ...................................... 256,546 22,382 19,648 13,637 499 1,358 

Sept..................................... 228,065 22,578 20,432 12,911 485 1,358 

 

 Department 

 of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

 Bonneville Power 

 Administration 

 (8) 

 Federal Housing 

 Administration 

 (9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

 

2005 - Sept ..................................... 104,471 2,777 7,548 239 12,413 

Oct....................................... 108,816 2,727 7,548 239 12,547 

Nov...................................... 109,384 2,687 7,548 239 12,757 

Dec...................................... 113,474 2,687 7,548 239 12,990 

2006 - Jan ....................................... 117,016 2,687 7,549 239 12,621 

Feb...................................... 121,325 2,687 7,549 - 13,232 

Mar...................................... 121,325 2,772 7,549 - 12,982 

Apr....................................... 122,359 2,707 7,549 - 13,016 

May ..................................... 125,810 2,707 7,549 - 14,277 

June .................................... 123,133 2,707 7,549 - 14,408 

July...................................... 128,209 2,717 7,549 - 14,394 

Aug...................................... 133,043 2,647 7,549 - 14,591 

Sept..................................... 105,522 2,482 6,258 - 16,618 

 
FEDERAL DEBT 

December 2006 

39

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

 (14) 

Other 

(15) 

 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

2005 ...................................... 5,848 2,973 7,695 7,411 

2006 ...................................... 4,911 2,958 9,303 22,249 

 

2005 - Sept ........................... 5,848 2,973 7,695 7,411 

Oct............................. 5,848 3,250 7,695 6,289 

Nov............................ 5,848 3,504 9,506 16,358 

Dec............................ 5,848 3,787 9,506 18,056 

2006 - Jan ............................ 5,848 4,068 11,624 20,615 

Feb ............................ 5,848 4,309 12,953 22,711 

Mar ............................ 4,911 4,582 9,303 23,505 

Apr............................. 4,911 4,856 9,303 23,924 

May ........................... 4,911 5,106 9,303 24,094 

June .......................... 4,911 2,144 9,303 23,987 

July............................ 4,911 2,428 9,303 24,208 

Aug............................ 4,911 2,677 9,303 24,303 

Sept........................... 4,911 2,958 9,303 22,249 

 

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

40 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $5 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

Note: Additional information, including auction 

allotments by investor class for marketable Treasury coupon 

and bill securities, is posted on the 7th business day of each 

month at http://www.treas.gov/offices/domestic-finance/ 

debt-management/investor_class_auction.shtml. 

TREASURY FINANCING: JULY-SEPTEMBER 

[Source: Bureau of the Public Debt, Office of Financing] 

J U L Y 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On July 10, 2006, Treasury announced it would auction 

$9,000 million of 10-year TIPS to raise new cash. 

The 10-year TIPS of Series D-2016 were dated July 15 

and issued July 17. They are due July 15, 2016, with interest 

payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 

noon eastern daylight saving time (e.d.s.t.) for 

noncompetitive tenders and before 1:00 p.m. e.d.s.t. for 

competitive tenders on July 13. Tenders totaled $15,863 

million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.550 percent with an 

equivalent adjusted price of $99.593010. Treasury accepted 

in full all competitive tenders at yields lower than 2.550. 

Tenders at the high yield were allotted 88.43 percent. The 

median yield was 2.510 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $98 million. 

Competitive tenders accepted from private investors totaled 

$8,902 million. Adjusted accrued interest of $0.13591 per 

$1,000 must be paid for the period from July 15 to July 17. 

Both the unadjusted price of $99.561150 and the unadjusted 

accrued interest of $0.13587 were adjusted by an index ratio 

of 1.00032 for the period from July 15 to July 17. 

In addition to the $9,000 million of tenders accepted in 

the auction process, Treasury accepted $1,588 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2016 is $1,000. 

Auction of 19-Year 6-Month 2-Percent TIPS 

On July 20, 2006, Treasury announced it would auction 

$7,000 million of 19-year 6-month 2 percent TIPS to raise 

new cash. 

The 19-year 6-month TIPS of January 2026 were dated 

July 15 and issued July 31. They are due January 15, 2026, 

with interest payable on January 15 and July 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on July 25. Tenders totaled 

$15,684 million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.494 percent with an 

equivalent adjusted price of $94.278150. Treasury accepted 

in full all competitive tenders at yields lower than 2.494. 

Tenders at the high yield were allotted 66.85 percent. The 

median yield was 2.480 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $29 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2006 

41

Competitive tenders accepted from private investors totaled 

$6,971 million. Adjusted accrued interest of $0.88705 per 

$1,000 must be paid for the period from July 15 to July 31. 

Both the unadjusted price of $92.420498 and the unadjusted 

accrued interest of $0.86957 were adjusted by an index ratio 

of 1.02010, for the period from January 15 to July 31. 

In addition to the $7,000 million of tenders accepted in 

the auction process, Treasury accepted $1,235 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of January 2026 is $1,000. 

Auction of 2-Year Notes 

On July 24, 2006, Treasury announced it would auction 

$22,000 million of 2-year notes of Series X-2008. The issue 

was to refund $22,522 million of securities maturing July 31 

and to raise new cash of approximately $13,478 million. 

The notes of Series X-2008 were dated and issued on 

July 31. They are due July 31, 2008, with interest payable on 

January 31 and July 31 until maturity. Treasury set an 

interest rate of 5 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on July 26. Tenders totaled $44,716 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 5.090 percent with the 

equivalent price of $99.830895. Treasury accepted in full all 

competitive tenders at yields lower than 5.090 percent. 

Tenders at the high yield were allotted 5.70 percent. The 

median yield was 5.069 percent, and the low yield was 5.000 

percent. Noncompetitive tenders totaled $1,120 million. 

Competitive tenders accepted from private investors totaled 

$20,880 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $4,424 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series X-2008 is $1,000. 

Auction of 5-Year Notes 

On July 24, 2006, Treasury announced it would auction 

$14,000 million of 5-year notes of Series L-2011. The issue 

was to refund $22,522 million of securities maturing July 31 

and to raise new cash of approximately $13,478 million. 

The notes of Series L-2011 were dated and issued on 

July 31. They are due July 31, 2011, with interest payable on 

January 31 and July 31 until maturity. Treasury set an 

interest rate of 4-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on July 27. Tenders totaled 

$31,978 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.995 percent with an 

equivalent price of $99.474808. Treasury accepted in full all 

competitive tenders at yields lower than 4.995 percent. 

Tenders at the high yield were allotted 6.56 percent. The 

median yield was 4.966 percent, and the low yield was 4.920 

percent. Noncompetitive tenders totaled $213 million. 

Competitive tenders accepted from private investors totaled 

$13,787 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $2,830 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series L-2011 is $1,000. 

A U G U S T 

August Quarterly Financing 

On August 2, 2006, Treasury announced it would auction 

$21,000 million of 3-year notes of Series T-2009, $13,000 

million of 10-year notes of Series E-2016, and $10,000 

million of 29-year 6-month Bonds of February 2036 to 

refund $22,378 million of Treasury securities maturing on 

August 15 and to raise new cash of approximately $21,622 

million. 

The 3-year notes of Series T-2009 were dated and issued 

August 15. They are due August 15, 2009, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 4-7/8 percent after

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on August 7. Tenders totaled 

$44,887 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.898 percent with an 

equivalent price of $99.936548. Treasury accepted in full all 

competitive tenders at yields lower than 4.898 percent. 

Tenders at the high yield were allotted 35.37 percent. The 

median yield was 4.871 percent, and the low yield was 4.840 

percent. Noncompetitive tenders totaled $322 million. 

Competitive tenders accepted from private investors totaled 

$20,678 million. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $2,418 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2009 is $1,000. 

The 10-year notes of Series E-2016 were dated and 

issued August 15. They are due August 15, 2016, with 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2006 

42 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 4-7/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on August 9. Tenders totaled 

$28,929 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.930 percent with an 

equivalent price of $99.569877. Treasury accepted in full all 

competitive tenders at yields lower than 4.930 percent. 

Tenders at the high yield were allotted 88.83 percent. The 

median yield was 4.909 percent, and the low yield was 4.870 

percent. Noncompetitive tenders totaled $88 million. 

Competitive tenders accepted from private investors totaled 

$12,912 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $1,557 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2016 is $1,000. 

The 29-year 6-month bonds of February 2036 were dated 

and issued August 15. They are due February 15, 2036, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on August 10. Tenders totaled 

$17,721 million; Treasury accepted $10,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 5.080 percent with an 

equivalent price of $91.181992. Treasury accepted in full all 

competitive tenders at yields lower than 5.080 percent. 

Tenders at the high yield were allotted 38.21 percent. The 

median yield was 5.039 percent, and the low yield was 4.990 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$9,981 million. 

In addition to the $10,000 million of tenders accepted in 

the auction process, Treasury accepted $1,557 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2036 is $1,000. 

Auction of 2-Year Notes 

On August 24, 2006, Treasury announced it would 

auction $22,000 million of 2-year notes of Series Y-2008. 

The issue was to refund $23,810 million of securities 

maturing August 31 and to raise new cash of approximately 

$12,190 million. 

The notes of Series Y-2008 were dated and issued 

August 31. They are due August 31, 2008, with interest 

payable on the last calendar day of February and August 

until maturity. Treasury set an interest rate of 4-7/8 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on August 29. Tenders totaled 

$51,007 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.921 percent with an 

equivalent price of $99.913392. Treasury accepted in full all 

competitive tenders at yields lower than 4.921 percent. 

Tenders at the high yield were allotted 1.16 percent. The 

median yield was 4.898 percent, and the low yield was 4.850 

percent. Noncompetitive tenders totaled $1,068 million. 

Competitive tenders accepted from private investors totaled 

$20,927 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $4,504 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Y-2008 is $1,000. 

Auction of 5-Year Notes 

On August 24, 2006, Treasury announced it would 

auction $14,000 million of 5-year notes of Series M-2011. 

The issue was to refund $23,810 million of securities 

maturing August 31 and to raise new cash of approximately 

$12,190 million. 

The notes of Series M-2011 were dated and issued 

August 31. They are due August 31, 2011, with interest 

payable on the last calendar day of February and August 

until maturity. Treasury set an interest rate of 4-5/8 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on August 30. Tenders totaled 

$43,537 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.738 percent with an 

equivalent price of $99.502144. Treasury accepted in full all 

competitive tenders at yields lower than 4.738 percent. 

Tenders at the high yield were allotted 77.64 percent. The 

median yield was 4.720 percent, and the low yield was 4.694 

percent. Noncompetitive tenders totaled $216 million. 

Competitive tenders accepted from private investors totaled 

$13,774 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $3,500 million from
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2006 

43

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2011 is $1,000. 

S E P T E M B E R 

Cash Management Bills 

On August 28, 2006, Treasury announced it would 

auction $29,000 million of 14-day bills. They were issued 

September 1 and matured September 15. The issue was to 

raise new cash. Treasury auctioned the bills on August 30. 

Tenders totaled $70,816 million; Treasury accepted $29,000 

million. The high bank discount rate was 5.170 percent. 

On September 1, Treasury announced it would auction 

$12,000 million of 8-day bills. They were issued September 

7 and matured September 15. The issue was to raise new 

cash. Treasury auctioned the bills on September 5. Tenders 

totaled $38,742 million; Treasury accepted $12,000 million. 

The high bank discount rate was 5.165 percent. 

On September 11, Treasury announced it would auction 

$8,000 million of 1-day bills. They were issued September 

14 and matured September 15. The issue was to raise new 

cash. Treasury auctioned the bills on September 13. Tenders 

totaled $35,137 million; Treasury accepted $8,000 million. 

The high bank discount rate was 5.200 percent. 

Auction of 9-Year 11-Month 4-7/8 Percent Notes 

On September 7, 2006, Treasury announced that it would 

auction $8,000 million of 9-year 11-month 4-7/8 percent 

notes of Series E-2016. The issue was to raise new cash. 

The notes of Series E-2016 were dated August 15 and 

issued September 15. They are due August 15, 2016, with 

interest payable on February 15 and August 15 until 

maturity.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on September 12. Tenders 

totaled $23,245 million; Treasury accepted $8,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.810 percent with an 

equivalent price of $100.499835. Treasury accepted in full 

all competitive tenders at yields lower than 4.810 percent. 

Tenders at the high yield were allotted 78.98 percent. The 

median yield was 4.797 percent, and the low yield was 4.750 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$7,966 million. Accrued interest of $4.10666 per $1,000 

must be paid for the period from August 15 to September 15. 

The minimum par amount required for STRIPS of notes of 

Series E-2016 is $1,000. 
PUBLIC DEBT OPERATIONS 

December 2006

44 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2006 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2006 

Oct. 15........................................................... 1 6-1/2%-D note 10/15/96 22,460 5,160 17,299 

Oct. 31........................................................... 1 2-1/2%-U note 11/01/04 29,569 7,087 22,482 

Nov. 15, 06-11............................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15.......................................................... 1 3-1/2%-F note 11/15/01 35,380 4,133 31,247 

Nov. 15.......................................................... 1 2-5/8%-J note 11/17/03 26,536 3,293 23,243 

Nov. 30.......................................................... 1 2-7/8%-V note 11/30/04 30,049 7,375 22,674 

Dec. 31.......................................................... 1 3%-W note 12/31/04 31,952 7,948 24,004 

Total ............................. 179,994 35,970 144,023 

2007 

Jan. 15........................................................... 1 3-3/8%-A note 02/06/97 20,238 2,270 17,968 

Jan. 31........................................................... 1 3-1/8%-M note 01/31/05 29,027 6,091 22,936 

Feb. 15 .......................................................... 1 6-1/4%-B note 02/18/97 13,104 1,820 11,284 

Feb. 15 .......................................................... 1 2-1/4%-H note 02/17/04 25,469 1,666 23,803 

Feb. 28 .......................................................... 1 3-3/8%-N note 02/28/05 32,007 8,672 23,335 

Mar. 31 .......................................................... 1 3-3/4%-P note 03/31/05 32,001 8,000 24,001 

Apr. 30........................................................... 1 3-5/8%-Q note 05/02/05 31,998 10,125 21,872 

May 15........................................................... 1 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 1 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 1 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

May 31........................................................... 1 3-1/2%-R note 05/31/05 29,119 7,716 21,403 

June 30.......................................................... 1 3-5/8%-S note 06/30/05 26,664 6,667 19,998 

July 31........................................................... 1 3-7/8%-T note 08/01/05 25,870 6,779 19,090 

Aug. 15.......................................................... 1 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 1 2-3/4%-K note 08/16/04 24,674 3,220 21,453 

Aug. 31.......................................................... 1 4%-U note 08/31/05 26,671 7,297 19,375 

Sept. 30......................................................... 1 4%-V note 09/30/05 26,591 6,861 19,730 

Oct. 31........................................................... 1 4-1/4%-W note 10/31/05 26,553 7,427 19,126 

Nov. 15.......................................................... 1 3%-G note 11/15/02 50,620 6,609 44,010 

Nov. 15, 07-12............................................... 10-3/8% bond 11/15/82 10,126 2,412 7,714 

Nov. 30.......................................................... 1 4-1/4%-X note 11/30/05 26,667 6,717 19,950 

Dec. 31.......................................................... 1 4-3/8%-Y note 01/03/06 26,667 6,667 20,000 

 Total ............................. 600,986 128,167 472,820 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

December 2006 

45

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2008 

Jan. 15........................................................... 1 3-5/8%-A note 01/15/98 21,174 2,343 18,831 

Jan. 31........................................................... 1 4-3/8%-R note 01/31/06 27,168 5,163 22,005 

Feb. 15 .......................................................... 1 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 1 3%-E note 02/18/03 27,489 3,762 23,727 

Feb. 15 .......................................................... 1 3-3/8%-M note 02/15/05 23,885 2,658 21,228 

Feb. 29 .......................................................... 1 4-5/8%-S note 02/28/06 26,504 4,685 21,819 

Mar. 31 .......................................................... 1 4-5/8%-T note 03/31/06 26,842 6,150 20,692 

Apr. 30........................................................... 1 4-7/8%-U note 05/01/06 26,837 4,833 22,004 

May 15........................................................... 1 5-5/8%-C note 05/15/98 27,191 6,465 20,726 

May 15........................................................... 1 2-5/8%-F note 05/15/03 33,338 2,013 31,326 

May 15........................................................... 1 3-3/4%-N note 05/16/05 26,708 4,707 22,001 

May 31........................................................... 1 4-7/8%-V note 05/31/06 25,933 3,929 22,004 

June 30.......................................................... 1 5-1/8%-W note 06/30/06 26,499 4,497 22,002 

July 31........................................................... 1 5%-X note 07/31/06 26,429 4,424 22,004 

Aug. 15, 08-13............................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15.......................................................... 1 3-1/4%-G note 08/15/03 21,357 4,222 17,135 

Aug. 15.......................................................... 1 4-1/8%-P note 08/15/05 20,291 2,287 18,004 

Aug. 31.......................................................... 1 4-7/8%-Y note 08/31/06 26,504 4,504 22,001 

Sept. 15......................................................... 1 3-1/8%-H note 09/15/03 16,002 1,221 14,781 

Oct. 15........................................................... 1 3-1/8%-J note 10/15/03 15,996 604 15,392 

Nov. 15.......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,427 15,754 

Nov. 15.......................................................... 1 4-3/8%-Q note 11/15/05 21,450 3,449 18,001 

Dec. 15.......................................................... 1 3-3/8%-L note 12/15/03 16,000 1,322 14,678 

Total............................. 552,362 84,744 467,618 

 

2009 

Jan. 15............................................................ 1 3-7/8%-A note 01/15/99 19,731 2,709 17,022 

Jan. 15............................................................ 1 3-1/4%-D note 01/15/04 16,003 1,226 14,777 

Feb. 15............................................................ 1 3%-E note 02/17/04 17,434 1,830 15,604 

Feb. 15............................................................ 1 4-1/2%-R note 02/15/06 22,309 1,307 21,002 

Mar. 15............................................................ 1 2-5/8%-F note 03/15/04 16,001 1,071 14,931 

Apr. 15 ............................................................ 1 3-1/8%-G note 04/15/04 16,003 925 15,078 

May 15, 09-14................................................. 13-1/4% bond 05/15/84 4,481 1,021 3,459 

May 15............................................................ 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

May 15............................................................ 1 3-7/8%-H note 05/17/04 18,060 4,208 13,852 

May 15............................................................ 1 4-7/8%-S note 05/15/06 27,380 6,379 21,001 

June 15........................................................... 1 4%-J note 06/15/04 15,005 687 14,318 

July 15 ............................................................ 1 3-5/8%-K note 07/15/04 15,005 1,234 13,771 

Aug. 15, 09-14 ................................................ 12-1/2% bond 08/15/84 4,388 1,007 3,381 

Aug. 15 ........................................................... 1 6%-C note 08/16/99 27,400 5,755 21,645 

Aug. 15 ........................................................... 1 3-1/2%-L note 08/16/04 17,295 2,500 14,794 

Aug. 15 ........................................................... 1 4-7/8%-T note 08/15/06 23,420 2,418 21,003 

Sept. 15 .......................................................... 3-3/8%-M note 09/15/04 15,005 148 14,857 

Oct. 15 ............................................................ 1 3-3/8%-N note 10/15/04 15,005 510 14,495 

Nov. 15, 09-14 ................................................ 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15 ........................................................... 1 3-1/2%-P note 11/15/04 18,752 4,104 14,648 

Dec. 15 ........................................................... 1 3-1/2%-Q note 12/15/04 15,002 398 14,604 

Total............................. 343,488 43,256 300,231 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

December 2006

46 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2010 

Jan. 15.............................................................. 1 4-1/4%-A note 01/18/00 13,692 1,517 12,175 

Jan. 15.............................................................. 1 3-5/8%-E note 01/18/05 15,005 1,350 13,655 

Feb. 15.............................................................. 1 6-1/2%-B note 02/15/00 23,356 4,705 18,651 

Feb. 15.............................................................. 1 3-1/2%-F note 02/15/05 16,617 2,328 14,289 

Mar. 15.............................................................. 1 4%-G note 03/15/05 15,005 716 14,290 

Apr. 15 .............................................................. 1 7/8%-D note 10/29/04 30,076 1,104 28,971 

Apr. 15 .............................................................. 1 4%-H note 04/15/05 15,001 1,218 13,783 

May 15 ............................................................. 1 3-7/8%-J note 05/16/05 18,749 3,859 14,890 

June 15............................................................. 1 3-5/8%-K note 06/15/05 14,001 404 13,597 

July 15 .............................................................. 1 3-7/8%-L note 07/15/05 13,001 7 12,994 

Aug. 15 ............................................................. 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Aug. 15 ............................................................. 1 4-1/8%-M note 08/15/05 14,963 2,282 12,682 

Sept. 15 ............................................................ 1 3-7/8%-N note 09/15/05 13,001 358 12,643 

Oct. 15 .............................................................. 1 4-1/4%-P note 10/17/05 13,001 490 12,511 

Nov. 15 ............................................................. 1 4-1/2%-Q note 11/15/05 15,961 2,961 13,000 

Dec. 15 ............................................................. 1 4-3/8%-R note 12/15/05 13,001 315 12,686 

Total ............................. 266,867 27,208 239,659 

 

2011 

Jan. 15 ............................................................ 1 4-1/4%-D note 01/17/06 13,001 - 13,001 

Jan. 15 ............................................................ 1 3-1/2%-A note 01/16/01 12,862 635 12,227 

Feb. 15............................................................ 1 5%-B note 02/15/01 23,436 3,583 19,853 

Feb. 28............................................................ 1 4-1/2%-E note 02/28/06 17,500 3,575 13,925 

Mar. 31............................................................ 1 4-3/4%-F note 03/31/06 17,498 3,551 13,947 

Apr. 15 ............................................................ 1 2-3/8%-G note 04/28/06 11,274 383 10,891 

Apr. 30 ............................................................ 1 4-7/8%-H note 05/01/06 17,501 3,500 14,001 

May 31 ............................................................ 1 4-7/8%-J note 05/31/06 17,145 3,143 14,001 

June 30 ........................................................... 1 5-1/8%-K note 06/30/06 17,500 3,500 14,000 

July 31 ............................................................ 1 4-7/8%-L note 07/31/06 16,831 2,830 14,001 

Aug. 15 ........................................................... 1 5%-C note 08/15/01 26,635 3,206 23,430 

Aug. 31 ........................................................... 1 4-5/8%-M note 08/31/06 17,501 3,500 14,001 

Total ............................. 208,685 31,406 177,279 

 

2012 

Jan. 15.............................................................. 1 3-3/8%-A note 01/15/02 6,881 103 6,777 

Feb. 15.............................................................. 1 4-7/8%-B note 02/15/02 24,780 4,461 20,319 

July 15 .............................................................. 1 3%-C note 07/15/02 26,049 2,701 23,348 

Aug. 15 ............................................................. 1 4-3/8%-D note 08/15/02 19,648 3,297 16,351 

Nov. 15 ............................................................. 1 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 95,470 10,797 84,673 

 

2013 

Feb. 15.............................................................. 1 3-7/8%-A note 02/18/03 19,498 1,670 17,829 

May 15.............................................................. 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1 1-7/8%-C note 07/15/03 22,167 325 21,842 

Aug. 15 ............................................................. 1 4-1/4%-D note 08/15/03 33,521 4,454 29,067 

Nov. 15 ............................................................. 1 4-1/4%-E note 11/17/03 30,637 2,456 28,181 

Total ............................. 124,077 9,156 114,921 

 

2014 

Jan. 15.............................................................. 1 2%-A note 01/15/04 23,128 732 22,395 

Feb. 15.............................................................. 1 4%-B note 02/17/04 28,081 1,956 26,125 

May 15.............................................................. 1 4-3/4%-C note 05/17/04 27,303 2,993 24,310 

July 15 .............................................................. 1 2%-D note 07/15/04 20,513 - 20,513 

Aug. 15 ............................................................. 1 4-1/4%-E note 08/16/04 24,722 2,235 22,487 

Nov. 15. ............................................................ 1 4-1/4%-F note 11/15/04 25,473 2,739 22,734 

Total ............................. 149,219 10,656 138,563 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

December 2006 

47

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2015 

Jan. 15 ........................................................... 1 1-5/8%-A note 01/18/05 20,249 - 20,249 

Feb. 15............................................................ 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Feb. 15............................................................ 1 4%-B note 02/15/05 24,215 1,367 22,848 

May 15............................................................ 1 4-1/8%-C note 05/16/05 24,472 2,471 22,001 

July 15 ............................................................ 1 1-7/8%-D note 07/15/05 17,784 191 17,592 

Aug. 15 ........................................................... 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Aug. 15 ........................................................... 1 4-1/4%-E note 08/15/05 22,470 1,472 20,998 

Nov. 15 ........................................................... 1 4-1/2%-F note 11/15/05 23,221 2,221 21,000 

Nov. 15 ........................................................... 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

 Total ......................... 152,539 11,741 140,798 

2016 

Jan. 15............................................................. 1 2% note 01/17/06 17,429 - 17,429 

Feb. 15 ............................................................ 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

Feb. 15 ............................................................ 1 4-1/2%-B note 02/15/06 21,842 841 21,001 

May 15 ............................................................ 1 7-1/4% bond 05/15/86 18,824 1,923 16,900 

May 15............................................................. 1 5-1/8%-C note 05/15/06 23,294 2,294 21,000 

July 15............................................................. 1 2-1/2%-D note 07/17/06 10,669 1,600 9,069 

Aug. 15............................................................ 1 4-7/8%-E note 08/15/06 22,557 1,557 21,000 

Nov. 15............................................................ 1 7-1/2% bond 11/17/86 18,787 2,816 15,971 

 Total.......................... 138,833 12,069 126,765 

 

2017 

May 15............................................................ 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ........................................................... 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total ......................... 26,528 4,813 21,715 

 

2018 

May 15............................................................ 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ........................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total.......................... 13,892 2,293 11,599 

 

2019 

Feb. 15............................................................ 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total ......................... 32,031 5,214 26,817 

 

2020 

Feb. 15............................................................ 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total ......................... 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ........................................................... 1 8% bond 11/15/91 30,632 4,596 26,036

Total ......................... 60,281 9,401 50,880 

 

2022 

Aug. 15 ........................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ......................... 17,551 3,110 14,442 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

December 2006

48 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2023 

Feb. 15.............................................................. 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15 ............................................................. 1 6-1/4% bond 08/16/93 22,659 2,893 19,767 

Total ........................... 38,441 5,528 32,913 

 

2024 

Nov. 15 ............................................................. 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total ........................... 9,604 1,615 7,989 

 

2025 

Jan. 15.............................................................. 1 2-3/8% bond 07/30/04 30,227 3,411 26,815 

Feb. 15.............................................................. 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15 ............................................................. 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total ........................... 50,923 6,804 44,119 

 

2026 

Jan. 15.............................................................. 1 2% bond 01/31/06 20,504 3,076 17,428 

Feb. 15.............................................................. 1 6% bond 02/15/96 12,838 1,675 11,163 

Aug. 15 ............................................................. 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15 ............................................................. 1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total ............................ 53,013 8,089 44,924 

 

2027 

Feb. 15.............................................................. 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ............................................................. 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15 ............................................................. 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ........................... 40,740 6,473 34,267 

 

2028 

Apr. 15 .............................................................. 1 3-5/8% bond 04/15/98 21,115 3,192 17,923 

Aug. 15 ............................................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ............................................................. 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total ........................... 43,838 6,575 37,263 

 

2029 

Feb. 15.............................................................. 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 .............................................................. 1 3-7/8% bond 04/15/99 24,132 3,517 20,616 

Aug. 15 ............................................................. 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ........................... 46,661 6,857 39,805 

 

2030 

May 15.............................................................. 1 6-1/4% bond 02/15/00 17,043 2,224 14,819 

Total ........................... 17,043 2,224 14,819 

 

2031 

Feb. 15.............................................................. 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total ........................... 16,428 1,423 15,005 

 

2032 

Apr. 15 .............................................................. 1 3-3/8% bond 10/15/01 5,746 305 5,441

Total ........................... 5,746 305 5,441 

 

2036 

Feb. 15.............................................................. 1 4-1/2% bond 2/15/06 26,397 2,398 23,999 

Total ........................... 26,397 2,398 23,999 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.” 
PUBLIC DEBT OPERATIONS 

December 2006 

49

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount 

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2006 - July 06................... 2006 - Aug. 03 28 41,765.3 19,622.1 14,514.8 335.3 99.631722 4.735 4.819

 Oct. 05 91 44,512.9 22,227.9 12,494.8 2,070.4 98.747486 4.955 5.088

 2007 - Jan. 04 182 35,303.8 20,179.1 11,911.1 1,807.0 97.426722 5.090 5.297

July 13 ................. 2006 - Aug. 10 28 41,786.8 19,234.1 14,635.3 364.8 99.626278 4.805 4.890

 Oct. 12 91 46,556.6 22,023.3 12,837.0 2,083.3 98.755069 4.925 5.056

 2007 - Jan. 11 182 40,332.1 20,199.1 11,473.5 2,019.5 97.419139 5.105 5.313

July 20 ................. 2006 - Aug. 17 28 39,262.2 19,513.0 14,677.6 322.7 99.622778 4.850 4.936

 Oct. 19 91 44,452.8 23,275.1 13,719.3 2,096.7 98.744958 4.965 5.098

 2007 - Jan. 18 182 38,840.5 20,107.0 11,658.4 1,964.9 97.426722 5.090 5.297

July 27 ................. 2006 - Aug. 24 28 47,419.9 27,051.3 22,645.9 344.4 99.617333 4.920 5.007

 Oct. 26 91 41,371.9 23,017.2 13,718.8 2,081.3 98.742431 4.975 5.108

 2007 - Jan. 25 182 41,268.4 21,523.7 12,720.8 2,009.9 97.441889 5.060 5.265

Aug. 03 ................ 2006 - Aug. 31 28 65,869.0 30,955.2 26,650.5 349.5 99.601778 5.120 5.212

 Nov. 02 91 51,592.8 24,611.7 14,598.9 2,111.9 98.742431 4.975 5.108

 2007 - Feb. 01 182 42,169.5 21,535.1 12,543.7 1,906.4 97.484861 4.975 5.174

Aug. 10 ................ 2006 - Sept. 07 28 67,312.9 27,258.9 23,464.5 435.6 99.600611 5.135 5.227

 Nov. 09 91 47,014.0 24,574.0 14,625.7 2,124.4 98.738639 4.990 5.124

 2007 - Feb. 08 182 41,657.8 23,050.2 13,885.4 1,889.7 97.477278 4.990 5.190

Aug. 17 ................ 2006 - Sept. 14 28 56,579.9 27,401.4 23,627.5 372.5 99.605278 5.075 5.166

 Nov. 16 91 47,571.0 24,566.3 14,414.3 2,253.0 98.741167 4.980 5.114

 2007 - Feb. 15 182 44,109.6 22,924.0 13,772.6 1,952.4 97.457056 5.030 5.233

Aug. 24 ................ 2006 - Sept. 21 28 58,527.6 28,063.3 23,632.8 357.5 99.605278 5.075 5.166

 Nov. 24 92 47,970.0 24,036.8 14,743.5 2,156.7 98.728611 4.975 5.109

 2007 - Feb. 22 182 46,411.3 23,169.2 13,665.0 2,078.6 97.484861 4.975 5.174

Aug. 31 ................ 2006 - Sept. 28 28 57,089.0 28,051.2 22,597.2 404.9 99.603333 5.100 5.191

 Nov. 30 91 49,246.6 24,617.6 14,771.6 1,974.1 98.746222 4.960 5.093

 2007 - Mar. 01 182 39,708.5 23,072.4 13,902.9 1,816.4 97.487389 4.970 5.169

Sept. 07 ............... 2006 - Oct. 05 28 36,943.2 16,015.8 11,357.4 442.7 99.627444 4.790 4.875

 Dec. 07 91 44,858.4 25,469.7 15,502.0 1,951.9 98.772764 4.855 4.984

 2007 - Mar. 08 182 41,546.0 23,079.2 13,839.7 1,835.4 97.512667 4.920 5.116

Sept. 14 ............... 2006 - Oct. 12 28 35,336.7 13,780.7 9,647.4 352.6 99.636389 4.675 4.757

 Dec. 14 91 50,331.4 25,684.3 16,007.1 1,887.1 98.781611 4.820 4.947

 2007 - Mar. 15 182 47,959.2 22,995.2 14,050.1 1,744.2 97.505083 4.935 5.132

Sept. 21 ............... 2006 - Oct. 19 28 35,376.9 11,824.1 7,683.8 316.3 99.639111 4.640 4.721

 Dec. 21 91 44,298.5 25,613.2 15,820.1 1,884.9 98.782875 4.815 4.942

 2007 - Mar. 22 182 43,763.6 22,936.1 13,798.7 1,901.5 97.512667 4.920 5.116

Sept. 28 ............... 2006 - Oct. 26 28 31,542.4 11,313.8 6,712.4 287.7 99.646500 4.545 4.624

 Dec. 28 91 51,127.7 25,220.3 16,099.5 1,740.7 98.794250 4.770 4.895

 2007 - Mar. 29 182 43,871.6 22,704.3 14,030.7 1,744.3 97.568278 4.810 4.998

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

December 2006 

50 

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

10/05/05 10/06/05 3.500% bill—10/17/05 11d 34,870 13,000 

10/12/05 10/17/05 4-1/4% note—10/15/10-P 5y 35,749 13,000 4.270 - 99.910409 

10/13/05 10/17/05 1-7/8% TIPS—07/15/15-D 9y 9m 16,875 8,000 1.979 - 99.796392 

10/25/05 10/28/05 0-7/8%TIPS—04/15/10-D 4y 6m 11,575 7,000 1.740 - 99.769334 

10/26/05 10/31/05 4-1/4% note—10/31/07-W 2y 50,825 26,551 4.365 - 99.782022 

11/07/05 11/09/05 3.850% bill—11/10/05 1d 20,513 4,000 

11/08/05 11/15/05 4-3/8% note—11/15/08-Q 3y 46,964 21,449 4.458 - 99.769326 

11/09/05 11/15/05 4-1/2% note—11/15/10-Q 5y 36,945 15,961 4.525 - 99.889244 

11/10/05 11/15/05 4-1/2% note—11/15/15-F 10y 31,297 15,221 4.578 - 99.379727 

11/23/05 11/30/05 4-1/4% note—11/30/07-X 2y 49,832 26,667 4.349 - 99.812313 

11/29/05 12/01/05 3.980% bill—12/15/05 14d 45,658 20,000 

11/30/05 12/02/05 3.960% bill—12/15/05 13d 58,340 18,000 

12/07/05 12/08/05 4.080% bill—12/15/05 7d 33,535 11,000 

12/07/05 12/15/05 4-3/8% note—12/15/10-R 5y 30,891 13,000 4.435 - 99.733563 

12/08/05 12/15/05 4-1/2% note—11/15/15-F 9y 11m 17,519 8,000 4.490 - 100.072479 

12/29/05 01/03/06 4.100% bill—01/17/06 14d 25,200 12,000 

12/29/05 01/03/06 4-3/8% note—12/31/07-Y 2y 54,987 26,667 4.404 - 99.944505 

01/11/06 01/17/06 4-1/4% note—01/15/11-D 5Y 27,260 13,000 4.370 - 99.466250 

01/12/06 01/17/06 2% TIPS—01/15/16-A 10y 16,609 9,000 2.025 - 99.722833 

01/24/06 01/31/06 2% TIPS—01/15/26 20y 16,568 11,765 2.039 - 98.949064 

01/25/06 01/31/06 4-3/8% note—01/31/08-R 2y 51,525 27,163 4.427 - 99.901510 

02/07/06 02/15/06 4-1/2% note—02/15/09-R 3y 43,942 22,307 4.595 - 99.736583 

02/08/06 02/15/06 4-1/2% note—02/15/16-B 10y 30,985 13,841 4.540 - 99.681335 

02/09/06 02/15/06 4-1/2% bond—02/15/36 30y 29,562 14,841 4.530 - 99.510492 

02/22/06 02/28/06 4-5/8% note—02/29/08-S 2y 53,765 26,500 4.689 - 99.879165 

02/23/06 02/28/06 4-1/2% note—02/28/11-E 5y 34,002 17,500 4.622 - 99.460872 

03/01/06 03/03/06 4.445% bill—03/15/06 12d 64,333 25,000 

03/07/06 03/08/06 4.380% bill—03/14/06 6d 30,051 7,000 

03/09/06 03/15/06 4-1/2% note—02/15/16-B 9y 11m 22,947 8,000 4.760 - 97.955698 

03/14/06 03/14/06 4.410% bill—03/15/06 1d 18,006 4,000 

03/27/06 03/31/06 4-5/8% note—03/31/08-T 2y 51,536 26,834 4.730 - 99.801852 

03/29/06 03/31/06 4-3/4% note—03/31/11-F 5Y 35,055 17,500 4.785 - 99.845985 

03/30/06 04/03/06 4.685% bill—04/17/06 14d 48,464 20,000 

04/05/06 04/06/06 4.675% bill—04/17/06 11d 40,730 13,000 

04/06/06 04/07/06 4.685% bill—04/17/06 10d 27,650 8,000 

04/12/06 04/13/06 4.720% bill—04/17/06 4d 44,766 17,000 

04/12/06 04/17/06 2% TIPS—01/15/16-A 9y 9m 15,623 8,000 2.409 - 99.480271 

04/25/06 04/28/06 2-3/8% TIPS—04/15/11-G 5y 16,042 11,000 2.379 - 100.067434 

04/26/06 05/01/06 4-7/8% note—04/30/08-U 2y 49,910 26,834 4.975 - 99.811765 

04/27/06 05/01/06 4-7/8% note—04/30/11-H 5y 29,665 17,500 4.964 - 99.610037 

05/09/06 05/15/06 4-7/8% note—05/15/09-S 3y 54,873 27,379 4.995 - 99.669485 

05/11/06 05/15/06 5-1/8% note—05/15/16-C 10y 35,124 15,294 5.140 - 99.883851 

05/24/06 05/31/06 4-7/8% note—05/31/08-V 2y 60,706 25,929 4.933 - 99.890815 

05/25/06 05/31/06 4-7/8% note—05/31/11-J 5y 31,468 17,143 4.945 - 99.693242 

05/30/06 06/02/06 4.870% bill—06/15/06 13d 48,407 22,000 

06/05/06 06/06/06 4.875% bill—06/15/06 9d 29,616 9,000 

06/08/06 06/15/06 5-1/8% note—05/15/16-C 9y 11m 21,815 8,000 4.975 - 101.154246 

06/27/06 06/30/06 5-1/8% note—06/30/08-W 2y 54,595 26,497 5.239 - 99.786183 

06/28/06 06/30/06 5-1/8% note—06/30/11-K 5y 32,190 17,500 5.203 - 99.660453 

07/13/06 07/17/06 2-1/2% TIPS—07/15/16-D 10y 17,452 10,588 2.550 - 99.593010 

07/25/06 07/31/06 2% TIPS—01/15/26 19y 6m 16,919 8,235 2.494 - 94.278150 

07/26/06 07/31/06 5% note—07/31/08-X 2y 49,140 26,424 5.090 - 99.830895 

07/27/06 07/31/06 4-7/8% note—07/31/11-L 5y 34,807 16,830 4.995 - 99.474808 

08/07/06 08/15/06 4-7/8% note—08/15/09-T 3y 47,305 23,418 4.898 - 99.936548 

08/09/06 08/15/06 4-7/8% note—08/15/16-E 10y 30,485 14,557 4.930 - 99.569877 

08/10/06 08/15/06 4-1/2% bond—02/15/36 29y 6m 19,278 11,557 5.080 - 91.181992 

08/29/06 08/31/06 4-7/8% note—08/31/08-Y 2y 55,511 26,504 4.921 - 99.913392 

08/30/06 08/31/06 4-5/8% note—08/31/11-M 5y 47,037 17,500 4.738 - 99.502144 

08/30/06 09/01/06 5.170% bill—09/15/06 14d 70,816 29,000 

09/05/06 09/07/06 5.165% bill—09/15/06 8d 38,742 12,000 

09/12/06 09/15/06 4-7/8% note—08/15/16-E 9y 11m 23,245 8,000 4.810 - 100.499835 

09/13/06 09/14/06 5.200% bill—09/15/06 1d 35,137 8,000 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
December 2006 

51

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. As of September 1, 2004, 

investors are no longer able to reinvest H and HH bonds or 

exchange E and EE bonds for HH bonds. Series A-D were 

sold from March 1, 1935, through April 30, 1941. Series E 

was on sale from May 1, 1941, through December 31, 1979 

(through June 1980 to payroll savers only). Series F and G 

were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through December 31, 1979. 

Series HH bonds were sold for cash from January 1, 1980, 

through October 31, 1982. Series J and K were sold from 

May 1, 1952, through April 30, 1957. U.S. savings notes 

were on sale May 1, 1967, through June 30, 1970. The notes 

were eligible for purchase by individuals with the 

simultaneous purchase of series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through September 30, 2006 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

 Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus accrued 

discount 

(3) 

 Redemptions 1 

 (4) 

 Interest- 

 bearing debt 

 (5) 

 Matured 

 non-interest- 

 bearing debt

 (6) 

 

Savings bonds: 

Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 405,787 254,912 660,698 493,002 153,332 14,368 

Series I............................................................ 35,264 5,566 40,829 5,002 35,825 - 

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - - 

Savings notes ................................................. 862 679 1,541 1,469 - 70 

Total ............................................................ 477,813 263,534 741,347 537,745 189,157 14,442 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings 

notes for series H bonds beginning January 1972; however, they exclude exchanges of 

series E and EE bonds for series H and HH bonds. 
U.S. SAVINGS BONDS AND NOTES 

December 2006 

52 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-03 .............................. 452,475 242,351 694,826 493,324 343,936 149,388 192,563 8,938 

2004 2 ................................. 10,334 6,924 17,258 14,618 6,276 8,342 194,062 10,078 

2005 2 ................................. 6,501 6,728 13,229 13,783 6,614 7,170 189,912 13,673 

2006 2.................................. 8,505 7,533 16,038 16,023 8,109 7,914 189,157 14,442 

 

Calendar years: 

1935-02 .............................. 441,981 236,934 678,914 484,042 339,746 144,295 184,698 10,174 

2003 ................................... 13,924 7,169 21,092 12,164 5,456 6,708 192,160 11,641 

2004 2 ................................. 8,711 6,806 15,517 14,922 6,520 8,402 191,674 12,721 

2005 2 ................................. 7,955 6,843 14,797 14,089 6,883 7,206 191,167 13,936 

 

2005 - Sept......................... 378 541 919 1,082 505 578 189,912 13,673 

Oct.......................... 594 659 1,253 1,008 488 520 190,035 13,795 

Nov ......................... 1,364 525 1,889 1,200 675 525 190,636 13,884 

Dec ......................... 1,303 564 1,867 1,284 685 599 191,167 13,936 

2006 - Jan .......................... 1,517 648 2,165 1,722 796 926 191,604 13,942 

Feb ......................... 874 599 1,473 1,176 522 654 191,866 13,976 

Mar ......................... 816 589 1,405 1,330 626 704 191,911 14,006 

Apr.......................... 605 713 1,318 1,227 587 640 191,864 14,145 

May......................... 398 592 990 1,388 720 668 191,424 14,188 

June........................ 285 630 914 1,357 690 667 190,941 14,228 

July ......................... 254 712 966 1,367 738 629 190,391 14,377 

Aug ......................... 262 674 935 1,735 966 769 189,577 14,391 

Sept........................ 233 628 860 1,229 616 613 189,157 14,442 

 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

2

 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 

totals. 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and EE 

bonds for H 

and HH 

bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-03 ............. 384,193 237,968 622,161 427,510 301,378 153,485 27,353 158,536 8,761 

2004 2 ................ 3,037 5,890 8,927 10,403 4,614 8,274 2,485 153,433 9,903 

2005 2 ................ 2,554 5,553 8,107 11,414 4,474 7,062 122 146,482 13,426 

2006 2................. 1,941 5,502 7,443 12,792 5,112 7,680 - 140,382 14,177 

 

Calendar years: 

1941-02 ............. 381,988 233,007 614,995 418,864 305,656 141,309 28,101 158,083 9,948 

2003 .................. 3,366 6,459 9,825 9,513 4,052 6,666 1,204 155,722 11,417 

2004 2 ................ 2,951 5,788 8,740 10,704 4,710 8,326 2,332 150,352 12,490 

2005 2 ................ 2,430 5,523 7,953 11,757 4,678 7,085 6 145,349 13,682 

 

2005 - Sept........ 149 424 573 887 320 566 - 146,482 13,426 

 Oct......... 202 537 739 828 319 509 - 146,273 13,545 

 Nov ........ 184 398 582 1,012 497 515 - 145,757 13,632 

 Dec ........ 294 431 726 1,083 495 588 - 145,349 13,682 

2006 - Jan ......... 202 508 710 1,483 571 912 - 144,579 13,680 

 Feb ........ 94 452 546 964 322 642 - 144,123 13,717 

 Mar ........ 132 425 557 1,094 403 691 - 143,554 13,749 

 Apr......... 129 533 662 1,016 388 627 - 143,064 13,886 

 May........ 139 398 537 1,068 423 645 - 142,490 13,929 

 June....... 148 430 578 1,060 416 644 - 141,965 13,972 

 July ........ 139 505 644 1,059 454 605 - 141,407 14,114 

 Aug ........ 144 455 599 1,238 519 720 - 140,755 14,127 

 Sept....... 134 430 564 887 305 582 - 140,382 14,177 

See footnotes at end of table. 
U.S. SAVINGS BONDS AND NOTES 

December 2006 

53

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

 Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

 Total 

 (4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series I 

 

Fiscal years: 

1998-03........... 20,057 1,326 21,383 1,121 1,070 51 - 20,262 - 

2004 2 .............. 4,813 1,034 5,847 766 708 58 - 25,343 - 

2005 2 .............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - 

2006 2............... 6,563 2,030 8,593 1,949 1,723 226 - 35,825 - 

 

Calendar years: 

1998-02 ........... 12,957 869 13,826 706 677 29 - 13,120 - 

2003 ................ 9,363 710 10,073 544 513 31 - 22,649 - 

2004 2 .............. 3,444 1,017 4,462 896 829 66 - 26,215 - 

2005 2 .............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 

 

2005 - Sept...... 230 117 346 101 91 10 - 29,183 - 

 Oct....... 391 122 514 97 86 10 - 29,600 - 

 Nov ...... 1,180 127 1,307 103 93 10 - 30,804 - 

 Dec...... 1,009 133 1,142 109 98 11 - 31,837 - 

2006 - Jan ....... 1,315 140 1,455 124 111 13 - 33,167 - 

 Feb ...... 780 147 927 98 86 11 - 33,997 - 

 Mar ...... 684 164 848 109 97 12 - 34,736 - 

 Apr....... 476 180 656 101 89 12 - 35,291 - 

 May...... 259 194 453 211 189 22 - 35,533 - 

 June .... 137 200 337 185 163 23 - 35,684 - 

 July...... 115 207 322 200 177 23 - 35,806 - 

 Aug...... 118 219 336 375 326 49 - 35,767 - 

 Sept..... 99 197 296 238 208 30 - 35,825 - 

 

1

 Exchange of E and EE bonds for H and HH bonds are not included in sales and 

redemption figures. 

2

 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 totals. 
December 2006 

54 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

December 2006 

55

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

 

2005 - Sept...................................... 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

Oct....................................... 8,050,629 8,027,123 3,376,354 1 3,376,353 737,557 

Nov ...................................... 8,115,965 8,092,322 3,382,666 1 3,382,665 740,849 

Dec ...................................... 8,194,251 8,170,413 3,455,808 1 3,455,807 732,861 

2006 - Jan ....................................... 8,219,745 8,196,070 3,471,422 1 3,471,421 745,610 

Feb ...................................... 8,293,333 8,269,886 3,499,204 1 3,499,203 751,565 

Mar ...................................... 8,394,740 8,371,156 3,498,354 1 3,498,353 755,193 

Apr....................................... 8,379,083 8,355,718 3,536,001 1 3,536,000 756,289 

May...................................... 8,380,354 8,356,776 3,549,086 1 3,549,085 758,865 

June..................................... 8,443,683 8,420,042 3,622,594 1 3,622,593 762,595 

July ...................................... 8,467,856 8,444,347 3,624,439 1 3,624,438 760,863 

Aug ...................................... 8,538,350 8,515,034 3,629,882 1 3,629,881 762,732 

Sept..................................... 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

 

2005 - Sept.......................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

Oct........................................................... 3,913,212 3,393,738 519,475 23,505 23,505 

Nov .......................................................... 3,968,807 3,444,413 524,393 23,643 23,643 

Dec .......................................................... 3,981,745 3,451,097 530,647 23,837 23,837 

2006 - Jan ........................................................... 3,979,038 3,449,221 529,818 23,674 23,674 

Feb .......................................................... 4,019,117 3,526,004 493,112 23,448 23,448 

Mar .......................................................... 4,117,609 3,585,206 532,404 23,584 23,584 

Apr........................................................... 4,063,428 3,526,915 536,513 23,365 23,365 

May.......................................................... 4,048,826 3,510,378 538,448 23,577 23,577 

June......................................................... 4,034,853 3,491,421 543,431 23,641 23,641 

July .......................................................... 4,059,045 3,519,546 539,499 23,509 23,509 

Aug .......................................................... 4,122,420 3,581,939 540,481 23,317 23,317 

Sept......................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

 
OWNERSHIP OF FEDERAL SECURITIES 

December 2006 

56 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 142.1 225.0 244.2 210.6 350.5 707.0 831.4 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.9 217.2 245.0 202.5 313.7 762.5 855.2 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 142.3 211.3 245.2 211.6 304.3 820.4 836.7 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 143.0 208.2 241.5 225.1 289.8 835.2 864.5 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.7 213.5 239.4 240.9 283.6 908.1 848.6 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.9 221.1 229.5 230.6 283.3 929.7 810.1 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.6 213.4 226.8 226.8 263.7 993.4 829.7 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 140.4 212.8 214.1 227.4 257.0 1,102.1 793.8 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.9 248.1 1,157.6 786.2 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 142.1 214.9 183.1 216.8 243.3 1,182.7 708.0 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.0 223.5 186.8 221.6 235.2 1,230.5 682.0 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.4 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 141.3 212.1 169.4 234.7 238.1 1,250.5 696.8 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 139.0 213.2 160.6 230.7 258.5 1,256.0 614.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 135.5 207.8 151.3 231.8 271.8 1,224.2 660.4 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 133.2 212.6 141.7 253.5 280.8 1,278.7 609.5 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 135.5 211.5 137.5 254.0 288.6 1,272.3 594.3 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 142.9 213.8 133.6 227.9 298.8 1,258.8 496.3 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 150.9 204.8 128.0 224.4 299.6 1,281.4 458.9 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 153.0 198.8 123.4 228.7 305.1 1,268.7 521.2 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 307.1 1,106.9 656.3 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 310.1 1,082.0 522.6 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 308.7 1,057.9 509.9 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.9 1,034.2 489.1 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 317.9 1,029.9 507.2 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 325.7 1,000.5 362.3 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.9 1,005.5 419.1 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 144.6 155.1 105.7 261.9 329.3 1,051.2 400.0 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 150.6 163.3 114.0 266.1 328.7 1,067.1 380.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.6 192.7 149.0 153.9 122.0 253.8 334.4 1,135.4 303.8 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 151.4 156.3 130.4 256.8 339.3 1,200.8 287.2 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 150.8 158.9 139.7 281.0 355.6 1,246.8 268.0 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.1 196.9 162.9 162.1 139.5 296.5 350.7 1,286.3 321.4 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 167.3 161.3 138.7 302.9 348.7 1,382.8 318.4 

 Sept........ 6,783.2 3,515.3 3,268.0 146.9 201.5 164.6 155.1 137.4 287.7 357.9 1,454.2 362.1 

 Dec......... 6,998.0 3,620.1 3,377.9 154.0 203.8 169.2 147.9 136.5 281.6 363.9 1,533.0 387.8 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.7 204.5 167.0 142.5 141.0 281.6 373.7 1,677.1 352.1 

 June ....... 7,274.3 3,742.8 3,531.5 159.9 204.6 170.1 133.6 144.1 259.5 379.7 1,742.0 338.0 

 Sept........ 7,379.1 3,772.0 3,607.0 139.9 204.2 170.6 130.5 147.4 255.7 379.4 1,801.1 378.5 

 Dec......... 7,596.1 3,929.0 3,667.1 127.5 204.4 170.5 130.4 149.7 254.9 386.4 1,855.8 387.4 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 142.1 204.2 174.3 127.1 152.4 261.9 407.5 1,958.7 427.3 

 June ....... 7,836.5 4,033.5 3,803.0 127.2 204.2 177.6 130.1 155.0 249.6 429.3 1,882.2 447.7 

 Sept........ 7,932.7 4,067.8 3,864.9 125.0 203.6 181.0 122.6 159.0 245.0 446.5 1,933.2 448.4 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 181.6 126.4 160.4 252.2 454.6 2,039.0 434.1 

2006 - Mar......... 8,371.2 4,257.2 4,113.9 115.4 206.0 184.4 130.2 162.9 249.3 457.9 2,082.6 525.2 

 June ....... 8,420.0 4,389.2 4,030.8 116.8 205.2 191.4 127.4 164.5 242.9 467.2 2,091.7 423.7 

 Sept........ 8,507.0 4,432.8 4,074.2 n.a. 203.7 n.a. n.a. n.a. n.a. n.a. 2,140.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 

2004 benchmark to March 2005, and the June 2005 benchmark to February 2006. For 

additional information see: http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
MARKET YIELDS 

December 2006 

57

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

30 years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. These Constant 

Maturity Treasury rates (CMTs) are interpolated from the 

Treasury yield curve and published daily at Treasury’s 

Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The 

yield curve is fitted daily using a hermite cubic spline. For 

inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

quoted in the secondary bond market as of approximately 

3:30 p.m. each trading day. CMT yields are based on 

semiannual interest payments and are read at constant 

maturity points to develop a consistent data series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

Treasury discontinued the 30-year constant maturity 

yield during the time period February 18, 2002, through 

February 8, 2006. Thus, 30-year yields for that time frame 

are not available. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 30-yr. 

 (11) 

 

Monthly average: 

2005 - Oct....................................... 3.51 3.79 4.13 4.18 4.27 4.29 4.33 4.38 4.46 4.74 n.a. 

Nov ..................................... 3.91 3.97 4.30 4.33 4.42 4.43 4.45 4.48 4.54 4.83 n.a. 

Dec ..................................... 3.69 3.97 4.33 4.35 4.40 4.39 4.39 4.41 4.47 4.73 n.a. 

2006 - Jan....................................... 4.12 4.34 4.47 4.45 4.40 4.35 4.35 4.37 4.42 4.65 n.a. 

Feb...................................... 4.38 4.54 4.69 4.68 4.67 4.64 4.57 4.56 4.57 4.73 n.a. 

Mar...................................... 4.55 4.63 4.79 4.77 4.73 4.74 4.72 4.71 4.72 4.91 4.73

Apr ...................................... 4.61 4.72 4.90 4.90 4.89 4.89 4.90 4.94 4.99 5.22 5.06

May ..................................... 4.70 4.84 5.01 5.00 4.97 4.97 5.00 5.03 5.11 5.35 5.20

June.................................... 4.71 4.92 5.17 5.16 5.12 5.09 5.07 5.08 5.11 5.29 5.15

July ..................................... 4.90 5.08 5.27 5.22 5.12 5.07 5.04 5.05 5.09 5.25 5.13 

Aug ..................................... 5.16 5.09 5.17 5.08 4.90 4.85 4.82 4.83 4.88 5.08 5.00

Sept .................................... 4.77 4.93 5.08 4.97 4.77 4.69 4.67 4.68 4.72 4.93 4.85

 

 

End of month: 

2005 - Oct....................................... 3.77 3.98 4.26 4.31 4.40 4.41 4.45 4.49 4.57 4.84 n.a. 

Nov ..................................... 4.00 3.95 4.31 4.34 4.42 4.41 4.42 4.45 4.49 4.81 n.a. 

Dec ..................................... 4.01 4.08 4.37 4.38 4.41 4.37 4.35 4.36 4.39 4.61 n.a. 

2006 - Jan....................................... 4.37 4.47 4.59 4.58 4.54 4.49 4.47 4.49 4.53 4.74 n.a. 

Feb...................................... 4.47 4.62 4.74 4.73 4.69 4.67 4.61 4.57 4.55 4.70 4.51

Mar...................................... 4.65 4.63 4.81 4.82 4.82 4.83 4.82 4.83 4.86 5.07 4.90

Apr ...................................... 4.60 4.77 4.91 4.90 4.87 4.87 4.92 4.98 5.07 5.31 5.17

May ..................................... 4.75 4.86 5.08 5.07 5.04 5.03 5.04 5.06 5.12 5.35 5.21

June.................................... 4.54 5.01 5.24 5.21 5.16 5.13 5.10 5.11 5.15 5.31 5.19

July ..................................... 5.02 5.10 5.18 5.11 4.97 4.93 4.91 4.93 4.99 5.17 5.07

Aug ..................................... 5.12 5.05 5.11 5.01 4.79 4.71 4.70 4.70 4.74 4.95 4.88 

Sept .................................... 4.60 4.89 5.02 4.91 4.71 4.62 4.59 4.60 4.64 4.84 4.77

 

* Rates are from the Treasury yields curve. 
December 2006 

58 

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, September 30, 2006 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $971,922,146,480 $934,337,922,577 $933,837,988,310 $252,690,466 $247,243,801

Less amounts held by: 

The Treasury....................................... 172,189,250 25,920,706 25,716,519 7,505 196,682

FRBs ................................................... 181,193,945,424 180,320,969,603 180,320,958,446 - 11,157

Amounts in circulation............................. $790,556,011,806 $753,991,032,268 $753,491,313,345 $252,682,961 $247,035,962

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $37,584,223,903 $3,505,529,008 $34,078,694,895 

Less amounts held by: 

The Treasury....................................... 146,268,544 115,242,544 31,026,000 

FRBs ................................................... 872,975,821 83,530,368 789,445,453 

Amounts in circulation............................. $36,564,979,538 $3,306,756,096 $33,258,223,442 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2006 

59

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2006 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,650,785,898 $8,506,856,809 $143,503 $143,785,586 

$2 ...................................................................... 1,499,221,110 1,367,006,016 132,202,518 12,576 

$5 ...................................................................... 9,878,821,350 9,741,881,910 109,086,910 27,852,530 

$10 .................................................................... 14,954,388,630 14,933,116,860 6,300 21,265,470 

$20 .................................................................... 110,214,758,980 110,194,652,500 3,840 20,102,640 

$50 .................................................................... 59,608,039,800 59,596,542,850 500 11,496,450 

$100 .................................................................. 548,871,717,400 548,838,503,400 11,228,800 21,985,200 

$500 .................................................................. 142,401,500 142,209,000 5,500 187,000 

$1,000 ............................................................... 165,672,000 165,474,000 5,000 193,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $753,991,032,268 $753,491,313,345 $252,682,961 $247,035,962 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Sept. 30, 2006...................................................................................... 790,556 $2,637

Aug. 30, 2006....................................................................................... 797,518 2,662

July 31, 2006........................................................................................ 792,595 2,648

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
December 2006 

63

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

 

2005 - Oct .......................................................................... 70,218 11,041 8,224 38,234 12,720 

Nov ......................................................................... 68,773 11,041 8,180 37,455 12,097 

Dec ......................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 - Jan .......................................................................... 65,594 11,044 8,302 38,609 7,639 

 Feb ........................................................................ 65,364 11,044 8,310 38,372 7,638 

 Mar ........................................................................ 65,354 11,043 8,344 38,592 7,376 

 Apr ......................................................................... 66,846 11,041 8,518 40,068 7,219 

 May........................................................................ 67,706 11,041 8,704 40,742 7,219 

 June....................................................................... 67,935 11,041 8,618 40,370 7,906 

 July ........................................................................ 67,559 11,041 8,644 40,414 7,460 

 Aug ........................................................................ 66,606 11,041 8,726 40,124 6,715 

 Sept ....................................................................... 66,217 11,041 8,655 39,902 6,619 

 Oct ......................................................................... 65,588 11,041 8,676 40,294 5,577 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2006 

64 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 

Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 

2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 r....... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break r ........ 5,072,556 1,938,132 493,704 1,057,481 911 386,036 1,791,611 1,297,908 776,836 521,072 44,905 

 

2005 - Sept. r ......... 5,249,931 1,949,250 486,155 1,065,091 929 397,074 1,854,485 1,399,065 809,160 589,905 47,131 

Oct. r........... 5,264,753 1,964,342 490,461 1,071,064 936 401,881 1,830,448 1,421,764 808,656 613,108 48,199 

Nov. r.......... 5,406,117 1,987,542 503,901 1,075,874 942 406,825 1,915,584 1,455,706 794,704 661,002 47,285 

Dec. r.......... 5,371,863 1,993,214 498,510 1,081,647 948 412,109 1,888,320 1,442,898 770,901 671,997 47,431 

2006 - Jan. r........... 5,451,292 2,023,976 511,715 1,087,949 954 423,357 1,920,764 1,459,193 791,456 667,737 47,359 

Feb. r .......... 5,562,522 2,033,508 503,209 1,100,686 960 428,653 1,970,757 1,508,340 832,009 676,331 49,917 

Mar. r .......... 5,583,403 2,040,859 511,316 1,093,431 967 435,145 2,000,491 1,495,120 809,215 685,905 46,933 

Apr .............. 5,751,837 2,046,486 498,792 1,104,392 973 442,329 2,135,426 1,523,837 845,943 677,894 46,088 

May............. 5,870,312 2,060,395 515,449 1,090,757 980 453,209 2,194,839 1,568,359 869,405 698,954 46,719 

June............ 5,746,873 2,036,675 489,641 1,086,055 986 459,993 2,093,032 1,557,152 825,995 731,157 60,014 

July ............. 5,827,185 2,063,843 495,714 1,094,295 993 472,841 2,130,625 1,575,139 845,976 729,163 57,578 

Aug. p ......... 5,866,404 2,079,840 482,306 1,111,181 999 485,353 2,129,018 1,603,703 847,154 756,549 53,843 

Sept. p ........ 5,907,745 2,093,975 479,022 1,118,887 1,006 495,060 2,163,618 1,593,330 844,850 748,480 56,822 

 

1

 Includes Bank for International Settlements for data before June 2006. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. For data as of June 

2006, also includes Bank for International Settlements. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, and end-June 

2005, respectively, and are comparable to those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2006 

65

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

 

2005 - Sept.................................................................... 929 929 75 - 854 

Oct..................................................................... 936 936 76 - 860 

Nov .................................................................... 942 942 76 - 866 

Dec .................................................................... 948 948 77 - 871 

2006 - Jan ..................................................................... 954 954 77 - 877 

Feb .................................................................... 960 960 77 - 883 

Mar .................................................................... 967 967 78 - 889 

Apr..................................................................... 973 973 78 - 895 

May.................................................................... 980 980 79 - 901 

June................................................................... 986 986 79 - 907 

July .................................................................... 993 993 80 - 913 

Aug .................................................................... 999 999 80 - 919 

Sept ................................................................... 1,006 1,006 81 - 925 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

December 2006 

66 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. Requests for 

public comments on proposed changes are published in the 

Federal Register, and any further modifications are based on 

the comments received. The most recent revisions to selected 

reporting forms and instructions were effective June 30, 2006. 

Copies of the reporting forms and instructions may be 

obtained from the Office of Program Services, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Reporting forms and instructions also may be downloaded 

from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

the data. Notices of these changes and requests for public 
CAPITAL MOVEMENTS 

December 2006 

67

improve the quality of the series by closing known gaps in 

the data. 

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 
CAPITAL MOVEMENTS 

December 2006 

68 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

December 2006 

69

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2006 

Type of Liability 

 Calendar 

 Year 

 2005 r Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners ................................... 3,180,482 3,343,438 3,501,326 3,600,729 3,443,487 3,504,327 3,486,876 3,518,878 

Payable in dollars .................................................. 3,080,496 3,234,225 3,392,113 3,491,516 3,331,109 3,391,949 3,374,498 3,406,500 

Foreign official institutions ................................. 498,510 511,316 498,792 515,449 489,641 495,714 482,306 479,022 

Deposits, excluding negotiable CDs .............. 45,426 45,012 45,652 49,598 42,223 44,688 49,020 50,291 

U.S. Treasury bills and certificates ................ 201,863 215,489 197,456 195,085 185,138 186,321 190,699 181,570 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 125,663 101,287 105,499 117,647 123,249 121,242 115,834 112,410 

Other liabilities............................................... 125,558 149,528 150,185 153,119 139,031 143,463 126,753 134,751 

Foreign banks (including own foreign 

 offices) and other foreigners ............................ 2,561,193 2,702,107 2,873,770 2,956,645 2,808,311 2,865,885 2,865,456 2,897,752 

Deposits, excluding negotiable CDs .............. 990,014 1,047,506 1,141,243 1,192,406 1,095,118 1,111,605 1,066,158 1,084,003 

U.S. Treasury bills and certificates ................ 56,895 60,948 60,325 59,335 59,109 66,139 66,103 63,413 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 391,722 400,206 413,552 431,860 484,559 509,776 520,336 527,092 

Other liabilities............................................... 1,122,562 1,193,447 1,258,650 1,273,044 1,169,525 1,178,365 1,212,859 1,223,244 

International and regional organizations 1 .......... 20,793 20,802 19,551 19,422 33,157 30,350 26,736 29,726 

Deposits, excluding negotiable CDs .............. 8,361 9,209 9,470 8,846 17,846 16,192 14,792 18,901 

U.S. Treasury bills and certificates ................ 1,085 1,399 1,081 1,057 4,158 2,222 2,522 1,322 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 4,096 3,330 4,293 4,059 3,903 4,107 3,889 2,774 

Other liabilities............................................... 7,251 6,864 4,707 5,460 7,250 7,829 5,533 6,729 

Payable in foreign currencies 2 .............................. 99,986 109,213 109,213 109,213 112,378 112,378 112,378 112,378 

Sector: 

Banks and other foreigners............................ 98,028 107,599 107,599 107,599 110,716 110,716 110,716 110,716 

International and regional organizations 1 .......... 1,958 1,614 1,614 1,614 1,662 1,662 1,662 1,662 

Major currencies: 

Canadian dollars............................................ 9,235 8,602 8,602 8,602 9,423 9,423 9,423 9,423 

Euro............................................................... 50,778 50,910 50,910 50,910 54,532 54,532 54,532 54,532 

United Kingdom pounds sterling.................... 8,399 9,722 9,722 9,722 11,462 11,462 11,462 11,462 

Japanese yen ................................................ 9,595 15,784 15,784 15,784 15,231 15,231 15,231 15,231 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars.............................................................. 2,299,172 2,451,566 2,609,907 2,682,473 2,470,993 2,502,142 2,475,115 2,517,919 

Liabilities to own foreign offices ........................ 1,552,017 1,663,851 1,789,164 1,842,412 1,660,779 1,656,367 1,642,760 1,678,012 

Liabilities collaterized by repurchase 

 agreements................................................. 712,549 768,352 810,396 853,179 768,738 782,105 784,160 804,635 

Foreign official institutions ........................ 113,425 136,912 136,275 141,100 131,713 129,603 116,516 121,552 

Foreign banks and other foreigners........... 595,467 628,773 671,874 709,098 634,033 649,049 663,659 678,838 

International and regional organizations 1.......... 3,657 2,667 2,247 2,981 2,992 3,453 3,985 4,245 

Reported by IBFs........................................... 447,584 453,240 513,248 552,327 434,042 413,828 385,221 379,436 

Respondents’ own liabilities payable in 

 foreign currencies 2.......................................... 85,841 94,756 94,756 94,756 100,448 100,448 100,448 100,448 

Reported by IBFs........................................... 33,223 40,051 40,051 40,051 49,015 49,015 49,015 49,015 

Liabilities held in custody for domestic 

 customers and selected other liabilities 3 ......... 795,469 797,116 796,663 823,500 872,046 901,737 911,313 900,511 

Payable in dollars .......................................... 781,324 782,659 782,206 809,043 860,116 889,807 899,383 888,581 

of which: short-term negotiable 

securities and negotiable CDs................ 319,826 304,169 326,126 349,693 359,109 366,723 365,416 359,313 

 of which: short-term U.S. Government 

 agency securities................................ 136,783 116,621 118,948 131,981 143,632 136,007 124,441 117,918 

 of which: negotiable CDs........................ 53,594 52,170 55,515 58,867 56,697 58,913 63,069 62,597 

Payable in foreign currencies 2 ...................... 14,145 14,457 14,457 14,457 11,930 11,930 11,930 11,930 

 

1

 Principally the International Bank for Reconstruction and Development (World Bank) and 

the Inter-American Development Bank. Beginning with data for June 2006, also includes 

the Bank for International Settlements. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

December 2006 

70 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2006 

Country 2003 2004 2005 May r June July Aug. Sept. p 

Europe: 

Austria ................................................. 4,841 4,355 3,607 5,442 6,227 5,827 4,326 3,866

Belgium ............................................... 9,642 13,649 17,105 15,048 15,170 17,650 16,831 17,156

Bulgaria ............................................... 224 221 139 167 167 174 176 152

Cyprus 1 .............................................. n.a. n.a. n.a. n.a. 406 451 454 436

Czech Republic.................................... 2,359 1,661 1,446 1,164 1,375 1,326 1,233 1,353

Denmark.............................................. 3,744 3,151 1,544 1,693 1,684 1,868 2,278 2,338

Finland................................................. 1,821 1,116 3,767 2,270 3,268 1,207 1,401 1,112

France ................................................. 41,727 83,951 76,019 110,409 77,394 81,865 76,901 72,218

Germany.............................................. 53,617 76,040 70,779 68,863 73,667 73,766 69,099 70,862

Greece................................................. 1,266 1,179 1,212 1,606 1,355 1,419 1,195 1,625

Hungary............................................... 345 770 527 517 1,307 897 642 339

Iceland 1 .............................................. n.a. n.a. n.a. n.a. 262 263 324 320

Ireland.................................................. 30,888 64,199 68,669 70,863 74,682 74,899 75,848 75,151

Italy...................................................... 6,643 7,683 8,149 7,942 7,347 7,897 8,248 6,878

Kazakhstan 1 ....................................... n.a. n.a. n.a. n.a. 5,390 6,529 6,031 4,954

Luxembourg ........................................ 37,005 52,548 62,205 66,672 66,997 68,914 69,543 74,225

Monaco 1 ............................................ n.a. n.a. n.a. n.a. 277 241 259 217

Netherlands ......................................... 17,150 20,272 16,423 28,667 23,759 27,075 24,864 24,983

Norway ................................................ 22,471 32,907 27,927 49,382 61,714 55,735 53,732 58,011

Poland ................................................. 3,724 5,680 6,340 7,932 6,215 7,044 7,480 7,267

Portugal ............................................... 1,011 1,676 2,883 2,448 3,129 3,364 2,546 2,534

Romania .............................................. 575 1,636 565 1,579 1,730 2,740 1,170 577

Russia ................................................. 41,694 70,203 101,355 93,511 76,313 69,554 53,421 49,184

Serbia and Montenegro 2 .................... 162 110 119 113 196 202 236 249

Spain ................................................... 10,329 9,078 10,060 8,614 10,035 10,230 9,591 8,630

Sweden................................................ 7,377 6,144 4,796 5,275 3,860 3,349 3,922 4,007

Switzerland .......................................... 111,678 100,660 141,215 208,663 89,272 59,303 43,455 47,376

Turkey.................................................. 13,749 5,189 9,923 10,956 7,879 8,629 10,177 9,870

Ukraine 1 ............................................. n.a. n.a. n.a. n.a. 1,402 1,120 1,398 1,117

United Kingdom................................... 345,235 501,721 588,300 732,732 707,068 707,038 723,669 723,431

Channel Islands .................................. 20,814 21,327 29,737 28,478 27,676 27,210 27,168 27,574

All other Europe 1................................. 17,478 26,369 23,540 27,050 3,338 4,429 3,575 3,666

Total Europe.................................... 807,569 1,113,495 1,278,351 1,558,056 1,360,559 1,332,216 1,301,195 1,301,677

Memo: Euro Area 3 215,940 335,746 340,878 388,844 363,028 374,114 360,395 359,239

Memo: European Union 4 ................... n.a. n.a. n.a. n.a. 1,085,801 1,097,363 1,100,781 1,099,193

Canada .................................................... 37,780 36,499 37,001 43,036 42,936 44,292 46,804 48,297

Latin America: 

Argentina ............................................. 9,880 10,932 9,775 10,323 10,171 10,149 10,344 10,408

Belize 5 ................................................ n.a. n.a. n.a. n.a. 897 336 249 282

Bolivia 5 ............................................... n.a. n.a. n.a. n.a. 2,829 2,628 2,391 1,668

Brazil.................................................... 17,839 16,912 12,899 19,963 17,047 18,680 15,128 14,653

Chile .................................................... 4,504 7,368 9,045 12,030 12,717 14,161 14,358 16,054

Colombia ............................................. 4,277 6,353 6,521 11,178 11,279 11,935 11,982 12,124

Costa Rica 5 ........................................ n.a. n.a. n.a. n.a. 1,920 2,144 2,009 1,956

Ecuador ............................................... 2,611 2,707 3,426 2,794 2,715 2,733 2,621 2,882

El Salvador 5 ....................................... n.a. n.a. n.a. n.a. 2,087 2,310 2,181 2,072

Guatemala ........................................... 1,557 1,544 1,660 1,593 1,443 1,635 1,557 1,516

Guyana 5 ............................................. n.a. n.a. n.a. n.a. 87 97 97 102

Honduras 5 .......................................... n.a. n.a. n.a. n.a. 2,379 2,400 2,343 2,261

Mexico ................................................. 36,952 51,954 44,738 44,103 54,263 51,862 54,392 54,175

Nicaragua 5 ......................................... n.a. n.a. n.a. n.a. 224 244 223 256

Panama ............................................... 4,125 4,641 5,349 5,837 5,438 5,872 5,963 5,900

Paraguay 5 .......................................... n.a. n.a. n.a. n.a. 673 668 646 685

Peru..................................................... 1,406 1,975 3,062 3,204 3,324 4,131 3,252 3,521

Suriname 5 .......................................... n.a. n.a. n.a. n.a. 169 173 107 100

Uruguay ............................................... 3,688 4,189 4,976 5,223 5,573 5,817 5,547 5,670

Venezuela............................................ 21,546 24,861 27,536 21,805 22,731 22,946 22,447 22,593

All other Latin America 5 ...................... 6,014 6,422 8,595 10,622 10 5 7 10

Total Latin America.......................... 114,399 139,858 137,582 148,675 157,976 160,926 157,844 158,888

Caribbean: 

Anguilla 6 ............................................ n.a. n.a. n.a. n.a. 1,368 1,719 2,533 1,486

Antigua and Barbuda 6 ........................ n.a. n.a. n.a. n.a. 174 169 189 163

Aruba 6 ................................................ n.a. n.a. n.a. n.a. 481 485 594 664

Bahamas ............................................. 157,689 188,604 213,833 237,872 227,641 229,248 238,190 239,569

Barbados 6 .......................................... n.a. n.a. n.a. n.a. 12,598 12,448 12,388 13,370

Bermuda .............................................. 39,229 93,040 52,379 48,307 46,034 45,175 46,724 52,042

British Virgin Islands 6 ......................... n.a. n.a. n.a. n.a. 15,629 14,742 14,817 15,421

Cayman Islands .................................. 745,754 894,069 922,285 1,044,309 1,080,721 1,147,598 1,139,564 1,162,689

Cuba.................................................... 96 110 120 124 125 127 127 127

Dominican Republic 6 .......................... n.a. n.a. n.a. n.a. 3,480 3,558 3,486 3,521

French West Indies 6 ........................... n.a. n.a. n.a. n.a. 38 50 38 18

Haiti 6 .................................................. n.a. n.a. n.a. n.a. 414 360 377 415

Jamaica ............................................... 720 922 970 878 791 863 972 1,082

Netherlands Antilles............................. 8,739 5,867 6,399 10,202 9,872 6,427 7,920 7,287

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2006 

71

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2006 

Country 2003 2004 2005 May r June July Aug Sept. p 

 

Caribbean con. 

St. Kitts and Nevis 6 .......................... n.a. n.a. n.a. n.a. 66 78 80 83

Trinidad and Tobago......................... 1,259 1,630 2,836 3,039 2,965 2,888 2,730 2,795

Turks and Caicos Islands 6 ............... n.a. n.a. n.a. n.a. 216 215 228 227

All other Caribbean 6 ........................ 27,662 40,297 32,621 35,382 135 150 155 150

Total Caribbean ............................ 981,148 1,224,539 1,231,443 1,380,113 1,402,748 1,466,300 1,471,112 1,501,109

Asia: 

Bangladesh 7 .................................... n.a. n.a. n.a. n.a. 756 807 918 670

China, Mainland ............................... 13,236 52,768 46,489 30,242 35,088 39,010 50,477 55,145

Hong Kong........................................ 49,974 43,913 35,253 31,846 29,481 32,950 36,650 36,125

India.................................................. 14,535 11,178 13,894 15,345 15,904 16,674 16,437 14,833

Indonesia.......................................... 14,374 5,905 4,213 5,422 4,033 4,568 4,685 5,359

Israel................................................. 12,231 11,238 9,828 8,094 6,746 6,778 6,308 9,555

Japan................................................ 170,315 173,872 160,664 141,609 138,703 146,732 144,659 137,919

Jordan 7 ............................................ n.a. n.a. n.a. n.a. 1,282 1,261 1,245 1,248

Korea................................................ 12,659 12,457 27,201 22,593 21,517 21,993 22,009 23,225

Laos 7 .............................................. n.a. n.a. n.a. n.a. 99 85 106 134

Lebanon............................................ 676 777 797 958 818 1,197 848 883

Malaysia ........................................... 1,640 2,837 2,288 3,411 3,576 3,439 3,118 3,594

Pakistan............................................ 2,963 1,196 1,794 1,008 1,077 1,236 1,075 1,163

Philippines ........................................ 1,690 2,956 3,781 3,753 3,942 3,570 3,658 3,932

Singapore ......................................... 23,766 28,912 20,291 20,238 20,642 19,043 20,112 17,267

Syria ................................................. 22 21 28 29 31 31 30 28

Taiwan.............................................. 26,835 26,524 23,288 20,133 17,747 21,384 20,055 23,231

Thailand............................................ 7,232 11,356 9,970 12,759 11,581 11,044 10,260 9,983

Yemen 7 ........................................... n.a. n.a. n.a. n.a. 194 219 186 138

Oil exporting countries 8 .................... 24,787 41,263 50,663 59,072 64,786 67,823 68,253 69,333

All other Asia 7 ................................. 7,656 6,841 7,266 7,313 4,965 5,074 5,300 5,026

Total Asia ..................................... 384,591 434,014 417,708 383,825 382,968 404,918 416,389 418,791

Africa: 

Botswana 9 ....................................... n.a. n.a. n.a. n.a. 351 375 399 298

Egypt ................................................ 2,336 2,711 4,954 3,425 4,228 3,409 2,769 2,145

Ghana............................................... 596 468 572 421 534 501 459 431

Kenya 9 ............................................ n.a. n.a. n.a. n.a. 182 233 182 215

Liberia............................................... 181 266 217 375 566 573 559 519

Mauritius 9 ........................................ n.a. n.a. n.a. n.a. 560 1,577 241 390

Morocco............................................ 376 156 138 122 154 208 198 174

Mozambique 9 .................................. n.a. n.a. n.a. n.a. 95 93 127 80

South Africa ...................................... 3,734 3,477 3,054 1,633 1,608 1,616 1,920 1,448

Tanzania 9 ........................................ n.a. n.a. n.a. n.a. 249 460 340 260

Uganda 9 .......................................... n.a. n.a. n.a. n.a. 675 824 833 873

Zambia 9 .......................................... n.a. n.a. n.a. n.a. 72 70 73 98

Zimbabwe 9 ...................................... n.a. n.a. n.a. n.a. 80 58 91 79

Oil exporting countries 10 .................. 3,608 4,347 6,880 7,701 6,934 6,935 7,846 8,293

All other Africa 9 ............................... 3,131 3,373 4,313 4,473 2,184 2,897 3,699 2,884

Total Africa ................................... 13,962 14,798 20,128 18,150 18,472 19,829 19,736 18,187

Other countries: 

Australia............................................ 14,087 23,579 17,878 27,569 25,910 26,686 27,738 22,759

New Zealand .................................... 2,592 3,725 3,028 5,070 4,504 4,370 4,881 4,977

French Polynesia 11 ......................... n.a. n.a. n.a. n.a. 57 59 60 78

All other 11 ........................................ 4,174 8,513 14,612 15,199 12,538 12,719 12,719 12,727

Total other ................................... 20,853 35,817 35,518 47,838 43,009 43,834 45,398 40,541

All countries .......................................... 2,360,302 2,999,020 3,157,731 3,579,693 3,408,668 3,472,315 3,458,478 3,487,490

International and regional orgs: 

International organizations............... 18,437 14,550 17,598 16,494 29,980 26,963 23,595 27,371

Regional organizations 12 ................ 3,731 4,303 5,153 4,542 4,839 5,049 4,803 4,017

Total international and 

 regional organizations................ 22,168 18,853 22,751 21,036 34,819 32,012 28,398 31,388

Grand total................................ 2,382,470 3,017,873 3,180,482 3,600,729 3,443,487 3,504,327 3,486,876 3,518,878

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are 

included in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the 

United States are reported under “All other Europe” as follows: Beginning in December 

1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 

for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. 

4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, 

Honduras, Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the 

British Virgin Islands, the Dominican Republic, the French West Indies (primarily 

Guadeloupe and Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos 

Islands are included in “All other Caribbean.” 

7

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All 

other Asia.” 

8

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

9

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, 

Uganda, Zambia, and Zimbabwe are included in “All other Africa.” 

10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations.
CAPITAL MOVEMENTS 

December 2006 

72 

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2006, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

negotiable securities Other liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners 

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .................................... 3,866 3,857 1,334 2,523 548 238 175 384 1,943 492 77 9

Belgium .................................. 17,156 16,267 11,253 5,014 2,162 253 2,929 101 1,984 5,308 3,529 890

Cyprus 4.................................. 436 436 425 11 214 197 5 5 1 4 10 -

Czech Republic ...................... 1,353 1,337 264 1,073 147 37 1,000 3 70 80 - 16

Denmark................................. 2,338 2,303 2,162 141 309 185 73 64 3 1,668 1 35

Finland.................................... 1,112 945 350 594 190 66 101 255 192 141 - 167

France .................................... 72,218 68,488 57,276 11,213 15,622 1,603 6,836 3,672 679 30,997 9,079 3,729

Germany................................. 70,862 57,475 48,284 9,191 17,168 1,757 4,239 668 2,444 30,031 1,168 13,387

Greece.................................... 1,625 1,564 1,514 50 602 729 29 12 6 184 1 61

Hungary.................................. 339 331 163 168 27 55 80 87 1 81 - 8

Ireland .................................... 75,151 74,916 8,451 66,465 2,554 1,924 1,900 46,972 15,251 1,809 4,506 235

Italy......................................... 6,878 5,827 4,840 987 2,221 753 557 52 20 2,094 131 1,051

Kazakhstan 4 .......................... 4,954 4,946 1,451 3,495 746 9 660 2,835 - 696 - 8

Luxembourg ........................... 74,225 73,254 41,783 31,470 7,395 728 6,634 18,526 5,609 454 33,907 971

Monaco 4 ................................ 217 200 87 113 32 28 109 3 - 1 27 17

Netherlands ............................ 24,983 24,205 12,887 11,318 2,222 1,410 2,408 6,145 2,392 621 9,006 778

Norway ................................... 58,011 57,749 51,146 6,603 189 166 382 5,853 340 50,661 158 262

Poland .................................... 7,267 7,251 1,986 5,265 124 209 4,251 1,013 1 1,653 - 16

Portugal.................................. 2,534 2,417 2,003 414 1,754 186 33 353 28 26 37 117

Romania................................. 577 564 333 231 35 74 5 225 1 224 - 13

Russia .................................... 49,184 49,160 8,175 40,985 3,722 735 366 40,564 7 3,763 3 24

Spain ...................................... 8,630 7,503 5,078 2,425 2,622 1,371 542 110 1,759 736 362 1,127

Sweden................................... 4,007 3,828 1,011 2,817 120 199 82 487 2,208 732 - 179

Switzerland ............................. 47,376 39,779 30,545 9,234 22,407 4,600 4,611 3,396 1,202 3,354 209 7,597

Turkey..................................... 9,870 9,849 1,922 7,927 1,208 96 7,827 86 13 618 1 21

Ukraine 4................................. 1,117 1,113 1,113 - 881 30 - - - 202 - 4

United Kingdom...................... 723,431 691,865 671,381 20,484 128,667 16,395 5,175 9,767 3,322 334,323 194,216 31,566

Channel Islands...................... 27,574 27,457 25,558 1,899 23,122 331 668 576 556 577 1,627 117

All other Europe 4...................... 4,387 4,386 3,670 716 951 405 545 32 18 1,765 670 1

Total Europe......................... 1,301,677 1,239,270 996,444 242,826 237,961 34,769 52,222 142,247 40,050 473,296 258,725 62,407

Memo: Euro Area 5............... 359,239 336,716 195,052 141,664 55,060 11,018 26,383 77,251 32,307 72,894 61,803 22,523

Canada.......................................... 48,297 45,110 32,174 12,936 5,327 4,995 4,742 4,521 2,276 15,930 7,319 3,187

Latin America: 

Argentina................................... 10,408 10,291 8,833 1,458 354 7,990 715 301 348 408 175 117

Belize 6 ...................................... 282 282 258 24 90 121 4 13 7 47 - -

Bolivia 6 ..................................... 1,668 1,663 1,281 382 394 812 56 111 213 72 5 5

Brazil ......................................... 14,653 14,433 13,612 821 6,115 4,277 264 473 80 2,592 632 220

Chile.......................................... 16,054 15,880 8,391 7,489 4,166 3,325 708 6,707 74 804 96 174

Colombia................................... 12,124 12,094 4,772 7,322 749 3,247 3,660 3,459 203 756 20 30

Costa Rica 6 .............................. 1,956 1,942 1,381 561 553 561 110 60 390 259 9 14

Ecuador..................................... 2,882 2,857 2,550 307 372 1,810 23 229 55 95 273 25

El Salvador 6 ............................. 2,072 2,072 1,358 714 911 334 53 406 205 156 7 -

Guatemala ................................ 1,516 1,498 1,314 184 160 978 48 52 83 150 27 18

Honduras 6 ................................ 2,261 2,230 2,176 54 1,431 684 4 15 35 51 10 31

Mexico....................................... 54,175 53,045 35,543 17,502 16,571 17,305 10,160 6,779 547 682 1,001 1,130

Panama..................................... 5,900 5,844 3,899 1,945 1,271 2,134 428 895 315 360 441 56

Paraguay 6 ................................ 685 670 629 41 118 489 11 21 9 8 14 15

Peru........................................... 3,521 3,510 3,383 127 1,863 1,147 42 59 25 366 8 11

Uruguay .................................... 5,670 5,620 4,676 944 906 1,767 573 145 226 1,819 184 50

Venezuela................................. 22,593 22,405 20,595 1,810 7,380 12,223 376 1,156 278 610 382 188

All other Latin America 6 ........... 468 468 438 30 153 225 4 9 17 56 4 -

Total Latin America .............. 158,888 156,804 115,089 41,715 43,557 59,429 17,239 20,890 3,110 9,291 3,288 2,084

Caribbean: 

Aruba 7 ...................................... 664 664 402 262 191 133 198 13 51 63 15 -

Bahamas................................... 239,569 238,619 235,499 3,120 153,503 3,283 654 786 160 74,436 5,797 950

Barbados 7 ................................ 13,370 13,227 4,498 8,729 3,851 358 422 5,018 3,188 17 373 143

Bermuda ................................... 52,042 51,596 33,881 17,715 2,521 6,018 4,098 11,980 1,489 408 25,082 446

British Virgin Islands 7 ............... 15,421 15,257 9,019 6,238 132 8,150 3,862 987 1,129 5 992 164

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2006 

73

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2006, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable deposits 

and brokerage balances 1

Negotiable CDs and 

 short-term securities Other liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total own 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners 

(6) 

Of which: 

other shortterm U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean, con. 

Cayman Islands....................... 1,162,689 1,151,010 844,531 306,479 432,284 23,430 5,490 32,499 1,304 521,036 134,967 11,679

Dominican Republic 7............... 3,521 3,519 3,318 201 859 2,344 132 34 35 34 81 2

Haiti 7........................................ 415 415 367 48 77 204 7 37 4 80 6 -

Jamaica.................................... 1,082 1,047 1,010 37 472 335 28 5 4 191 12 35

Netherlands Antilles................. 7,287 7,280 3,957 3,323 2,365 441 2,974 327 22 242 909 7

Trinidad and Tobago................ 2,795 2,760 2,066 694 1,379 370 101 583 10 315 2 35

All other Caribbean 7................ 2,254 2,198 1,877 321 143 591 234 44 35 34 1,117 56

Total Caribbean.................. 1,501,109 1,487,592 1,140,425 347,167 597,777 45,657 18,200 52,313 7,431 596,861 169,353 13,517

Asia: 

China, Mainland....................... 55,145 55,111 18,594 36,517 4,945 1,023 16,925 18,795 778 12,132 513 34

Hong Kong............................... 36,125 34,816 20,749 14,067 10,744 4,391 662 12,588 766 3,805 1,860 1,309

India ......................................... 14,833 14,832 4,514 10,318 2,436 988 5,323 4,919 8 1,105 53 1

Indonesia ................................. 5,359 5,359 1,402 3,957 592 614 3,923 20 14 196 - -

Israel ........................................ 9,555 9,545 4,907 4,638 1,179 1,689 3,952 545 141 2,030 9 10

Japan ....................................... 137,919 126,852 41,361 85,491 13,671 4,704 74,706 7,371 280 22,886 3,234 11,067

Jordan 8 .................................... 1,248 1,248 1,142 106 879 58 104 - 2 205 - -

Korea........................................ 23,225 23,098 9,228 13,870 6,185 461 1,414 11,689 728 2,620 1 127

Malaysia................................... 3,594 3,592 2,204 1,388 783 114 1,017 274 43 1,356 5 2

Pakistan ................................... 1,163 1,153 1,038 115 436 117 18 81 8 488 5 10

Philippines................................ 3,932 3,928 2,465 1,463 1,604 497 792 624 47 304 60 4

Singapore................................. 17,267 16,196 12,520 3,676 7,127 1,191 1,549 1,742 367 4,107 113 1,071

Taiwan...................................... 23,231 23,197 20,833 2,364 3,936 4,093 1,385 455 514 12,798 16 34

Thailand ................................... 9,983 9,980 8,541 1,439 711 351 1,311 108 14 7,480 5 3

All other Asia 8.......................... 76,212 73,128 27,783 45,345 12,298 1,430 32,285 9,712 3,326 13,695 382 3,084

Total Asia............................. 418,791 402,035 177,281 224,754 67,526 21,721 145,366 68,923 7,036 85,207 6,256 16,756

Africa: 

Egypt........................................ 2,145 2,145 1,533 612 961 85 528 31 53 487 - -

Ghana ...................................... 431 431 232 199 112 25 199 - - 95 - -

Kenya 9..................................... 215 215 213 2 92 53 - - 2 68 - -

Liberia ...................................... 519 517 420 97 9 136 62 33 2 52 223 2

Morocco ................................... 174 174 149 25 95 27 1 20 - 28 3 -

South Africa ............................. 1,448 1,442 1,153 289 779 196 247 13 29 178 - 6

All other Africa 9 ....................... 13,255 13,233 7,344 5,889 4,799 693 5,297 162 400 1,865 17 22

Total Africa........................... 18,187 18,157 11,044 7,113 6,847 1,215 6,334 259 486 2,773 243 30

Other countries: 

Australia ................................... 22,759 21,992 14,852 7,140 5,380 856 370 6,131 542 5,838 2,875 767

New Zealand............................ 4,977 4,958 4,249 709 666 166 439 230 40 3,334 83 19

All other.................................... 12,805 856 731 125 121 324 71 50 4 124 162 11,949

Total other........................... 40,541 27,806 19,832 7,974 6,167 1,346 880 6,411 586 9,296 3,120 12,735

All countries.................................. 3,487,490 3,376,774 2,492,289 884,485 965,162 169,132 244,983 295,564 60,975 1,192,654 448,304 110,716

International and regional orgs: 

International organizations....... 27,371 25,721 23,597 2,124 - 17,445 1,034 141 949 - 6,152 1,650

Regional organizations 10 ........ 4,017 4,005 2,033 1,972 - 1,456 288 1,011 673 - 577 12

Total International and 

 regional organizations ...... 31,388 29,726 25,630 4,096 - 18,901 1,322 1,152 1,622 - 6,729 1,662

Grand total ...................... 3,518,878 3,406,500 2,517,919 888,581 965,162 188,033 246,305 296,716 62,597 1,192,654 455,033 112,378

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 non-negotiable short-term securities. 

3

 These data as of June 30, 2006. 

4

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in 

“All other Europe.” 

5 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. 

6

 Before June 2006, data for Belize, Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay 

are included in “all other Latin America.” 

7 Before June 2006, data for Aruba, Barbados, British Virgin Islands, Dominican Republic, and 

Haiti are included in “All other Caribbean.” 

8 Before June 2006, data for Jordan are included in “All other Asia.” 9 Before June 2006, data for Kenya are included in “All other Africa.” 

10 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2006 

74 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

2002 2003 2004 2005 Sept. 2006

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 2005 Sept. 2006 

 

United Kingdom............................. 203,237 345,235 501,721 588,300 723,431

All other Europe............................. 483,421 462,334 611,774 690,051 578,246

Caribbean banking centers 1,2 ....... 837,771 955,536 1,186,221 1,200,245 1,467,487

Japan............................................. 176,331 170,315 173,872 160,664 137,919

All other Asia ................................. 162,938 214,276 260,142 257,044 280,872

Subtotal ....................................... 1,863,698 2,147,696 2,733,730 2,896,304 3,187,955

All other countries.......................... 202,433 234,774 284,143 284,178 330,923

Grand total................................... 2,066,131 2,382,470 3,017,873 3,180,482 3,518,878

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $3.5 trillion in 

September 2006, an increase 

of $338 billion from yearend 

2005. U.S. banking liabilities 

include foreign holdings of 

U.S. short-term securities but 

exclude foreign holdings of 

U.S. long-term securities. 

U.S. banking liabilities 

increased about $163 billion 

in 2005, about $635 billion 

in 2004, and about $316 

billion in 2003. Much of the 

increase in liabilities to 

foreigners in 2003 reflects 

changes to the reporting 

scope of the TIC reporting 

system effective February 

2003. Between March and 

December of 2003, when 

data were reported on a 

consistent basis, banking 

liabilities increased about 

$136 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more 

than half of U.S. banking 

liabilities is currently 

recorded against the United 

Kingdom and banking 

centers in the Caribbean. 

These financial centers have 

recorded most of the growth 

in banking liabilities in 

recent years. Foreigners 

domiciled in the rest of 

Europe and in Asia account 

for about one-third of U.S. 

banking liabilities. 
 CAPITAL MOVEMENTS 

December 2006 

75

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Type of Claim 

 Calendar 

 Year 

 2004 June r Sept. r Dec. r Mar. June p 

Total claims.............................................................. 2,188,441 2,369,109 2,463,685 2,440,488 2,644,151 2,752,357 

Payable in dollars.................................................. 2,026,841 2,209,988 2,316,822 2,292,500 2,472,324 2,555,782 

Own claims on foreigners................................... 1,664,223 1,814,600 1,904,804 1,864,006 1,999,618 2,042,757 

Foreign official institutions............................... 71,892 81,840 79,523 72,871 73,577 82,941 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 1,187,954 1,301,376 1,392,273 1,391,180 1,499,158 1,539,635 

All other foreigners .......................................... 404,377 431,384 433,008 399,955 426,883 420,181 

Claims of domestic customers.............................. 362,618 395,388 412,018 428,494 472,706 513,025 

Payable in foreign currencies .................................. 161,600 159,121 146,863 147,988 171,827 196,575 

Own claims on foreigners ..................................... 129,544 112,451 101,745 93,290 106,489 107,859 

of which: 

Canadian dollars.............................................. 15,336 11,816 13,199 13,613 12,308 13,321 

Euros................................................................ 62,138 58,294 53,347 54,584 61,377 57,434 

United Kingdom pounds sterling...................... 10,388 10,572 11,592 10,841 13,047 15,048 

Japanese yen................................................... 34,207 22,230 15,324 6,773 9,622 10,270 

Claims of domestic customers.............................. 32,056 46,670 45,118 54,698 65,338 88,716 

of which: 

Canadian dollars.............................................. 3,225 2,689 2,875 3,782 4,871 4,566 

Euros................................................................ 17,865 30,602 32,446 37,606 40,727 65,812 

United Kingdom pounds sterling...................... 3,805 7,136 4,581 7,902 12,120 11,307 

Japanese yen................................................... 3,716 2,086 633 814 855 1,278 

Memoranda: 

Total own claims on foreigners ............................. 1,793,767 1,927,051 2,006,549 1,957,296 2,106,107 2,150,616 

Non-negotiable deposits .................................... 719,257 808,160 797,705 791,798 880,318 947,479 

Short-term negotiable instruments 

 (payable in dollars)........................................... 7,858 11,895 12,983 10,080 12,462 11,081 

Resale agreements ............................................ 479,422 531,886 535,782 481,470 516,346 504,427 

Other................................................................... 587,203 575,090 660,063 673,948 696,981 687,629 

Claims on own foreign offices............................... 1,097,873 1,223,449 1,317,432 1,303,731 1,433,195 1,479,119 

Claims reported by IBFs ....................................... 411,693 426,617 468,136 478,683 524,667 535,869 

Payable in dollars............................................... 365,267 395,645 440,893 448,031 488,254 498,015 

Payable in foreign currencies............................. 46,426 30,972 27,243 30,652 36,413 37,854 

Total claims held for domestic customers ............ 394,674 442,058 457,136 483,192 538,044 601,741 

Non-negotiable deposits .................................... 161,039 181,098 195,088 197,693 230,587 251,518 

Short-term negotiable instruments 

 (payable in dollars)........................................... 195,956 220,228 220,701 232,059 245,431 264,581 

Other ..................................................................... 37,679 40,732 41,347 53,440 62,026 85,642 

 

 
CAPITAL MOVEMENTS 

December 2006 

76 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 2006 

Country 

 Calendar 

 year 

 2003 Dec. Mar. r June r Sept. r Dec. r Mar. June p

 

Europe: 

Austria .................................................... 5,650 5,732 6,167 5,685 6,017 5,402 5,977 6,833

Belgium................................................... 11,353 11,676 15,245 17,581 17,867 14,079 22,041 27,052

Bulgaria .................................................. 59 106 45 22 50 23 40 45

Czech Republic ...................................... 232 746 1,124 1,134 2,247 3,413 3,457 3,875

Denmark................................................. 3,606 2,736 1,668 2,008 2,810 2,619 1,872 3,162

Finland.................................................... 8,489 12,365 14,362 11,181 9,610 9,610 10,153 12,909

France .................................................... 89,151 126,728 121,676 143,495 133,850 131,157 142,714 176,147

Germany................................................. 41,548 47,300 58,609 47,392 55,198 47,903 50,759 57,198

Greece.................................................... 244 140 132 169 148 106 242 689

Hungary.................................................. 78 192 47 125 112 121 168 50

Ireland..................................................... 12,728 23,245 26,932 25,109 29,875 41,916 33,370 35,675

Italy ......................................................... 10,553 21,748 22,723 23,712 22,870 23,177 21,381 25,187

Kazakhstan 1........................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 501

Luxembourg ........................................... 7,708 9,151 10,273 9,490 10,332 13,481 14,058 16,795

Netherlands ............................................ 29,533 35,244 26,362 28,819 32,835 30,322 29,832 33,805

Norway ................................................... 18,648 27,739 19,253 34,360 25,914 19,083 26,714 30,051

Poland .................................................... 53 222 1,373 768 1,683 1,837 1,169 1,552

Portugal .................................................. 2,765 2,039 2,007 2,166 2,056 1,138 958 1,934

Romania ................................................. 192 264 245 265 275 288 272 273

Russia..................................................... 1,259 1,104 1,175 1,023 1,044 1,320 2,154 1,458

Spain ...................................................... 5,199 11,365 17,575 15,627 12,557 10,809 14,104 11,561

Sweden................................................... 20,109 28,445 30,875 27,992 29,905 27,865 30,895 27,537

Switzerland............................................. 82,899 118,486 96,195 127,408 175,428 151,784 172,122 124,162

Turkey..................................................... 2,209 2,604 2,618 3,049 3,329 3,409 3,337 3,438

United Kingdom...................................... 385,701 567,001 553,537 610,121 635,797 625,416 701,885 721,810

Channel Islands...................................... 43,429 31,814 32,646 32,735 35,416 42,827 42,539 40,083

All other Europe 1.................................... 3,443 6,424 18,410 17,906 17,392 18,988 21,701 1,740

Total Europe ........................................ 786,838 1,094,616 1,081,274 1,189,342 1,264,617 1,228,093 1,353,914 1,365,520

Memo: Euro Area 2 .................................... 224,921 306,733 322,063 330,426 333,215 329,100 345,589 405,783

Memo: European Union 3 .......................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,164,093

Canada...................................................... 79,014 78,707 75,851 77,062 84,012 93,940 91,895 110,039

Latin America: 

Argentina ................................................ 4,426 2,442 2,317 2,280 2,625 2,507 2,457 2,544

Bolivia 4 ................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 155

Brazil....................................................... 16,571 14,659 17,735 15,839 14,470 15,621 16,460 16,039

Chile ....................................................... 6,167 6,279 6,673 6,788 6,487 6,990 6,862 7,226

Colombia ................................................ 2,123 2,708 2,657 2,630 2,712 2,506 2,961 2,678

Costa Rica 4 ............................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 734

Ecuador.................................................. 419 493 509 588 548 602 586 552

El Salvador 4 ........................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 811

Guatemala.............................................. 817 891 831 893 753 903 1,005 910

Honduras 4 .............................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 409

Mexico .................................................... 14,113 14,179 14,736 14,917 14,088 15,193 15,373 18,426

Nicaragua 4 ............................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 95

Panama .................................................. 1,946 2,020 2,160 2,375 2,113 2,359 2,537 2,713

Paraguay 4 .............................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 41

Peru ........................................................ 1,398 1,550 1,393 1,543 1,345 1,242 1,200 1,253

Uruguay.................................................. 478 422 359 454 491 486 467 425

Venezuela .............................................. 3,093 3,086 2,874 2,690 2,760 2,613 2,500 2,208

All other Latin America 4......................... 2,438 2,753 2,543 2,497 2,379 2,632 2,563 26

Total Latin America.............................. 53,989 51,482 54,787 53,494 50,771 53,654 54,971 57,245

Caribbean: 

Anguilla 5 ................................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,589

Bahamas ................................................ 98,317 126,048 132,868 161,984 167,401 169,191 192,933 239,869

Barbados 5 .............................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 391

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2006 

77

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 2006 

Country 

 Calendar 

 year 

 2003 Dec. Mar. r June r Sept. r Dec. r Mar. June p 

 

Caribbean, con. 

Bermuda....................................... 15,410 34,495 29,566 30,030 24,011 20,875 24,756 23,106

British Virgin Islands 5................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,258

Cayman Islands............................ 489,791 - 594,032 642,189 643,181 622,189 678,857 696,121

Dominican Republic 5 ................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 403

Haiti 5............................................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 49

Jamaica ........................................ 379 351 391 438 423 448 469 592

Netherlands Antilles ..................... 6,736 5,610 5,725 4,940 5,105 4,558 4,622 4,410

Trinidad and Tobago .................... 701 760 690 734 832 957 821 948

All other Caribbean 5 .................... 5,108 7,843 9,140 9,787 9,560 8,687 9,392 255

Total Caribbean......................... 616,442 762,888 772,412 850,102 850,513 826,905 911,850 971,991

Asia: 

China, Mainland. .......................... 4,320 9,425 13,355 10,744 17,493 14,930 16,975 19,671

Hong Kong ................................... 7,927 6,316 3,732 8,588 7,530 8,944 8,500 10,890

India.............................................. 1,781 2,298 2,532 2,467 2,866 2,669 2,334 2,098

Indonesia...................................... 877 617 556 601 638 512 456 578

Israel............................................. 7,186 3,119 5,865 3,429 4,860 5,827 4,775 5,378

Japan............................................ 74,174 102,859 89,543 94,252 92,589 112,026 111,897 113,383

Jordan 6......................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23

Korea............................................ 12,416 16,194 16,172 16,045 17,139 17,488 12,167 18,172

Lebanon........................................ 72 49 44 42 46 53 33 22

Malaysia ....................................... 1,028 1,539 1,605 1,730 1,417 834 987 980

Pakistan........................................ 74 37 57 37 42 33 29 29

Philippines .................................... 1,751 1,023 853 952 1,112 1,820 1,224 1,264

Singapore ..................................... 8,291 6,604 7,330 7,136 8,937 8,210 7,963 7,494

Taiwan.......................................... 9,952 10,935 12,578 10,753 8,234 8,909 6,680 4,411

Thailand........................................ 1,303 1,450 1,667 6,091 8,778 8,181 7,232 8,281

Oil exporting countries 7 ............... 8,748 10,755 8,579 8,853 13,152 13,670 10,988 13,726

All other Asia 6 .............................. 196 240 113 141 221 187 124 163

Total Asia................................... 140,096 173,460 164,581 171,861 185,054 204,293 192,364 206,563

Africa: 

Cameroon 8................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21

Egypt ............................................ 251 246 361 521 553 661 771 1,156

Ghana........................................... 17 22 16 18 11 19 37 32

Liberia........................................... 317 273 251 232 228 267 245 283

Morocco........................................ 66 95 112 95 108 94 84 105

South Africa.................................. 3,672 631 463 306 312 414 444 653

Oil exporting countries 9 ............... 158 249 342 312 361 336 304 309

All other Africa 8 ............................ 278 191 227 494 207 252 875 259

Total Africa ................................ 4,759 1,707 1,772 1,978 1,780 2,043 2,760 2,818

Other countries: 

Australia........................................ 10,600 15,211 13,143 14,948 13,260 17,829 20,879 22,176

New Zealand ................................ 2,954 2,243 2,896 2,111 2,732 3,600 3,973 3,188

All other ........................................ 46 82 221 109 93 178 333 402

Total other countries.................. 13,600 17,536 16,260 17,168 16,085 21,607 25,185 25,766

Total foreign countries ............ 1,694,738 2,180,396 2,166,937 2,361,007 2,452,832 2,430,535 2,632,939 2,739,942

International and regional orgs: 

International.................................. 3,971 6,856 6,095 6,794 10,492 8,086 9,058 10,960

Regional organizations 10 ............. 1,290 1,189 2,635 1,308 361 1,867 2,154 1,455

Total international 

 and regional organizations.......... 5,261 8,045 8,730 8,102 10,853 9,953 11,212 12,415

Grand total .............................. 1,699,999 2,188,441 2,175,667 2,369,109 2,463,685 2,440,488 2,644,151 2,752,357

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, Nicaragua and 

Paraguay are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

December 2006 

78 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2006 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total own

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions 

and foreign 

banks 

(4) 

Claims on 

all other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable in 

dollars 

(8) 

Payable in 

foreign 

currencies 

(9) 

Europe: 

Austria ............................................... 6,833 4,913 4,817 1,478 3,339 96 1,920 1,228 692

Belgium.............................................. 27,052 19,302 18,777 17,764 1,013 525 7,750 4,071 3,679

Czech Republic ................................. 3,875 3,874 3,849 3,826 23 25 1 - 1

Denmark............................................ 3,162 1,467 1,295 1,127 168 172 1,695 1,663 32

Finland............................................... 12,909 11,194 11,128 11,002 126 66 1,714 1,048 666

France ............................................... 176,147 119,269 105,320 83,157 22,163 13,949 56,877 37,695 19,182

Germany............................................ 57,198 25,393 20,467 10,693 9,774 4,926 31,805 12,538 19,267

Greece............................................... 689 133 129 25 104 4 556 2 554

Hungary............................................. 50 48 11 9 2 37 2 - 2

Ireland................................................ 35,675 16,822 15,913 6,295 9,618 909 18,853 16,620 2,233

Italy .................................................... 25,187 20,379 18,789 18,602 187 1,590 4,808 987 3,821

Kazakhstan1 ...................................... 501 501 499 374 125 2 - - -

Luxembourg ...................................... 16,795 12,211 10,260 2,347 7,913 1,951 4,584 4,001 583

Netherlands ....................................... 33,805 26,388 23,883 11,340 12,543 2,505 7,417 3,356 4,061

Norway .............................................. 30,051 24,769 24,613 22,885 1,728 156 5,282 4,986 296

Poland ............................................... 1,552 1,549 1,536 1,514 22 13 3 - 3

Portugal ............................................. 1,934 1,101 830 584 246 271 834 170 664

Romania ............................................ 273 273 242 15 227 31 - - -

Russia................................................ 1,458 1,451 1,390 1,145 245 61 7 7 -

Spain ................................................. 11,561 8,806 7,717 7,565 152 1,089 2,755 447 2,308

Sweden.............................................. 27,537 9,801 9,249 8,048 1,201 552 17,736 16,842 894

Switzerland........................................ 124,162 119,630 115,678 111,548 4,130 3,952 4,532 4,487 45

Turkey................................................ 3,438 3,410 3,293 2,494 799 117 28 8 20

United Kingdom................................. 721,810 604,136 575,363 448,742 126,621 28,773 117,674 104,120 13,554

Channel Islands .................................. 40,083 29,847 29,277 25,364 3,913 570 10,236 7,081 3,155

All other Europe 1............................... 1,785 1,034 911 573 338 123 751 744 7

Total Europe ................................... 1,365,520 1,067,700 1,005,236 798,516 206,720 62,464 297,820 222,101 75,719

Memo: Euro Area 2 ............................... 405,783 265,910 238,030 170,852 67,178 27,880 139,873 82,163 57,710

Canada................................................. 110,039 79,008 67,075 55,054 12,021 11,933 31,031 26,586 4,445

Latin America: 

Argentina ........................................... 2,544 2,389 2,348 275 2,073 41 155 146 9

Bolivia 3 .............................................. 155 155 153 6 147 2 - - -

Brazil.................................................. 16,039 15,842 15,585 8,837 6,748 257 197 154 43

Chile .................................................. 7,226 7,219 6,900 2,635 4,265 319 7 6 1

Colombia ........................................... 2,678 2,647 2,620 1,624 996 27 31 13 18

Costa Rica 3 ....................................... 734 730 728 289 439 2 4 1 3

Ecuador............................................. 552 543 541 172 369 2 9 9 -

El Salvador 3 ...................................... 811 810 809 397 412 1 1 1 -

Guatemala......................................... 910 909 892 364 528 17 1 1 -

Honduras 3 ......................................... 409 407 404 183 221 3 2 2 -

Mexico ............................................... 18,426 18,255 17,316 1,560 15,756 939 171 144 27

Panama ............................................. 2,713 2,658 2,449 1,577 872 209 55 52 3

Peru ................................................... 1,253 1,244 1,240 286 954 4 9 9 -

Uruguay............................................. 425 421 412 144 268 9 4 4 -

Venezuela ......................................... 2,208 2,061 1,989 401 1,588 72 147 145 2

All other Latin America 3.................... 162 159 159 32 127 - 3 3 -

Total Latin America......................... 57,245 56,449 54,545 18,782 35,763 1,904 796 690 106

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2006 

79

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2006, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions 

and foreign 

banks 

(4) 

Claims on 

all other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable in 

dollars 

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 239,869 163,112 161,802 156,847 4,955 1,310 76,757 76,665 92 

Bermuda............................................ 23,106 20,909 19,776 56 19,720 1,133 2,197 2,101 96 

British Virgin Islands 4........................ 3,258 3,214 2,760 753 2,007 454 44 44 - 

Cayman Islands................................. 696,121 525,867 511,093 416,122 94,971 14,774 170,254 166,684 3,570 

Dominican Republic 4 ........................ 403 403 384 63 321 19 - - - 

Jamaica ............................................. 592 592 569 103 466 23 - - - 

Netherlands Antilles .......................... 4,410 4,280 4,276 1,017 3,259 4 130 128 2 

Trinidad and Tobago ......................... 948 902 902 219 683 - 46 46 - 

All other Caribbean 4 ......................... 3,284 3,274 3,129 53 3,076 145 10 9 1 

Total Caribbean.............................. 971,991 722,553 704,691 575,233 129,458 17,862 249,438 245,677 3,761 

Asia: 

China, Mainland ............................... 19,671 19,559 19,556 18,236 1,320 3 112 112 - 

Hong Kong ........................................ 10,890 10,294 9,768 5,424 4,344 526 596 223 373 

India................................................... 2,098 1,906 1,835 1,596 239 71 192 163 29 

Indonesia........................................... 578 572 551 248 303 21 6 2 4 

Israel.................................................. 5,378 4,016 3,986 3,776 210 30 1,362 1,356 6 

Japan................................................. 113,383 108,878 103,439 93,671 9,768 5,439 4,505 3,649 856 

Korea................................................. 18,172 17,747 17,509 16,263 1,246 238 425 376 49 

Malaysia ............................................ 980 955 932 835 97 23 25 12 13 

Pakistan............................................. 29 28 26 11 15 2 1 1 - 

Philippines ......................................... 1,264 1,257 1,247 987 260 10 7 4 3 

Singapore .......................................... 7,494 6,215 4,655 3,426 1,229 1,560 1,279 177 1,102 

Taiwan............................................... 4,411 4,271 4,004 3,511 493 267 140 7 133 

Thailand............................................. 8,281 8,019 7,825 7,819 6 194 262 9 253 

All other Asia ..................................... 13,934 13,868 10,472 9,039 1,433 3,396 66 66 - 

Total Asia........................................ 206,563 197,585 185,805 164,842 20,963 11,780 8,978 6,157 2,821 

Africa: 

Egypt ................................................. 1,156 612 587 174 413 25 544 4 540 

Ghana................................................ 32 27 27 27 - - 5 5 - 

Liberia................................................ 283 283 274 2 272 9 - - - 

Morocco............................................. 105 102 75 75 - 27 3 1 2 

South Africa....................................... 653 478 435 363 72 43 175 153 22 

All other Africa ................................... 589 556 550 175 375 6 33 32 1 

Total Africa ..................................... 2,818 2,058 1,948 816 1,132 110 760 195 565 

Other countries: 

Australia............................................. 22,176 13,982 12,381 8,839 3,542 1,601 8,194 7,001 1,193 

New Zealand ..................................... 3,188 1,029 827 485 342 202 2,159 2,069 90 

All other ............................................. 402 402 402 9 393 - - - - 

Total other countries....................... 25,766 15,413 13,610 9,333 4,277 1,803 10,353 9,070 1,283 

Total foreign countries ................. 2,739,942 2,140,766 2,032,910 1,622,576 410,334 107,856 599,176 510,476 88,700 

International and regional orgs: 

International....................................... 10,960 9,519 9,519 - 9,519 - 1,441 1,437 4 

Regional organizations 5.................... 1,455 331 328 - 328 3 1,124 1,112 12 

Total international and regional 

 organizations ................................ 12,415 9,850 9,847 - 9,847 3 2,565 2,549 16 

Grand total ................................... 2,752,357 2,150,616 2,042,757 1,622,576 420,181 107,859 601,741 513,025 88,716 

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. 

3

 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in 

“All other Latin America.”

4

 Before June 2006, data for the British Virgin Islands and Dominican Republic are 

included in “All other Caribbean.” 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations 
CAPITAL MOVEMENTS 

December 2006 

80 

 

0

100

200

300

400

500

600

700

800

900

1000

1100

2002 2003 2004 2005 June 2006

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 2005 June 2006 

United Kingdom........................ 293,642 385,701 567,001 625,416 721,810

All other Europe........................ 406,139 401,137 527,615 602,677 643,710

Caribbean banking centers 1,2 .. 533,194 612,200 755,954 819,172 966,219

Japan........................................ 59,792 74,174 102,859 112,026 113,383

All other Asia ............................ 53,952 65,922 70,601 92,267 93,180

Subtotal .................................. 1,346,719 1,539,134 2,024,030 2,251,558 2,538,302

All other countries..................... 170,023 160,865 164,411 188,930 214,055

Grand total.............................. 1,516,742 1,699,999 2,188,441 2,440,488 2,752,357

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In June 2006, U.S. claims on 

foreigners reported by U.S. 

banks amounted to about $2.8 

trillion, an increase of $312 

billion from the level recorded 

at yearend 2005. U.S. banking 

claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign 

long-term securities. U.S. 

banking claims increased $252 

billion in 2005, $488 billion in 

2004, and $183 billion in 2003. 

In large part, the increase in 

claims in 2003 reflects changes 

to the reporting scope of the 

TIC reporting system effective 

February 2003. Between March 

and December of 2003, when 

data were reported on a 

consistent basis, banking claims 

increased $12 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently. 
CAPITAL MOVEMENTS 

December 2006 

81

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 2006 

Type of liability or claim 2002 2003 2004 June Sept. Dec. Mar. June p 

Total liabilities ................................................ 67,664 73,700 92,009 71,802 66,468 73,912 75,153 76,953 

Payable in dollars....................................... 45,087 43,147 55,386 54,927 52,129 56,727 57,129 59,515 

Financial................................................. 18,844 15,515 29,575 21,917 17,794 22,090 19,198 18,516 

Short-term negotiable securities........ n.a. 1,895 1,410 2,851 1,520 1,335 849 1,143 

Other .................................................. n.a. 23,160 44,495 45,064 44,249 42,444 42,562 17,373 

Commercial............................................ 26,243 27,632 25,811 33,010 34,335 34,637 37,931 40,999 

Trade payables .................................. 13,469 16,000 16,705 21,130 22,487 21,722 24,563 27,936 

Advance receipts and other............... 12,774 11,632 9,106 11,880 11,848 12,915 13,368 13,919 

Payable in foreign currencies .................... 22,577 30,553 36,623 16,875 14,339 17,185 18,024 17,438 

By major foreign currency: 

Canadian dollars ................................ n.a. 1,630 2,623 1,929 2,023 2,525 1,589 1,806 

Euros.................................................. n.a. 11,159 10,125 5,632 5,058 5,061 7,384 4,627 

United Kingdom pounds sterling........ n.a. 12,031 19,041 2,787 3,138 2,761 3,160 3,303 

Japanese yen..................................... n.a. 2,702 1,860 1,341 1,687 2,327 1,638 1,516 

Other .................................................. n.a. 3,031 2,974 5,186 2,433 4,511 4,253 6,186 

By type of liability: 

Financial............................................. 20,717 28,095 33,272 14,001 11,553 14,361 15,076 13,963 

Short-term negotiable securities.... n.a. 12,107 10,349 6,725 3,918 4,917 4,172 4,377 

Other .............................................. n.a. 15,988 22,923 7,276 7,635 9,444 10,904 9,586 

Commercial........................................ 1,860 2,458 3,351 2,874 2,786 2,824 2,948 3,475 

Trade payables .............................. 1,230 1,174 1,476 1,367 1,298 1,328 1,336 1,339 

Advance receipts and other........... 630 1,284 1,875 1,507 1,488 1,496 1,612 1,280 

Total claims.................................................... 102,566 100,916 143,232 129,812 135,339 144,950 129,493 133,927

Payable in dollars....................................... 91,551 83,388 94,884 90,125 93,822 105,700 91,235 107,106 

Financial................................................. 65,070 57,894 67,445 61,778 66,405 75,802 60,724 74,257 

Non-negotiable deposits .................... n.a. 33,944 42,005 42,391 42,026 42,140 32,700 34,745 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. 3,047 9,739 8,541 11,513 12,888 12,129 12,614 

Other .................................................. n.a. 21,365 16,314 11,467 13,118 20,774 15,920 26,898 

Commercial............................................ 26,481 25,494 27,439 28,347 27,417 29,898 30,511 32,849 

Trade receivables .............................. 22,635 21,245 24,778 25,086 24,354 26,080 26,687 29,956 

Advance payments and other............ 3,846 4,249 2,661 3,261 3,063 3,818 3,824 3,815 

Payable in foreign currencies .................... 11,015 17,528 48,348 39,687 41,517 39,250 38,258 26,821 

By major foreign currency: 

Canadian dollars ................................ n.a. 2,469 1,841 10,438 11,209 9,829 8,267 9,014 

Euros.................................................. n.a. 4,318 22,212 10,773 11,483 10,643 9,937 6,377 

United Kingdom pounds sterling........ n.a. 4,429 10,805 8,625 9,475 8,341 9,061 5,418 

Japanese yen..................................... n.a. 1,420 7,583 3,979 4,086 3,724 3,636 760 

Other .................................................. n.a. 4,892 5,907 5,872 5,264 6,713 7,357 5,252 

By type of claim: 

Financial............................................. 6,319 9,453 43,072 35,362 37,808 35,592 34,119 23,168 

Non-negotiable deposits ................ n.a. 1,976 5,878 6,584 7,703 8,009 7,890 6,422 

Short-term negotiable securities.... n.a. 164 153 353 332 292 236 173 

Other .............................................. n.a. 7,313 37,041 28,425 29,773 27,291 25,993 16,573 

Commercial........................................ 4,696 8,075 5,276 4,325 3,709 3,658 4,139 3,653 

Trade receivables .......................... 3,750 7,373 4,451 3,490 3,181 3,151 3,491 2,229 

Advance payments and other........ 946 702 825 835 528 507 648 502 

 

 
CAPITAL MOVEMENTS 

December 2006 

82 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2005 2006 

Country 2001 2002 2003 2004 June Sept. Dec. Mar. June p 

Europe: 

Austria.................................. 151 64 82 146 124 137 68 103 93

Belgium 1 .............................. 253 285 163 74 191 88 73 83 110

Bulgaria................................ 34323 - - - -

Czech Republic.................... 10 13 6 34 28 13 17 10 14

Denmark............................... 148 522 67 41 118 76 78 72 137

Finland ................................. 86 56 47 38 11 28 20 20 74

France.................................. 3,575 6,008 4,443 2,368 2,756 2,860 2,631 2,557 3,249

Germany .............................. 3,249 3,704 4,386 3,935 3,797 3,431 3,646 4,154 3,655

Greece ................................. 410 403 474 248 436 475 401 344 358

Hungary................................ 27 32 11 14 3 11 12 12 15

Ireland .................................. 1,264 785 856 1,070 1,455 1,388 1,636 1,312 1,242

Italy....................................... 1,395 1,271 1,154 795 972 1,390 1,174 1,220 990

Luxembourg 1....................... n.a. n.a. 705 824 545 583 378 454 368

Netherlands.......................... 3,117 2,415 668 668 530 708 895 1,012 875

Norway................................. 320 406 445 1,365 3,361 795 3,537 449 347

Poland.................................. 43 46 26 151 186 225 229 316 326

Portugal................................ 16 17 7 22 29 28 39 47 49

Romania............................... 17 20 30 33 3 6 4 3 5

Russia 2 ................................ 48 38 71 74 106 115 64 73 120

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 14 9 - 2 3 7 4 5 2

Spain.................................... 423 403 1,068 591 404 384 399 262 567

Sweden ................................ 97 115 656 800 495 431 747 774 170

Switzerland .......................... 884 494 1,884 1,078 1,007 1,159 1,235 945 1,200

Turkey .................................. 133 101 302 180 103 150 137 283 217

United Kingdom ................... 25,131 25,180 26,911 32,878 16,248 12,801 12,601 12,302 13,295

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. - 2 46 502 501 760 35

Other Europe ....................... 211 201 188 286 242 350 250 319 258

Total Europe .................... 41,025 42,592 44,653 47,720 33,203 28,143 30,777 27,892 27,771

Canada..................................... 2,577 2,179 3,405 4,578 4,259 4,894 4,651 4,380 4,889

Latin America: 

Argentina.............................. 50 62 125 59 179 114 148 180 199

Brazil .................................... 325 318 475 321 367 212 288 216 289

Chile ..................................... 56 55 60 91 232 325 387 392 444

Colombia.............................. 82 50 118 84 56 142 106 179 218

Ecuador................................ 4 5 21 26 9 28 10 5 8

Guatemala ........................... 13 13 15 10 6 8 23 18 7

Mexico.................................. 935 1,201 1,332 1,968 2,218 1,949 2,234 2,768 2,826

Panama................................ 49 61 52 7 30 49 56 48 80

Peru...................................... 41 21 15 17 25 3 8 19 10

Uruguay................................ 864262233

Venezuela ............................ 168 178 332 451 522 738 681 499 467

Other Latin America 5 ........... 284 503 98 113 77 83 105 60 112

Total Latin America............. 2,015 2,473 2,647 3,149 3,727 3,653 4,048 4,387 4,663

Caribbean: 

Bahamas.............................. 209 74 14 32 79 74 70 82 64

Bermuda................................... 1,551 1,528 1,224 9,230 889 698 1,704 1,457 1,089

British West Indies 6................. 1,672 401 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. 3,154 7,279 7,645 6,589 6,522 8,963 8,818

Cuba..................................... 42 29 2 - - - - - -

Jamaica................................ 12 28 17 24 11 17 14 15 17

Netherlands Antilles............. 46 11 3 14 13 14 13 11 2

Trinidad and Tobago............ 38 33 16 15 8 13 44 42 42

Other Caribbean 5 ................ n.a. n.a. 564 729 1,000 849 886 408 974

Total Caribbean ............... 3,570 2,104 4,994 17,323 9,645 8,254 9,253 10,978 11,006

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2006 

83

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 2006 

Country 2001 2002 2003 2004 June Sept. Dec. Mar. June p 

Asia: 

China, Mainland. .................... 735 1,252 1,129 3,983 2,897 2,690 3,825 3,743 4,077

Hong Kong ............................. 560 495 583 668 632 684 746 918 684

India........................................ 179 160 86 103 101 135 158 267 275

Indonesia................................ 44 100 60 74 88 68 89 60 48

Israel....................................... 195 350 519 302 255 223 613 386 417

Japan...................................... 5,850 6,124 6,196 5,869 6,832 7,196 7,354 7,229 7,447

Korea...................................... 897 548 1,331 723 1,675 1,714 1,743 1,770 1,859

Lebanon ................................. 57 53 13 35 33 35 42 27 13

Malaysia ................................. 393 140 188 256 281 384 335 439 417

Pakistan.................................. 94 158 233 171 171 194 230 186 143

Philippines.............................. 1,100 108 139 117 96 102 109 105 120

Singapore............................... 1,793 1,796 1,436 822 1,038 1,523 1,823 2,541 2,396

Syria ....................................... 6 13 2 21 3 2 4 4 3

Taiwan.................................... 819 659 441 491 786 701 1,010 1,271 1,098

Thailand.................................. 105 118 34 79 64 194 212 499 789

Oil-exporting countries 7......... 2,649 3,993 3,184 2,946 4,223 3,897 4,159 5,535 5,991

Other Asia .............................. 83 247 284 303 163 306 298 216 230

Total Asia ........................... 15,559 16,314 15,858 16,963 19,338 20,048 22,750 25,196 26,007

Africa: 

Congo (formerly Zaire)........... 1 1 86 - - - - 1 1

Egypt ...................................... 117 128 28 132 130 121 119 141 131

Ghana..................................... 3 2 4 2 1 - 1 4 3

Liberia..................................... 30 1 - 14 48 2 1 6 69

Morocco.................................. 34 42 41 44 34 40 42 46 43

South Africa............................ 111 130 52 36 35 53 950 953 805

Oil-exporting countries 8......... 441 496 464 518 723 555 590 440 755

Other Africa ............................ 152 158 230 332 145 202 210 145 280

Total Africa ......................... 889 958 905 1,078 1,116 973 1,913 1,736 2,087

Other countries: 

Australia ................................. 584 732 1,053 1,047 399 391 397 466 486

New Zealand 9........................ n.a. n.a. 71 51 27 29 38 28 23

All other .................................. 430 238 98 98 86 80 83 86 7

Total other countries .......... 1,014 970 1,222 1,196 512 500 518 580 516

Total foreign countries ... 66,649 67,590 73,684 92,007 71,800 66,465 73,910 75,149 76,939

International and regional orgs: 

International organizations..... - 22 - - - - - - -

Regional organizations 10 ....... 30 52 16 2 2 3 2 4 14

Total international and 

 regional organizations...... 30 74 16 2 2 3 2 4 14

Grand total ..................... 66,679 67,664 73,700 92,009 71,802 66,468 73,912 75,153 76,953

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2006 

84 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2005 2006 

Country 2001 2002 2003 2004 June Sept. Dec. Mar. June p 

Europe: 

Austria....................................... 1,985 1,770 1,752 1,816 2,302 2,071 2,159 2,309 1,977

Belgium 1 ................................... 893 991 523 2,307 2,126 823 1,822 1,412 525

Bulgaria..................................... 13 9 14 37 24 26 29 14 17

Czech Republic......................... 79 62 54 64 43 47 49 54 55

Denmark.................................... 138 112 716 494 517 290 341 184 135

Finland ...................................... 238 624 176 617 263 728 336 385 408

France....................................... 4,371 6,411 5,865 3,713 6,826 6,346 5,063 3,947 5,271

Germany ................................... 2,726 5,447 4,132 6,787 4,517 3,405 4,238 3,787 4,128

Greece ...................................... 339 409 204 199 210 168 380 241 199

Hungary..................................... 66 51 53 46 76 33 57 58 84

Ireland ....................................... 821 516 423 1,672 1,051 884 795 468 738

Italy............................................ 1,434 2,963 4,069 2,434 3,063 3,118 3,702 2,035 2,017

Luxembourg 1............................ n.a. n.a. 115 127 206 357 391 354 474

Netherlands............................... 2,667 5,138 3,184 7,883 2,157 3,610 3,387 3,796 2,201

Norway...................................... 257 286 315 229 1,397 354 402 268 233

Poland....................................... 77 79 104 57 59 51 58 58 71

Portugal..................................... 71 222 161 146 130 123 60 62 85

Romania.................................... 34 24 25 47 17 25 22 26 17

Russia 2 ..................................... 137 93 118 157 201 307 359 731 684

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 23 10 13 14 7 12 17 9 12

Spain......................................... 1,042 1,370 1,803 1,242 1,566 1,737 2,032 1,232 1,410

Sweden ..................................... 441 417 779 648 606 469 503 486 455

Switzerland ............................... 1,200 886 2,538 2,506 2,504 2,607 1,876 2,184 2,075

Turkey ....................................... 383 503 474 594 455 567 638 787 472

United Kingdom ........................ 20,343 14,390 15,366 27,699 20,196 24,853 24,772 24,671 26,407

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. - 25 337 70 16 26 9

Other Europe ............................ 362 422 546 607 867 945 1,315 918 862

Total Europe ......................... 40,140 43,205 43,522 62,171 51,723 54,027 54,820 50,502 51,021

Canada.......................................... 9,011 7,803 8,381 8,429 14,044 16,291 16,122 14,375 15,544

Latin America: 

Argentina................................... 810 602 398 406 366 367 350 411 430

Brazil ......................................... 3,081 3,036 2,735 2,758 2,432 2,692 2,972 2,520 2,684

Chile .......................................... 242 217 382 346 424 302 303 290 289

Colombia................................... 240 240 234 295 209 274 299 261 337

Ecuador..................................... 62 112 117 86 71 75 95 92 124

Guatemala ................................ 90 79 76 90 72 114 100 100 135

Mexico....................................... 4,466 4,180 2,968 3,756 3,222 3,762 4,108 3,578 3,078

Panama..................................... 105 79 232 177 192 183 198 237 233

Peru........................................... 79 69 73 95 89 87 117 129 131

Uruguay..................................... 20 30 16 13 11 29 5 11 12

Venezuela ................................. 371 392 361 474 455 546 539 536 498

Other Latin America 5 ................ 919 1,102 427 504 453 512 485 405 265

Total Latin America................... 10,485 10,138 8,019 9,000 7,996 8,943 9,571 8,570 8,216

Caribbean: 

Bahamas................................... 1,018 1,069 1,075 1,631 3,465 3,703 1,631 2,400 3,841

Bermuda......................................... 1,287 1,011 1,024 5,358 1,897 1,611 2,238 2,303 2,758

British West Indies 6 .................... 33,060 21,547 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. n.a. 20,067 36,320 30,580 30,557 36,416 29,438 28,565

Cuba.......................................... 2 - 16 8 5 1 12 2 3

Jamaica..................................... 93 94 84 67 65 65 70 59 72

Netherlands Antilles.................. 70 45 32 37 15 17 42 34 15

Trinidad and Tobago................. 45 54 100 120 151 135 119 120 142

Other Caribbean 5 ..................... n.a. n.a. 951 1,085 1,051 1,255 1,721 1,035 1,542

Total Caribbean .................... 35,575 23,820 23,349 44,626 37,229 37,344 42,249 35,391 36,938

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2006 

85

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 2006 

Country 2001 2002 2003 2004 June Sept. Dec. Mar. June p

 

Asia: 

China, Mainland..................... 1,052 867 1,066 3,688 3,133 3,798 4,958 4,600 4,684

Hong Kong ............................. 1,094 682 832 701 797 815 941 1,183 1,259

India ....................................... 638 743 668 643 547 550 413 413 593

Indonesia................................ 239 280 170 393 726 616 445 387 392

Israel ...................................... 700 453 749 482 427 475 403 390 452

Japan ..................................... 3,610 3,618 2,951 2,848 2,714 2,327 2,696 2,663 2,824

Korea...................................... 1,850 1,738 1,456 1,569 1,320 1,220 1,244 1,216 1,063

Lebanon ................................. 16 21 34 15 19 18 22 28 30

Malaysia................................. 645 521 497 549 449 494 536 327 386

Pakistan ................................. 44 17 34 43 58 96 57 56 65

Philippines.............................. 1,001 708 743 503 672 420 275 109 302

Singapore............................... 1,120 1,044 1,162 1,600 1,654 1,425 1,944 1,345 1,525

Syria ....................................... 11 28 6 14 7 5 6 7 3

Taiwan.................................... 853 696 783 892 883 865 853 743 996

Thailand ................................. 232 237 250 326 271 302 295 337 338

Oil-exporting countries 7......... 985 897 1,046 1,208 1,431 1,364 1,800 1,670 2,594

Other Asia .............................. 189 132 222 309 257 317 408 288 221

Total Asia ........................... 14,279 12,682 12,669 15,783 15,365 15,107 17,296 15,762 17,727

Africa: 

Congo (formerly Zaire)........... - 18 2 1 2 2 1 4 13

Egypt...................................... 233 155 176 159 264 166 194 213 169

Ghana .................................... 7 9 8 4 5 12 16 13 15

Liberia .................................... 28 50 109 102 89 92 98 89 75

Morocco ................................. 35 24 27 33 24 12 23 26 58

South Africa ........................... 293 273 247 193 135 162 1,075 1,095 980

Oil-exporting countries 8......... 137 120 150 162 249 289 295 349 351

Other Africa............................ 326 330 336 281 387 398 419 396 426

Total Africa......................... 1,059 979 1,055 935 1,155 1,133 2,121 2,185 2,087

Other countries: 

Australia ................................. 2,150 3,540 3,619 1,588 1,722 1,851 2,144 2,121 2,169

New Zealand 9........................ n.a. n.a. 208 441 394 433 420 381 164

All other.................................. 383 393 83 245 183 199 207 197 49

Total other countries .......... 2,533 3,933 3,910 2,274 2,299 2,483 2,771 2,699 2,382

Total foreign countries ... 113,082 102,560 100,905 143,218 129,811 135,328 144,950 129,484 133,915

International and regional orgs : 

International organizations..... - 2 1 3 1 1 - 2 11

Regional organizations 10....... - 4 10 11 - 10 - 7 1

Total international and 

 regional organizations...... - 6 11 14 1 11 - 9 12

Grand total ..................... 113,082 102,566 100,916 143,232 129,812 135,339 144,950 129,493 133,927

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2006 

86 

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

Country, June 30, 2006, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

 

Europe: 

Austria ........................................... 93 24 69 1,977 1,924 53 

Belgium 1 ....................................... 110 - 110 525 310 215 

Bulgaria ......................................... - - - 17 13 4 

Czech Republic............................. 14 3 11 55 18 37 

Denmark........................................ 137 2 135 135 71 64 

Finland........................................... 74 15 59 408 178 230 

France ........................................... 3,249 1,328 1,921 5,271 2,867 2,404 

Germany........................................ 3,655 2,410 1,245 4,128 2,453 1,675 

Greece........................................... 358 21 337 199 64 135 

Hungary......................................... 15 7 8 84 50 34 

Ireland ........................................... 1,242 936 306 738 112 626 

Italy................................................ 990 22 968 2,017 599 1,418 

Luxembourg 1 ................................ 368 340 28 474 270 204 

Netherlands................................... 875 453 422 2,201 1,721 480 

Norway .......................................... 347 10 337 233 128 105 

Poland ........................................... 326 - 326 71 5 66 

Portugal......................................... 49 3 46 85 32 53 

Romania........................................ 5 - 5 17 - 17 

Russia 2 ......................................... 120 14 106 684 543 141 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 2 - 2 12 - 12 

Spain ............................................. 567 242 325 1,410 615 795 

Sweden ......................................... 170 11 159 455 248 207 

Switzerland.................................... 1,200 289 911 2,075 1,409 666 

Turkey ........................................... 217 21 196 472 335 137 

United Kingdom............................. 13,295 9,970 3,325 26,407 22,340 4,067 

Channel Islands and 

Isle of Man 4 .............................. 35 35 - 9 - 9 

Other Europe................................. 258 21 237 862 693 169 

Total Europe.............................. 27,771 16,177 11,594 51,021 36,998 14,023 

Canada.............................................. 4,889 1,281 3,608 15,544 12,823 2,721 

Latin America: 

Argentina....................................... 199 5 194 430 53 377 

Brazil ............................................. 289 69 220 2,684 1,703 981 

Chile .............................................. 444 7 437 289 69 220 

Colombia ....................................... 218 - 218 337 23 314 

Ecuador......................................... 8 - 8 124 33 91 

Guatemala..................................... 7 - 7 135 47 88 

Mexico........................................... 2,826 28 2,798 3,078 1,182 1,896 

Panama......................................... 80 15 65 233 140 93 

Peru............................................... 10 - 10 131 16 115 

Uruguay......................................... 3 - 3 12 2 10 

Venezuela ..................................... 467 - 467 498 148 350 

Other Latin America 5 .................... 112 - 112 265 120 145 

Total Latin America ....................... 4,663 124 4,539 8,216 3,536 4,680 

Caribbean: 

Bahamas ....................................... 64 - 64 3,841 3,802 39 

Bermuda............................................. 1,089 238 851 2,758 1,597 1,161 

Cayman Islands 6............................. 8,818 8,189 629 28,565 28,077 488 

Cuba.............................................. - - - 3 - 3 

Jamaica......................................... 17 6 11 72 41 31 

Netherlands Antilles ...................... 2 - 2 15 3 12 

Trinidad and Tobago..................... 42 6 36 142 69 73 

Other Caribbean 5 ......................... 974 5 969 1,542 199 1,343 

Total Caribbean......................... 11,006 8,444 2,562 36,938 33,788 3,150 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2006 

87

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

Country, June 30, 2006, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China, Mainland ............................ 4,077 3,293 784 4,684 3,588 1,096 

Hong Kong .................................... 684 135 549 1,259 696 563 

India............................................... 275 40 235 593 164 429 

Indonesia....................................... 48 14 34 392 285 107 

Israel.............................................. 417 2 415 452 56 396 

Japan............................................. 7,447 1,265 6,182 2,824 665 2,159 

Korea............................................. 1,859 65 1,794 1,063 506 557 

Lebanon ........................................ 13 3 10 30 8 22 

Malaysia ........................................ 417 3 414 386 121 265 

Pakistan......................................... 143 2 141 65 - 65 

Philippines..................................... 120 19 101 302 239 63 

Singapore...................................... 2,396 77 2,319 1,525 140 1,385 

Syria .............................................. 3 - 3 3 - 3 

Taiwan........................................... 1,098 16 1,082 996 60 936 

Thailand......................................... 789 3 786 338 209 129 

Other Asia ..................................... 230 28 202 221 76 145 

Total Asia .................................... 26,007 5,612 20,395 17,727 7,564 10,163 

Africa: 

Congo (formerly Zaire).................. 1 - 1 13 13 - 

Egypt ............................................. 131 - 131 169 1 168 

Ghana............................................ 3 - 3 15 - 15 

Liberia............................................ 69 1 68 75 75 - 

Morocco......................................... 43 2 41 58 11 47 

South Africa................................... 805 777 28 980 832 148 

Other Africa ................................... 280 11 269 426 155 271 

Total Africa ................................ 2,087 791 1,296 2,087 1,123 964 

Other countries: 

Australia ........................................ 486 43 443 2,169 1,481 688 

New Zealand 7............................... 23 6 17 164 90 74 

All other ......................................... 7 1 6 49 22 27 

Total other countries ................. 516 50 466 2,382 1,593 789 

Total foreign countries .......... 76,939 32,479 44,460 133,915 97,425 36,490 

International and regional orgs: 

International organizations............ - - - 11 - 11 

Regional organizations 8 ............... 14 - 14 1 - 1 

Total international and 

 regional organizations............. 14 - 14 12 - 12 

Grand total ............................ 76,953 32,479 44,474 133,927 97,425 36,502 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2006 

88

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

2002 ......................................... 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 ......................................... 263,580 103,838 159,685 57 8,001,517 7,737,937 155,800 1,440,289 1,284,489 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 r ....................................... 338,543 68,475 267,116 2,952 10,061,571 9,723,028 219,434 1,098,131 878,697 

2006 - Jan. - Sept. p ................ 114,477 37,240 76,483 754 7,682,925 7,568,448 225,506 1,043,088 817,582 

 

2005 - Sept. r ........................... 22,199 -1,116 23,423 -108 1,013,739 991,540 19,197 96,726 77,529 

Oct. r............................. 29,608 5,973 23,203 432 809,209 779,601 32,799 112,145 79,346 

Nov. r............................ 52,775 4,810 47,894 71 844,726 791,951 11,226 89,997 78,771 

Dec. r............................ 17,062 5,773 10,995 294 603,752 586,690 11,276 94,810 83,534 

2006 - Jan. r. ............................ 2,467 6,302 -4,260 425 809,263 806,796 27,884 110,187 82,303 

Feb. r............................ 21,069 12,737 8,594 -262 819,243 798,174 30,271 110,616 80,345 

Mar. r ............................ 1,993 -7,255 9,574 -326 921,648 919,655 18,923 106,328 87,405 

Apr................................ 3,356 10,961 -8,011 406 691,917 688,561 15,137 116,264 101,127 

May............................... 8,185 -13,635 21,060 760 1,040,062 1,031,877 34,616 138,544 103,928 

June ............................. 27,013 -4,702 32,203 -488 874,437 847,424 22,922 114,660 91,738 

July ............................... 6,617 8,240 -1,994 371 769,231 762,614 18,470 113,735 95,265 

Aug. p........................... 44,151 16,886 27,386 -121 876,851 832,700 31,217 117,193 85,976 

Sept. p.......................... -374 7,706 -8,069 -11 880,273 880,647 26,066 115,561 89,495 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign 

 sales 

 (15) 

 

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571 

2003 .............................................................................. 265,743 979,923 714,180 34,737 3,104,232 3,069,495 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 r ............................................................................ 372,222 1,277,006 904,784 80,374 4,740,672 4,660,298 

2006 - Jan. - Sept. p ..................................................... 341,289 1,085,207 743,918 87,263 4,528,209 4,440,946 

 

2005 - Sept. r ................................................................ 44,009 114,276 70,267 23,033 445,019 421,986 

Oct. r.................................................................. 36,305 101,238 64,933 7,431 465,585 458,154 

Nov. r................................................................. 38,297 111,065 72,768 5,411 422,066 416,655 

Dec. r................................................................. 35,841 107,408 71,567 10,021 425,507 415,486 

2006 - Jan. r .................................................................. 28,247 97,179 68,932 21,660 457,675 436,015 

Feb. r................................................................. 35,326 120,032 84,706 16,602 438,434 421,832 

Mar. r ................................................................. 49,182 140,421 91,239 19,223 516,363 497,140 

Apr..................................................................... 37,356 108,176 70,820 6,593 456,731 450,138 

May.................................................................... 41,976 134,568 92,592 2,704 609,929 607,225 

June................................................................... 40,029 127,324 87,295 -3,971 551,041 555,012 

July .................................................................... 19,037 90,218 71,181 10,432 478,553 468,121 

Aug. p................................................................ 37,422 122,925 85,503 4,380 527,451 523,071 

Sept. p............................................................... 52,714 144,364 91,650 9,640 492,032 482,392 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

December 2006 

89

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 r ................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 - Jan. - Sept. p ............................ -138,614 -86,246 1,278,637 1,364,883 -52,368 2,543,978 2,596,346 

 

2005 - Sept. r ....................................... -24,131 -17,822 122,213 140,035 -6,309 198,605 204,914 

Oct. r......................................... -3,730 2,247 148,155 145,908 -5,977 234,829 240,806 

Nov. r........................................ -17,756 -337 108,319 108,656 -17,419 237,208 254,627 

Dec. r........................................ -22,036 -5,615 117,158 122,773 -16,421 230,215 246,636 

2006 - Jan. r......................................... -13,682 -2,605 139,963 142,568 -11,077 243,908 254,985 

Feb. r........................................ -12,754 -207 141,170 141,377 -12,547 271,741 284,288 

Mar. r ........................................ -18,856 -7,154 165,624 172,778 -11,702 294,550 306,252 

Apr............................................ -16,217 -8,119 129,758 137,877 -8,098 268,954 277,052 

May........................................... -20,494 -15,644 168,141 183,785 -4,850 371,188 376,038 

June.......................................... -9,220 -10,339 139,733 150,072 1,119 307,312 306,193 

July ........................................... -21,755 -18,759 119,475 138,234 -2,996 246,861 249,857 

Aug. p....................................... -2,728 -9,877 135,072 144,949 7,149 272,938 265,789 

Sept. p...................................... -22,908 -13,542 139,701 153,243 -9,366 266,526 275,892 

 
CAPITAL MOVEMENTS 

December 2006 

90

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2006 2006 2006 2006 

Country 

 Calendar 

 year 

 2005 r 

 (1) 

Jan. 

through 

Sept. 

(2) 

 July 

 through 

 Sept. p 

 (3) 

Calendar 

year 

2005 r 

(4) 

 Jan. 

 through

 Sept. 

 (5) 

 July. 

 through 

 Sept. p 

 (6) 

 Calendar 

 year 

 2005 r 

 (7) 

 Jan. 

 through

Sept. 

 (8) 

 July 

 through 

 Sept. p 

 (9) 

Calendar 

year 

2005 r 

(10) 

Jan. 

through 

Sept. 

(11) 

July 

through 

Sept. p 

(12) 

Europe: 

Austria............................. 53 -207 132 13 -93 9 -74 231 -154 -88 -60 -226

Belgium........................... 500 607 -149 -398 -3 -61 3,625 -168 -1,709 5,757 3,073 475

Bulgaria........................... -108 -41 -17 34 13 5 -12 12 16 -13 -9 -

Cyprus 1 .......................... n.a. n.a. -9 n.a. n.a. -1 n.a. n.a. 233 n.a. n.a. 12

Czech Republic............... 3,072 613 146 -205 -188 -130 -57 5 5 95 88 5

Denmark ......................... -713 -2,949 25 540 24 -238 -921 -99 88 663 1,941 197

Finland............................ -116 -114 -65 52 141 6 -80 53 -75 429 287 249

France............................. 9,559 -9,112 -6,588 500 -1,060 1,232 13,156 12,507 7,474 7,675 11,747 3,338

Germany ......................... 14,497 1,927 3,172 5,938 3,208 237 6,488 5,173 498 -3,278 -4,972 -1,205

Greece............................ 129 313 202 16 15 3 10 20 11 53 2 9

Hungary .......................... 19 191 147 -26 -2,828 -2,730 190 -1,156 -1,178 -22 94 18

Ireland............................. 1,246 1,360 950 3,591 4,019 1,755 12,184 9,964 4,329 1,660 646 188

Italy ................................. 3,753 462 -278 721 657 211 -53 -682 257 -2,567 -1,021 -755

Kazakhstan 1................... n.a. n.a. -67 n.a. n.a. 86 n.a. n.a. 100 n.a. n.a. -17

Luxembourg.................... 2,046 -451 129 1,583 5,322 2,012 4,610 4,408 1,432 7,924 9,586 760

Monaco 1......................... n.a. n.a. 33 n.a. n.a. 51 n.a. n.a. 10 n.a. n.a. 39

Netherlands .................... -6,095 -1,317 -1,201 1,259 -448 -49 2,772 1,580 295 -2,326 -1,817 453

Norway............................ 6,414 -10,291 13,422 1,238 5,796 2,143 3,100 4,273 1,608 2,300 -443 325

Poland............................. 2,352 -2,253 454 -708 3 1 -15 -36 7 -9 -19 -25

Portugal .......................... -264 -509 -116 42 68 -10 21 86 -63 -50 153 8

Romania ......................... 107 87 24 -145 788 432 - 1 - -1 -2 -2

Russia............................. 1,974 5,203 1,969 3,101 11,266 3,578 5 28 25 -52 70 -14

Serbia and Montenegro 2... 217 47 55 1 - - 1 - - - -1 -

Spain............................... 3,859 -1,199 -727 213 -6 128 7,101 5,929 1,872 -26 246 203

Sweden........................... 1,832 1,590 -324 252 735 125 -370 912 841 -486 126 13

Switzerland ..................... -4,904 -183 -489 -1,971 -356 82 3,742 5,864 2,870 1,334 2,501 429

Turkey............................. 403 5,130 1,714 8 3 2 4 -1 -2 -43 -60 -37

Ukraine 1 ......................... n.a. n.a. -114 n.a. n.a. 30 n.a. n.a. 1 n.a. n.a. -

United Kingdom .............. 134,118 61,318 6,085 40,819 39,541 6,916 168,881 158,462 45,431 18,199 38,730 15,946

Channel Islands .............. 419 -28 -287 54 42 238 16,570 8,563 2,744 350 1,054 -161

All other Europe 1 ............ -731 -318 365 -958 781 85 831 193 -68 538 277 -3

Total Europe ............... 173,638 49,875 18,593 55,564 67,441 16,149 241,709 216,121 66,899 38,016 62,215 20,222

Memo: Euro Area 3.............. 29,167 -8,241 -4,539 13,530 11,821 5,474 49,760 39,100 14,168 15,163 17,868 3,497

Memo: European Union 4 .... n.a. n.a. 2,117 n.a. n.a. 9,522 n.a. n.a. 59,619 n.a. n.a. 19,681

Canada ............................... 21,419 21,303 8,558 12,553 8,596 2,454 2,279 5,683 575 16,549 9,779 2,324

Latin America: 

Argentina ........................ 403 -20 -118 109 28 9 1,248 522 67 -2 92 30

Brazil............................... 12,269 16,196 11,591 629 4,325 2,753 524 291 75 -218 -68 -161

Chile ............................... -1,507 -19 105 335 277 88 226 364 123 121 201 46

Colombia......................... 1,512 -2,107 -55 560 185 44 270 618 37 82 104 -127

Ecuador .......................... n.a. n.a. 174 n.a. n.a. 76 n.a. n.a. 44 n.a. n.a. -7

Costa Rica 5 .................... 16 34 31 1 67 31 250 166 79 -9 -25 -19

Guatemala ...................... 365 -165 61 39 21 6 -6 -30 -5 -4 -11 -

Mexico ............................ 9,756 5,400 -403 11,874 909 694 1,618 2,864 1,480 -266 1,375 -4

Panama .......................... 282 73 -52 531 234 65 837 588 116 202 15 -8

Peru ................................ -39 -79 -52 767 553 126 433 476 369 18 166 25

Uruguay .......................... 393 387 -101 539 411 80 630 179 111 67 77 -19

Venezuela....................... 518 -71 -88 -13 63 44 500 1,464 571 -111 -284 -17

All other Latin America 5 ... -600 818 838 102 1 13 673 112 -27 17 21 -12

Total Latin America..... 23,368 20,447 11,931 15,473 7,074 4,029 7,203 7,614 3,040 -103 1,663 -273

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2006 

91

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2006 2006 2006 2006 

Country 

Calendar 

year 

2005 r 

(1) 

Jan. 

through 

Sept. 

(2) 

July 

through 

Sept. p 

(3) 

Calendar 

year 

2005 r 

(4) 

 Jan. 

 through

 Sept. 

 (5) 

 July 

 through 

 Sept. p 

 (6) 

Calendar 

year 

2005 r 

(7) 

Jan. 

through 

Sept. 

(8) 

July 

 through 

Sept. p 

 (9) 

Calendar 

year 

2005 r 

(10) 

Jan. 

through 

Sept. 

(11) 

July 

through 

Sept. p 

(12) 

Caribbean: 

Anguilla 6 ................................... n.a. n.a. -7 n.a. n.a. -50 n.a. n.a. 285 n.a. n.a. 292

Bahamas ................................... 5,454 -9,586 4,354 -72 548 237 1,110 931 433 2,176 -2,452 -833

Barbados 6 ................................. n.a. n.a. 884 n.a. n.a. 1,698 n.a. n.a. 231 n.a. n.a. -11

Bermuda .................................... 33,924 4,017 -6,480 1,876 925 583 5,448 6,649 1,775 4,763 3,856 920

British Virgin Islands 6 ................ n.a. n.a. 508 n.a. n.a. 4 n.a. n.a. 897 n.a. n.a. 445

Cayman Islands......................... -7,678 -22,199 -5,040 12,467 20,957 11,349 34,154 37,599 17,446 5,034 1,050 582

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -135 -209 -6 294 155 -6 167 49 -16 5 3 2

Netherlands Antilles................... 839 -699 -759 -465 319 335 124 304 150 2,657 -239 1,720

Trinidad and Tobago.................. -77 377 -9 159 -6 -27 -72 -49 10 9 38 11

All other Caribbean 6.................. 14,074 2,840 -3 3,045 3,008 -30 -443 4,646 197 770 1,033 -14

Total Caribbean ..................... 46,401 -25,459 -6,558 17,304 25,906 14,093 40,488 50,129 21,408 15,414 3,289 3,114

Asia: 

China, Mainland......................... 37,369 28,067 8,182 23,026 33,436 11,626 26,130 22,911 5,717 -528 -306 -90

Hong Kong................................. 12,313 13,625 881 16,289 25,015 7,328 11,012 10,008 3,086 1,050 418 256

India........................................... 526 -1,066 218 7 253 - 1 -31 -55 -179 -203 -86

Indonesia................................... 1,243 1,364 71 -191 -933 -182 34 152 16 -62 3 -20

Israel.......................................... 641 -201 -277 270 336 128 947 200 64 1,312 808 68

Japan......................................... -5,955 -6,556 6,549 59,201 39,037 12,646 25,617 6,550 3,256 72 968 -666

Korea......................................... 1,459 9,128 2,718 4,006 2,198 2,293 775 2,159 592 -101 -115 -1

Lebanon..................................... 2 -3 -2 -3 2 - 5 -4 -4 62 67 16

Malaysia .................................... 1,056 -2,295 140 1,795 2,407 1,450 1,315 827 237 -165 -18 -29

Pakistan..................................... -39 -75 -40 28 -27 -3 32 -11 -18 -5 -3 -5

Philippines ................................. 1,070 -70 -188 380 74 65 74 118 50 146 -20 -1

Singapore .................................. 2,391 94 -1,445 1,566 328 -27 1,036 4,129 1,595 7,215 -117 -1,911

Syria .......................................... - - - - - - - - - -3 -3 -2

Taiwan....................................... 4,355 -2,773 -1,817 8,983 6,864 748 2,962 1,891 388 -356 107 -57

Thailand..................................... 8,423 -43 1,846 437 -14 -19 -3 34 20 -24 -11 -22

Oil exporting countries 7 ............. 2,063 6,619 -488 1,810 6,125 2,943 1,022 4,441 1,093 1,789 7,814 1,269

All other Asia.............................. 460 548 336 158 123 -24 -27 146 31 -35 -10 -2

Total Asia .............................. 67,377 46,363 16,684 117,762 115,224 38,972 70,932 53,520 16,068 10,188 9,379 -1,283

Africa: 

Egypt ......................................... 59 -34 179 17 3 - 33 20 -1 101 -15 -71

Liberia........................................ -11 15 9 -264 -129 -52 140 73 79 48 -2 10

Morocco..................................... 51 50 100 - - - -1 - - -3 -9 1

South Africa ............................... 63 102 29 71 17 -6 -27 -83 -30 60 68 -21

Oil exporting countries 8 ............. 2,027 3,154 517 4 2 - 85 14 - -12 10 6

All other Africa ........................... 33 39 203 69 23 18 164 174 153 87 144 -15

Total Africa ............................ 2,222 3,326 1,037 -103 -84 -40 394 198 201 281 196 -90

Other countries: 

Australia..................................... 143 -2,164 -97 712 1,043 260 6,259 6,529 654 140 1,021 423

New Zealand.............................. 994 30 6 -113 3 17 76 194 -13 80 -301 33

All other countries ...................... 29 2 1 9 49 35 30 40 5 -148 -20 -26

Total other ............................. 1,166 -2,132 -90 608 1,095 312 6,365 6,763 646 72 700 430

Total foreign countries ....... 335,591 113,723 50,155 219,161 225,252 75,969 369,370 340,028 108,837 80,417 87,221 24,444

International and regional orgs: 

International organizations......... 2,555 451 292 83 134 -68 1,750 482 234 -42 33 -

Regional organizations 9 ............ 397 303 -53 190 120 -148 1,102 779 102 -1 9 8

Total international and 

 regional organizations.............. 2,952 754 239 273 254 -216 2,852 1,261 336 -43 42 8

Grand total......................... 338,543 114,477 50,394 219,434 225,506 75,753 372,222 341,289 109,173 80,374 87,263 24,452

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included 

in ”All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2006 

92

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2006, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

 sales 

 (8) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria ....................................... 5,786 2,756 464 612 899 481 573 5,898 2,624 454 766 1,126 320 608 

Belgium...................................... 12,483 2,660 250 2,175 4,410 672 2,315 21,668 2,809 311 3,883 3,936 8,050 2,679 

Bulgaria...................................... 59 30 5 16 7 - 1 75 47 - - 7 - 21 

Cyprus 1 ..................................... 15,587 30 5 260 568 977 13,747 16,193 39 6 27 556 939 14,626 

Czech Republic.......................... 1,600 663 229 5 501 1 201 1,530 517 359 - 496 2 156 

Denmark .................................... 4,985 955 146 299 2,182 457 946 5,117 930 384 211 1,985 356 1,251 

Finland....................................... 2,360 256 114 29 615 505 840 1,693 322 109 104 366 24 770 

France ....................................... 394,968 199,952 2,729 11,294 156,127 5,595 19,271 386,534 206,540 1,498 3,820 152,789 4,159 17,727 

Germany.................................... 56,785 20,988 2,848 3,564 10,105 11,129 8,150 48,874 17,817 2,611 3,066 11,311 4,861 9,208 

Greece....................................... 1,448 309 44 21 454 63 557 1,151 106 41 10 446 45 502 

Hungary ..................................... 837 207 - 101 129 162 238 4,524 60 2,730 1,279 111 145 199 

Ireland........................................ 186,964 103,536 5,498 9,814 9,208 53,461 5,448 184,772 102,585 3,743 5,485 9,020 58,832 5,106 

Italy............................................ 20,777 5,410 1,000 572 7,814 1,262 4,719 23,310 5,687 788 315 8,568 3,545 4,406 

Kazakhstan 1.............................. 1,641 522 897 112 4 101 5 1,525 589 811 12 21 85 7 

Luxembourg............................... 42,637 4,508 13,659 8,264 10,367 2,577 3,263 43,128 4,379 11,646 6,832 9,607 7,664 3,000 

Monaco 1.................................... 987 360 51 17 466 25 68 864 327 - 7 427 22 81 

Netherlands ............................... 47,208 14,076 2,696 1,806 11,241 3,918 13,470 43,096 15,277 2,745 1,511 10,788 2,557 10,218 

Norway....................................... 70,651 43,647 13,806 2,636 4,664 2,656 3,242 50,976 30,225 11,663 1,028 4,339 1,793 1,928 

Poland ....................................... 2,913 2,379 52 13 23 274 172 2,425 1,925 51 6 48 175 220 

Portugal ..................................... 1,408 107 84 40 679 247 251 1,813 222 94 103 670 520 203 

Romania .................................... 1,564 835 704 - - 19 6 1,085 811 272 - 2 - - 

Russia........................................ 9,499 4,152 3,873 28 179 86 1,181 5,018 2,183 295 3 193 494 1,850 

Serbia and Montenegro 2 ........... 216 203 - - - 13 - 148 148 - - - - - 

Spain ......................................... 17,951 3,937 298 7,460 1,408 1,458 3,390 20,797 4,665 169 5,588 1,205 4,738 4,432 

Sweden...................................... 25,982 2,922 628 940 7,843 2,159 11,490 24,757 3,246 503 99 7,830 1,148 11,931 

Switzerland ................................ 38,132 4,549 1,245 5,004 16,463 1,836 9,035 33,960 5,038 1,163 2,134 16,034 1,944 7,647 

Turkey........................................ 6,683 4,805 3 2 52 299 1,522 5,397 3,091 1 4 89 753 1,459 

Ukraine 1 .................................... 361 305 30 1 17 6 2 457 419 - - 17 12 9 

United Kingdom ......................... 2,187,545 1,202,042 83,050 165,912 325,916 146,066 264,559 2,155,915 1,195,957 76,134 120,481 309,970 174,902 278,471 

Channel Islands ......................... 17,402 1,194 904 8,791 3,493 933 2,087 15,115 1,481 666 6,047 3,654 1,954 1,313 

All other Europe 1 ....................... 3,965 1,373 283 246 844 958 261 6,665 1,008 198 314 847 4,047 251 

Total Europe.......................... 3,181,384 1,629,668 135,594 230,035 576,679 238,397 371,011 3,114,479 1,611,075 119,445 163,136 556,457 284,088 380,278 

Memo: Euro Area 3 ......................... 790,775 358,495 29,683 45,652 213,328 81,369 62,248 782,733 363,034 24,209 31,484 209,831 95,317 58,858 

Canada........................................... 247,135 114,550 13,340 7,539 31,307 43,189 37,210 238,844 105,992 10,886 6,964 28,983 47,701 38,318 

Latin America: 

Argentina ................................... 4,036 261 92 148 1,142 1,414 979 4,176 379 83 81 1,112 1,585 936 

Brazil.......................................... 42,317 27,332 2,847 372 1,193 5,716 4,857 28,357 15,741 94 297 1,354 5,051 5,820 

Chile .......................................... 7,334 3,530 206 309 780 1,038 1,471 6,354 3,425 118 186 734 807 1,084 

Colombia.................................... 4,174 1,430 493 256 412 1,251 332 5,842 1,485 449 219 539 2,908 242 

Ecuador ..................................... 749 301 90 71 122 128 37 401 127 14 27 129 82 22 

Costa Rica 4 ............................... 674 44 99 177 46 10 298 551 13 68 98 65 11 296 

Guatemala ................................. 395 295 8 1 40 37 14 324 234 2 6 40 34 8 

Mexico ....................................... 27,205 4,899 4,102 2,265 3,942 4,672 7,325 20,715 5,302 3,408 785 3,946 2,470 4,804 

Panama ..................................... 3,273 368 228 435 751 865 626 3,134 420 163 319 759 970 503 

Peru ........................................... 1,603 68 260 397 192 481 205 800 120 134 28 167 170 181 

Uruguay ..................................... 3,405 1,533 246 182 434 689 321 4,120 1,634 166 71 453 1,495 301 

Venezuela.................................. 2,591 223 98 760 469 877 164 3,147 311 54 189 486 1,432 675 

All other Latin America 4............. 1,375 946 58 27 115 185 44 803 108 45 54 127 350 119 

Total Latin America................ 99,131 41,230 8,827 5,400 9,638 17,363 16,673 78,724 29,299 4,798 2,360 9,911 17,365 14,991 

Caribbean: 

Anguilla 5.................................... 21,600 1,914 - 729 15,992 684 2,281 21,082 1,921 50 444 15,700 886 2,081 

Bahamas.................................... 66,318 26,004 1,498 1,624 25,427 2,953 8,812 61,022 21,650 1,261 1,191 26,260 2,863 7,797 

Barbados 5 ................................. 4,138 1,418 2,015 435 161 47 62 1,435 534 317 204 172 119 89 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2006 

93

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2006, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

Total 

 sales 

(8) 

Marketable 

Treasury 

and 

Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

Bonds 

 (13) 

Stocks 

 (14) 

Caribbean, con. 

Bermuda ................................... 336,528 91,206 5,906 9,126 185,943 5,026 39,321 343,380 97,686 5,323 7,351 185,023 7,142 40,855

British Virgin Islands 5 ............... 151,147 2,953 453 4,571 114,897 2,605 25,668 148,249 2,445 449 3,674 114,452 2,441 24,788

Cayman Islands ........................ 1,133,295 359,201 75,831 64,891 484,591 39,999 108,782 1,108,007 364,241 64,482 47,445 484,009 39,947 107,883

Cuba ......................................... - - - - - -- - - - - - - -

Jamaica .................................... 1,481 421 126 86 503 327 18 1,437 427 132 102 501 255 20

Netherlands Antilles .................. 30,570 10,166 993 470 12,967 953 5,021 27,309 10,925 658 320 11,247 831 3,328

Trinidad and Tobago................. 1,458 361 559 50 51 165 272 1,451 370 586 40 40 186 229

All other Caribbean 5 ................. 1,111 260 71 230 393 76 81 982 263 101 33 407 44 134

Total Caribbean.................... 1,747,646 493,904 87,452 82,212 840,925 52,835 190,318 1,714,354 500,462 73,359 60,804 837,811 54,714 187,204

Asia:

China, Mainland........................ 66,318 26,076 25,350 7,548 1,461 5,075 808 38,657 17,894 13,724 1,831 1,551 2,563 1,094

Hong Kong............................. 93,892 32,004 13,158 4,576 4,561 3,445 36,148 82,569 31,123 5,830 1,490 4,305 3,251 36,570

India....................................... 3,749 1,117 1 5 87 14 2,525 3,745 899 1 60 173 263 2,349

Indonesia ............................... 3,053 1,891 14 19 117 523 489 2,937 1,820 196 3 137 108 673

Israel...................................... 7,652 1,239 268 677 2,711 153 2,604 6,859 1,516 140 613 2,643 53 1,894

Japan..................................... 281,483 125,036 41,171 8,099 8,773 14,692 83,712 257,325 118,487 28,525 4,843 9,439 12,604 83,427

Korea ..................................... 34,628 20,707 7,135 767 152 794 5,073 27,941 17,989 4,842 175 153 473 4,309

Lebanon................................. 255 1 - 1 180 10 63 274 3 - 5 164 9 93

Malaysia................................. 4,309 591 1,758 313 57 203 1,387 2,813 451 308 76 86 287 1,605

Pakistan................................. 84 1 5 3 34 12 29 209 41 8 21 39 13 87

Philippines ............................. 1,939 858 84 84 265 397 251 2,923 1,046 19 34 266 1,287 271

Singapore .............................. 35,678 11,219 1,923 3,839 4,985 2,890 10,822 36,866 12,664 1,950 2,244 6,896 1,920 11,192

Syria ...................................... - - - - - -- 2 - - - 2 - -

Taiwan ................................... 14,956 3,430 2,134 698 2,781 1,123 4,790 13,880 5,247 1,386 310 2,838 378 3,721

Thailand................................. 3,997 3,119 2 26 135 36 679 2,227 1,273 21 6 157 43 727

All other Asia.......................... 23,014 5,682 5,120 2,509 6,928 1,293 1,482 19,377 5,834 2,201 1,385 5,661 2,441 1,855

Total Asia........................... 575,007 232,971 98,123 29,164 33,227 30,660 150,862 498,604 216,287 59,151 13,096 34,510 25,693 149,867

Africa: 

Egypt ..................................... 572 242 4 3 88 52 183 687 63 4 4 159 77 380

Liberia.................................... 1,284 19 330 115 372 126 322 1,214 10 382 36 362 26 398

Morocco................................. 183 150 - - 22 - 11 110 50 - - 21 1 38

South Africa ........................... 1,370 213 17 25 109 142 864 1,397 184 23 55 130 172 833

All other Africa ....................... 2,436 859 77 232 178 667 423 830 139 59 79 187 23 343

Total Africa ........................ 5,845 1,483 428 375 769 987 1,803 4,238 446 468 174 859 299 1,992

Other countries: 

Australia................................. 40,520 9,495 1,897 2,074 5,102 4,292 17,660 39,845 9,592 1,637 1,420 4,679 4,575 17,942

New Zealand.......................... 1,258 123 166 44 300 144 481 1,182 117 149 57 267 122 470

All other ................................. 170 6 46 15 48 7 48 232 5 11 10 74 28 104

Total other countries .......... 41,948 9,624 2,109 2,133 5,450 4,443 18,189 41,259 9,714 1,797 1,487 5,020 4,725 18,516

Total foreign countries ... 5,898,096 2,523,430 345,873 356,858 1,497,995 387,874 786,066 5,690,502 2,473,275 269,904 248,021 1,473,551 434,585 791,166

International and regional orgs: 

International organizations..... 5,849 2,534 239 342 22 2,688 24 4,034 2,242 307 108 22 1,144 211

Regional organizations 6 ........ 5,015 391 377 307 19 3,686 235 2,043 444 525 205 11 697 161

Total international and 

 regional organizations..... 10,864 2,925 616 649 41 6,374 259 6,077 2,686 832 313 33 1,841 372

Grand total..................... 5,908,960 2,526,355 346,489 357,507 1,498,036 394,248 786,325 5,696,579 2,475,961 270,736 248,334 1,473,584 436,426 791,538

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under 

“Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other 

Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
CAPITAL MOVEMENTS 

December 2006 

94

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2005 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Markeable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Marketable 

 Treasury 

 and 

 Federal 

 Financing 

Bank bonds

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria............................... 17,174 7,324 2,449 733 3,269 985 2,414 16,957 7,271 2,436 807 3,357 730 2,356

Belgium............................. 100,220 16,005 39,946 8,468 20,609 2,906 12,286 89,321 15,505 40,344 4,843 14,852 1,261 12,516

Bulgaria............................. 305 190 42 3 31 34 5 373 298 8 15 44 4 4

Czech Republic................. 28,516 26,520 640 - 927 8 421 25,643 23,448 845 57 832 31 430

Denmark ........................... 18,952 5,851 1,151 1,729 5,024 1,378 3,819 19,155 6,564 611 2,650 4,361 976 3,993

Finland .............................. 10,918 5,377 663 101 1,725 166 2,886 11,200 5,493 611 181 1,296 48 3,571

France............................... 1,230,699 804,377 12,571 25,615 321,345 7,521 59,270 1,210,979 794,818 12,071 12,459 313,670 14,503 63,458

Germany ........................... 268,230 114,041 9,365 17,979 86,211 15,805 24,829 244,448 99,544 3,427 11,491 89,489 13,717 26,780

Greece .............................. 4,174 673 49 205 1,155 275 1,817 3,812 544 33 195 1,102 150 1,788

Hungary ............................ 2,346 295 57 538 668 267 521 2,224 276 83 348 690 277 550

Ireland............................... 598,968 409,336 14,665 31,284 46,900 82,305 14,478 574,744 408,090 11,074 19,100 45,240 78,724 12,516

Italy ................................... 86,907 28,080 3,186 1,289 36,814 1,701 15,837 85,934 24,327 2,465 1,342 39,381 1,200 17,219

Luxembourg ...................... 115,735 25,647 24,441 17,579 28,993 9,242 9,833 101,503 23,601 22,858 12,969 21,069 11,821 9,185

Netherlands....................... 128,088 47,282 9,628 7,201 35,952 5,723 22,302 134,786 53,377 8,369 4,429 38,278 6,206 24,127

Norway.............................. 287,724 225,225 30,482 6,811 13,657 3,793 7,756 274,326 218,811 29,244 3,711 11,357 4,503 6,700

Poland............................... 9,383 7,098 299 24 542 822 598 7,395 4,746 1,007 39 551 436 616

Portugal............................. 15,543 11,364 833 148 1,842 435 921 16,618 11,628 791 127 1,892 446 1,734

Romania............................ 4,032 3,249 140 - 6 381 256 3,963 3,142 285 - 7 488 41

Russia............................... 11,023 4,232 3,510 13 1,596 400 1,272 6,363 2,258 409 8 1,648 176 1,864

Serbia and Montenegro 1 .. 861 859 1 1 - - - 642 642 - - - - -

Spain................................. 139,819 32,425 29,395 55,152 5,842 5,062 11,943 134,505 28,566 29,182 48,051 5,868 9,733 13,105

Sweden............................. 106,975 37,013 5,228 1,260 22,805 1,406 39,263 116,442 35,181 4,976 1,630 23,291 6,009 45,355

Switzerland ....................... 167,706 39,675 6,467 15,301 67,457 8,529 30,277 172,363 44,579 8,438 11,559 66,123 9,021 32,643

Turkey............................... 20,180 16,835 13 126 171 977 2,058 23,329 16,432 5 122 214 4,350 2,206

United Kingdom................. 7,850,118 4,373,819 224,586 594,808 1,106,734 710,717 839,454 7,534,483 4,239,701 183,767 425,927 1,088,535 729,784 866,769

Channel Islands ................ 88,687 8,395 4,311 37,125 17,960 16,473 4,423 70,329 7,976 4,257 20,555 17,610 15,633 4,298

All other Europe 1 .............. 63,410 31,614 2,777 1,781 7,156 5,374 14,708 67,598 32,345 3,735 950 6,618 7,368 16,582

Total Europe ................. 11,376,693 6,282,801 426,895 825,274 1,835,391 882,685 1,123,647 10,949,435 6,109,163 371,331 583,565 1,797,375 917,595 1,170,406

Memo: Euro Area 2................ 2,716,475 1,501,931 147,191 165,754 590,657 132,126 178,816 2,624,807 1,472,764 133,661 115,994 575,494 138,539 188,355

Canada ................................. 894,288 441,240 34,242 31,377 120,180 149,558 117,691 846,047 419,821 21,689 29,098 103,631 150,913 120,895

Latin America: 

Argentina........................... 15,502 1,656 338 1,734 3,550 5,128 3,096 13,721 1,253 229 486 3,552 5,149 3,052

Brazil................................. 82,428 57,443 1,084 1,246 2,974 8,072 11,609 80,920 45,174 455 722 3,192 15,670 15,707

Chile.................................. 22,102 12,766 1,842 803 1,901 2,787 2,003 23,888 14,273 1,507 577 1,780 3,262 2,489

Colombia........................... 18,786 8,748 1,276 815 1,014 6,169 764 18,112 7,236 716 545 932 8,120 563

Ecuador............................. 2,608 163 271 599 233 256 1,086 2,861 147 270 349 242 792 1,061

Guatemala ........................ 1,751 1,361 68 20 86 193 23 1,568 996 29 26 90 398 29

Mexico .............................. 101,174 37,881 21,695 5,783 9,144 14,335 12,336 82,288 28,125 9,821 4,165 9,410 16,652 14,115

Panama............................. 13,697 1,328 3,331 1,919 2,883 2,561 1,675 13,298 1,046 2,800 1,082 2,681 3,883 1,806

Peru .................................. 3,818 129 811 599 356 1,593 330 3,931 168 44 166 338 2,614 601

Uruguay ............................ 10,763 3,386 848 877 1,366 3,397 889 9,093 2,993 309 247 1,299 3,306 939

Venezuela......................... 9,583 1,685 191 1,380 2,588 2,921 818 9,905 1,167 204 880 2,699 4,231 724

All other Latin America ...... 19,851 15,589 508 1,033 820 1,677 224 20,024 16,189 406 360 803 2,042 224

Total Latin America ....... 302,063 142,135 32,263 16,808 26,915 49,089 34,853 279,609 118,767 16,790 9,605 27,018 66,119 41,310

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2006 

95

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2005, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds 

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

 (13) 

 Stocks 

 (14) 

Caribbean 

Bahamas .............................. 443,618 291,507 5,104 7,498 107,076 14,648 17,785 433,858 286,053 5,176 6,388 104,900 15,088 16,253

Bermuda ............................... 1,444,626 670,364 36,673 34,226 579,832 24,799 98,732 1,402,080 636,440 34,797 28,778 575,069 25,124 101,872

Cayman Islands .................... 3,313,922 1,050,031 242,866 203,367 1,429,104 152,639 235,915 3,263,379 1,057,709 230,399 169,213 1,424,070 149,474 232,514

Cuba..................................... - - - - - -- - - - - - - -

Jamaica ................................ 4,305 1,435 702 225 274 1,643 26 3,736 1,570 408 58 269 1,407 24

Netherlands Antilles.............. 101,875 34,918 1,387 1,359 48,362 4,305 11,544 98,130 34,079 1,852 1,235 45,705 4,573 10,686

Trinidad and Tobago............. 5,445 1,678 2,050 112 139 1,306 160 5,364 1,755 1,891 184 130 1,244 160

All other Caribbean ............... 672,589 98,047 6,635 22,489 435,281 16,747 93,390 654,752 83,973 3,590 22,932 434,511 17,501 92,245

Total Caribbean................ 5,986,380 2,147,980 295,417 269,276 2,600,068 216,087 457,552 5,861,299 2,101,579 278,113 228,788 2,584,654 214,411 453,754

Asia: 

China, Mainland ............... 313,362 189,422 77,840 31,050 2,605 10,815 1,630 224,092 152,053 54,814 4,920 3,133 2,686 6,486

Hong Kong ........................ 288,479 110,291 34,530 16,723 13,864 14,557 98,514 254,897 97,978 18,241 5,711 12,814 13,706 106,447

India .................................. 14,035 3,452 8 16 246 146 10,167 15,258 2,926 1 15 425 811 11,080

Indonesia........................... 7,582 3,577 510 50 299 1,083 2,063 8,933 2,334 701 16 361 3,021 2,500

Israel ................................. 30,185 12,315 594 3,279 9,099 401 4,497 28,209 11,674 324 2,332 7,787 539 5,553

Japan ................................ 1,058,005 485,265 131,993 45,431 49,843 90,509 254,964 1,011,912 491,220 72,792 19,814 49,771 83,346 294,969

Korea ................................ 84,684 39,958 16,512 3,853 529 4,696 19,136 78,604 38,499 12,506 3,078 630 3,682 20,209

Lebanon ............................ 999 23 16 16 731 80 133 919 21 19 11 669 54 145

Malaysia............................ 20,058 11,084 2,325 1,576 413 1,224 3,436 15,575 10,028 530 261 578 527 3,651

Pakistan ............................ 288 23 42 51 89 13 70 408 62 14 19 94 8 211

Philippines......................... 11,863 4,931 2,774 336 704 2,344 774 10,621 3,861 2,394 262 558 2,737 809

Singapore.......................... 148,856 66,984 7,989 10,459 23,384 11,504 28,536 135,704 64,593 6,423 9,423 16,169 7,525 31,571

Syria.................................. 1 - - - 1 -- 4 - - - 4 - -

Taiwan .............................. 59,054 13,046 15,477 4,268 8,258 3,528 14,477 48,342 8,691 6,494 1,306 8,614 917 22,320

Thailand ............................ 17,855 13,761 452 35 476 156 2,975 10,126 5,338 15 38 500 715 3,520

All other Asia..................... 71,413 25,131 8,906 2,762 25,641 5,347 3,626 62,407 22,608 6,938 1,767 23,887 3,948 3,259

Total Asia...................... 2,126,719 979,263 299,968 119,905 136,182 146,403 444,998 1,906,011 911,886 182,206 48,973 125,994 124,222 512,730

Africa: 

Egypt................................. 2,799 109 23 52 896 54 1,665 2,669 50 6 19 795 108 1,691

Liberia ............................... 3,741 13 451 331 2,200 88 658 3,782 24 715 191 2,152 59 641

Morocco ............................ 461 364 - - 64 4 29 476 313 - 1 67 - 95

South Africa....................... 4,135 274 103 114 511 511 2,622 5,722 211 32 141 451 704 4,183

All other Africa................... 8,425 4,627 340 807 917 806 928 5,786 2,567 267 558 842 385 1,167

Total Africa.................... 19,561 5,387 917 1,304 4,588 1,463 5,902 18,435 3,165 1,020 910 4,307 1,256 7,777

Other countries: 

Australia ............................ 141,110 48,056 6,673 8,717 13,992 11,053 52,619 148,013 47,913 5,961 2,458 13,852 20,602 57,227

New Zealand..................... 5,800 1,408 399 144 950 1,512 1,387 4,719 414 512 68 870 1,424 1,431

All other............................. 1,904 152 80 84 720 475 393 1,814 123 71 54 868 240 458

Total other countries...... 148,814 49,616 7,152 8,945 15,662 13,040 54,399 154,546 48,450 6,544 2,580 15,590 22,266 59,116

Total foreign 

 countries ............... 20,854,518 10,048,422 1,096,854 1,272,889 4,738,986 1,458,325 2,239,042 20,015,382 9,712,831 877,693 903,519 4,658,569 1,496,782 2,365,988

International and regional orgs: 

International organizations... 17,981 12,110 837 2,551 1,329 914 240 13,755 9,555 754 801 1,371 998 276

Regional organizations 3 ..... 4,867 1,039 440 1,566 357 643 822 10,047 642 250 464 358 7,197 1,136

Total international and 

 regional organizations....... 22,848 13,149 1,277 4,117 1,686 1,557 1,062 23,802 10,197 1,004 1,265 1,729 8,195 1,412

 Grand total................... 20,877,366 10,061,571 1,098,131 1,277,006 4,740,672 1,459,882 2,240,104 20,039,184 9,723,028 878,697 904,784 4,660,298 1,504,977 2,367,400

1

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under “All 

other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
96 CAPITAL MOVEMENTS

December 2006 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

-50

0

50

100

150

200

250

300

350

400

450

500

550

600

650

2003 2004 2005 2006 

Jan.- Sept.

2006 

July - Sept.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2006 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2003 2004 2005 

 2006 

Jan. - Sept.

2006 

July. - Sept. 

United Kingdom............................. 167,329 254,112 362,017 298,051 74,378

All other Europe............................. 114,433 110,153 146,910 97,601 47,485

Caribbean banking centers 1,2 ....... 78,538 87,638 103,663 42,890 26,893

Japan ............................................. 176,587 247,114 78,935 39,999 21,785

All other Asia.................................. 116,980 130,399 187,324 184,487 48,656

Subtotal...................................... 653,867 829,416 878,849 663,028 219,197

All other countries.......................... 65,993 87,040 131,724 105,507 40,575

Grand total................................. 719,860 916,456 1,010,573 768,535 259,772

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

2 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds 

and stocks) as reported to the TIC 

reporting system. Foreign 

investors also acquired U.S. 

equities through mergers and 

reincorporations that involve 

stock swaps. Net foreign 

acquisitions of U.S. equities 

through stock swaps have been 

modest, amounting to $2 billion in 

2003, $36 billion in 2004, $6 

billion in 2005, and $1 billion in 

the first 9 months of 2006. (Stock 

swaps data for the most recent 

quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not 

reported under the TIC reporting 

system, but are now available on 

the TIC web site. The TIC website 

also provides estimates from the 

Federal Reserve Bank of New 

York on principal repayment 

flows on foreign holdings of U.S. 

government agency and corporate 

asset-backed securities (ABS). 

These repayments, also are not 

reported under the TIC system, 

are estimated to have reduced 

foreign net purchases of U.S. 

securities by $123 billion in 2003, 

$86 billion in 2004, $141 billion 

in 2005, and $104 billion for the 

first 9 months of 2006. 

Net foreign purchases of U.S. 

securities first surpassed $100 

billion in 1993. In 2003, net 

foreign acquisitions of U.S. 

securities (including stock swaps 

and accounting for ABS 

repayment flows) totaled $599 

billion. Net acquisitions increased 

to $866 billion in 2004, and rose 

to a new record of $875 billion in 

2005. Data for the first 9 months 

of 2006 show net acquisitions of 

$665 billion, similar to the pace in 

2005. 
 CAPITAL MOVEMENTS 

December 2006 

97

The data on this page represent U.S. 

investors’ purchases and sales of 

long-term foreign securities as 

reported to the TIC reporting system. 

However, in the past several years, 

U.S. investors also have acquired a 

substantial amount of foreign stocks, 

mostly European, through mergers 

that involve stock swaps. In 

addition, when foreign firms 

reincorporate in the United States, 

the associated stock swap reduces 

U.S. holdings of foreign equity. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, $47 

billion in 2001, $3 billion in 2002, 

$17 billion in 2003, -$12 billion in 

2004, $4 billion in 2005, and $6 

billion in the first 9 months of 2006. 

(Stock swaps data for the most recent 

quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not reported 

under the TIC reporting system, but 

are now available on the TIC web 

site. 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. U.S. 

investors’ acquisitions of foreign 

securities (including stock swaps) 

then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $176 billion in 

2005. In the first 9 months of 2006, 

U.S. investors acquired $145 billion 

in foreign securities, a pace of 

acquisition that was slightly higher 

than in 2005. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-50

0

50

100

150

200

250

300

2002 2003 2004 2005 2006

Jan.-Sept.

2006

July-Sept.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2006

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2002 2003 2004 2005 

2006 

Jan. - Sept. 

2006 

July- Sept. 

Foreign bonds ........ -28,492 -32,046 67,872 45,095 86,246 42,178 

Foreign stocks........ 1,493 88,587 84,970 127,296 52,368 5,213 

Total ..................... -26,999 56,541 152,842 172,391 138,614 47,391 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
December 2006 

98 

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2006 

99

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

04/05/06 .................................................................... 479,931 486,451 4,327 1.1619 

04/12/06 .................................................................... 497,384 506,689 4,608 1.1479 

04/19/06 .................................................................... 509,392 519,995 5,155 1.1367 

04/26/06 .................................................................... 532,275 542,272 6,548 1.1271 

 

05/03/06 .................................................................... 530,302 544,343 6,184 1.1072 

05/10/06 .................................................................... 529,746 547,822 7,412 1.1005 

05/17/06 .................................................................... 548,652 567,711 6,655 1.1116 

05/24/06 .................................................................... 565,871 583,239 5,996 1.1228 

05/31/06 .................................................................... 561,116 580,667 5,900 1.1027 

 

06/07/06 .................................................................... 582,369 600,398 6,231 1.1117 

06/14/06 .................................................................... 613,285 628,588 6,483 1.1121 

06/21/06 .................................................................... 509,040 523,334 6,695 1.1042 

06/28/06 .................................................................... 520,046 531,947 5,565 1.1240 

 

07/05/06 .................................................................... 508,785 521,132 5,158 1.1115 

07/12/06 .................................................................... 519,118 529,614 n.a. 1.1353 

07/19/06 .................................................................... 543,677 554,261 n.a. 1.1353 

07/26/06 .................................................................... 541,342 545,792 n.a. 1.1375 

 

08/02/06 .................................................................... 546,296 553,222 n.a. 1.1258 

08/09/06 .................................................................... 568,705 576,862 n.a. 1.1197 

08/16/06 .................................................................... 571,283 582,960 n.a. 1.1160 

08/23/06 .................................................................... 586,116 599,618 5,623 1.1100 

08/30/06 .................................................................... 597,503 613,733 5,877 1.1099 

 

09/06/06 .................................................................... 643,020 656,114 5,545 1.1052 

09/13/06 .................................................................... 657,212 671,129 4,978 1.1191 

09/20/06 .................................................................... 541,582 557,609 n.a. 1.1272 

09/27/06 .................................................................... 542,273 559,066 n.a. 1.1150 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

100

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - Oct ................... 502,884 514,528 153,407 134,295 80,140 87,957 92,076 90,371 -137 1.1796 

Nov .................. 540,825 549,962 148,363 126,720 71,368 73,116 69,578 69,059 2,806 1.1670 

Dec .................. 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Jan ................... 496,281 508,267 159,319 141,922 73,127 67,989 61,951 64,514 3,763 1.1436 

Feb .................. 549,765 561,013 157,333 139,191 68,619 67,529 59,579 60,158 4,360 1.1379 

Mar .................. 494,122 497,767 158,946 143,843 67,081 63,322 74,314 75,763 4,273 1.1670 

Apr................... 519,848 532,981 170,064 154,319 68,240 67,161 78,300 77,958 6,055 1.1203 

May.................. 560,039 580,758 174,499 154,485 72,693 70,186 87,548 88,881 6,156 1.1027 

June................. 505,810 516,196 167,922 149,903 70,159 65,375 76,587 78,921 5,511 1.1150 

July .................. 543,484 550,749 175,085 156,506 68,831 66,468 76,505 76,586 n.a. 1.1309 

Aug .................. 601,998 616,249 170,353 150,803 74,981 71,810 82,379 82,167 5,631 1.1066 

Sept................. 530,755 549,613 169,857 152,331 72,604 66,917 83,597 88,294 5,635 1.1151 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 25,265 32,483 100,674 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

June ................. 28,178 39,883 136,087 86,970 507 n.a. 2,805 762 n.a. 1.2257 

Sept.................. 25,097 32,244 99,718 63,854 665 1,575 2,515 718 n.a. 1.1608 

Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

2006 - Mar................... 24,604 30,803 n.a. n.a. 662 824 2,870 905 -826 1.167 

 June.................. 25,026 29,920 n.a. n.a. 463 758 2,501 688 -700 1.115 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

101

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

04/05/06 .................................................................. 248,082 249,760 -466 117.59 

04/12/06 .................................................................. 245,768 248,224 -827 118.47 

04/19/06 .................................................................. 248,632 250,712 -813 117.58 

04/26/06 .................................................................. 267,596 268,734 -823 114.72 

 

05/03/06 .................................................................. 267,877 268,622 -762 113.44 

05/10/06 .................................................................. 270,770 271,202 -1,408 110.55 

05/17/06 .................................................................. 284,057 285,427 -1,424 110.60 

05/24/06 .................................................................. 289,918 289,832 -1,152 112.80 

05/31/06 .................................................................. 290,813 289,895 -898 112.26 

 

06/07/06 .................................................................. 298,497 297,993 -794 113.35 

06/14/06 .................................................................. 315,848 315,081 -640 114.85 

06/21/06 .................................................................. 275,848 274,511 -722 114.76 

06/28/06 .................................................................. 270,635 268,904 -485 116.42 

 

07/05/06 .................................................................. 278,064 276,235 -516 115.65 

07/12/06 .................................................................. 282,456 279,533 -863 115.41 

07/19/06 .................................................................. 287,453 285,266 -1,080 117.08 

07/26/06 .................................................................. 279,936 277,673 -296 116.85 

 

08/02/06 .................................................................. 291,223 289,538 -916 114.54 

08/09/06 .................................................................. 285,432 283,594 -1,000 115.14 

08/16/06 .................................................................. 291,524 289,366 -439 115.71 

08/23/06 .................................................................. 290,476 287,878 -684 116.43 

08/30/06 .................................................................. 298,937 296,035 -1,113 117.07 

 

09/06/06 .................................................................. 302,375 300,958 -1,386 116.73 

09/13/06 .................................................................. 306,990 305,112 -927 117.47 

09/20/06 .................................................................. 280,846 278,773 -1207 117.29 

09/27/06 .................................................................. 281,893 279,938 -804 117.53 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

102

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2003 - Dec.................. 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

2004 - Dec.................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - Oct .................. 256,320 258,052 53,648 54,732 51,696 53,838 67,532 66,826 -396 116.36 

Nov................. 284,309 286,789 54,894 53,600 53,909 54,342 54,477 53,570 -40 119.66 

Dec................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Jan .................. 286,285 290,523 58,426 59,445 65,939 65,216 60,360 60,398 -310 116.88 

Feb ................. 297,920 301,628 61,553 62,678 70,232 72,220 62,152 61,094 -530 115.82 

Mar ................. 268,830 270,136 64,722 65,656 77,414 77,856 67,306 65,601 -765 117.48 

Apr.................. 294,033 294,109 64,789 66,067 76,809 77,965 66,271 63,658 -725 113.79 

May................. 285,022 284,069 61,373 61,954 87,985 90,864 71,927 68,004 -1,475 112.26 

June................ 297,203 295,494 63,441 63,875 88,696 89,726 71,975 68,708 -515 114.51 

July ................. 312,459 310,916 62,849 62,834 86,999 93,658 76,131 73,012 -878 114.44 

Aug ................. 318,012 315,284 63,059 63,237 83,278 85,278 76,063 73,256 -1,130 117.35 

Sept................ 299,128 296,874 60,314 60,431 87,003 89,562 77,269 74,421 -833 117.99 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2003 - Dec................... 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 

Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,612 7,331 5,507 3,017 307 297 544 264 n.a. 107.25 

June ................. 8,523 8,401 5,449 3,034 407 352 597 281 -406 110.92 

Sept.................. 8,014 8,909 6,213 3,353 373 368 734 291 -557 113.31 

Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

2006 - Mar................... 9,559 10,001 9,742 5,812 823 n.a. 1,041 n.a. -78 117.48 

June.................. 8,764 8,954 7,684 4,052 1066 n.a. 505 n.a. 198 114.51 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

103

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

04/05/06 .................................................................. 668,606 679,519 10,936 1.2857 

04/12/06 .................................................................. 673,484 676,561 9,329 1.2995 

04/19/06 .................................................................. 698,574 712,441 9,573 1.2705 

04/26/06 .................................................................. 700,341 709,295 9,701 1.2675 

 

05/03/06 .................................................................. 723,638 733,514 7,358 1.2351 

05/10/06 .................................................................. 705,278 713,308 8,737 1.2186 

05/17/06 .................................................................. 704,620 716,220 7,466 1.2178 

05/24/06 .................................................................. 720,964 728,282 7,090 1.2188 

05/31/06 .................................................................. 667,797 673,956 7,562 1.2159 

 

06/07/06 .................................................................. 711,606 715,758 8,290 1.2208 

06/14/06 .................................................................. 737,819 742,572 9,494 1.2271 

06/21/06 .................................................................. 528,929 538,580 7,966 1.2329 

06/28/06 .................................................................. 520,543 525,943 9,017 1.2479 

 

07/05/06 .................................................................. 532,171 543,773 10,986 1.2336 

07/12/06 .................................................................. 564,876 576,293 10,626 1.2344 

07/19/06 .................................................................. 607,221 611,406 6,279 1.2497 

07/26/06 .................................................................. 589,828 592,578 6,079 1.2488 

 

08/02/06 .................................................................. 599,874 608,327 7,818 1.2293 

08/09/06 .................................................................. 578,955 584,615 7,977 1.2228 

08/16/06 .................................................................. 618,729 625,693 8,808 1.2272 

08/23/06 .................................................................. 625,211 632,668 9,026 1.2357 

08/30/06 .................................................................. 639,825 649,381 9,093 1.2293 

 

09/06/06 .................................................................. 722,446 731,794 9,954 1.2378 

09/13/06 .................................................................. 775,432 785,635 9,387 1.2491 

09/20/06 .................................................................. 589,567 602,343 9,152 1.2498 

09/27/06 .................................................................. 588,845 604,836 10,195 1.2451 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

104

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - Oct ................... 608,329 620,749 61,422 64,259 110,535 106,318 84,209 71,116 2,538 1.2900 

Nov .................. 651,659 666,250 55,424 49,847 90,053 83,866 63,868 53,043 2,193 1.3148 

Dec .................. 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Jan ................... 640,273 653,345 63,431 63,686 115,713 104,059 85,278 70,203 5,369 1.2784 

Feb .................. 733,504 713,614 79,629 83,238 96,619 91,448 102,085 95,749 6,649 1.3111 

Mar .................. 670,466 681,666 71,334 75,656 92,151 84,724 109,725 106,084 9,875 1.3025 

Apr................... 772,327 783,403 91,363 95,077 95,885 91,527 108,354 106,916 9,118 1.2411 

May.................. 644,787 651,170 72,754 73,612 110,911 105,578 122,077 117,845 1,759 1.2159 

June................. 546,074 552,858 69,993 70,944 104,742 94,686 116,673 115,261 10,107 1.2247 

July .................. 576,765 579,881 67,686 69,097 116,188 112,484 122,892 119,621 8,346 1.2311 

Aug .................. 640,777 643,594 65,950 70,881 118,631 120,353 113,945 114,436 9,421 1.2336 

Sept................. 592,282 607,776 61,941 67,928 164,396 161,305 180,438 185,248 13,880 1.2504 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2003 - Dec................... 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 

Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,723 29,650 33,587 10,119 491 658 1,623 493 n.a. 1.1956 

June ................. 17,342 30,911 37,253 10,156 538 n.a. 1,415 n.a. n.a. 1.2829 

Sept.................. 14,433 24,616 34,627 9,700 n.a. n.a. 460 230 n.a. 1.2891 

Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

2006 - Mar................... 20,009 28,592 41,540 10,966 n.a. n.a. 745 575 n.a. 1.3025 

June.................. 17,596 21,001 44,998 11,526 n.a. n.a. 623 479 n.a. 1.2247 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

105

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

04/05/06 .................................................................. 767,083 772,101 7,329 1.7497 

04/12/06 .................................................................. 782,049 787,173 7,543 1.7508 

04/19/06 .................................................................. 801,203 807,220 8,960 1.7895 

04/26/06 .................................................................. 826,317 839,166 8,321 1.7897 

 

05/03/06 .................................................................. 821,098 832,798 9,416 1.8446 

05/10/06 .................................................................. 833,229 849,580 9,687 1.8648 

05/17/06 .................................................................. 891,057 907,284 9,352 1.8820 

05/24/06 .................................................................. 848,475 860,672 8,600 1.8678 

05/31/06 .................................................................. 813,210 822,430 7,979 1.8732 

 

06/07/06 .................................................................. 826,836 838,825 6,176 1.8585 

06/14/06 .................................................................. 862,336 870,460 5,478 1.8491 

06/21/06 .................................................................. 720,687 730,218 6,058 1.8460 

06/28/06 .................................................................. 724,834 732,197 4,443 1.8159 

 

07/05/06 .................................................................. 702,589 711,726 5,282 1.8342 

07/12/06 .................................................................. 713,715 721,872 5,012 1.8347 

07/19/06 .................................................................. 752,893 768,098 6,123 1.8377 

07/26/06 .................................................................. 755,857 767,746 6,377 1.8474 

 

08/02/06 .................................................................. 754,444 768,411 5,842 1.8781 

08/09/06 .................................................................. 777,451 793,612 6,447 1.9089 

08/16/06 .................................................................. 784,096 801,042 6,169 1.8999 

08/23/06 .................................................................. 793,842 815,613 5,902 1.8929 

08/30/06 .................................................................. 813,062 832,186 6,268 1.9042 

 

09/06/06 .................................................................. 843,109 864,089 4,763 1.8810 

09/13/06 .................................................................. 862,108 884,053 3,969 1.8767 

09/20/06 .................................................................. 754,536 766,417 3,740 1.8894 

09/27/06 .................................................................. 777,899 799,320 1,847 1.8866 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

106

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 

2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - Oct ................... 761,450 775,272 287,499 256,854 68,502 59,856 82,301 85,893 4,536 1.7689 

Nov .................. 795,767 806,868 273,944 257,257 70,294 64,813 81,263 84,796 4,670 1.7321 

Dec .................. 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Jan ................... 780,525 786,653 326,750 289,189 64,001 53,548 69,283 77,680 4,421 1.7820 

Feb .................. 812,878 818,829 316,828 276,184 64,768 53,173 60,672 66,684 6,565 1.7539 

Mar .................. 767,026 772,344 347,114 305,150 60,392 51,298 62,114 67,404 6,031 1.7393 

Apr................... 835,022 846,351 354,455 308,103 64,594 53,009 66,218 72,061 8,979 1.8220 

May.................. 836,629 845,419 364,089 312,446 71,914 66,346 72,405 79,071 7,380 1.8732 

June................. 725,150 736,071 355,843 303,614 68,589 63,326 66,706 71,128 5,207 1.8491 

July .................. 755,506 765,260 359,328 314,167 66,022 58,513 68,251 69,619 5,967 1.8685 

Aug .................. 821,972 838,655 377,759 331,135 68,908 63,446 65,708 69,177 6,279 1.9024 

Sept................. 774,062 799,307 375,214 319,165 65,845 63,047 65,939 67,262 1,357 1.8716 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2003 - Dec................... 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 

Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,407 41,451 43,540 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

June ................. 38,305 52,610 89,080 55,471 n.a. 553 3,874 3,555 n.a. 1.7930 

Sept.................. 23,415 35,163 53,991 24,250 n.a. 518 2,639 2,027 -754 1.7696 

Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

2006 - Mar................... 24,371 39,982 61,619 30,338 409 336 n.a. 1,923 -810 1.7393 

June.................. 23,891 37,629 65,463 31,087 394 336 3,774 n.a, -607 1.8491 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

107

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

04/05/06 ................................................................ 9,341,884 9,501,978 -14,446 n.a. 

04/12/06 ................................................................ 9,374,453 9,598,450 -11,364 n.a. 

04/19/06 ................................................................ 9,477,394 9,701,880 -15,086 n.a. 

04/26/06 ................................................................ 10,036,257 10,260,397 -15,817 n.a. 

 

05/03/06 ................................................................ 10,156,646 10,391,572 -16,249 n.a. 

05/10/06 ................................................................ 10,398,197 10,615,672 -9,901 n.a. 

05/17/06 ................................................................ 10,807,233 11,064,144 583 n.a. 

05/24/06 ................................................................ 10,851,087 11,062,187 931 n.a. 

05/31/06 ................................................................ 10,371,595 10,608,203 -203 n.a. 

 

06/07/06 ................................................................ 10,587,684 10,825,797 5,384 n.a. 

06/14/06 ................................................................ 10,954,431 11,167,446 3,141 n.a. 

06/21/06 ................................................................ 9,567,897 9,804,238 4,531 n.a. 

06/28/06 ................................................................ 9,524,935 9,703,672 7,295 n.a. 

 

07/05/06 ................................................................ 9,554,304 9,815,404 14,316 n.a. 

07/12/06 ................................................................ 9,758,536 10,001,539 9,730 n.a. 

07/19/06 ................................................................ 9,921,507 10,182,370 9,251 n.a. 

07/26/06 ................................................................ 9,803,594 10,076,680 4,702 n.a. 

 

08/02/06 ................................................................ 10,023,600 10,284,975 3,483 n.a. 

08/09/06 ................................................................ 9,930,581 10,168,737 2,532 n.a. 

08/16/06 ................................................................ 10,235,438 10,503,192 2,111 n.a. 

08/23/06 ................................................................ 10,280,050 10,538,456 2,897 n.a. 

08/30/06 ................................................................ 10,569,550 10,828,783 361 n.a. 

 

09/06/06 ................................................................ 10,733,354 10,960,580 2,164 n.a. 

09/13/06 ................................................................ 11,019,969 11,260,077 2,192 n.a. 

09/20/06 ................................................................ 9,847,225 10,092,029 3,188 n.a. 

09/27/06 ................................................................ 10,019,313 10,187,577 6,867 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

108

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

2004 - Dec................... 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

2005 - Oct ................... 9,175,337 9,222,161 - - 1,194,152 1,210,907 1,408,923 1,420,156 -5,214 n.a. 

Nov .................. 9,613,292 9,676,066 - - 1,194,640 1,209,079 1,166,477 1,188,580 -13,615 n.a. 

Dec .................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

2006 - Jan ................... 9,676,836 9,759,459 - - 1,266,208 1,255,752 1,329,021 1,319,006 -2,560 n.a. 

Feb .................. 10,238,070 10,341,610 - - 1,303,788 1,325,440 1,362,419 1,389,471 -13,985 n.a. 

Mar .................. 9,846,501 10,044,878 - - 1,487,695 1,474,882 1,768,511 1,801,401 -26,343 n.a. 

Apr................... 10,778,208 11,007,781 - - 1,567,422 1,496,237 1,635,862 2,709,089 -21,552 n.a. 

May.................. 10,421,788 10,650,275 - - 1,716,677 1,963,147 1,829,209 1,892,706 286 n.a. 

June................. 10,068,313 10,239,643 - - 1,675,501 1,666,363 1,856,663 1,861,828 -13,169 n.a. 

July .................. 10,330,311 10,544,212 - - 1,691,002 1,763,124 1,813,144 1,913,506 -151 n.a. 

Aug .................. 10,871,483 11,065,800 - - 1,741,868 1,773,783 1,870,581 1,939,367 -7,922 n.a. 

Sept................. 10,162,395 10,236,779 - - 1,747,941 1,790,264 2,061,336 2,056,604 -3,040 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. 

Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 444,804 450,894 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

June.................. 462,876 474,638 - - 13,864 12,139 15,821 10,600 10,440 n.a. 

Sept .................. 435,999 419,841 - - 12,959 11,423 8,008 7,764 9,741 n.a. 

Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 453,038 441,138 - - 21,745 19,340 18,901 20,373 1,909 n.a. 

June.................. 453,241 459,206 - - 16,802 19,028 17,032 18,063 655 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

109

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

04/05/06 ............................................................................. 3,189,825 3,153,613 -4,325 0.8149 

04/12/06 ............................................................................. 3,206,791 3,129,373 -2,993 0.8260 

04/19/06 ............................................................................. 3,232,930 3,164,079 -1,834 0.8100 

04/26/06 ............................................................................. 3,415,513 3,347,124 -2,936 0.8023 

 

05/03/06 ............................................................................. 3,468,064 3,395,336 -532 0.7912 

05/10/06 ............................................................................. 3,419,486 3,351,507 -3,154 0.7813 

05/17/06 ............................................................................. 3,425,467 3,346,747 -8,902 0.7860 

05/24/06 ............................................................................. 3,532,096 3,449,524 -10,095 0.7845 

05/31/06 ............................................................................. 3,240,390 3,166,091 -8,120 0.7792 

 

06/07/06 ............................................................................. 3,352,995 3,276,120 -8,578 0.7813 

06/14/06 ............................................................................. 3,479,937 3,386,876 -8,412 0.7917 

06/21/06 ............................................................................. 3,052,183 2,987,925 -7,369 0.7896 

06/28/06 ............................................................................. 2,969,008 2,952,120 -9,863 0.7980 

 

07/05/06 ............................................................................. 3,037,364 2,970,439 -13,247 0.7858 

07/12/06 ............................................................................. 3,138,801 3,069,281 -9,526 0.7870 

07/19/06 ............................................................................. 3,220,308 3,147,415 -7,499 0.7962 

07/26/06 ............................................................................. 3,171,896 3,115,946 -8,336 0.7919 

 

08/02/06 ............................................................................. 3,240,151 3,170,715 -7,092 0.7814 

08/09/06 ............................................................................. 3,193,992 3,121,894 -8,471 0.7759 

08/16/06 ............................................................................. 3,304,114 3,226,574 -10,351 0.7774 

08/23/06 ............................................................................. 3,315,201 3,236,022 -8,311 0.7816 

08/30/06 ............................................................................. 3,409,344 3,329,357 -4,212 0.7797 

 

09/06/06 ............................................................................. 3,395,512 3,324,894 -2,157 0.7820 

09/13/06 ............................................................................. 3,520,237 3,448,441 -2,588 0.7869 

09/20/06 ............................................................................. 3,139,445 3,077,492 -1,195 0.7873 

09/27/06 ............................................................................. 3,110,568 3,082,398 -1,942 0.7875 

 
FOREIGN CURRENCY POSITIONS 

December 2006 

110

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 

2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - Oct ................... 2,803,470 2,810,865 1,322,375 1,281,551 374,295 323,139 512,573 552,082 3,046 0.8337 

Nov .................. 3,005,763 3,002,145 1,208,602 1,145,199 390,570 347,311 413,338 460,223 7,573 0.8482 

Dec .................. 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

2006 - Jan ................... 2,956,893 2,928,990 1,359,026 1,303,092 443,204 396,119 415,980 459,950 3,050 0.8225 

Feb .................. 3,164,741 3,144,443 1,335,168 1,293,677 479,987 532,961 419,540 560,126 2,548 0.8386 

Mar .................. 3,097,407 3,057,514 1,407,119 1,341,745 540,036 542,161 431,055 512,088 -3,374 0.8238 

Apr................... 3,471,295 3,407,520 1,721,131 1,666,382 584,294 588,514 445,431 522,863 -850 0.7921 

May.................. 3,080,902 3,007,061 1,482,020 1,424,586 710,526 826,561 459,928 531,130 998 0.7792 

June................. 3,051,598 3,042,657 1,520,413 1,411,160 656,565 766,673 440,688 509,901 -11,244 0.7825 

July .................. 3,150,032 3,121,396 1,444,554 1,389,799 654,064 755,023 447,559 519,735 -10,853 0.7835 

Aug .................. 3,303,572 3,271,323 1,436,080 1,392,072 662,842 756,995 459,556 529,779 -4,385 0.7817 

Sept................. 2,938,940 2,941,237 1,376,828 1,320,973 658,124 723,444 459,974 551,851 -1,928 0.7882 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2003 - Dec................... 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 

Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 138,011 148,004 206,505 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

June ................. 158,930 176,765 268,363 175,607 9,419 6,000 8,969 8,659 -476 0.8266 

Sept.................. 123,785 150,408 211,076 160,009 6,319 4,585 7,799 6,168 245 0.8293 

Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

2006 - Mar................... 142,022 157,084 228,750 139,702 12,373 7,893 7,038 5,441 -239 0.8238 

June.................. 140,544 144,101 236,836 141,087 5,877 5,389 7,499 4,766 102 0.7825 

 
December 2006 

111

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 March 31, 2006, and June 30, 2006 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital March 31, 2006 

April 1, 2006, 

through 

June 30, 2006 June 30, 2006 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 15,399,148 148,511 15,547,659 

Special drawing rights 1 ........................................................... 8,389,254 280,333 8,669,587 

Foreign exchange and securities: 

European euro ..................................................................... 11,126,739 660,854 11,787,593 

Japanese yen....................................................................... 8,040,710 211,529 8,252,239 

Accounts receivable................................................................. 119,470 15,703 135,173 

Total assets.......................................................................... 43,075,321 1,316,930 44,392,251 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 38,844 4,860 43,704 

Total current liabilities ...................................................... 38,844 4,860 43,704 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,059,488 188,729 7,248,217 

Total other liabilities ......................................................... 9,259,488 188,729 9,448,217 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 33,576,989 1,123,341 34,700,330 

Total capital...................................................................... 33,776,989 1,123,341 34,900,330 

Total liabilities and capital............................................ 43,075,321 1,316,930 44,392,251 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2006 

112

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

April 1, 2006, 

through 

June 30, 2006 

Fiscal year to date 

October 1, 2005, 

through 

June 30, 2006 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 801,568 580,126 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... 34,764 27,548 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 11,825 30,845 

U.S. Government securities......................................................... 188,666 477,462 

Foreign exchange ........................................................................ 86,518 232,110 

Commissions ............................................................................... - - 

Income from operations............................................................... 1,123,341 1,348,091 

Net income (+) or loss (-)............................................................. 1,123,341 1,348,091 

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 

 December 2006 

115

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2007. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2007. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 87.0 

less: 

 

Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.4 

Unfunded authorizations (fiscal year 2007)........................................................................................................................................................................ 79.6 

48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)............................................................................................................................ 147.8 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 10.2 

less: 

 

Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.7 

Unfunded authorizations (fiscal year 2007)........................................................................................................................................................................ 2.5 

48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)........................................................................................................................... 20.6 

Note: Detail may not add to totals due to rounding. 
TECHNICAL PAPERS 

December 2006 

116

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
December 2006 

117

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of September 2006, the 

debt limit was $8,965,000 million; the limit may change from 

year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 
GLOSSARY 

December 2006 

118

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), Series HH bonds (issued since January 1980 

through October 1982) mature in 20 years, and savings notes 

issued between May 1967 and October 1970 have a final 

maturity of 30 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 
GLOSSARY 

December 2006 

119

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-3)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).