Contents 

SEPTEMBER 2003 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations............................................................................................................................ 10 

Analysis.—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source...................... 11 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 13 

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 13 

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 14 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 15 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 17 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 19

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 20 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 20

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 22 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 23 

FD-2.—Debt Held by the Public ......................................................................................................................................... 24 

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................... 25 

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

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

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

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

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

FD-6.—Debt Subject to Statutory Limitation (Historical) .................................................................................................. 29 

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

PUBLIC DEBT OPERATIONS 

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

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

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

 and 52-Week Treasury Bills Outstanding............................................................................................................ 35 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 39 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 40 

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ....................................... 41

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 42 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 42 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 43

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ........................................................................... 43
IV

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 45 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 46 

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

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

MARKET YIELDS 

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

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

MY-A.—Chart: Yields of Treasury Securities .................................................................................................................... 50

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 in the United States 

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

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

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

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

Contents 

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

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

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

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

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

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

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

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

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

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

FOREIGN CURRENCY POSITIONS 

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

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

ESF-2.—Income and Expense........................................................................................................................................... 105
VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS 

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

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

 

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

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

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

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

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

Aquatic Resources Trust Fund.......................................................................... √ 

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

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

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

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

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

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

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

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

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

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

Investments of Specified Trust Accounts ......................................................... √

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

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

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

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

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

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

Unemployment 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
 3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

Growth in real gross domestic product (GDP) accelerated 

in the second quarter of 2003 to a 2.4 percent annual rate. 

That was a full percentage point above the pace in the prior 

two quarters, though still below the potential growth rate of 

the economy, estimated at 3.1 percent. Many sectors of GDP 

improved in the second quarter, although growth was held 

back by declines in inventories, exports, and spending by 

State and local governments, as well as a surge in imports 

(which are subtracted from GDP). Excluding inventories and 

net exports, real domestic final sales grew at a 4.6 percent 

pace, the fastest since the first quarter of 2000. 

 Personal consumption expenditures accelerated to a 3.3 

percent rate from 2.0 percent in the prior quarter. Increased 

purchases of motor vehicles and other durable goods, such 

as furniture and household equipment, accounted for much 

of the growth. Business fixed investment was also very 

favorable, with a 6.9 percent rate of increase representing the 

strongest gain in 3 years. That growth reflected primarily a 

7.5 percent increase in real equipment and software 

investment, which resumed its yearlong upward trend after 

declining in the first quarter of 2003. Business investment in 

structures also increased in the second quarter for the first 

time in seven quarters. 

 National defense consumption expenditures and gross 

investment surged at a 44 percent annual rate in the second 

quarter, contributing 1.7 percentage points to GDP growth. 

That was the largest quarterly increase since a 110 percent 

jump in the third quarter of 1951 during the Korean war. 

Defense spending often fluctuates from quarter to quarter, 

and the latest increase followed a 3.3 percent decline in the 

first quarter. Federal nondefense expenditures fell 4.1 

percent in the second quarter, and State and local spending 

was off 1.5 percent. 

Growth of Real GDP

4.1 4.3

4.8

4.3

2.3

0.1

2.9

1.9

0

1

2

3

4

5

6

96 97 98 99 00 01 02 03*

(Percent change, fourth quarter to fourth quarter)

*2003 based on first tw o quarters

Inflation 

Inflation at the consumer level has continued at a 

moderate pace during the first half of 2003, but there has 

been some acceleration at the producer price level. The 

consumer price index (CPI) rose at a 2.2 percent annual rate 

during the first 6 months of 2003, a little less than the 2.4 

percent pace recorded during 2002. Increases were 

concentrated in the first quarter, with prices falling slightly 

across the second quarter. Energy prices increased at a 15.4 

percent annual rate this year, boosted by sharply higher 

prices early in the year. Energy prices were up by 10.7 

percent last year. The cost of food increased at a 2.7 percent 

annual rate so far this year following a 1.5 percent advance 

last year. “Core” inflation (prices excluding food and 

energy), a gauge of the underlying price trends, decelerated 

to a very low 0.9 percent pace during the first half of 2003 

from a 1.9 percent rate last year. 

At the producer level, finished goods prices rose at a 4.8 

percent annual rate during the first 6 months of the year, 

following a modest 1.2 percent increase during 2002. Prices 

were down during the latest 3 months ending in June after 

increasing sharply in the first 3 months of the year. As with 

the CPI, sharply rising energy costs during the first quarter 

were partially offset by declines during the second quarter. 

Over the first half of the year, energy prices were up at a 

19.2 percent annual rate, somewhat faster than the 12.3 

percent increase registered last year. Core finished goods 

and food prices are also contributing to the overall 

acceleration in finished goods inflation. Core prices are up at 

a modest 0.5 percent pace to this point this year, while food 

prices increased at a 7.6 percent rate. Both followed slight 

declines last year. Further back in the production chain, 

increases in core intermediate materials prices have picked 

up a small amount this year. 
4 PROFILE OF THE ECONOMY 

Hourly compensation costs (including stock options) as 

calculated in the national income accounts for the private 

nonfarm business sector are up at a 3.8 percent annual rate in 

the first half of 2003. This was a little below the 4.0 percent 

annual rate rise in productivity, yielding a 0.2 percent dip in 

unit labor costs in the first half of the year, compared with a 

1.6 percent decline in unit labor costs across the four 

quarters of 2002. The employment cost index (ECI) for total 

compensation, a fixed-weighted compensation measure that 

does not account for stock options, increased at a 4.4 percent 

annual rate during the first half of 2003, boosted by a surge 

in benefit costs. This is up from a 3.4 percent increase last 

year. 

Employment and unemployment 

The labor market remained weak in mid-2003. Payroll 

employment continued to shrink for a sixth straight month in 

July, bringing the total job loss since January to almost 

500,000. The unemployment rate receded from an 8-year 

high of 6.4 percent in June to 6.2 percent, but the decline 

was entirely due to reduced labor force participation. 

The 44,000-drop in nonfarm payrolls recorded in July 

reflected widespread job losses. The biggest decline 

occurred in the manufacturing sector, which cut 71,000 

workers in July, and has been eliminating jobs continuously 

since July 2000. Over the past 3 years, 2.7 million factory 

jobs have been eliminated. For the few industries showing 

growth in July, gains were minimal. One notable exception 

was in temporary help supply, which brought on 42,000 

workers and added 122,000 since April. Total payroll 

employment is now down by 2.7 million from its peak in 

February 2001, and by 1 million since the November 2001 

recession trough. 

The unemployment rate eased by 0.2 percentage point in 

July to 6.2 percent. Although the jobless rate remains 

elevated compared to the 5.8 percent rate averaged in 2002, 

it is still low compared to highs of 7.8 percent in 1992 and 

10.8 percent in 1982. 

Sluggish labor markets continued to have a restraining 

effect on wage growth. Over the 12 months ending in July, 

average hourly earnings of nonfarm production workers rose 

by 3.1 percent, little changed from the 2.9 percent increase 

posted over the year-earlier period and down from readings 

averaging 3.9 percent from late 1996 through the summer of 

2001. Growth in earnings adjusted for inflation has slowed 

to 1.0 percent over the 12 months ending in June (by the 

latest available statistics) from 2.0 percent during the yearearlier period. The slowdown in real wage growth reflects 

higher inflation, resulting primarily from an increase in 

energy prices.

0

1

2

3

4

5

6

7

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

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

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)
PROFILE OF THE ECONOMY 5

Real disposable personal income and 

consumer spending 

Personal income in nominal terms grew at a 3.5 percent 

annual rate in the first half of 2003, close to the 3.6 percent 

averaged across the four quarters of 2002. Growth in wages 

and salaries, which account for just under 60 percent of 

personal income, accelerated to a 2.8 percent annual rate in 

the first two quarters from 1.9 percent the previous year. 

Transfer payments from government to individuals were up 

at a 7.0 percent annual rate in the first half of this year, down 

from a 9.5 percent pace last year. Gains in other labor 

income, consisting mainly of employer contributions to 

pension funds and health insurance, slowed from 9.4 percent 

last year to a 4.8 percent annual rate in the first half of 2003. 

Dividend income continued to grow, accelerating to a 7.0 

percent rate this year from a 6.4 percent pace in 2002. 

Interest income grew in the second quarter of this year, 

registering only the second measurable gain in the last 2-1/2 

years. 

Disposable (after-tax) income adjusted for inflation rose 

at a 2.3 percent annual rate in the first half of 2003, up a 

little from the 1.6 percent pace in the second half of last 

year, but well below the more than 9 percent registered in 

the first half of the year when real income was boosted by 

reduced withholding that had been legislated in the 

Economic Growth and Tax Relief and Reconciliation Act of 

2001. 

Real consumer spending has picked up gradually this 

year. Following a modest 1.7 percent annual rate increase in 

the fourth quarter of 2002, growth in real spending 

accelerated to a 2.0 percent rate in the first quarter of 2003, 

and to a 3.3 percent pace in the second. Consumer spending 

in the second quarter rose at a faster rate than after-tax 

income, pushing the personal saving rate down to 3.3 

percent from 3.6 percent in the first quarter. The saving rate 

averaged 3.7 percent during 2002, up from a 64-year low of 

2.3 percent in 2001. 

Industrial production and capacity 

utilization 

Industrial production remained weak in the first half of 

2003. Output from factories, mines, and utilities fell by 3.2 

percent at an annual rate in the second quarter, after 

advancing by a slight 0.3 percent in the first quarter. 

Production increased 0.1 percent in June, but was down 1.0 

percent over the last 12 months. 

Manufacturing production, which accounts for about 85 

percent of all industrial output, advanced by 0.1 percent in 

May and by 0.4 percent in June. The June gain was the 

largest since January 2003, and the first consecutive monthly 

increase since last August. Still, manufacturing production 

fell by 2.3 percent at an annual rate in the second quarter 

after declining 0.6 percent in the first quarter. Production of 

motor vehicles and parts rose in June for the first time since 

January, but contracted by a rapid 12.8 percent pace overall 

in the second quarter. Apart from automobiles, 

manufacturing output shrank 2.4 percent in the second 

quarter. Production in the high-technology industries 

(computers, communications equipment, and 

semiconductors) increased by a strong 14.4 percent in the 

second quarter, the largest quarterly advance since the fourth 

quarter of 2000. Computers, office equipment, and 

Establishment Employment

290

164

86 105

27

-154 -171

-296

-60 -33 -31 -30 -38 -57 -44

-400

-300

-200

-100

0

100

200

300

400

00-I II III IV 0I-I II III IV 02-I II III IV 03-I II III*

(Average monthly change in thousands)

*Based on July data

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99 00 01 02 03

(Percent)
6 PROFILE OF THE ECONOMY 

semiconductors contributed to the sharp gain in the second 

quarter. However, communications equipment remains the 

softest segment of the high-technology industries as it fell at 

roughly an 8 percent rate in the second quarter. Nondurable 

manufacturing declined by 2.0 percent at an annual rate in 

the second quarter, as paper and chemical production 

remained weak. Production at utilities, which accounts for a 

little over 9 percent of total industrial output, contracted by 

14.4 percent in the second quarter due to the mild summer 

weather. 

The capacity utilization rate for the industrial sector held 

steady at 74.3 percent in June, the lowest level since 1983, 

and 7 percentage points below the long-term average of 81.3 

percent. Capacity utilization in the manufacturing sector 

edged up 0.2 of a percentage point to 72.8 percent in June, 

only slightly above April’s 20-year low of 72.5 percent and 

7.4 percentage points below its long-term average of 80.2 

percent. Utilization in the high-tech industries has edged up 

since the end of 2002 and reached 62.9 percent in June, still 

well below its long-term average of 79.3 percent recently. 

Nonfarm productivity and unit labor costs 

Productivity growth remained impressive over the past 

year. Nonfarm business productivity (real output per hour 

worked) surged by 5.7 percent at an annual rate in the 

second quarter. Over the most recent four quarters, labor 

productivity rose by a strong 3.8 percent, representing some 

acceleration from the “New Economy” productivity growth 

rate of 2.9 percent averaged since 1995 and significantly 

better than the 1.4 percent averaged from 1973 to 1995. The 

latest productivity report contained revisions which raised 

further the already high levels of productivity growth in 

recent years. 

Hourly labor compensation rose by 3.5 percent at an 

annual rate in the second quarter and by 2.8 percent during 

the past four quarters. Unit labor costs remain contained due 

to the strong growth in productivity; however, they actually 

fell by 2.1 percent in the second quarter, and were down 1.0 

percent over the past four quarters. These costs began falling 

in mid-2001, and by the second quarter of 2003 they were 

down by a 1.7 percent annual rate. 

Productivity in manufacturing grew by 4.2 percent at an 

annual rate in the second quarter following a 4.9 percent 

advance in the first quarter. Factory output per hour worked 

increased by 4.8 percent over the most recent four quarters. 

Despite the recent strong productivity growth in this sector, 

gains have come as a result of declines in hours worked 

rather than a boost in output. (Manufacturing payrolls have 

declined more than 2.7 million since the middle of 2000.) 

Hourly compensation in manufacturing advanced by 5.4 

percent at an annual rate in the second quarter and by 5.6 

percent over the past four quarters. Continued productivity 

gains have controlled unit labor costs; however, these costs 

were up 1.2 percent in the second quarter and only 0.7 

percent over the latest four quarters. 

International transactions 

The current account measures trade in goods and 

services as well as the flow of investment income and 

unilateral transfers (including government grants and 

pension payments, and private transfers to and from 

foreigners). The current account has been in deficit almost 

continuously since the early 1980s but has fluctuated widely 

over time. In the first quarter of 2002, the current account 

deficit rose by $30.1 billion at an annual rate to a new high 

of $544.4 billion, or 5.1 percent of GDP. The increase was 

primarily due to a jump in the trade deficit, but a decline in 

net income received on U.S.-owned assets abroad and an 

uptick in unilateral transfers also contributed. 

Regular annual revisions (which affected data spanning 

back to 1992) reduced the current account gap reported for 

2002 from $503 billion (4.8 percent of GDP) to $481 billion 

(4.6 percent of GDP)–still an all-time high. Revisions to 

prior years were small on balance and had essentially no 

impact on the current account as a share of GDP. 

The current account is, by definition, matched by 

offsetting transactions in the capital and financial accounts, 

with any difference in the recorded flows listed as a 

statistical discrepancy. Capital account transactions, which 

mainly consist of debt forgiveness and wealth transfers 

associated with immigration, are typically small and in the 

first quarter amounted to $1.4 billion at an annual rate. That 

was unchanged from the prior quarter and down slightly 

from $1.5 billion in the third quarter of 2002. 

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows slowed further in the first quarter to 

$451.0 billion at an annual rate from $610.2 billion in the 

fourth quarter and a recent high of $684.8 billion in the third. 

The most recent pullback partly reflected a surge in outflows 

for U.S.-owned assets abroad, which are subtracted from 

inflows for foreign-owned assets in the United States. U.S. 

purchases of foreign securities and U.S. claims on foreigners 

reported by U.S. banks both jumped sharply in the first 

quarter. On the other side of the equation, net foreign 

investment in the United States eased slightly as foreigners 

divested themselves of U.S. equities and federally-sponsored 

agency bonds. The swing from net purchases to net sales of 

those assets was partially offset by a substantial rise in net 

foreign purchases of U.S. corporate bonds and a small 

increase in foreign acquisitions of U.S. Treasury securities. 

The first-quarter results also showed a pronounced pickup in 

foreign direct investment in the United States from the very 

sluggish pace recorded in 2002. 

Exchange rate of the dollar 

The dollar’s trend lower from a peak in February 2002 

continued into the spring, although some strengthening 

began in the summer of 2003. In the 18 months between that 

peak and July, the nominal exchange value of the dollar 
PROFILE OF THE ECONOMY 7

relative to a broad index covering the currencies of 26 

important U.S. trade partners has depreciated by 8.3 percent. 

This decline follows a period of sustained appreciation that 

saw the dollar’s value surge by 12 percent between 

December 1999 and February 2002. 

The decline has been a function mainly of 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. Since February 2002, the exchange rate of the 

dollar compared to an index of these currencies fell by 16.7 

percent. Dollar depreciation against the yen and the euro, 

whose combined weights account for roughly 55 percent of 

the major index, has been largely responsible. Over the same 

period, the dollar/euro exchange rate fell by 23.4 percent and 

the dollar/yen exchange rate fell by 11.2 percent, reflecting 

global investors’ on-going concerns about the pace of U.S. 

economic recovery as well as more recent considerations 

about the possibility of deflation. 

The dollar remains relatively strong compared with the 

currencies of many other important trading partners, 

although the pace of its appreciation continues to recede. 

Since February 2002, the exchange value of the dollar 

compared to an index of currencies that includes Mexico, 

China, Brazil, and seven other Asian countries has 

appreciated by 3.1 percent. Since December 1999, this 

index has risen by nearly 11 percent. 

Interest rates 

The Federal Reserve eased monetary policy 13 times 

since 2000 in response to a weakened economic situation, 

reducing the target for the federal funds rate (the rate that 

banks and other financial institutions charge each other for 

overnight loans) by a total of 5-1/2 percentage points to its 

current rate at mid-August of 1 percent. This is the lowest 

level of federal funds rates since 1958. In response to this 

monetary easing, the interest rate for the 3-month Treasury 

bill has fallen since the beginning of 2001 from levels above 

5 percent to current levels at mid-August under 1 percent. 

Rates on long-term Treasury securities declined on 

balance during 2002 through mid-June of this year, but have 

risen since then. Starting at over 5 percent early in 2002, the 

10-year Treasury rate was averaging below 4 percent by 

September, and after holding steady for several months, it 

fell again in May and the first half of June of this year to 

under 3.2 percent, the lowest levels since the 1950s. Since 

then, the 10-year rate has risen, and by mid-August, it was 

around 4-1/2 percent. Long-term rates are influenced by 

several factors. Treasury securities are desirable as safe 

havens against economic and geopolitical uncertainty, which 

has the effect of keeping yields low. In addition, weakness in 

the economy helped push them down this spring, and the 

most recent rise partly reflects expectations of stronger 

economic conditions. 

Mortgage interest rates generally follow movements of 

the 10-year Treasury rate. The interest rate on a conventional 

30-year fixed-rate loan fell from a monthly average peak of 

8-1/2 percent in May 2000 to under 5-1/4 percent at midJune of this year–lows not seen since the mid-1960s. 

Recently this rate rose, and as of mid-August was over 6-1/4 

percent, although this is still very low. Exceptionally 

beneficial mortgage rates have induced many homeowners 

to refinance, providing them with the funds to support more 

consumption spending. 

Corporate bond yields are influenced by long-term 

Treasury rates, but they are also affected by numerous other 

factors. Moody’s seasoned Baa yield on corporate bonds 

reached a monthly average peak of almost 9 percent in May 

2000, and then underwent a series of declines down to 

around 6 percent by mid-June of this year. Since then, it rose 

to about 7 percent by mid-August. The spread between the 

Baa yield and the 10-year Treasury yield increased sharply 

late in 2002, averaging over 3-3/4 percent last October, 

reflecting concerns about the dependability of corporate 

financial statements and an increased perception of corporate 

and economic risk. The spread has narrowed since then to 

under 2-3/4 percent by mid-August. 

 
8 PROFILE OF THE ECONOMY 

Housing 

Activity in the housing sector increased in the second 

quarter of 2003 after a lull in the first quarter. Sales of new 

single-family homes shot up at a 50 percent annual rate to an 

annual selling pace of 1.089 million, the highest quarterly 

total since the series started in 1963. Through the first half of 

2003, new home sales were on pace to break last year’s 

record. Resales of existing single-family homes have also 

been strong, topping 5.8 million at an annual rate in both the 

first and second quarters. If maintained through the rest of 

the year, that would also represent a new record. 

Strong demand for new homes led to high levels of 

housing starts in the first half of 2003 and the last half of 

2002. Over the last four quarters, starts were running at more 

than a 1.7 million annual rate, a level not seen since the last 

housing boom in the mid-1980s. Single-family homes have 

been holding at about a 1.4 million unit pace in recent 

quarters, while starts in the smaller and more volatile multifamily market were running at a 320,000 annual pace in the 

latest quarter. 

Expansion in new home demand, as well as a boom in 

spending on major home improvements fueled by cash-out 

mortgage refinancing, resulted in increased real residential 

investment. Growth in such investment increased at an 

annual rate of 6.0 percent in the second quarter of 2003 

following gains of 10.1 percent in the first quarter and 9.4 

percent in the fourth quarter of 2002. 

Very low mortgage rates, favorable demographic 

conditions, the relative safety of housing as an investment 

and strong home price appreciation spurred the demand for 

homes. Towards the end of the second quarter and into July 

and August mortgage interest rates rose, but rates were still 

low by historical standards and other housing fundamentals 

remained very favorable. The mortgage rate for a 30-year 

loan rose from a record low for this series of 5.21 percent in 

late June to 6.34 percent by the beginning of August. 

Demand for new homes has been little affected by the higher 

rate as applications for a mortgage to purchase a home 

continue to rise. Refinancing activity, in contrast, has 

slowed, but many homeowners will continue to benefit from 

past refinancings through reduced monthly mortgage 

payments and a lower debt burden, factors that will continue 

to support consumption and the economy. 

Federal budget 

Through the first three quarters of fiscal year 2003, the 

Federal budget was in deficit by $271 billion, $154 billion 

more than in the same months of fiscal 2002. A slowgrowing economy and the increased spending required to 

combat terrorism and provide for domestic security were 

primarily responsible for the deterioration in the Federal 

budget balance. 

Receipts in that period were about $49 billion, or 3.5 

percent lower than in the first three quarters of fiscal 2002. 

Part of the decline represented a legislated shift in the timing 

of a corporate tax payment from fiscal 2001 to fiscal 2002, 

which boosted receipts by about $23 billion in the prior 

fiscal year. After adjustment, receipts for the current fiscal 

year to date would be only 2 percent lower than last year. 

Corporate tax receipts, excluding the timing shift, have 

improved modestly through the fiscal year as corporate 

profits have increased, while individual income taxes 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)
PROFILE OF THE ECONOMY 9

through 9 months of this fiscal year were 6.0 percent below 

last year’s amount. 

Budget outlays through 9 months of fiscal 2003 were 

$106 billion, or 7.0 percent higher than last year. Defense 

military outlays were up 16.2 percent and accounted for $40 

billion of the increase. Other functions posting large growth 

in percentage terms included unemployment insurance, 

Medicare, and Medicaid. 

The deficit is expected to continue to widen in the JulySeptember quarter as tax reductions and other provisions of 

the Jobs and Growth Tax Relief Reconciliation Act take 

effect, funding continues for operations in Iraq, and other 

legislated and policy changes are incorporated. The Federal 

budget deficit could approach $450 billion this fiscal year 

and next, but that would still be a moderate 4.2 percent in 

relation to GDP, less than highs in the early 1990s and in the 

1980s. The Administration’s Mid-Session Review projects 

that, as stronger economic growth resumes, the budget 

deficit will shrink rapidly after fiscal 2004. 

Debt held by the public for fiscal year 2003 to date was 

up about $267 billion to $3.8 trillion at the end of June, 

doubling from the $131 billion increase recorded for the 

same 9 months of fiscal 2002. 

Net national saving and investment 

Net national saving, the source of funds for new 

investment, fell to 0.8 percent of net national product (NNP) 

in the first quarter of 2003 (latest available data) from 1.9 

percent in 2002 and 3.8 percent in 2001, and a recent high of 

7.5 percent in 1998. (Net national saving and NNP exclude 

depreciation to replace worn-out or obsolete equipment, 

software, and structures used in production.) 

For the most part, the recent decline in the net national 

saving rate stemmed from a movement in the Federal budget 

from a surplus of 0.8 percent of NNP in calendar year 2001 

to deficits of 2.2 percent in calendar year 2002 and 3.0 

percent in the first quarter. The emergence of these deficits 

largely reflected the effects of the recession and the need for 

spending on homeland security following the terrorist 

attacks in 2001. The deficit of State and local governments 

relative to NNP also increased a bit in the latest five quarters 

because of the weaker economy. Combined, the total public 

sector deficit was 3.7 percent of NNP in the first quarter and 

2.8 percent of NNP in calendar year 2002, compared to a 

surplus of 0.5 percent of NNP in 2001. Even so, these deficit 

levels are considerably below public sector deficits 

averaging 3.9 percent of NNP from 1982 to 1995. 

In the first quarter, private saving was 4.5 percent of 

NNP, a bit less than the 4.7 percent in 2002 but well above 

the rate of 3.3 percent in 2001, which was the lowest rate 

since 1938. Both personal saving and retained earnings 

reached lows in 2001 not seen in at least 50 years. Personal 

saving has risen substantially to 3.1 percent of NNP in the 

first quarter and 3.2 percent in 2002, from 1.9 percent in 

2001. The low personal saving rate in 2001 reflected the 

enormous growth in the stock market before 2001 that 

boosted household wealth so much that there was less 

incentive to save from income. In contrast, the most recent 

rise in saving indicated greater caution on the part of 

consumers in the face of the stock market declines and the 

weak economy. Retained earnings of corporations were at 

1.4 percent of NNP in the first quarter, which was near the 

rates of 1.5 percent in 2002 and 1.4 percent in 2001. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

slowed to 5.9 percent of NNP in the first quarter, from 6.1 

percent of NNP in 2002 and 6.8 percent in 2001, and almost 

10 percent in each of the prior 3 years. Nevertheless, the 

most recent rates of investment are still above rates of less 

than 5-1/2 percent in 1991 and 1992. A large part of 

investment during the last decade was financed from abroad. 

U.S. net foreign investment swung from 0.3 percent of NNP 

in 1991 to -6.0 percent in the first quarter and -5.4 percent in 

2002. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00

Public

Total

(Saving as a percent of NNP)
10 

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 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 11

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

2003 supplements fiscal data reported in the June 

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

issue’s release, not enough data were available to 

analyze adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $232.5 billion for the third 

quarter of fiscal 2003. This is a decrease of $11.6 billion 

over the comparable prior year quarter. Withheld receipts 

increased by $7.2 billion and non-withheld receipts 

decreased by $21.2 billion during this period. Refunds 

decreased by $2.4 billion over the comparable fiscal 2002 

quarter. There was an increase of $0.9 billion in accounting 

adjustments between individual income tax receipts and the 

Social Security and Medicare trust funds over the 

comparable quarter in fiscal 2002. 

Corporate income taxes—Net corporate income tax 

receipts were $53.0 billion for the third quarter of fiscal 

2003. This is an increase of $15.4 billion compared to the 

prior year third quarter. The $15.4 billion change is 

comprised of an increase of $11.9 billion in estimated and 

final payments, and a decrease of $3.5 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

2003 were $188.0 billion, an increase of $0.7 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 $1.4 billion, 

$0.2 billion, and -$0.9 billion respectively. There was a -$2.4 

billion accounting adjustment for prior years employment tax 

liabilities made in the third quarter of fiscal 2003, while there 

was a -$1.5 billion adjustment in the third quarter of fiscal 2002. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the third quarter of fiscal 2003 

were $17.0 billion, an increase of $2.5 billion over the 

comparable quarter of fiscal 2002. Net State taxes deposited 

in the United States Treasury increased by $2.6 billion to 

$13.3 billion. Net Federal Unemployment Tax Act (FUTA) 

taxes did not change significantly from $3.7 billion. 

Contributions for other insurance and retirement— 

Contributions for other retirement were $1.2 billion for the 

third quarter of fiscal 2003. This was a negligible change 

from the comparable quarter of fiscal 2002. 
12 FEDERAL FISCAL OPERATIONS 

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal 2003 were $16.6 billion, a decrease of $0.8 

billion over the comparable prior year quarter. Total excise 

tax refunds for the quarter were $0.6 billion, not a significant 

change over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.7 billion for the third quarter of fiscal 2003. These 

receipts represent a decrease of $1.5 billion over the same 

quarter in fiscal 2002. 

Customs duties—Customs duties net of refunds were 

$4.7 billion for the third quarter of fiscal 2003. This is an 

increase of $0.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts for 

the third quarter of fiscal 2003 were $9.1 billion, not a 

significant change over the comparable prior year quarter.

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

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

 Third quarter 

 April - June 

Actual fiscal 

year to date 

Total on- and off-budget results: 

Total receipts ................................................................ 527,666 1,352,822

On-budget receipts ................................................... 380,207 952,549

Off-budget receipts ................................................... 147,459 400,274

Total outlays.................................................................. 545,916 1,623,295

On-budget outlays..................................................... 473,048 1,375,074

Off-budget outlays..................................................... 72,868 248,221

Total surplus or deficit (-) .............................................. -18,249 -270,473

On-budget surplus or deficit (-)................................. -92,840 -422,526

Off-budget surplus or deficit (-)................................. 74,591 152,053

Means of financing: 

Borrowing from the public............................................. 106,330 266,738

Reduction of operating cash......................................... -16,794 30,841

Other means ................................................................. -71,286 -27,106

Total on- and off-budget financing............................ 18,249 270,473

Third-Quarter Net Budget Receipts by Source, Fiscal 2003 

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

Source April May June 

Individual income taxes...................................................... 121.7 24.1 86.8 

Corporate income taxes..................................................... 18.3 2.7 32.0 

Employment taxes and contributions................................. 71.5 54.6 62.0 

Unemployment insurance .................................................. 5.8 10.3 0.9 

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

Excise taxes....................................................................... 6.2 4.8 5.6 

Estate and gift taxes .......................................................... 2.7 1.6 1.4 

Customs duties .................................................................. 1.6 1.4 1.6 

Miscellaneous receipts....................................................... 3.0 3.6 2.5

Total budget receipts ..................................................... 231.2 103.4 193.1

Note.—Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS 13

CHART FFO-A.—

Monthly Receipts and Outlays, 2002-2003 

-100

-50

0

50

100

150

200

250

J ASONDJFMAMJ J

(In billions of dollars)

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise

taxes

Misc.

receipts 

Estate/gift

taxes

Customs

duties

(In billions of dollars)

2003

2002 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2002-2003

* Prior-year data are for the comparable year.
14 FEDERAL FISCAL OPERATIONS 

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) 

 On-budget 

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

1998 1 ....................... 1,721,421 1,305,621 415,800 1,651,383 1,334,781 316,602 70,039 -29,160 99,198 112,831 

1999 ......................... 1,827,302 1,382,834 444,468 1,701,328 1,380,550 320,778 125,974 2,283 123,691 128,230 

2000 ......................... 2,025,060 1,544,477 480,583 1,788,143 1,457,378 330,765 236,917 87,099 149,818 23,761 

2001 ......................... 1,991,044 1,483,525 507,519 1,863,769 1,516,931 346,838 127,276 -33,406 160,682 141,902 

2002 ......................... 1,853,296 1,337,975 515,321 2,010,962 1,655,299 355,663 -157,666 -317,324 159,658 428,391 

2003 - Est................. 1,836,218 1,304,653 531,565 2,140,377 1,772,280 368,097 -304,159 -467,627 163,468 554,283 

2004 - Est................. 1,922,025 1,365,857 556,168 2,229,425 1,847,924 381,505 -307,400 -482,067 174,667 568,979 

2002 - June .............. 182,633 134,138 48,495 153,562 151,152 2,410 29,071 -17,014 46,085 108,353 

July............... 134,409 95,174 39,235 163,568 130,838 32,730 -29,159 -35,663 6,505 33,695 

Aug............... 124,619 85,126 39,493 179,328 141,405 37,923 -54,709 -56,279 1,570 50,709 

Sept.............. 192,761 148,306 44,456 151,102 109,106 41,995 41,659 39,199 2,460 18,442 

Oct................ 124,557 88,065 36,492 178,549 146,520 32,028 -53,992 -58,456 4,464 55,342 

Nov............... 120,037 80,671 39,366 179,135 141,939 37,196 -59,099 -61,268 2,170 63,065 

Dec............... 182,799 140,682 42,117 178,426 182,834 -4,408 4,373 r -42,152 46,525 64,863 

2003 - Jan ................ 187,897 138,697 49,200 176,786 142,064 34,722 11,111 -3,367 14,478 -3,037 

Feb ............... 89,496 48,176 41,320 185,826 148,114 37,712 -96,330 -99,938 3,608 43,991 

Mar ............... 120,371 76,051 44,320 179,082 140,980 38,102 -58,711 -64,929 6,217 15,044 

Apr................ 231,174 175,766 55,408 180,131 145,495 34,637 51,043 30,272 20,771 -6 

May............... 103,433 60,594 42,839 193,460 155,136 38,324 -90,028 -94,543 4,515 98,564 

June.............. 193,059 143,847 49,212 171,899 171,991 -93 21,161 -28,144 49,305 112,268 

Fiscal 2003 to date...... 1,352,822 952,549 400,274 1,623,295 1,375,074 248,221 -270,473 -422,526 152,053 450,094 

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) 

1998 1 .................................... -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039 

1999 ...................................... -854 216,740 -89,364 17,580 2,178 783 -1,173 -18,251 1,009 -125,974 

2000 ...................................... -832 245,736 -222,807 -3,799 4,033 953 -6,292 -16,008 -3,207 -236,917 

2001 ...................................... -661 231,370 -90,130 -8,440 1,603 8,181 4,717 -21,655 -9,430 -127,276 

2002 ...................................... 159 207,708 220,842 16,667 790 15,714 2,457 -24,712 -2,836 157,666 

2003 - Est.............................. -651 215,621 338,011 -10,886 * * * -44,738 * 304,159 

2004 - Est.............................. -242 281,113 287,624 - * * * 19,776 * 307,400 

2002 - June ........................... 375 77,147 31,582 31,326 348 -1,030 3,344 -26,665 - -29,071 

July............................ -284 -2,712 36,123 164 -70 7,069 18 217 - 29,159 

Aug............................ -267 -6,973 57,415 -13,278 177 908 183 -14,716 - 54,709 

Sept........................... 896 23,431 -4,093 34,369 -43 1,132 818 -1,866 576 -41,659 

Oct............................. -445 21,511 33,385 -17,172 -24 -18,105 -273 -14,967 - 53,992 

Nov............................ 138 -42 63,245 -12,771 169 -8,114 -108 -24,970 - 59,099 

Dec............................ 412 65,038 237 2,062 311 9,106 1,497 8,366 - -4,373 

2003 - Jan ............................. -353 7,508 -10,897 -1,835 -868 2,599 -25 -343 - -11,111 

Feb ............................ -520 -1,752 45,222 -22,615 70 -33,494 -266 -5,339 142 96,330 

Mar ............................ 478 -13,693 29,215 4,695 24 -1,898 1,173 33,524 -34 58,711 

Apr............................. -436 8,239 -8,681 15,195 83 35,899 -116 8,563 136 -51,043 

May............................ 50 24,842 73,772 -20,949 404 -63,370 473 -67,185 -1 90,028 

June........................... 515 71,544 41,239 22,548 -160 57,392 897 18,277 * -21,161 

Fiscal 2003 to date................... -162 183,195 266,738 -30,841 11 -19,985 3,252 -44,074 244 270,473 

 

 

* Less than $500,000. 

1

 Data for the period do not reflect postyear adjustments published in the “Monthly 

Treasury Statement of Receipts and Outlays of the United States Government,” the source 

for this table. 

Note.—These figures are based on the “Mid-Session Review” of the fiscal 2004 budget 

released by the Office of Management and Budget on July 15, 2003. Detail may not add to 

totals due to rounding. 
FEDERAL FISCAL OPERATIONS 15

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) 

1998 1 ..................... 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662 

1999 ....................... 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736 

2000 ....................... 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,749 618,075 1,965 616,110 

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

2002 ....................... 750,756 286,956 179,365 858,345 211,438 63,396 148,044 1,006,389 665,381 1,011 664,370 

 

2003 - Est............... 849,053 - - 849,053 143,186 - 143,186 992,239 683,840 - 683,840 

2004 - Est............... 849,880 - - 849,880 169,060 - 169,060 1,018,940 715,952 - 715,952 

2002 - June ............ 48,738 35,296 3,245 80,789 29,371 2,899 26,473 107,262 62,150 * 62,150 

July............. 63,636 4,460 3,519 64,577 6,842 5,168 1,675 66,252 50,439 * 50,439 

Aug............. 57,567 4,928 3,767 58,727 3,211 3,550 -340 58,387 50,528 * 50,528 

Sept............ 56,151 39,818 4,229 91,740 35,346 4,525 30,821 122,561 57,481 1,011 56,470 

Oct.............. 61,465 8,224 2,003 67,686 6,691 11,181 -4,490 63,196 47,981 * 47,981 

Nov............. 60,752 2,420 8,162 55,010 3,107 5,252 -2,145 52,865 51,904 - 51,904 

Dec............. 70,693 5,663 1,388 74,968 43,066 3,443 39,623 114,591 55,663 1 55,662 

2003 - Jan .............. 68,904 43,775 3,853 108,825 4,883 3,690 1,193 110,018 63,234 - 63,234 

Feb ............. 63,030 2,230 40,278 24,981 3,897 5,098 -1,201 23,780 52,147 - 52,147 

Mar ............. 69,540 5,603 34,538 40,604 21,861 10,277 11,585 52,189 54,994 - 54,994 

Apr.............. 56,876 104,074 39,260 121,690 24,765 6,491 18,275 139,965 71,139 * 71,139 

May............. 56,798 3,242 35,990 24,051 6,695 4,035 2,660 26,711 54,250 - 54,250 

June............ 58,322 31,412 2,952 86,781 35,921 3,889 32,032 118,813 61,989 - 61,989 

 

Fiscal 2003 to date....... 566,380 206,642 168,424 604,597 150,886 53,354 97,533 702,130 513,301 - 513,301 

 

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 unemployment 

insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

1998 1 ................... 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335 

1999 ..................... 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472 

2000 ..................... 4,348 8 4,338 620,447 27,755 115 27,641 4,693 70 4,763 

2001 ..................... 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,712 

2002 ..................... 4,185 5 4,178 668,548 27,746 127 27,620 4,533 61 4,594 

 

2003 - Est............. 3,992 - 3,992 687,832 34,230 - 34,230 4,479 52 4,531 

2004 - Est............. 3,911 - 3,911 719,863 40,206 - 40,206 4,433 46 4,479 

 

2002 - June .......... -56 * -57 62,093 911 15 896 337 6 343 

July........... 446 * 446 50,886 2,204 14 2,190 351 6 356 

Aug........... 342 * 342 50,870 3,112 19 3,093 426 5 430 

Sept.......... 388 * 388 56,858 257 7 250 359 4 363 

Oct............ 378 1 377 48,358 1,544 8 1,537 433 5 438 

Nov........... 350 - 350 52,254 2,433 - 2,433 354 3 358 

Dec........... 324 1 323 55,986 299 12 287 354 6 360 

2003 - Jan ............ 364 - 364 63,598 1,364 2 1,362 426 4 431 

Feb ........... 379 - 379 52,526 2,123 - 2,123 326 4 330 

Mar ........... 425 * 424 55,418 327 13 315 383 4 387 

Apr............ 312 * 312 71,452 5,829 21 5,807 385 6 391 

May........... 353 6 347 54,597 10,325 12 10,313 408 4 412 

June.......... -24 8 -32 61,959 951 71 880 355 5 360 

 

Fiscal 2003 to date.... 2,861 15 2,845 516,146 25,196 139 25,057 3,424 41 3,466 

 

See footnote at end of table. 
16 FEDERAL FISCAL OPERATIONS 

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

 taxes, con.

Net excise 

taxes 

(35) 

Gross 

(36) 

Refunds 

(37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

Banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

1998 1 ................... 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800 

1999 ..................... 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,864 34,781 1,382,834 444,468 

2000 ..................... 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,376 42,669 1,544,477 480,583 

2001 ..................... 66,232 29,248 848 28,400 20,543 1,175 19,368 26,124 11,540 37,664 1,483,525 507,519 

2002 ..................... 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,366 34,049 1,337,975 515,321 

 

2003 - Est............. 68,416 20,209 - 20,209 19,052 - 19,052 23,565 11,144 34,709 1,304,653 531,565 

2004 - Est............. 70,905 23,379 - 23,379 20,713 - 20,713 27,078 11,462 38,540 1,365,857 556,168 

2002 - June .......... 5,691 2,043 53 1,990 1,626 69 1,557 1,887 914 2,801 134,138 48,495 

July ........... 6,393 2,447 63 2,384 1,974 90 1,883 3,149 916 4,065 95,174 39,235 

Aug ........... 5,541 2,118 68 2,051 2,063 103 1,960 1,507 780 2,287 85,126 39,493 

Sept .......... 7,082 1,984 41 1,943 1,817 299 1,518 1,593 594 2,186 148,306 44,456 

Oct............ 4,612 2,085 68 2,017 1,843 280 1,563 1,968 868 2,835 88,065 36,492 

Nov........... 5,958 1,746 91 1,655 1,742 115 1,627 2,033 853 2,887 80,671 39,366 

Dec........... 5,480 1,961 76 1,885 1,749 93 1,655 1,879 674 2,554 140,682 42,117 

2003 - Jan ............ 5,395 2,055 55 2,000 1,743 62 1,681 2,551 860 3,411 138,697 49,200 

Feb ........... 5,226 1,629 69 1,561 1,604 76 1,527 1,524 898 2,422 48,176 41,320 

Mar ........... 4,689 1,999 59 1,941 1,659 82 1,577 1,469 2,387 3,856 76,051 44,320 

Apr............ 6,215 2,810 73 2,737 1,685 72 1,613 2,205 789 2,995 175,766 55,408 

May........... 4,782 1,640 65 1,575 1,524 81 1,442 2,458 1,143 3,601 60,594 42,839 

June.......... 5,583 1,466 60 1,406 1,690 84 1,606 1,401 1,055 2,456 143,847 49,212 

Fiscal 2003 to date..... 47,940 17,392 616 16,776 15,238 946 14,292 17,489 9,527 27,016 952,549 400,274 

 

* Less than $500,000. 

1

 Data for the period do not reflect postyear adjustments published in the “Monthly 

Treasury Statement of Receipts and Outlays of the United States Government,” the source 

for this table. 

Note.—These figures are based on the “Mid-Session Review” of the fiscal 2004 budget 

released by the Office of Management and Budget on July 15, 2003. 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) 

1998 1 .................. 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810 

1999 .................... 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236 

2000 .................... 652,851 9,784 46 9,739 518 - 518 36,514 1,015 35,499 23,831 721 23,110 

2001 .................... 693,967 9,244 83 9,161 522 - 522 32,629 996 31,633 25,935 1,020 24,916 

2002 .................... 700,762 9,090 60 9,030 567 - 567 33,812 1,079 32,733 25,703 1,044 24,659 

 

2003 - Est............ 726,593 9,381 - 9,381 561 - 561 32,815 - 32,815 25,659 - 25,659 

2004 - Est............ 764,548 10,218 - 10,218 574 - 574 34,912 - 34,912 25,201 - 25,201 

2002 - June ......... 63,333 771 - 771 51 - 51 2,798 - 2,798 2,195 122 2,072 

July.......... 53,432 770 * 771 47 - 47 2,807 2 2,805 2,879 109 2,770 

Aug.......... 54,393 839 7 832 51 - 51 3,159 288 2,871 1,853 67 1,787 

Sept......... 57,471 924 14 910 78 - 78 4,946 219 4,727 1,436 68 1,367 

Oct........... 50,333 125 - 125 8 - 8 465 1 464 4,089 74 4,015 

Nov.......... 55,044 865 * 865 56 - 56 3,469 - 3,469 1,613 45 1,568 

Dec.......... 56,633 589 - 589 37 - 37 2,390 - 2,390 2,546 81 2,465 

2003 - Jan ........... 65,391 709 - 709 46 - 46 2,839 - 2,839 1,869 70 1,800 

Feb .......... 54,979 707 13 694 44 - 44 2,636 271 2,366 1,910 -213 2,123 

Mar .......... 56,120 611 - 611 42 - 42 3,093 - 3,093 1,317 375 942 

Apr........... 77,650 726 * 726 45 - 45 2,699 3 2,696 2,823 75 2,748 

May.......... 65,321 777 6 771 50 - 50 2,975 303 2,671 1,405 116 1,289 

June......... 63,197 660 * 660 5 - 5 2,292 2 2,290 2,701 73 2,628 

Fiscal 2003 to date... 544,668 5,769 19 5,751 333 - 333 22,858 580 22,278 20,274 695 19,579 
FEDERAL FISCAL OPERATIONS 17

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) 

Department of 

Education 

(6) 

Department of 

Energy 

(7) 

Department of 

Health 

and 

Human 

Services 

(8) 

Department of 

Homeland 

Security 

(9) 

Department of 

Housing 

and Urban 

Development 

(10) 

Department of 

the 

Interior 

(11) 

Department of 

Justice 

(12) 

Department of 

Labor 

(13) 

1998 1 .................. 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 - 30,224 7,234 16,129 30,003 

1999 .................... 2,612 3,793 62,839 5,036 261,379 31,492 16,054 359,700 - 32,736 7,814 18,318 32,459 

2000 .................... 2,913 4,087 75,658 7,929 281,234 33,309 15,010 382,627 - 30,829 8,022 19,561 31,355 

2001 .................... 3,030 4,409 68,156 5,017 291,030 35,724 16,420 426,391 - 33,937 8,001 20,810 39,271 

2002 .................... 3,230 4,824 68,989 5,322 332,116 46,285 17,772 466,104 - 31,880 9,641 24,197 64,252 

 

2003 - Est............ 3,961 5,419 72,773 5,790 358,155 59,481 19,796 502,013 28,155 37,987 10,357 22,156 70,746 

2004 - Est............ 4,336 5,663 74,124 5,778 370,707 58,891 21,030 539,015 27,942 36,486 10,722 24,271 58,118 

2002 - June ......... 260 382 3,890 342 25,348 3,913 1,615 35,802 - 2,006 946 1,774 5,769 

July .......... 242 383 3,856 361 27,952 2,331 1,333 40,477 - 2,710 634 1,755 6,338 

Aug .......... 241 509 4,223 446 31,977 3,358 800 42,732 - 2,570 707 1,902 5,998 

Sept ......... 326 410 4,754 581 27,116 5,697 1,669 36,321 - 973 922 2,259 5,245 

Oct........... 335 412 9,336 427 28,745 4,237 2,255 43,869 1,761 3,654 1,017 2,048 r 5,878 

Nov.......... 259 407 7,857 481 31,293 3,449 1,886 42,388 2,223 2,982 547 1,470 r 5,251 

Dec.......... 274 399 8,657 525 33,607 4,123 1,156 41,935 r 2,256 3,222 732 1,650 r 5,425 

2003 - Jan ........... 291 520 7,753 437 29,762 6,631 1,635 41,675 r 1,646 3,053 338 1,672 r 6,647 

Feb .......... 253 404 5,031 408 28,613 5,376 1,153 38,867 5,010 2,544 559 1,521 r 5,342 

Mar .......... 340 380 5,591 464 28,889 9,087 1,713 37,741 r 2,365 2,808 705 1,971 r 6,137 

Apr........... 300 424 4,743 362 35,553 1,255 1,299 44,359 1,975 3,134 976 1,806 5,859 

May.......... 281 406 4,883 460 36,236 5,180 674 45,484 4,184 2,907 669 1,850 5,659 

June......... 300 417 3,625 443 32,046 5,185 1,884 40,287 2,079 5,082 904 1,612 5,548 

 

Fiscal 2003 to date .. 2,634 3,770 57,477 4,008 284,745 44,523 13,656 376,605 23,499 29,386 6,448 15,600 51,743 

 

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) 

Federal 

Emergency 

Management

Agency 

(23) 

General 

Services 

Administration 

(24) 

International 

Assistance 

Program 

(25) 

1998 1 .................. 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001 

1999 .................... 6,463 41,836 352,841 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 

2000 .................... 6,849 45,966 361,998 29,238 47,087 4,334 32,861 7,240 281 3,143 25 12,084 

2001 .................... 7,446 54,075 359,508 30,442 45,043 4,726 34,161 7,390 280 4,415 -8 11,771 

2002 .................... 9,453 61,282 332,537 41,979 50,881 4,798 35,159 7,451 496 4,236 -271 13,309 

 

2003 - Est............ 10,977 52,280 328,316 40,487 56,946 4,146 40,148 7,958 334 - 424 13,020 

2004 - Est............ 10,205 53,680 351,481 40,487 61,889 4,117 40,442 8,270 341 - 80 15,235 

 

2002 - June ......... 654 4,742 81,889 2,329 2,133 377 2,940 685 25 383 -148 318 

July.......... 557 5,671 14,631 1,465 4,387 392 2,901 575 26 326 -28 922 

Aug.......... 601 6,126 18,325 1,384 6,837 335 2,929 642 31 276 -211 861 

Sept......... 830 5,770 14,868 -5,183 2,481 439 2,946 719 30 557 -98 -102 

Oct........... 1,283 4,961 13,677 1,896 4,446 580 3,461 643 26 366 45 897 

Nov.......... 902 3,654 19,552 1,512 6,461 436 3,112 604 25 400 32 1,292 

Dec.......... 858 4,458 84,989 r 777 4,495 396 3,222 627 23 353 60 605 

2003 - Jan ........... 426 2,930 13,163 r 2,080 r 4,929 385 3,534 683 38 483 -43 1,018 

Feb .......... 642 1,131 15,835 20,910 4,570 382 3,208 587 22 3,094 -348 1,573 

Mar .......... 791 3,313 13,418 10,411 2,974 351 3,566 706 26 - 304 1,824 

Apr........... 943 4,548 14,060 5,980 4,964 341 3,226 749 29 - 301 1,049 

May.......... 806 4,494 20,339 2,438 6,967 426 3,253 638 25 - -4 2,102 

June......... 546 5,042 82,734 6,656 2,164 324 3,461 642 33 - 266 185 

 

Fiscal 2003 to date.... 7,199 34,531 277,768 52,661 41,967 3,618 30,042 5,880 247 4,695 613 10,545 

 

See footnote at end of table. 
18 FEDERAL FISCAL OPERATIONS 

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 

(26) 

National

Science 

Foundation 

(27) 

Office of 

Personnel 

Management 

(28) 

Small 

Business 

Administration 

(29) 

Social 

Security 

Administration 

(30) 

Independent 

agencies 

 (31) 

Employer 

share, 

employee 

retirement 

(32) 

Interest 

received 

by trust 

funds 

(33) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(34) 

Allowances 

and 

other 

(35) 

Onbudget 

(36) 

Offbudget 

(37) 

 

1998 1 ....................... 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 

1999 ......................... 13,665 3,285 47,515 58 419,790 6,903 -35,594 -118,593 -3,098 -1,754 1,380,550 320,778 

2000 ......................... 13,443 3,487 48,660 -422 441,810 10,549 -37,851 -129,088 -4,580 -1,502 1,457,378 330,765 

2001 ......................... 14,094 3,691 50,916 -569 461,748 13,393 -38,792 -143,936 -7,194 -1,025 1,516,931 346,838 

2002 ......................... 14,429 4,187 52,512 492 488,694 15,729 -42,782 -153,196 -5,024 -2 1,655,299 355,663 

 

2003 - Est................. 14,599 4,853 55,793 1,553 509,910 10,756 -45,906 -157,501 -4,300 -80 1,772,280 368,097 

2004 - Est................. 15,255 5,092 58,475 770 530,765 14,183 -49,479 -164,230 -3,989 -200 1,847,924 381,501 

 

2002 - June .............. 1,185 388 4,604 20 41,721 -1,377 -3,146 -67,875 -328 * 151,152 2,410 

July............... 1,228 372 4,711 79 40,869 9 -3,240 -174 -485 - 130,838 32,730 

Aug............... 1,272 499 4,057 -4 43,884 1,622 -3,498 -2,150 45 - 141,405 37,923 

Sept.............. 1,350 388 4,543 -203 38,448 6,052 -7,161 -1,162 -683 -1 109,106 41,995 

Oct................ 1,130 387 4,721 91 r 40,901 -144 -3,476 -63 -282 -605 146,520 32,028 

Nov............... 1,067 366 4,310 -359 r 43,951 841 -3,101 -5,204 -209 -604 141,939 37,196 

Dec............... 1,207 333 4,553 456 r 41,614 385 -3,163 -70,185 -557 -686 182,834 -4,408 

2003 - Jan ................ 1,137 338 4,507 58 r 41,915 1,842 -3,473 216 -304 -652 142,064 34,772 

Feb ............... 1,030 331 4,203 85 r 41,847 1,181 -3,160 -2,126 -412 -750 148,114 37,712 

Mar ............... 1,249 339 4,549 32 r 39,334 2,078 -3,254 -77 -357 -688 140,980 38,102 

Apr................ 1,323 362 4,777 925 42,148 -2,904 -3,365 -23 -659 -689 145,495 34,637 

May............... 1,175 369 4,168 71 45,222 1,083 -3,644 -4,451 -197 -693 155,136 38,324 

June.............. 1,278 439 4,630 52 43,481 -2,041 -3,650 -72,201 -864 -690 171,991 -93 

 

Fiscal 2003 to date... 10,596 3,265 40,415 1,410 380,410 2,326 -30,285 -154,113 -3,840 -6,056 1,375,074 248,221 

 

 * Less than $500,000. 

1

 Data for the period do not reflect postyear adjustments published in the “Monthly 

Treasury Statement of Receipts and Outlays of the United States Government,” the source 

for this table. 

Note.—These figures are based on the “Mid-Session Review” of the fiscal 2004 budget 

released by the Office of Management and Budget on July 15, 2003. Detail may not add to 

totals due to rounding. 

 
FEDERAL FISCAL OPERATIONS 19

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

June 2003 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 .............................................. 604,544 53 - 604,597 643,243 60 - 643,303

Corporation income taxes........................................... 97,632 - -99 97,533 115,878 - 7 115,886

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 400,274 400,274 - - 392,137 392,137

Employment and general retirement (on-budget)... - - 115,872 115,872 - - 117,797 117,797

Unemployment insurance....................................... - - 25,057 25,057 - - 22,087 22,087

Other retirement...................................................... - - 3,466 3,466 - - 3,444 3,444

Excise taxes................................................................ 18,616 439 28,886 47,940 17,778 438 29,758 47,973

Estate and gift taxes ................................................... 16,776 - - 16,776 20,129 - - 20,129

Customs duties ........................................................... 9,257 4,420 615 14,292 8,618 4,101 522 13,240

Miscellaneous receipts ............................................... 18,721 7,836 458 27,016 18,573 6,351 577 25,502

Total receipts ...................................................... 765,546 12,748 574,528 1,352,822 824,219 10,950 566,329 1,401,499

(On-budget)..................................................... 765,546 12,748 174,255 952,549 824,219 10,950 174,192 1,009,361

(Off-budget)..................................................... - - 400,274 400,274 - - 392,137 392,137

 

Budget outlays: 

Legislative branch....................................................... 2,477 134 23 2,634 2,287 134 -3 2,418

Judicial branch............................................................ 3,594 182 -6 3,770 3,363 168 -10 3,522

Department of Agriculture........................................... 42,695 14,946 -164 57,477 40,448 15,674 22 56,144

Department of Commerce .......................................... 4,069 -63 2 4,008 3,959 -27 4 3,936

Department of Defense-military.................................. 282,882 1,881 -19 284,745 243,709 1,407 -46 245,071

Department of Education............................................ 44,550 -27 * 44,523 35,682 -33 * 35,650

Department of Energy................................................. 16,340 -2,684 * 13,656 15,272 -1,303 * 13,969

Department of Health and Human Services............... 260,452 -19 116,172 376,605 245,182 -65 101,457 346,574

Department of Homeland Security ............................. 24,796 -1,463 166 23,499 12,175 -1,136 225 11,264

Department of Housing and Urban Development ...... 29,311 81 -7 29,386 28,711 -3,070 -5 25,636

Department of the Interior........................................... 6,901 -675 222 6,448 7,041 107 230 7,378

Department of Justice................................................. 14,402 989 208 15,600 14,355 887 533 15,775

Department of Labor................................................... 7,984 -418 44,178 51,744 7,665 -951 39,942 46,656

Department of State.................................................... 6,917 -8 290 7,199 7,013 199 323 7,536

Department of Transportation..................................... -59 -215 34,805 34,531 3,552 -106 36,766 40,212

Department of the Treasury: 

Interest on the public debt ...................................... 277,768 - - 277,768 284,713 - - 284,713

Other ....................................................................... 51,201 1,376 83 52,661 41,935 60 115 42,109

Department of Veterans Affairs .................................. 42,663 -1,396 701 41,967 37,613 -1,135 698 37,176

Corps of Engineers ..................................................... 2,924 148 546 3,618 2,882 172 578 3,631

Other defense civil programs...................................... 32,355 -11,131 8,818 30,042 17,099 * 9,283 26,382

Environmental Protection Agency .............................. 5,572 -30 337 5,880 5,336 -41 210 5,505

Executive Office of the President ............................... 246 * * 247 366 * - 366

General Services Administration ................................ 773 -160 * 613 108 -43 - 65

International Assistance Program............................... 11,354 -1,056 249 10,546 12,279 -1,094 519 11,704

National Aeronautics and Space Administration ........ 10,595 - * 10,596 10,578 - * 10,579

National Science Foundation...................................... 3,225 23 17 3,265 2,894 17 17 2,928

Office of Personnel Management............................... 5,086 36 35,293 40,415 4,631 -9 34,579 39,201

Small Business Administration ................................... 1,494 -83 * 1,410 683 -63 * 620

Social Security Administration .................................... 35,359 - 345,051 380,410 34,636 * 330,856 365,492

Other independent agencies....................................... 3,373 -4,203 3,155 2,325 6,327 -1,367 3,239 8,199

Undistributed offsetting receipts: 

Interest .................................................................... - - -154,113 -154,113 - - -149,817 -149,817

Other ....................................................................... -3,842 -6,055 -30,285 -40,182 -3,904 2 -28,882 -32,785

Total outlays........................................................ 1,227,459 -9,887 405,723 1,623,295 1,128,590 8,384 380,835 1,517,810

(On-budget)..................................................... 1,227,459 -3,454 151,069 1,375,074 1,128,590 12,677 133,529 1,274,796

(Off-budget)..................................................... - -6,433 254,654 248,221 - -4,293 247,306 243,013

Surplus or deficit (-)............................................. -461,913 22,635 168,805 -270,473 -304,371 2,566 185,494 -116,311

(On-budget)..................................................... -461,913 16,202 23,185 -422,526 -304,371 -1,727 40,663 -265,435

(Off-budget)..................................................... - 6,433 145,620 152,053 - 4,293 144,831 149,124

- No transactions. 

* Less than $500,000. 
20 

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, which 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) 

 

1998 ................................................ 4,238,957 259,197 4,500,895 969,668 971,671 

1999 ................................................ 4,893,279 259,019 5,150,608 1,048,120 1,032,230 

2000 ................................................ 4,921,490 253,060 5,172,731 1,189,835 1,195,453 

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

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

 

2002 - June ..................................... 483,678 31,923 513,368 102,823 73,729 

July...................................... 492,425 27,659 521,959 94,140 92,101 

Aug...................................... 543,483 25,735 570,587 83,918 95,828 

Sept..................................... 552,486 33,839 583,320 111,295 79,932 

Oct....................................... 537,802 26,592 566,395 88,666 103,837 

Nov...................................... 472,130 26,217 499,297 89,490 101,311 

Dec...................................... 541,311 38,484 580,302 131,025 128,455 

2003 - Jan ....................................... 570,072 29,387 598,370 104,465 107,388 

Feb ...................................... 544,891 26,710 572,842 91,227 112,601 

Mar ...................................... 504,962 39,196 541,680 105,875 103,656 

Apr....................................... 577,427 45,268 618,858 98,281 86,923 

May...................................... 548,204 35,689 587,971 80,163 97,034 

June..................................... 588,029 45,627 633,223 104,004 81,890 

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 21

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) 

 

1998 ...................................... 4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

1999 ...................................... 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

2000 ...................................... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

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

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

 

2002 - June ........................... 8,116 31,514 8,116 31,514 4,319 2,421 5,126 16,288 

July............................ 6,242 33,553 6,417 33,553 2,593 104 5,279 11,781 

Aug............................ 4,874 21,643 6,479 30,671 3,990 4,134 5,068 18,257 

Sept........................... 7,879 53,007 8,668 55,050 4,348 2,207 5,838 27,700 

Oct............................. 5,878 37,836 5,878 40,457 4,064 6,306 4,873 18,600 

Nov............................ 4,928 26,016 6,116 30,026 4,296 1,715 5,024 16,062 

Dec............................ 4,420 28,585 7,390 29,163 2,986 74 4,891 15,329 

2003 - Jan ............................. 5,509 25,661 7,435 30,223 4,034 39 5,773 13,153 

Feb ............................ 4,268 4,286 7,091 25,661 3,527 510 5,053 5,651 

Mar ............................ 6,746 6,504 7,029 11,773 3,607 131 5,339 4,132 

Apr............................. 10,583 17,862 10,583 17,862 4,978 86 7,533 4,605 

May............................ 6,505 992 8,101 18,374 4,825 69 6,678 5,950 

June........................... 6,939 23,106 9,523 31,215 5,306 683 6,747 12,443 

 

 

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. 
22 

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.” 

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” tables FD-2 and 

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

United States.” Effective June 2001, FMS revised 

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

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. 

Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. 

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities—

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing 

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account. 

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. 

In table FD-6 (Historical), the same debt 

information is compared as in table FD-6. Changes in the 

non-interest-bearing debt shown in the last column reflect 

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day. 

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 23

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) 

 

1998 ............................... 5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442 

1999 ............................... 5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871 

2000 ............................... 5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,467 27,621 

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

2002 ............................... 6,255,406 6,228,236 27,170 2,675,648 2,675,648 - 3,579,758 3,552,589 27,170 

 

2002 - June .................... 6,153,295 6,126,469 26,826 2,662,925 2,662,925 - 3,490,370 3,463,544 26,826 

July..................... 6,186,282 6,159,741 26,541 2,659,878 2,659,878 - 3,526,404 3,499,863 26,541 

Aug..................... 6,236,756 6,210,482 26,274 2,652,793 2,652,793 - 3,583,963 3,557,689 26,274 

Sept.................... 6,255,406 6,228,236 27,170 2,675,648 2,675,648 - 3,579,758 3,552,589 27,170 

Oct...................... 6,309,253 6,282,528 26,725 2,696,538 2,696,538 - 3,612,715 3,585,990 26,725 

Nov..................... 6,370,323 6,343,460 26,863 2,694,624 2,694,624 - 3,675,699 3,648,836 26,863 

Dec..................... 6,432,982 6,405,707 27,275 2,758,322 2,758,322 - 3,674,660 3,647,385 27,275 

2003 - Jan ...................... 6,428,300 6,401,377 26,923 2,764,927 2,764,927 - 3,663,373 3,636,450 26,923 

Feb ..................... 6,472,192 6,445,790 26,402 2,763,503 2,763,503 - 3,708,689 3,682,287 26,402 

Mar ..................... 6,487,656 6,460,776 26,880 2,749,997 2,749,997 - 3,737,659 3,710,779 26,880 

Apr...................... 6,486,825 6,460,381 26,444 2,758,077 2,758,077 - 3,728,748 3,702,304 26,444 

May..................... 6,584,641 6,558,147 26,494 2,782,056 2,782,056 - 3,802,585 3,776,091 26,494 

June.................... 6,697,130 6,670,121 27,009 2,853,842 2,853,842 - 3,843,288 3,816,279 27,009 

 

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) 

 

1998 ............................... 5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613

1999 ............................... 5,684,776 79,367 5,605,409 1,989,308 16,148 1,973,160 3,695,468 63,219 3,632,249

2000 ............................... 5,701,851 73,513 5,628,338 2,235,763 16,867 2,218,896 3,466,088 56,646 3,409,442

2001 ............................... 5,834,475 64,897 5,769,579 2,468,757 18,490 2,450,266 3,365,719 46,407 3,319,312

2002 ............................... 6,255,406 57,278 6,198,129 2,675,648 17,673 2,657,974 3,579,758 39,605 3,540,155

 

2002 - June .................... 6,153,295 57,686 6,095,609 2,662,925 18,683 2,644,242 3,490,370 39,003 3,451,367

July..................... 6,186,282 57,263 6,129,019 2,659,878 18,348 2,641,529 3,526,404 38,914 3,487,490

Aug..................... 6,236,756 57,295 6,179,462 2,652,793 18,237 2,634,556 3,583,963 39,058 3,544,905

Sept.................... 6,255,406 57,278 6,198,129 2,675,648 17,673 2,657,974 3,579,758 39,605 3,540,155

Oct...................... 6,309,253 56,228 6,253,026 2,696,538 17,053 2,679,486 3,612,715 39,175 3,573,540

Nov..................... 6,370,323 54,095 6,316,229 2,694,624 15,180 2,679,444 3,675,699 38,914 3,636,785

Dec..................... 6,432,982 51,480 6,381,504 2,758,322 13,840 2,744,482 3,674,660 37,640 3,637,022

2003 - Jan ...................... 6,428,300 50,186 6,378,115 2,764,927 12,937 2,751,989 3,663,373 37,249 3,626,125

Feb ..................... 6,472,192 50,608 6,421,585 2,763,503 13,266 2,750,238 3,708,689 37,342 3,671,347

Mar ..................... 6,487,656 50,550 6,437,106 2,749,997 13,453 2,736,545 3,737,659 37,097 3,700,562

Apr...................... 6,486,825 50,160 6,436,664 2,758,077 13,293 2,744,784 3,728,748 36,867 3,691,881

May..................... 6,584,641 49,362 6,535,278 2,782,056 12,430 2,769,626 3,802,585 36,932 3,765,653

June.................... 6,697,130 49,068 6,648,062 2,853,842 12,672 2,841,170 3,843,288 36,396 3,806,892

 

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

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Foreign series 

(9) 

Government 

account series 

(10) 

State and local 

government series 

(11) 

Domestic 

series 

(12) 

Other 

(13) 

 

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

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

 

2002 - June ....................... 192,771 13,319 44,420 142,746 29,995 3,974 

July........................ 192,958 12,919 45,242 134,840 29,995 3,974 

Aug........................ 193,092 12,719 46,624 141,631 29,995 3,974 

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

Oct......................... 193,855 12,719 47,986 149,573 29,995 4,096 

Nov........................ 194,443 12,519 48,883 154,090 29,995 4,095 

Dec........................ 194,933 11,207 49,538 153,398 29,995 3,967 

2003 - Jan ......................... 195,813 11,207 50,604 148,574 29,995 3,966 

Feb ........................ 196,424 11,607 18,982 149,561 29,995 3,965 

Mar ........................ 196,930 12,207 2,720 148,826 29,995 4,030 

Apr......................... 197,721 12,207 12,079 145,741 29,995 4,122 

May........................ 198,463 11,757 53,093 140,651 29,995 4,121 

June....................... 199,181 11,657 52,559 140,497 29,995 4,237 

 

 * Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United States.” 

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) 

Inflation-indexed 

notes and bonds 

(6) 

Nonmarketable 

Total 

(7) 

 

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

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

 

2002 - June ...................... 3,464,147 3,036,922 822,439 1,474,296 592,704 147,482 427,225 

July ....................... 3,500,452 3,080,525 862,246 1,486,932 592,702 138,645 419,927 

Aug ....................... 3,558,277 3,130,242 890,698 1,508,127 592,699 138,719 428,033 

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

Oct ........................ 3,586,524 3,148,300 881,840 1,527,415 592,689 146,356 438,223 

Nov ....................... 3,649,353 3,205,328 901,417 1,568,838 588,465 146,607 444,025 

Dec ....................... 3,647,940 3,204,902 888,741 1,580,860 588,450 146,850 443,038 

2003 - Jan......................... 3,636,978 3,196,818 869,317 1,586,144 588,446 152,913 440,160 

Feb ....................... 3,683,888 3,273,353 918,767 1,616,553 585,446 152,589 410,535 

Mar ....................... 3,711,312 3,316,603 955,018 1,622,917 585,440 153,228 394,709 

Apr........................ 3,702,845 3,300,979 929,869 1,631,283 585,436 154,391 401,866 

May....................... 3,776,622 3,338,541 910,751 1,690,261 582,201 155,328 438,080 

June...................... 3,816,831 3,378,705 927,754 1,713,723 582,197 155,032 438,126 

 
FEDERAL DEBT 25

TABLE FD-2.—Interest-Bearing Public Debt (Historical) 

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

Marketable 

End of fiscal 

year or month 

Total interestbearing public 

debt 

(1) 

Total 

(2) 

Treasury 

bills 

(3) 

Treasury 

notes 

(4) 

Treasury 

bonds 

(5) 

Treasury 

inflation-indexed 

notes and bonds 

(6) 

Federal 

Financing 

Bank 

(7) 

Nonmarketable

Total 

(8) 

 

1998................................... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 

1999................................... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242 

2000................................... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

 

Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

1998 ...................................... 180,816 35,079 1,777,329 164,431 29,995 1 

1999 ...................................... 180,019 30,970 2,005,166 168,091 29,995 1 

2000 ...................................... 177,724 25,431 2,242,900 153,288 29,996 1 

 

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

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) 

 

1998 .................... 2,087 39,502 17,926 12,008 1,000 19,764 71 70,598 239,878 

1999 .................... 2,304 26,528 28,083 11,954 - 22,347 71 77,357 264,153 

2000 .................... 2,508 45,075 31,023 11,804 1,086 22,628 62 86,399 266,154 

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

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

 

2002 - June ......... 2,781 41,551 20,861 11,720 878 24,993 - 76,992 316,480 

 July.......... 2,793 40,239 20,442 11,640 3,075 24,883 - 73,024 315,523 

 Aug.......... 2,797 37,651 20,053 11,563 2,794 24,896 - 72,127 316,980 

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

 Oct........... 2,857 36,951 19,046 11,386 396 19,182 - 64,743 347,460 

 Nov.......... 2,859 34,668 20,029 11,322 1,100 14,420 - 63,474 352,784 

 Dec.......... 2,897 34,135 18,483 11,632 2,410 11,946 - 61,117 351,731 

2003 - Jan ........... 2,901 33,791 19,379 11,546 1,417 8,918 - 56,735 351,539 

 Feb .......... 2,911 33,424 18,971 11,465 1,728 4,829 - 54,244 323,204 

 Mar .......... 2,913 33,149 16,445 11,371 2,074 744 - 49,271 305,964 

 Apr........... 2,936 32,456 16,409 11,281 3,092 726 - 46,587 314,173 

 May.......... 2,944 30,052 16,141 11,206 3,562 615 - 55,816 362,013 

 June......... 2,946 31,474 15,300 11,508 3,958 507 - 52,854 357,491 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Bank 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

 

1998............... 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282 

1999............... 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226 

2000............... 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

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

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

 

2002 - June ... 2,691,373 13,277 29,304 25,097 9,775 153,949 551,963 229,943 21,000 1,160,809 

 July .... 2,689,163 13,026 30,382 25,165 9,790 154,208 549,182 228,748 21,494 1,165,549 

 Aug .... 2,683,462 12,736 30,622 25,341 9,805 154,502 546,810 225,648 21,494 1,167,643 

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

 Oct ..... 2,743,628 11,707 30,521 25,386 9,732 155,158 583,191 227,309 22,223 1,176,380 

 Nov .... 2,742,628 12,572 30,919 25,428 9,742 155,251 580,491 226,775 22,449 1,178,345 

 Dec..... 2,806,946 13,433 30,918 25,796 9,753 160,349 595,859 235,326 23,453 1,217,702 

2003 - Jan...... 2,814,641 13,324 31,044 25,836 10,677 161,968 593,352 237,672 23,685 1,230,857 

 Feb .... 2,780,528 13,953 30,437 26,133 10,596 162,280 590,583 237,618 24,377 1,233,775 

 Mar..... 2,736,824 11,365 30,254 26,110 8,634 162,954 572,873 238,922 24,679 1,239,102 

 Apr..... 2,754,240 11,450 30,167 26,116 10,617 165,273 556,801 244,870 25,078 1,256,208 

 May.... 2,819,235 11,617 30,511 25,349 10,626 165,156 567,689 241,845 23,698 1,260,395 

 June... 2,905,466 11,762 31,021 26,348 10,636 170,676 599,525 252,485 23,460 1,303,515 

 
FEDERAL DEBT 27

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

Postal 

Service 

(6) 

 Other 

 (7) 

 

1998 ..................................... 29,359 63 174 1,261 26,685 717 458 

1999 ..................................... 28,505 63 114 863 26,378 634 451 

2000 ..................................... 27,672 63 227 775 25,987 51 569 

2001 ..................................... 27,011 63 231 775 25,381 - 561 

2002 ..................................... 27,170 - 298 775 25,557 - 540 

 

2002 - June.......................... 26,826 63 217 775 25,211 - 559 

July........................... 26,541 63 217 775 24,925 - 561 

Aug........................... 26,274 63 158 775 24,725 - 553 

Sept.......................... 27,170 - 298 775 25,557 - 540 

Oct............................ 26,725 - 312 775 25,096 - 542 

Nov........................... 26,863 - 336 775 25,209 - 543 

 Dec........................... 27,275 - 344 775 25,612 - 544 

2003 - Jan ............................ 26,923 - 354 775 25,248 - 545 

 Feb........................... 26,402 - 152 775 24,937 - 538 

Mar........................... 26,880 - 166 775 25,402 - 536 

Apr............................ 26,444 - 195 775 24,936 - 537 

May .......................... 26,494 - 218 775 25,017 - 485 

June ......................... 27,009 - 227 775 25,522 - 486 

 

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

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 Market Finance, 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 1

(7) 

 

1998 ............................... 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 10 mos. 

1999 ............................... 2,728,011 915,145 962,644 378,163 149,703 322,356 6 yrs. 0 mos. 

2000 ............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 

2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

 

2002 - June .................... 2,402,091 916,256 740,340 305,792 195,227 244,478 5 yrs. 8 mos. 

July..................... 2,457,756 922,600 781,212 314,301 195,227 244,416 5 yrs. 7 mos. 

Aug..................... 2,483,538 968,597 764,257 311,100 203,816 235,768 5 yrs. 7 mos. 

Sept.................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

Oct...................... 2,519,727 951,452 810,083 318,435 203,816 235,940 5 yrs. 5 mos. 

Nov..................... 2,555,144 992,371 794,585 328,363 209,639 230,186 5 yrs. 5 mos. 

Dec..................... 2,575,371 981,309 825,882 328,290 209,639 230,251 5 yrs. 4 mos. 

2003 - Jan ...................... 2,567,292 964,715 845,144 317,542 209,639 230,253 5 yrs. 4 mos. 

Feb ..................... 2,636,316 995,366 878,201 322,940 222,785 217,023 5 yrs. 4 mos. 

Mar ..................... 2,675,019 1,031,783 880,646 322,672 222,785 217,132 5 yrs. 2 mos. 

Apr...................... 2,653,534 1,007,588 882,574 323,174 222,785 217,412 5 yrs. 2 mos. 

May..................... 2,666,851 1,020,653 885,966 319,770 222,785 217,678 5 yrs. 3 mos. 

June.................... 2,726,476 1,042,539 923,907 319,643 222,785 217,602 5 yrs. 1 mo. 

 

1

 Beginning September 1976, the maturity distribution and average length were calculated 

on the interest-bearing marketable debt privately held. Published data were changed for 

the end of the fiscal years back through 1967. 

Note.—Detail may not add to totals due to rounding. Quarterly refunding charts can be 

accessed from the Office of Domestic Finance/Debt Management website at 

www.treas.gov/offices/domestic-finance/debt-management/qrc. 
FEDERAL DEBT 29

TABLE FD-6.—Debt Subject to Statutory Limit*

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

Debt subject to limit Securities outstanding subject to limit 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

 

2002 - June ..................................... 6,400,000 6,058,313 6,058,110 203 6,126,469 203 68,359 

July...................................... 6,400,000 6,092,050 6,091,906 144 6,159,741 144 67,834 

Aug...................................... 6,400,000 6,142,835 6,142,665 170 6,210,482 170 67,817 

Sept..................................... 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

Oct....................................... 6,400,000 6,231,284 6,230,985 299 6,282,528 299 51,542 

Nov...................................... 6,400,000 6,294,480 6,294,158 322 6,343,460 322 49,302 

Dec...................................... 6,400,000 6,359,412 6,359,082 330 6,405,707 330 46,626 

2003 - Jan ....................................... 6,400,000 6,355,812 6,355,696 116 6,401,377 116 45,681 

Feb ...................................... 6,400,000 6,399,975 6,399,840 135 6,445,790 135 45,950 

Mar ...................................... 6,400,000 6,399,975 6,399,825 150 6,460,776 150 60,952 

Apr....................................... 6,400,000 6,399,975 6,399,798 177 6,460,381 177 60,582 

May...................................... 7,384,000 6,498,658 6,498,459 199 6,558,147 199 59,688 

June..................................... 7,384,000 6,625,519 6,625,311 208 6,670,121 208 44,810 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. * Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United 

States.” 

TABLE FD-6.—Debt Subject to Statutory Limitation (Historical)

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

 

Debt outstanding 

subject to limitation 

Interest-bearing debt 

subject to limitation 

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) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

 

1998 ................................................ 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448 

1999 ................................................ 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 

2000 ................................................ 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding. 
30 FEDERAL DEBT 

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) 

 

1998 ................................................ 154,155 19,937 13,295 7,808 203 642 

1999 ................................................ 182,988 32,625 13,837 8,506 261 761 

2000 ................................................ 191,596 27,323 14,690 9,413 305 729 

2001 ................................................ 203,200 28,817 15,128 10,168 336 970 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

 

2002 - June ..................................... 214,751 24,258 15,903 11,421 395 889 

July...................................... 221,997 24,189 15,903 11,421 395 889 

Aug...................................... 222,084 24,127 15,903 11,421 395 904 

Sept..................................... 213,555 25,074 16,312 10,780 417 906 

Oct....................................... 234,282 28,574 16,082 10,780 417 906 

Nov...................................... 239,224 32,437 16,082 10,780 417 906 

Dec...................................... 226,347 19,643 16,082 10,780 417 906 

2003 - Jan ....................................... 230,867 22,530 15,677 10,780 417 754 

Feb ...................................... 232,548 23,548 16,208 10,780 437 754 

Mar ...................................... 218,620 22,794 16,561 11,799 437 754 

Apr....................................... 217,442 22,140 16,564 11,799 448 754 

May...................................... 219,665 22,694 16,564 11,799 448 754 

June..................................... 236,329 23,929 16,567 11,799 448 1,266 

 

 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) 

 

1998 ................................................ 35,610 2,499 6,579 5,293 34,036 

1999 ................................................ 52,440 2,515 7,996 4,628 28,115 

2000 ................................................ 65,716 2,513 7,155 3,653 27,836 

2001 ................................................ 77,448 2,689 4,544 3,103 27,862 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

 

2002 - June ..................................... 92,407 2,929 5,044 3,103 22,138 

July...................................... 98,051 2,929 5,544 3,103 22,877 

Aug...................................... 98,051 2,929 5,544 3,103 22,011 

Sept..................................... 89,713 2,770 7,553 2,640 24,693 

Oct....................................... 94,070 2,820 7,553 2,640 37,238 

Nov...................................... 94,070 2,820 8,053 2,640 37,572 

 Dec...................................... 94,066 2,860 8,053 2,640 37,172 

2003 - Jan ....................................... 101,378 2,800 8,053 2,640 36,147 

 Feb ...................................... 101,378 2,800 8,053 2,640 35,948 

Mar ...................................... 101,378 2,800 8,053 2,640 20,425 

Apr....................................... 98,656 2,905 8,553 2,640 20,381 

May...................................... 98,656 2,905 9,353 2,640 20,954 

June..................................... 98,656 2,905 9,353 2,640 37,475 

 
FEDERAL DEBT 31

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

1998 ...................................... 3,956 4,993 9,559 9,745 

1999 ...................................... 6,603 4,848 9,825 10,030 

2000 ...................................... 6,683 4,874 10,012 10,694 

2001 ...................................... 7,045 2,884 10,087 12,120 

2002 ...................................... 6,657 2,870 11,036 12,133 

 

2002 - June ........................... 6,231 4,195 10,653 15,185 

July............................ 6,231 4,471 10,653 15,340 

Aug............................ 6,231 4,722 11,503 15,239 

Sept........................... 6,657 2,870 11,036 12,133 

Oct............................. 6,657 3,149 11,036 12,358 

Nov............................ 6,657 3,386 11,036 12,367 

Dec............................ 6,657 3,662 11,190 12,216 

2003 - Jan ............................. 6,657 3,943 6,735 12,354 

Feb ............................ 6,657 4,196 6,735 12,411 

Mar ............................ 6,875 4,475 6,735 12,891 

Apr............................. 7,201 4,754 7,468 13,178 

May............................ 7,201 5,011 7,468 13,218 

June........................... 7,301 2,144 7,468 14,376 

 

Note.—Detail may not add to totals due to rounding. 
32 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $1 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. 

Table PDO-4 indicates the total amount of 

marketable securities allotted to each class of investor. The 

FRBs tally into investor classes the tenders in each auction 

of marketable securities other than weekly auctions of 4-, 

13-, and 26-week bills. 

TREASURY FINANCING: APRIL-JUNE 

[Source: Bureau of the Public Debt, Office of Financing] 

A P R I L 

Cash Management Bills 

On March 31, 2003, Treasury announced it would 

auction $20,000 million of 12-day bills. They were issued 

April 3 and matured April 15. The issue was to raise new 

cash. Treasury auctioned the bills on April 2. Tenders totaled 

$51,734 million; Treasury accepted $20,000 million. The 

high bank discount rate was 1.180 percent. 

On April 3, Treasury announced it would auction $8,000 

million of 6-day bills. They were issued April 9 and matured 

April 15. The issue was to raise new cash. Treasury 

auctioned the bills on April 8. Tenders totaled $28,985 

million; Treasury accepted $8,000 million. The high bank 

discount rate was 1.200 percent. 

Auction of 2-Year Notes 

On April 21, 2003, Treasury announced it would auction 

$27,000 million of 2-year notes of Series K-2005. The issue 

was to refund $18,619 million of securities maturing April 

30 and to raise new cash of approximately $8,381 million. 

The notes of Series K-2005 were dated and issued on 

April 30. They are due April 30, 2005, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 1-5/8 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 p.m. e.d.s.t. 

for competitive tenders on April 23. Tenders totaled $58,290 

million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.704 percent with the 

equivalent price of $99.845. Tenders at the high yield were 

allotted 11.08 percent. The median yield was 1.689 percent, 

and the low yield was 1.640 percent. Noncompetitive 

tenders totaled $773 million. Competitive tenders accepted 

from private investors totaled $26,224 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $7,293 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

K-2005 is $1,000. 

M A Y 

Cash Management Bills 

On May 5, 2003, Treasury announced it would auction 

$10,000 million of 5-day bills. They were issued May 8 and 

matured May 13. The issue was to raise new cash. Treasury 

auctioned the bills on May 7. Tenders totaled $38,405 

million; Treasury accepted $10,000 million. The high bank 

discount rate was 1.145 percent. 

On May 8, Treasury announced it would auction $15,000 

million of 2-day bills. They were issued May 13 and 

matured May 15. The issue was to raise new cash. Treasury 

auctioned the bills on May 12. Tenders totaled $54,445 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

33

million; Treasury accepted $15,000 million. The high bank 

discount rate was 1.175 percent. 

On May 19, Treasury announced it would auction $4,000 

million of 6-day bills. They were issued May 21 and 

matured May 27. The issue was to raise new cash. Treasury 

auctioned the bills on May 20. Tenders totaled $20,270 

million; Treasury accepted $4,000 million. The high bank 

discount rate was 1.150 percent. 

On May 27, Treasury announced it would auction $4,000 

million of 16-day bills. They were issued May 28 and 

matured June 13. The issue was to raise new cash. Treasury 

auctioned the bills on May 27. Tenders totaled $17,830 

million; Treasury accepted $4,000 million. The high bank 

discount rate was 1.160 percent. 

May Quarterly Financing 

On April 30, 2003, Treasury announced it would auction 

$22,000 million of 3-year notes of Series G-2006, $18,000 

million of 5-year notes of Series F-2008, and $18,000 

million of 10-year notes of Series B-2013 to refund $2,271 

million of Treasury securities maturing May 15 and to raise 

about $55,729 million of new cash. 

The 3-year notes of Series G-2006 were dated May 15. 

They are due May 15, 2006, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on May 6. Tenders totaled $43,169 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.009 percent with an 

equivalent price of $99.974. Treasury accepted in full all 

competitive tenders at yields lower than 2.009. Tenders at 

the high yield were allotted 43.18 percent. The median yield 

was 1.980 percent, and the low yield was 1.800 percent. 

Noncompetitive tenders totaled $144 million. Competitive 

tenders accepted from private investors totaled $21,726 

million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $391 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2006 is $1,000. 

The 5-year notes of Series F-2008 were dated May 15. 

They are due May 15, 2008, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 2-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on May 7. Tenders totaled $37,679 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.680 percent with an 

equivalent price of $99.744. Treasury accepted in full all 

competitive tenders at yields lower than 2.680. Tenders at 

the high yield were allotted 98.89 percent. The median yield 

was 2.660 percent, and the low yield was 2.610 percent. 

Noncompetitive tenders totaled $166 million. Competitive 

tenders accepted from private investors totaled $17,784 

million. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $336 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2008 is $1,000. 

The 10-year notes of Series B-2013 were dated May 15. 

They are due May 15, 2013, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 3-5/8 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 p.m. e.d.s.t. 

for competitive tenders on May 8. Tenders totaled $21,927 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.700 percent with an 

equivalent price of $99.378. Treasury accepted in full all 

competitive tenders at yields lower than 3.700. Tenders at 

the high yield were allotted 26.17 percent. The median yield 

was 3.615 percent, and the low yield was 3.500 percent. 

Noncompetitive tenders totaled $89 million. Competitive 

tenders accepted from private investors totaled $17,831 

million. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $252 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2013 is $1,000. 

Auction of 2-Year Notes 

On May 27, 2003, Treasury announced it would auction 

$25,000 million of 2-year notes of Series L-2005. The issue 

was to refund $20,444 million of securities maturing May 31 

and to raise new cash of approximately $4,556 million. 

The notes of Series L-2005 were dated May 31 and 

issued June 2. They are due May 31, 2005, with interest 

payable on November 30 and May 31 until maturity. 

Treasury set an interest rate of 1-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 29. Tenders totaled 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

34 

$44,353 million; Treasury accepted $25,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.305 percent with an 

equivalent price of $99.892. Treasury accepted in full all 

competitive tenders at yields lower than 1.305 percent. 

Tenders at the high yield were allotted 84.45 percent. The 

median yield was 1.274 percent, and the low yield was 1.235 

percent. Noncompetitive tenders totaled $886 million. 

Competitive tenders accepted from private investors totaled 

$24,074 million. Accrued interest of $0.06831 per $1,000 

must be paid for the period from May 31 to June 2. 

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $6,020 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series L-2005 is $1,000. 

J U N E 

Cash Management Bills 

On May 29, 2003, Treasury announced it would auction 

$24,000 million of 2-day bills. They were issued June 3 and 

matured June 5. The issue was to raise new cash. Treasury 

auctioned the bills on June 2. Tenders totaled $56,470 

million; Treasury accepted $24,003 million. The high bank 

discount rate was 1.175 percent. 

On June 2, Treasury announced it would auction $18,000 

million of 8-day bills. They were issued June 5 and matured 

June 13. The issue was to raise new cash. Treasury 

auctioned the bills on June 4. Tenders totaled $52,225 

million; Treasury accepted $18,000 million. The high bank 

discount rate was 1.170 percent. 

Auction of 4-Year 11-Month 2-5/8 Percent Notes 

On June 9, 2003, Treasury announced that it would 

auction $15,000 million of 4-year 11-month 2-5/8 percent 

notes of Series F-2008. The issue was to raise new cash. 

The notes of Series F-2008 were dated May 15 and 

issued June 16. They are due May 15, 2008, with interest 

payable on November 15 and May 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 June 11. Tenders totaled 

$27,135 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.100 percent with an 

equivalent price of $102.437. Treasury accepted in full all 

competitive tenders at yields lower than 2.100 percent. 

Tenders at the high yield were allotted 46.80 percent. The 

median yield was 2.055 percent, and the low yield was 1.900 

percent. Noncompetitive tenders totaled $54 million. 

Competitive tenders accepted from private investors totaled 

$14,946 million. 

Accrued interest of $2.28261 per $1,000 must be paid for 

the period from May 15 to June 16. The minimum par 

amount required for STRIPS of notes of Series F-2008 is 

$1,000. 

Auction of 2-Year Notes 

On June 23, 2003, Treasury announced it would auction 

$25,000 million of 2-year notes of Series M-2005. The issue 

was to refund $21,098 million of securities maturing June 30 

and to raise new cash of approximately $3,902 million. 

The notes of Series M-2005 were dated and issued June 

30. They are due June 30, 2005, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 1-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 25. Tenders totaled 

$46,079 million; Treasury accepted $25,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.179 percent with an 

equivalent price of $99.894. Treasury accepted in full all 

competitive tenders at yields lower than 1.179 percent. 

Tenders at the high yield were allotted 88.71 percent. The 

median yield was 1.129 percent, and the low yield was 1.000 

percent. Noncompetitive tenders totaled $839 million. 

Competitive tenders accepted from private investors totaled 

$24,161 million. 

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $6,700 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2005 is $1,000. 
PUBLIC DEBT OPERATIONS 35

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2003 

[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) 

 

2003 

July 31.......................................................... 1 3-7/8%-S note 07/31/01 16,003 4,996 11,007 

Aug. 15, 03-08.............................................. 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15......................................................... 11-1/8% bond 07/05/83 3,501 860 2,641 

Aug. 15......................................................... 1 5-3/4%-B note 08/16/93 28,011 4,659 23,352 

Aug. 15......................................................... 1 5-1/4%-J note 08/17/98 19,852 3,468 16,384 

Aug. 31......................................................... 1 3-5/8%-T note 08/31/01 18,665 5,590 13,075 

Sept. 30........................................................ 1 2-3/4%-U note 10/01/01 22,675 6,535 16,140 

Oct. 31.......................................................... 1 2-3/4%-V note 10/31/01 25,148 6,368 18,780 

Nov. 15, 03-08.............................................. 8-3/4% bond 11/15/78 5,230 1,908 3,322 

Nov. 15......................................................... 11-7/8% bond 10/05/83 7,260 2,531 4,729 

Nov. 15......................................................... 1 4-1/4%-K note 11/16/98 18,626 1,989 16,637 

Nov. 30......................................................... 1 3%-W note 11/30/01 26,171 6,201 19,970 

Dec. 31......................................................... 1 3-1/4%-X note 12/31/01 29,667 7,498 22,169 

Total ............................................. 222,912 53,391 169,521 

 

2004 

Jan. 31.......................................................... 1 3%-J note 01/31/02 30,776 6,226 24,549 

Feb. 15 ......................................................... 1 5-7/8%-A note 02/15/94 12,955 1,134 11,821 

Feb. 15 ......................................................... 1 4-3/4%-E note 02/16/99 17,823 2,605 15,218 

Feb. 29 ......................................................... 1 3%-K note 02/28/02 31,746 8,008 23,738 

Mar. 31 ......................................................... 1 3-5/8%-L note 04/01/02 32,874 8,334 24,540 

Apr. 30.......................................................... 1 3-3/8%-M note 04/30/02 32,655 8,333 24,322 

May 15, 04-09 .............................................. 9-1/8% bond 05/15/79 4,606 1,470 3,136 

May 15.......................................................... 12-3/8% bond 04/05/84 3,755 925 2,830 

May 15.......................................................... 1 7-1/4%-B note 05/16/94 14,440 3,582 10,858 

May 15.......................................................... 1 5-1/4%-F note 05/17/99 18,925 2,721 16,205 

May 31.......................................................... 1 3-1/4%-N note 05/31/02 33,297 6,298 26,999 

June 30......................................................... 1 2-7/8%-P note 07/31/02 34,050 7,531 26,519 

July 31.......................................................... 1 2-1/4%-Q note 07/31/02 33,250 6,662 26,588 

Aug. 15......................................................... 13-3/4% bond 07/10/84 4,000 942 3,059 

Aug. 15......................................................... 1 7-1/4%-C note 08/15/94 13,346 1,939 11,408 

Aug. 15......................................................... 1 6%-G note 08/16/99 18,090 2,034 16,056 

Aug. 31......................................................... 1 2-1/8%-R note 09/03/02 34,541 7,607 26,935 

Sept. 30........................................................ 1 1-7/8%-S note 09/30/02 34,656 7,652 27,003 

Oct. 31.......................................................... 1 2-1/8%-T note 10/31/02 32,440 5,435 27,005 

Nov. 15, 04-09.............................................. 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15......................................................... 1 11-5/8% bond 10/30/84 8,302 2,026 6,276 

Nov. 15......................................................... 1 7-7/8%-D note 11/15/94 14,374 3,532 10,841 

Nov. 15......................................................... 1 5-7/8%-H note 11/15/99 32,658 4,888 27,770 

Nov. 30......................................................... 1 2%-U note 12/02/02 32,871 5,879 26,992 

Dec. 31......................................................... 1 1-3/4%-V note 12/31/02 33,203 6,983 26,221 

Total ............................................. 563,835 113,821 450,014 

 

2005 

Jan. 31.......................................................... 1 1-5/8%-G note 01/31/03 33,837 7,722 26,115 

Feb. 15, 05-10.............................................. 11-3/4% bond 02/15/80 2,315 858 1,457 

Feb. 15 ......................................................... 1 7-1/2%-A note 02/15/95 13,835 3,074 10,761 

Feb. 28 ......................................................... 1 1-1/2%-H note 02/28/03 35,332 8,343 26,989 

Mar. 31 ......................................................... 1 1-5/8%-J note 03/31/03 35,211 8,216 26,995 

Apr. 30.......................................................... 1 1-5/8%-K note 04/30/03 34,295 7,293 27,002 

May 15, 05-10 .............................................. 10% bond 05/15/80 2,987 1,177 1,811 

May 15.......................................................... 1 12% bond 04/02/85 4,261 941 3,319 

May 15.......................................................... 1 6-1/2%-B note 05/15/95 14,740 2,241 12,499 

May 15.......................................................... 1 6-3/4%-E note 05/15/00 28,562 6,566 21,996 

May 31.......................................................... 1 1-1/4%-L note 06/02/03 31,021 6,020 25,001 

June 30......................................................... 1 1-1/8%-M note 06/30/03 31,703 6,700 25,002 

Aug. 15......................................................... 1 10-3/4% bond 07/02/85 9,270 2,185 7,085 

Aug. 15......................................................... 1 6-1/2%-C note 08/15/95 15,003 2,229 12,773 

Nov. 15, 05-10.............................................. 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15......................................................... 1 5-7/8%-D note 11/24/95 15,210 2,133 13,077 

Nov. 15......................................................... 1 5-3/4%-F note 11/15/00 28,063 4,293 23,770 

Total ............................................. 339,725 71,252 268,474 

 

See footnote at end of table. 
36 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2003, 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) 

 

2006 

Feb. 15 ......................................................... 1 9-3/8% bond 01/15/86 4,756 1,044 3,712 

Feb. 15 ......................................................... 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

May 15, 06-11 .............................................. 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15.......................................................... 1 6-7/8%-B note 05/15/96 16,015 3,680 12,335 

May 15.......................................................... 1 4-5/8%-E note 05/15/01 27,798 3,798 24,000 

May 15.......................................................... 1 2%-G note 05/15/03 22,392 391 22,001 

July 15.......................................................... 1 7%-C note 07/15/96 22,740 5,114 17,627 

Oct. 15.......................................................... 1 6-1/2%-D note 10/15/96 22,460 4,858 17,601 

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 3,805 31,575 

Total ............................................. 174,648 26,683 147,965 

 

2007 

Jan. 15.......................................................... 1 3-3/8%-A note 02/06/97 18,282 1,764 16,518 

Feb. 15 ......................................................... 1 6-1/4%-B note 02/18/97 13,104 1,254 11,850 

May 15.......................................................... 1 6-5/8%-C note 05/15/97 13,958 2,754 11,205 

May 15.......................................................... 1 4-3/8%-E note 05/15/02 24,351 2,464 21,888 

Aug. 15......................................................... 1 6-1/8%-D note 08/15/97 25,637 5,082 20,555 

Aug. 15......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,406 22,005 

Nov. 15......................................................... 1 3%-G note 11/15/02 23,311 1,308 22,003 

Nov. 15, 07-12.............................................. 10-3/8% bond 11/15/82 10,126 2,033 8,093 

Total ............................................. 154,180 20,063 134,117 

 

2008 

Jan. 15.......................................................... 1 3-5/8%-A note 01/15/98 19,128 2,088 17,040 

Feb. 15 ......................................................... 1 5-1/2%-B note 02/17/98 13,583 1,890 11,693 

Feb. 15 ......................................................... 1 3%-E note 02/18/03 27,489 3,484 24,005 

May 15.......................................................... 1 5-5/8%-C note 05/15/98 27,191 5,380 21,811 

May 15.......................................................... 1 2-5/8%-F note 05/15/03 33,339 336 33,003 

Aug. 15, 08-13.............................................. 12% bond 08/15/83 11,917 3,041 8,876 

Nov. 15......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,448 21,635 

Total ............................................. 157,730 19,666 138,064 

 

2009 

Jan. 15.......................................................... 1 3-7/8%-A note 01/15/99 17,824 2,015 15,808 

May 15, 09-14............................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15.......................................................... 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

Aug. 15, 09-14.............................................. 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 ......................................................... 1 6%-C note 08/16/99 27,400 4,934 22,466 

Nov. 15, 09-14.............................................. 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Total............................................... 73,902 12,544 61,358 

 

2010 

Jan. 15.......................................................... 1 4-1/4%-A note 01/18/00 12,368 1,091 11,277 

Feb. 15.......................................................... 1 6-1/2%-B note 02/15/00 23,356 4,089 19,266 

Aug. 15 ......................................................... 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total............................................... 58,162 8,776 49,386 

 

2011 

Jan. 15.......................................................... 1 3-1/2%-A note 01/16/01 11,618 255 11,364 

Feb. 15.......................................................... 1 5%-B note 02/15/01 23,436 3,583 19,853 

Aug. 15 ......................................................... 1 5%-C note 08/15/01 26,635 3,181 23,455 

Total............................................... 61,690 7,018 54,672 

 

2012 

Jan. 15.......................................................... 1 3-3/8%-A note 01/15/02 6,216 - 6,216 

Feb. 15.......................................................... 1 4-7/8%-B note 02/15/02 24,780 1,494 23,286 

July 15 .......................................................... 1 3%-C note 07/15/02 23,531 1,326 22,205 

Aug. 15 ......................................................... 1 4-3/8%-D note 08/15/02 19,648 1,645 18,003 

Nov. 15 ......................................................... 1 4%-E note 11/15/02 18,113 111 18,002 

Total............................................... 92,288 4,576 87,712 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2003, 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) 

 

2013 

Feb. 15.......................................................... 1 3-7/8%-A note 02/18/03 19,498 1,497 18,002 

May 15.......................................................... 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

Total............................................... 37,752 1,748 36,004 

 

2015 

Feb. 15.......................................................... 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Aug. 15 ......................................................... 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15 ......................................................... 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total............................................... 20,129 4,020 16,109 

 

2016 

Feb. 15.......................................................... 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

May 15.......................................................... 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 ......................................................... 1 7-1/2% bond 11/17/86 18,787 1,751 17,036 

Total............................................... 43,043 3,887 39,156 

 

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 2,731 16,210 

Total............................................... 32,031 5,104 26,927 

 

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 4,286 26,346 

Total............................................... 60,281 9,091 51,190 

 

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 

 

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 1,610 21,050 

Total............................................... 38,441 4,245 34,196 

 

2024 

Nov. 15 ......................................................... 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total............................................... 9,604 1,615 7,989 

 

See footnote at end of table. 
38 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2003, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve Banks 

 (4) 

 All other 

 investors 

 (5) 

 

2025 

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 ............................................... 20,696 3,393 17,303 

 

2026 

Feb. 15 .......................................................... 1 6% bond 02/15/96 12,838 1,164 11,674 

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 ............................................... 32,509 4,502 28,007 

 

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 19,074 2,827 16,247 

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 ............................................... 41,797 6,210 35,587 

 

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 21,800 2,773 19,027 

Aug. 15.......................................................... 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ............................................... 44,329 6,113 38,216 

 

2030 

May 15........................................................... 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total ............................................... 17,043 1,894 15,149 

 

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 5,191 162 5,029 

Total ............................................... 5,191 162 5,029 

 

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 39

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 noncompetitive 

basis 3

(6)

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2003 - Apr. 3................. 2003 - May 1 28 50,875.6 21,005.4 18,948.3 53.1 99.910 1.155 1.177 

 July 3 91 33,583.4 20,380.5 14,388.1 1,457.1 99.722 1.100 1.121 

 Oct. 2 182 34,667.8 22,912.8 16,044.0 906.2 99.449 1.090 1.114 

Apr. 10................. May 8 28 42,542.1 21,123.9 18,955.2 45.6 99.909 1.165 1.191 

 July 10 91 38,135.4 19,717.8 13,255.5 1,599.6 99.713 1.135 1.158 

 Oct. 9 182 38,910.2 21,509.4 14,827.5 1,107.7 99.426 1.135 1.161 

Apr. 17................. May 15 28 49,753.6 18,915.6 15,927.4 48.5 99.910 1.155 1.177 

 July 17 91 34,023.9 19,863.1 13,261.1 1,474.0 99.706 1.165 1.186 

 Oct. 16 182 36,307.9 20,336.5 14,070.3 879.8 99.406 1.175 1.202 

Apr. 24................. May 22 28 41,811.3 16,241.5 12,954.9 45.2 99.913 1.115 1.138 

 July 24 91 45,012.3 19,763.5 13,351.0 1,454.4 99.707 1.160 1.182 

 Oct. 23 182 39,554.6 22,068.9 14,772.7 1,053.0 99.401 1.185 1.212 

May 1................... May 29 28 41,259.4 15,133.0 10,951.7 48.5 99.914 1.100 1.125 

 July 31 91 44,339.6 20,190.5 13,019.4 1,591.8 99.717 1.120 1.141 

 Oct. 30 182 38,463.6 21,859.8 14,205.0 966.6 99.424 1.140 1.165 

May 8................... June 5 28 25,596.8 10,143.4 5,956.1 43.9 99.919 1.040 1.060 

 Aug. 7 91 40,250.6 20,614.5 13,138.3 1,596.9 99.723 1.095 1.117 

 Nov. 6 182 37,894.8 20,600.2 13,757.7 1,102.6 99.429 1.130 1.155 

May 15................. June 12 28 26,043.0 10,535.1 5,955.8 44.3 99.922 1.000 1.020 

 Aug. 14 91 37,500.1 19,427.7 12,366.4 1,533.6 99.730 1.070 1.089 

 Nov. 13 182 37,322.7 19,268.2 12,988.4 911.7 99.444 1.100 1.124 

May 22................. June 19 28 39,466.2 26,397.9 21,950.2 50.4 99.915 1.090 1.112 

 Aug. 21 91 40,433.3 20,956.4 14,458.8 1,376.4 99.742 1.020 1.040 

 Nov. 20 182 41,377.7 21,929.8 14,964.7 1,010.7 99.484 1.020 1.043 

May 29................. June 26 28 42,263.7 28,539.0 24,951.3 49.1 99.908 1.180 1.204 

 Aug. 28 91 37,698.4 21,995.5 14,105.4 1,496.6 99.722 1.100 1.121 

 Nov. 28 183 39,964.6 21,765.5 14,239.8 981.5 99.451 1.080 1.104 

June 5.................. July 3 28 42,602.1 20,283.3 17,951.7 48.3 99.911 1.140 1.164 

 Sept. 4 91 45,208.2 24,479.3 16,424.5 1,455.6 99.719 1.110 1.133 

 Dec. 4 182 44,590.6 24,382.3 16,823.7 1,051.5 99.446 1.095 1.120 

June 12................ July 10 28 58,221.4 24,855.7 21,954.7 46.1 99.916 1.075 1.099 

 Sept. 11 91 41,402.2 24,203.8 16,369.1 1,451.0 99.746 1.005 1.024 

 Dec. 11 182 38,392.7 24,226.1 17,027.1 898.3 99.505 0.980 1.000 

June 19................ July 17 28 37,781.3 15,976.4 12,961.5 38.5 99.930 0.895 0.916 

 Sept. 18 91 38,550.0 24,034.5 16,406.0 1,469.1 99.788 0.840 0.854 

 Dec. 18 182 38,086.1 24,361.5 16,913.4 1,011.6 99.573 0.845 0.862 

June 26................ July 24 28 33,304.1 14,356.3 11,946.1 54.1 99.938 0.800 0.811 

 Sept. 25 91 35,878.7 23,131.6 15,488.6 1,376.5 99.794 0.815 0.830 

 Dec. 26 183 33,496.1 24,417.4 17,134.2 816.1 99.573 0.840 0.858 

 

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. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
40 PUBLIC DEBT OPERATIONS 

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) 

 

07/10/02 07/15/02 3% note—07/15/12-C 10y 22,871 10,010 3.099 - 99.154 

07/24/02 07/31/02 2-1/4% note—07/31/04-Q 2y 48,414 33,237 2.270 - 99.961 

08/06/02 08/15/02 3-1/4% note—08/15/07-F 5y 42,148 25,396 3.348 - 99.552 

08/07/02 08/15/02 4-3/8% note—08/15/12-D 10y 24,852 19,645 4.390 - 99.880 

08/28/02 09/03/02 2-1/8% note—8/31/04-R 2y 68,430 34,537 2.220 - 99.816 

09/10/02 09/11/02 1.695% bill—09/16/02 5d 31,985 9,000 

09/25/02 09/30/02 1-7/8% note—09/30/04-S 2y 61,699 34,652 1.960 - 99.834 

10/09/02 10/15/02 3% note—07/15/12-C 9y 9m 9,494 7,000 2.260 - 106.777 

10/23/02 10/31/02 2-1/8% note—10/31/04-T 2y 51,167 32,435 2.140 - 99.971 

11/05/02 11/15/02 3% note—11/15/07-G 5y 44,424 23,308 3.030 - 99.862 

11/06/02 11/15/02 4% note—11/15/12-E 10y 34,293 18,111 4.095 - 99.227 

11/27/02 12/02/02 2% note—11/30/04-U 2y 53,660 32,864 2.120 - 99.767 

12/09/02 12/10/02 1.235% bill—12/16/02 6d 47,119 13,001 

12/23/02 12/31/02 1-3/4% note—12/31/04-V 2y 57,198 33,195 1.820 - 99.863 

01/08/03 01/15/03 3% note—07/15/12-C 9y 6m 13,300 6,000 2.340 - 106.474 

01/29/03 01/31/03 1-5/8% note—01/31/05-G 2y 46,750 33,834 1.710 - 99.834 

02/11/03 02/18/03 3% note—02/15/08-E 5y 37,646 27,484 3.029 - 99.866 

02/12/03 02/18/03 3-7/8% note—02/15/13-A 10y 34,758 19,497 3.960 - 99.304 

02/26/03 02/28/03 1-1/2% note—02/28/05-H 2y 62,214 35,333 1.575 - 99.853 

02/27/03 03/03/03 1.24% bill—03/17/03 14d 61,265 26,000 

03/26/03 03/31/03 1-5/8% note—03/31/05-J 2y 57,907 35,211 1.692 - 99.869 

04/02/03 04/03/03 1.180% bill—04/15/03 12d 51,734 20,000 

04/08/03 04/09/03 1.200% bill—04/15/03 6d 28,985 8,000 

04/23/03 04/30/03 1-5/8% note—04/30/05-K 2y 65,583 34,293 1.704 - 99.845 

05/06/03 05/15/03 2% note—05/15/06-G 3y 43,560 22,391 2.009 - 99.974 

05/07/03 05/08/03 1.145% bill—05/13/03 5d 38,405 10,000 

05/07/03 05/15/03 2-5/8% note—05/15/08-F 5y 38,014 18,336 2.680 - 99.744 

05/08/03 05/15/03 3-5/8% note—05/15/13-B 10y 22,179 18,252 3.700 - 99.378 

05/12/03 05/13/03 1.175% bill—05/15/03 2d 54,445 15,000 

05/20/03 05/21/03 1.150% bill—05/27/03 6d 20,270 4,000 

05/27/03 05/28/03 1.160% bill—06/13/03 16d 17,830 4,000 

05/29/03 06/02/03 1-1/4% note—05/31/05-L 2y 50,373 31,020 1.305 - 99.892 

06/02/03 06/03/03 1.175% bill—06/5/03 2d 56,470 24,003 

06/04/03 06/05/03 1.170% bill—06/13/03 8d 52,225 18,000 

06/11/03 06/16/03 2-5/8% note—5/15/08-F 4y 11m 27,135 15,000 2.100 - 102.437 

06/25/03 06/30/03 1-1/8% note—06/30/05-M 2y 52,780 31,700 1.179 - 99.894 

 

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. 
PUBLIC DEBT OPERATIONS 41

TABLE PDO-4.—Allotments by Investor Class 

for Marketable Public Debt Securities Other than Bills 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

Issue 

Date 

Coupon 

rate 

(1) 

Security 

type 

(2) 

Series 

code 

(3) 

Sequence 

number

(4) 

Maturity 

date 

(5) 

Total 

issue 

(6) 

Federal 

Reserve 

Banks 

(7) 

Depository 

institutions 1

(8) 

Individuals 2

(9) 

Dealers 

and 

brokers 

(10) 

Private 

pension 

and 

retirement 

funds 

(11) 

Investment 

funds 

(12) 

Insurance 

companies 

(13) 

Foreign 

and 

international 

(14) 

Other 3 

(15) 

 

10/01/01 2-3/4% note U 0 09/30/03 22,675 5,667 138 893 10,361 1 128 * 5,475 12 

10/05/01 5% note C 1 08/15/11 6,000 - - * 4,651 - 1,112 - 175 62 

10/15/01 3-3/8% IIS bond 0 04/15/32 5,012 - 4 88 2,065 370 1,826 54 338 267 

10/31/01 2-3/4% note V 0 10/31/03 25,148 6,143 45 698 11,415 10 751 * 6,037 49 

11/15/01 3-1/2% note F 0 11/15/06 18,801 2,799 3,009 192 9,201 1 206 25 3,360 8 

11/15/01 5% note C 2 08/15/11 8,590 1,592 201 77 5,548 * 200 - 975 - 

11/30/01 3% note W 0 11/30/03 26,171 5,167 55 738 14,299 * 501 * 5,400 11 

12/31/01 3-1/4% note X 0 12/31/03 29,667 6,666 41 852 14,373 1 5,202 1 2,478 53 

01/15/02 3-3/8% IIS note A 0 01/15/12 6,004 - 17 535 2,565 5 2,524 - 355 3 

01/31/02 3% note J 0 01/31/04 30,776 5,766 75 1,065 18,830 1 976 * 4,030 33 

02/15/02 4-7/8% note B 0 02/15/12 13,389 753 13 187 8,122 116 2,617 - 1,580 1 

02/15/02 3-1/2% note F 1 11/15/06 16,579 944 13 235 13,130 5 900 2 1,340 10 

02/28/02 3% note K 0 02/29/04 31,746 6,735 171 1,271 19,705 1 619 1 2,867 376 

04/01/02 3-5/8% note L 0 03/31/04 32,874 7,873 175 1,394 17,800 1 1,709 2 3,675 245 

04/30/02 3-3/8% note M 0 04/30/04 32,655 7,648 87 1,283 18,784 3 269 55 4,345 181 

05/15/02 4-3/8% note E 0 05/15/07 24,351 2,341 19 501 15,287 1 1,879 - 2,636 1,687 

05/15/02 4-7/8% note B 1 02/15/12 11,391 391 6 145 8,023 * 1,545 - 579 702 

05/31/02 3-1/4% note N 0 05/31/04 33,297 6,298 83 1,527 19,066 2 2,102 41 4,155 23 

07/01/02 2-7/8% note P 0 06/30/04 34,050 7,046 307 1,114 23,674 1 945 * 709 254 

07/15/02 3% IIS note C 0 07/15/12 10,015 1,010 4 659 5,992 15 2,166 * 40 129 

07/31/02 2-1/4% note Q 0 07/31/04 33,250 6,237 43 1,515 19,019 1 1,885 1 4,531 18 

08/15/02 3-1/4% note F 0 08/15/07 25,411 3,396 14 441 14,239 * 658 2 6,658 3 

08/15/02 4-3/8% note D 0 08/15/12 19,648 1,645 351 192 13,355 3 1,499 - 2,187 416 

09/03/02 2-1/8% note R 0 08/31/04 34,541 7,537 53 1,093 19,014 4 2,225 - 4,590 25 

09/30/02 1-7/8% note S 0 09/30/04 34,656 7,652 51 915 18,437 1 308 * 7,274 18 

10/15/02 3% IIS note C 1 07/15/12 6,999 - 1 221 5,153 16 1,536 - 56 16 

10/31/02 2-1/8% note T 0 10/31/04 32,440 5,435 30 2,225 17,402 1 74 * 6,235 1,038 

11/15/02 3% note G 0 11/15/07 23,311 1,308 11 204 16,499 - 835 * 3,000 1,454 

11/15/02 4% note E 0 11/15/12 18,113 111 755 110 13,443 - 1,590 - 2,103 1 

12/02/02 2% note U 0 11/30/04 32,871 5,864 65 734 20,619 * 222 4 4,558 805 

12/31/02 1-3/4% note V 0 12/31/04 33,203 6,195 176 4,391 16,783 3 451 1 4,215 988 

01/15/03 3% IIS note C 2 07/15/12 6,004 - 5 196 3,221 40 1,638 1 759 144 

01/31/03 1-5/8% note G 0 01/31/05 33,837 6,834 61 835 17,003 1 532 3 7,208 1,360 

02/18/03 3% note E 0 02/15/08 27,489 3,484 113 1,963 16,861 50 799 - 3,603 616 

02/18/03 3-7/8% note A 0 02/15/13 19,498 1,497 2 134 9,864 * 5,080 - 2,313 608 

02/28/03 1-1/2% note H 0 02/28/05 35,332 8,333 37 773 18,279 4 551 3 6,670 682 

03/31/03 1-5/8% note J 0 03/31/05 35,211 8,211 35 901 12,675 2 6,603 * 5,430 1,354 

04/30/03 1-5/8% note K 0 04/30/05 34,295 7,293 - 2 12,395 - 6,000 - 7,274 1,332 

05/15/03 2% note G 0 05/15/06 22,392 391 58 796 15,609 1 1,768 0.4 3,261 508 

05/15/03 2-5/8% note F 0 05/15/08 18,339 336 50 163 11,902 1 2,788 1 3,098 1 

05/15/03 3-5/8% note B 0 05/15/13 18,254 252 - 141 12,392 - 2,346 - 2,784 339 

06/02/03 1-1/4% note L 0 05/31/05 31,021 6,020 77 845 14,479 2 806 2 7,841 948 

06/16/03 2-5/8% note F 1 05/15/08 15,000 - 46 48 12,881 0.1 1,234 - 542 249 

06/30/03 1-1/8% note M 0 06/30/05 31,701 6,700 100 800 15,414 3 153 1 7,270 1,261 

07/15/03 1-7/8% IIS note C 0 07/15/13 11,007 - 20 542 4,925 201 3,250 3 2,042 23 

* Less than $500,000. 

1

 Depository institutions include banks. 

2

 Includes partnerships and personal trust accounts. 

3

 Residual. 
42 

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. Series HH bonds are issued in 

exchange for series E and EE savings bonds and savings 

notes. 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 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through June 30, 2003 

[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 2..................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 852,638 233,690 1,086,328 390,541 172,401 9,124 

Series I ............................................................ 16,217 860 17,077 816 17,487 -

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.................................................. 862 712 1,574 1,331 - 104 

Total ............................................................ 905,618 237,639 1,143,257 430,960 189,888 9,232 

 

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; and (3) U.S. savings notes for series H 

bonds beginning January 1972; however, they exclude exchanges of series E bonds for 

series H and HH bonds. 

2

 Details by series on a cumulative basis and by period of series A-D combined can be 

found in the February 1952 and previous issues of the “Treasury Bulletin.” 
U.S. SAVINGS BONDS AND NOTES 43

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: 

1935-99 ............................. 393,247 209,905 603,152 396,116 310,167 85,949 166,529 6,169 

2000 .................................. 5,645 6,940 12,585 14,511 7,050 7,461 177,659 6,544 

2001 .................................. 8,047 8,381 16,428 13,846 6,480 7,366 179,515 6,751 

2002 .................................. 12,542 7,719 20,261 12,494 5,487 7,007 185,495 7,638 

 

Calendar years: 

1935-99 ............................. 403,133 233,253 636,386 438,200 323,106 115,094 179,277 7,005 

2000 .................................. 6,732 8,333 15,065 16,433 7,959 8,474 176,802 7,794 

2001 .................................. 11,557 8,289 19,846 13,509 6,223 7,286 181,416 8,780 

2002 .................................. 4,749 3,184 7,933 5,488 2,309 3,179 184,407 8,003 

 

2002 - June ....................... 583 610 1,193 964 419 545 184,684 7,904 

July........................ 679 715 1,394 1,159 535 624 184,967 7,808 

Aug........................ 669 638 1,307 1,124 506 618 185,199 7,713 

Sept....................... 602 592 1,194 925 427 498 185,495 7,638 

Oct......................... 843 725 1,568 978 432 546 186,078 7,599 

Nov........................ 938 545 1,483 851 385 466 186,739 7,527 

Dec........................ 1,038 587 1,625 1,093 511 582 184,698 10,058 

2003 - Jan ......................... 1,603 691 2,294 1,252 553 699 185,863 9,776 

Feb ........................ 952 608 1,560 896 406 490 186,604 9,647 

Mar ........................ 958 565 1,523 970 395 575 187,271 9,487 

Apr......................... 1,151 699 1,850 1,012 435 577 188,204 9,346 

May........................ 1,234 508 1,742 952 422 530 189,062 9,231 

June....................... 1,215 549 1,764 994 456 538 189,887 9,124 

 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, 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 bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-99 ............. 349,885 206,201 556,086 349,215 251,535 97,680 22,687 166,529 6,169 

2000 .................. 3,848 6,899 10,747 11,161 5,853 5,308 924 162,749 6,525 

2001 .................. 4,307 8,271 12,578 12,822 5,330 7,492 1,160 161,044 6,710 

2002 .................. 5,689 7,227 12,916 11,187 4,197 6,990 1,470 160,038 7,588 

Calendar years: 

1941-99 ............. 352,457 220,382 572,839 364,898 261,664 103,234 25,019 165,702 6,983 

2000 .................. 4,396 8,262 12,658 12,951 6,631 6,320 663 161,386 7,739 

2001 .................. 4,591 8,064 12,655 12,349 5,012 7,337 1,234 159,365 6,710 

2002 .................. 2,281 2,972 5,253 4,931 1,373 3,558 672 159,764 7,947 

2002 - June ....... 385 560 945 850 190 660 113 159,844 7,849 

 July........ 463 666 1,129 1,025 262 763 137 159,905 7,756 

 Aug........ 471 589 1,060 996 249 747 139 159,922 7,661 

 Sept....... 432 543 975 812 207 605 120 160,038 7,588 

 Oct......... 554 667 1,221 855 310 545 138 160,361 7,503 

 Nov........ 516 501 1,017 743 278 465 124 160,575 7,440 

 Dec........ 593 544 1,137 983 403 580 138 158,083 9,948 

2003 - Jan ......... 639 650 1,289 1,228 421 807 216 158,199 9,677 

 Feb ........ 357 573 930 781 293 488 116 158,354 9,555 

 Mar ........ 392 526 918 857 283 574 103 158,466 9,400 

 Apr......... 510 656 1,166 891 316 575 93 158,786 9,264 

 May........ 237 459 696 840 311 529 78 158,676 9,151 

 June....... 336 496 832 873 338 535 87 158,651 9,047 

See note at end of table. 
44 U.S. SAVINGS BONDS AND NOTES 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, 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 bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series H and HH 

 

Fiscal years: 

1952-99 .......... 13,805 - 13,805 23,585 23,585 - 22,595 12,813 19 

2000 ............... 165 - 165 1,154 1,154 - 924 12,759 20 

2001 ............... 101 - 101 1,023 1,023 - 1,160 12,815 41 

2002 ............... 47 - 47 921 921 - 1,470 13,361 50 

 

Calendar years: 

1952-99 .......... 13,654 - 13,654 24,039 24,039 - 23,629 12,869 22 

2000 ............... 106 - 106 2,291 2,291 - 1,052 12,704 56 

2001 ............... 47 - 47 1,053 1,053 - 1,225 12,860 85 

2002 ............... 30 - 30 409 409 - 671 13,147 57 

 

2002 - June .... 1 - 1 72 72 - 113 13,188 55 

 July..... 2 - 2 85 85 - 137 13,244 53 

 Aug..... - - - 78 78 - 139 13,307 51 

 Sept.... 1 - 1 67 67 - 120 13,361 50 

 Oct...... 3 - 3 77 77 - 138 13,380 96 

 Nov..... 3 - 3 68 68 - 124 13,447 87 

 Dec..... 1 - 1 67 67 - 138 13,496 110 

2003 - Jan ...... 5 - 5 88 88 - 216 13,630 99 

 Feb ..... 9 - 9 77 77 - 116 13,667 93 

 Mar ..... 4 - 4 73 73 - 103 13,699 87 

 Apr...... 3 - 3 88 88 - 92 13,718 82 

 May..... 1 - 1 77 77 - 78 13,731 80 

 June.... 1 - 1 87 87 - 87 13,750 77 

 

Series I 

 

Fiscal years: 

1999-00 .......... 1,730 41 1,771 49 49 - - 2,152 -

2001 ............... 3,633 195 3,828 131 131 - - 5,656 -

2002 ............... 6,806 490 7,295 366 366 - - 12,096 -

 

Calendar years: 

1999 ............... 685 1 685 14 14 - - 469 -

2000 ............... 1,898 70 1,968 61 61 - - 2,712 -

2001 ............... 6,543 243 6,786 165 165 - - 9,192 -

2002 ............... 2,436 212 2,648 133 133 - - 11,496 -

 

2002 - June .... 197 50 247 40 40 - - 11,652 -

 July..... 214 50 264 48 48 - - 11,819 -

 Aug..... 198 50 248 48 48 - - 11,969 -

 Sept.... 170 49 219 44 44 - - 12,096 -

 Oct...... 286 47 333 45 45 - - 12,337 -

 Nov..... 419 44 463 39 39 - - 12,717 -

 Dec..... 443 43 486 41 41 - - 13,120 -

2003 - Jan ...... 959 41 1,000 45 45 - - 14,034 -

 Feb ..... 585 35 620 36 36 - - 14,583 -

 Mar ..... 562 39 601 39 39 - - 15,106 -

 Apr...... 639 42 681 45 45 - - 15,700 -

 May..... 997 49 1,046 41 41 - - 16,655 -

 June.... 878 53 931 47 47 - - 17,487 -

 

Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 

1967, through June 30, 1970, to E bond buyers. 
45

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 amount of 

public debt securities held by private investors. Information 

is obtained from sources such as the Federal financial 

institution regulatory agencies. 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.) 
46 OWNERSHIP OF FEDERAL SECURITIES 

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

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

Public debt securities 

 Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve Banks 

(6) 

 

2001 ................................................ 5,834,475 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414 

 

2002 - June ..................................... 6,153,295 6,126,469 2,662,925 311 2,662,614 614,366 

July...................................... 6,186,282 6,159,741 2,659,878 311 2,659,567 622,640 

Aug...................................... 6,236,756 6,210,482 2,652,793 311 2,652,482 626,312 

Sept..................................... 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414 

Oct....................................... 6,309,253 6,282,528 2,696,538 311 2,696,227 628,457 

Nov...................................... 6,370,323 6,343,460 2,694,624 311 2,694,313 628,730 

Dec...................................... 6,432,982 6,405,707 2,758,322 311 2,758,011 629,406 

2003 - Jan ....................................... 6,428,300 6,401,377 2,764,927 311 2,764,616 628,154 

Feb ..................................... 6,472,192 6,445,790 2,763,503 311 2,763,192 635,688 

Mar ..................................... 6,487,656 6,460,776 2,749,997 311 2,749,686 640,151 

Apr...................................... 6,486,825 6,460,381 2,758,077 311 2,757,766 663,278 

May..................................... 6,584,641 6,558,147 2,782,056 311 2,781,745 658,715 

June.................................... 6,697,131 6,670,121 2,853,842 311 2,853,531 668,658 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

 

2002 - June ......................................................... 2,849,178 2,437,614 411,564 26,826 26,826 

July.......................................................... 2,877,223 2,472,941 404,282 26,541 26,541 

Aug.......................................................... 2,931,377 2,518,988 412,389 26,274 26,274 

Sept......................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

Oct........................................................... 2,957,533 2,519,895 437,638 26,725 26,725 

Nov.......................................................... 3,020,106 2,576,649 443,458 26,863 26,863 

Dec.......................................................... 3,017,979 2,575,545 442,435 27,275 27,275 

2003 - Jan ........................................................... 3,008,296 2,568,715 439,581 26,923 26,923 

Feb .......................................................... 3,046,599 2,637,711 408,888 26,402 26,402 

Mar .......................................................... 3,070,628 2,691,501 379,127 26,880 26,880 

Apr........................................................... 3,039,026 2,652,766 386,260 26,444 26,444 

May.......................................................... 3,117,376 2,694,899 422,477 26,494 26,494 

June......................................................... 3,147,621 2,710,120 437,502 27,009 27,009 

 

* Effective June 2001, FMS revised procedures and categories in this table to reflect the 

format changes in the “Monthly Statement of the Public Debt of the United States.” 
OWNERSHIP OF FEDERAL SECURITIES 47

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

(Historical) 

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

Interest-bearing 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) 

 

1998 ................................................ 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

1999 ................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000 ................................................ 5,701,851 5,622,092 2,235,710 461 2,235,249 511,413 

 

 Agency securities 

Interest-bearing public debt securities, con. 

Held by private investors 

End of 

fiscal year 

or month 

 Total 

 (7) 

Marketable 

(8) 

 Non- 

 marketable 

 (9) 

Matured 

public 

debt 

and debt 

bearing no 

interest 

(10) 

 Total 

 outstanding 

 (11) 

Held by 

U.S. Government 

accounts and 

Federal Reserve 

Banks 

(12) 

Held by 

private 

investors 

(13) 

 

1998 ...................................... 3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

1999 ...................................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2000 ...................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

 

Note.—Detail may not add to totals due to rounding. 
48 OWNERSHIP OF FEDERAL SECURITIES 

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

[In billions of dollars. Source: Office of Market Finance, 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 

governments 3

(10) 

Foreign 

and international 8

(11) 

Other 

investors 9

 (12) 

 

1992 - Mar......... 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 141.7 188.4 193.8 460.0 536.4 586.0 

 June ....... 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 193.7 435.6 558.2 608.2 

 Sept........ 4,064.6 1,282.4 2,782.2 337.2 150.3 120.0 166.4 194.8 195.9 429.3 562.8 625.5 

 Dec......... 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 200.4 418.2 576.7 655.5 

1993 - Mar......... 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 202.0 434.0 585.9 662.7 

 June ....... 4,352.0 1,400.6 2,951.4 360.9 166.5 111.6 176.9 217.8 207.5 441.2 596.8 672.2 

 Sept........ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.1 189.2 229.4 217.6 434.0 619.1 639.7 

 Dec......... 4,535.7 1,476.1 3,059.6 373.0 171.9 119.3 186.6 234.5 227.1 447.8 650.3 649.2 

1994 - Mar......... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.3 233.4 212.8 443.4 661.1 661.9 

 June ....... 4,645.8 1,547.5 3,098.3 383.8 177.1 128.9 193.4 238.0 204.6 425.2 659.9 687.4 

 Sept........ 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 201.6 398.2 682.0 734.1 

 Dec......... 4,800.2 1,622.6 3,177.6 339.6 179.9 139.6 191.9 240.1 209.4 370.0 667.3 839.8 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 141.1 203.1 244.2 210.6 350.5 707.0 854.0 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.1 197.2 245.0 202.5 313.7 762.5 875.8 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.5 193.0 245.2 211.6 304.3 820.4 855.7 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.2 191.7 241.5 225.1 289.8 835.2 881.8 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 143.8 198.9 239.4 240.9 283.6 908.1 864.1 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.0 208.2 229.5 230.6 283.3 929.7 823.9 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 140.7 202.4 226.8 226.8 263.7 993.4 841.7 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.4 203.5 214.1 227.4 257.0 1,102.1 804.1 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 140.9 203.7 181.8 221.9 248.1 1,157.6 794.4 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 141.4 209.3 183.1 216.8 243.3 1,182.7 714.2 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.4 219.7 186.8 221.6 235.2 1,230.5 686.4 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 143.5 216.9 176.6 232.4 239.3 1,241.6 677.6 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 135.9 211.9 169.4 234.7 238.1 1,250.5 702.5 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 129.0 214.8 160.6 230.7 258.5 1,256.0 622.8 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 120.5 211.2 151.3 231.8 266.4 1,224.2 677.4 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 112.5 217.7 141.7 253.5 269.3 1,278.7 636.6 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 108.8 218.4 137.5 254.0 272.5 1,272.3 630.1 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 110.3 222.5 133.6 227.9 279.1 1,258.8 539.9 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 110.1 215.3 128.0 224.4 271.6 1,281.4 517.2 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 109.8 211.2 123.4 228.7 266.8 1,268.7 590.3 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 107.9 211.1 120.0 221.8 257.2 1,106.9 734.9 

 June ....... 5,685.9 2,698.6 2,987.3 222.1 184.6 109.3 210.5 116.5 205.3 256.4 1,082.0 600.6 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 109.7 200.7 113.8 207.0 241.9 1,057.9 600.5 

 Dec......... 5,662.2 2,781.8 2,880.4 201.4 184.8 108.4 195.7 110.2 220.8 236.2 1,034.2 588.7 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 105.7 195.3 109.1 220.7 239.0 1,029.9 620.3 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 105.9 204.4 108.1 217.4 241.4 1,000.5 471.3 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 103.2 187.7 106.8 231.5 248.9 1,005.5 520.6 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 104.2 177.4 105.7 257.5 256.5 1,051.2 495.2 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 192.0 106.3 187.0 r 112.4 264.8 261.2 r 1,067.1 r 470.8 

 June ....... 6,126.5 3,276.7 2,849.8 204.4 192.8 108.8 177.2 r 119.0 r 252.1 271.7 r 1,102.1 r 421.7 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 110.9 174.1 r 126.8 r 255.7 269.4 r 1,167.3 r 416.9 

 Dec......... 6,405.7 3,387.2 3,018.5 r 222.6 194.9 r 113.6 r 176.3 r 133.9 r 279.0 274.2 r 1,211.9 r 412.1 

2003 - Mar......... r 6,460.8 3,404.8 r 3,056.0 152.9 r 196.9 116.3 178.3 140.3 299.9 273.4 r 1,254.6 443.4 

 June ....... 6,670.1 3,505.4 3,164.7 n.a. 198.5 n.a. n.a. n.a. n.a. n.a. p 1,355.3 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of 

condition, for System Open Market Accounts; and U. S. Treasury for Government 

accounts. 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 1984 benchmark to December 1989, the 

1989 benchmark to December 1994 and the 1994 benchmark to March 2000. The March 

2000 benchmark was released in 2002. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

Note.—Ownership data were revised (in June 1999) back to March 1989 in order to update 

ownership categories and to incorporate greater reliance on Flow of Funds data of the 

Federal Reserve Board. 
49

INTRODUCTION: Market Yields

The table and chart in this section present yields on 

Treasury marketable securities for maturities ranging from 

1-month to 20-years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. The Treasury yield 

curve in the accompanying chart is based on current market 

bid quotations on the most actively traded Treasury 

securities as of 3:30 p.m. on the last business day of the 

calendar quarter. 

The Treasury uses quotations obtained by the Federal 

Reserve Bank of New York to derive the yield curve, based 

on semiannual interest payments and read at constant 

maturity points to develop a consistent data series. The 

Board of Governors of the Federal Reserve System 

publishes the Treasury constant maturity data series in its 

weekly Statistical Release H.15. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 will include a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

Prior to January 2003, this section also included data on 

long-term Treasury, corporate and municipal yields (Table 

MY-2). Effective January 2003, Table MY-2 and Chart MYB have been discontinued because Treasury no longer issues 

long-term bonds and no longer calculates or estimates longterm corporate rates. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Market Finance, 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) 

 

Monthly average: 

2002 - July...................................... 1.72 1.71 1.74 1.96 2.56 3.01 3.81 4.30 4.65 5.51

Aug..................................... 1.68 1.65 1.64 1.76 2.13 2.52 3.29 3.88 4.26 5.19

Sept.................................... 1.67 1.66 1.64 1.72 2.00 2.32 2.94 3.50 3.87 4.87

Oct ..................................... 1.62 1.61 1.59 1.65 1.91 2.25 2.95 3.54 3.94 5.00

Nov..................................... 1.26 1.25 1.30 1.49 1.92 2.32 3.05 3.64 4.05 5.04

Dec..................................... 1.20 1.21 1.27 1.45 1.84 2.23 3.03 3.63 4.03 5.01

2003 - Jan....................................... 1.17 1.19 1.22 1.36 1.74 2.18 3.05 3.60 4.05 5.02

Feb..................................... 1.20 1.19 1.20 1.30 1.63 2.05 2.90 3.45 3.90 4.87

Mar..................................... 1.18 1.15 1.16 1.24 1.57 1.98 2.78 3.34 3.81 4.82

Apr ..................................... 1.16 1.15 1.17 1.27 1.62 2.06 2.93 3.47 3.96 4.91

May .................................... 1.08 1.09 1.11 1.18 1.42 1.75 2.52 3.07 3.57 4.52

June ................................... 0.97 0.94 0.94 1.01 1.23 1.51 2.27 2.84 3.33 4.34

 

End of month: 

2002 - July...................................... 1.73 1.71 1.70 1.80 2.23 2.67 3.53 4.09 4.51 5.41

Aug..................................... 1.70 1.69 1.67 1.74 2.14 2.50 3.22 3.78 4.14 5.06

Sept.................................... 1.60 1.57 1.51 1.53 1.72 2.02 2.63 3.25 3.63 4.75

Oct ..................................... 1.48 1.44 1.43 1.46 1.68 2.05 2.81 3.45 3.93 5.03

Nov..................................... 1.25 1.22 1.30 1.56 2.08 2.51 3.28 3.88 4.22 5.18

Dec..................................... 1.20 1.22 1.23 1.32 1.61 1.99 2.78 3.36 3.83 4.83

2003 - Jan....................................... 1.17 1.18 1.19 1.31 1.72 2.16 3.02 3.55 4.00 4.93

Feb..................................... 1.21 1.20 1.19 1.24 1.53 1.91 2.69 3.24 3.71 4.70

Mar..................................... 1.16 1.14 1.13 1.19 1.51 1.93 2.78 3.35 3.83 4.84

Apr ..................................... 1.13 1.13 1.15 1.22 1.51 1.95 2.85 3.39 3.89 4.79

May .................................... 1.16 1.11 1.09 1.13 1.33 1.58 2.30 2.87 3.37 4.36

June ................................... 0.81 0.90 0.98 1.09 1.32 1.66 2.46 3.03 3.54 4.52

 

* Rates are from the Treasury yields curve. 
50 MARKET YIELDS 

CHART MY-A.—Yields of Treasury Securities, 

June 30, 2003* 

Based on closing bid quotations of actively traded issues (in percentages) 

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0 2 4 6 8 10 12 14 16 18 20

Years to maturity 

* Source: Office of Market Finance 

Note: The yield curve is based on actively traded issues. 
51

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, various 

U.S. Mint offices, the Federal Reserve banks (FRBs) and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2003 

[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.............................. $801,910,239,078 $767,356,305,220 $766,845,226,896 $260,472,666 $250,605,658

Less amounts held by: 

The Treasury....................................... 304,112,857 20,010,857 19,792,658 20,739 197,460

FRBs ................................................... 108,234,784,035 107,292,888,062 107,292,886,625 50 1,387

Amounts in circulation............................. $693,371,342,186 $660,043,406,301 $659,532,547,613 $260,451,877 $250,406,811

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding.............................. $34,553,933,858 $3,500,209,008 $31,053,724,850 

Less amounts held by: 

The Treasury....................................... 284,102,000 275,214,000 8,888,000 

FRBs ................................................... 941,895,973 142,889,793 799,006,180 

Amounts in circulation............................. $33,327,935,885 $3,082,105,215 $30,245,830,670 

See footnotes following table USCC-2. 
52 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2003 

[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 ...................................................................... $7,859,958,822 $7,714,441,001 $143,481 $145,374,340 

$2 ...................................................................... 1,320,297,544 1,187,976,202 132,308,766 12,576 

$5 ...................................................................... 9,130,373,135 8,991,624,100 109,525,910 29,223,125 

$10 .................................................................... 14,288,442,110 14,266,768,950 5,950 21,667,210 

$20 .................................................................... 100,145,035,940 100,124,931,360 3,380 20,101,200 

$50 .................................................................... 57,500,583,650 57,489,090,200 - 11,493,450 

$100 .................................................................. 469,484,877,000 469,444,422,300 18,464,300 21,990,400 

$500 .................................................................. 142,690,500 142,506,500 - 184,000 

$1,000 ............................................................... 165,952,000 165,747,000 - 205,000 

$5,000 ............................................................... 1,755,000 1,700,000 - 55,000 

$10,000 ............................................................. 3,440,000 3,340,000 - 100,000 

Fractional parts ................................................. 485 - - 485 

Partial notes 4.................................................... 115 - 90 25 

Total currency ............................................... $660,043,406,301 $659,532,547,613 $260,451,877 $250,406,811 

Comparative totals of currency and coins in circulation—selected dates 

Amounts (in millions) 

(1) 

Per capita 5 

(2) 

 

June 30, 2003 .................................................................... 693,371 $2,308.00 

May 30, 2003 ..................................................................... 692,379 2,378.64 

April 30, 2003..................................................................... 688,772 2,368.17 

Sept. 30, 2000.................................................................... 568,614 2,061.26 

Sept. 30, 1995.................................................................... 409,272 1,553.15 

Sept. 30, 1990.................................................................... 278,903 1,105.14 

Sept. 30, 1985.................................................................... 187,337 782.45 

Sept. 30, 1980.................................................................... 129,916 581.48 

June 30, 1975 .................................................................... 81,196 380.08 

June 30, 1970 .................................................................... 54,351 265.39 

June 30, 1965 .................................................................... 39,719 204.14 

June 30, 1960 .................................................................... 32,064 177.47 

June 30, 1955 .................................................................... 30,229 182.90 

 

 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 partial 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
 55

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5, 6

(5) 

 

1998 ................................................................................... 81,761 11,046 10,603 36,001 24,111 

1999 ................................................................................... 71,516 11,048 10,336 32,182 17,950 

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

 

2002 - July.......................................................................... 74,751 11,042 11,575 32,271 19,863 

Aug......................................................................... 75,307 11,042 11,752 32,470 20,043 

Sept........................................................................ 75,860 11,042 11,710 32,251 20,857 

Oct.......................................................................... 75,499 11,042 11,700 32,171 20,586 

Nov......................................................................... 75,690 11,043 11,855 32,312 20,480 

Dec......................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 - Jan .......................................................................... 78,434 11,043 11,298 34,140 21,953 

Feb ......................................................................... 78,579 11,043 11,368 34,482 21,686 

Mar ......................................................................... 80,049 11,043 11,392 34,756 22,858 

Apr......................................................................... 80,405 11,043 11,476 35,148 22,738 

May........................................................................ 82,287 11,044 11,880 36,149 23,214 

June....................................................................... 81,660 11,044 11,720 35,686 23,210 

July ........................................................................ 80,621 11,044 11,646 35,185 22,746 

 

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. 

6

 Includes an SDR $361 million loan to the IMF under the General Arrangements to 

Borrow in July 1998, and an SDR $619 million loan to the IMF under the New 

Arrangements to Borrow in December 1998. 
56 INTERNATIONAL FINANCIAL STATISTICS 

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) 

 

1998 ....................... 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 

1999 ....................... 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000 - Mar. 8........... 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 

Series Break........... 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 

2000 ....................... 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 

2001 ....................... 2,725,272 898,260 285,144 454,306 3,411 155,399 1,126,270 656,183 287,480 368,703 44,559 

 

2002 - June r.......... 2,873,175 952,812 327,370 451,163 3,000 171,279 1,190,570 682,583 282,500 400,083 47,210 

July r .......... 2,887,219 959,021 335,396 445,895 3,020 174,710 1,146,028 735,123 305,320 429,803 47,047 

Aug. r......... 2,956,578 959,054 329,910 446,530 3,040 179,574 1,190,489 760,527 327,427 433,100 46,508 

Sept. r........ 2,957,594 961,851 332,887 442,743 3,058 183,163 1,164,966 782,764 324,219 458,545 48,013 

Oct. r.......... 3,052,973 961,356 330,739 442,775 3,078 184,764 1,264,805 776,694 311,660 465,034 50,118 

Nov. r......... 3,018,175 979,427 331,768 458,592 3,097 185,970 1,212,236 777,322 307,688 469,634 49,190 

Dec. r......... 3,076,714 990,897 334,455 464,115 2,769 189,558 1,247,895 785,710 308,290 477,420 52,212 

2003 - Jan. r ........... 3,034,165 996,623 334,833 464,427 2,786 194,577 1,187,904 795,886 316,342 479,544 53,752 

Feb ............ 3,201,566 1,020,642 347,949 469,250 2,803 200,640 1,213,060 916,895 444,351 472,544 50,969 

Mar ............ 3,297,966 1,028,793 355,092 470,572 2,821 200,308 1,252,167 968,082 470,419 497,663 48,924 

Apr............. 3,478,798 1,027,622 351,163 470,151 2,839 203,469 1,399,597 1,003,081 495,153 507,928 48,498 

May p......... 3,544,157 1,078,643 384,781 484,900 2,857 206,105 1,391,803 1,024,938 490,966 533,972 48,773 

June p........ 3,590,053 1,086,387 379,281 499,945 2,876 204,285 1,406,439 1,045,732 482,600 563,132 51,495 

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on a benchmark survey 

as of end-March 2000 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 57

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

1998 .............................................................................. 6,074 6,074 1,172 3,991 911 

1999 .............................................................................. 6,111 6,111 1,259 4,313 539 

2000 .............................................................................. 5,348 5,348 1,244 3,520 584 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

 

2002 - June ................................................................... 3,000 3,000 689 1,652 659 

July.................................................................... 3,020 3,020 694 1,663 663 

Aug.................................................................... 3,040 3,040 698 1,674 668 

Sept................................................................... 3,058 3,058 702 1,684 672 

Oct..................................................................... 3,078 3,078 706 1,695 677 

Nov.................................................................... 3,097 3,097 710 1,706 681 

Dec.................................................................... 2,769 2,769 715 1,368 686 

2003 - Jan ..................................................................... 2,786 2,786 719 1,377 690 

Feb ................................................................... 2,803 2,803 723 1,385 695 

Mar .................................................................... 2,821 2,821 728 1,394 699 

Apr..................................................................... 2,839 2,839 732 1,403 704 

May.................................................................... 2,857 2,857 736 1,412 709 

June................................................................... 2,876 2,876 741 1,422 713 

 

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 the issue is $3,060 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 $5,126 million. 

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. 
58 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial 

banks, securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the 

reporting forms and instructions may be obtained from the 

Office of Program Services, Office of the Assistant Secretary 

for International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of the 

Federal Reserve System, Washington, D.C. 20551; or district 

FRBs. Reporting forms and instructions also may be 

downloaded from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. The only exception is 

information pertaining to the Bank for International 

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 59

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to 

foreigners in countries not shown separately on the monthly 

reports. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated 

foreigners. Separate reports are filed for financial balances 

and for commercial balances. Effective for reports filed as of 

March 31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

 The data in these tables do not cover all types of 

reported capital movements between the United States and 

other countries. Except as noted in Section IV in 

“Description of statistics” below, the principal exclusions 

are the intercompany capital transactions of nonbanking 

business enterprises in the United States with their own 

branches and subsidiaries abroad or with their foreign parent 

companies (own foreign offices) and capital transactions of 

the U.S. Government. Consolidated data on all types of 

international capital transactions are published by the 

Department of Commerce in its regular reports on the U.S. 

balance of payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. 

Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar 

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting 

coverage was expanded as outlined in Section I. 

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector. 

Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed 

semiannually as of the end of June and December. 

Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than 
60 CAPITAL MOVEMENTS 

banks, other depository institutions, and securities brokers 

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States. 

Historically, the information does not include any 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of 

reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 61

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2002 2003 

Type of Liability 

 Calendar 

 Year 

 2001 Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners............................... 1,715,901 1,913,289 1,862,885 2,026,627 2,096,951 2,264,812 2,286,408 2,289,997 

Payable in dollars............................................... 1,636,538 1,832,746 1,782,342 1,946,084 2,008,047 2,175,908 2,197,504 2,201,093 

Foreign official institutions 1 ........................... 285,144 334,455 334,833 347,949 355,092 351,163 384,781 379,281 

Deposits, excluding negotiable CDs.......... 22,668 20,733 17,378 25,713 21,970 24,026 22,586 22,990 

U.S. Treasury bills and certificates............ 161,719 190,375 194,762 196,344 206,153 200,462 210,033 209,957 

Other liabilities ........................................... 100,757 123,347 122,693 125,892 126,969 126,675 152,162 146,334 

Foreign banks (including own foreign 

offices) and other foreigners...................... 1,340,564 1,484,824 1,432,885 1,586,050 1,643,578 1,815,742 1,803,761 1,810,031 

Deposits, excluding negotiable CDs.......... 165,283 148,718 146,827 759,432 782,982 800,729 786,185 825,553 

U.S. Treasury bills and certificates............ 23,796 38,363 36,423 37,582 39,657 42,073 41,972 41,507 

Other liabilities ........................................... 1,151,485 1,297,743 1,249,635 789,036 820,939 972,940 975,604 942,971 

International and regional organizations 2 ..... 10,830 13,467 14,624 12,085 9,377 9,003 8,962 11,781 

Deposits, excluding negotiable CDs.......... 3,791 5,769 5,298 3,778 2,544 3,086 3,197 4,524 

U.S. Treasury bills and certificates............ 600 1,089 687 621 4 33 3 13 

Other liabilities ........................................... 6,439 6,609 8,639 7,686 6,829 5,884 5,762 7,244 

Payable in foreign currencies 3 .......................... 79,363 80,543 80,543 80,543 88,904 88,904 88,904 88,904 

Sector: 

Banks and other foreigners........................ 73,186 71,361 71,361 71,361 79,008 79,008 79,008 79,008 

International and regional organizations 2...... 6,177 9,182 9,182 9,182 9,896 9,896 9,896 9,896 

Major currencies: 

Canadian dollars........................................ 5,812 6,610 6,610 6,610 7,576 7,576 7,576 7,576 

Euro............................................................ 31,619 38,491 38,491 38,491 48,107 48,107 48,107 48,107 

United Kingdom pounds sterling................ 6,238 6,949 6,949 6,949 6,389 6,389 6,389 6,389 

Japanese yen............................................. 26,645 20,041 20,041 20,041 18,942 18,942 18,942 18,942 

Memoranda: 

Respondents’ own liabilities payable in 

dollars......................................................... 1,181,097 1,288,991 1,239,613 1,390,175 1,452,838 1,609,681 1,608,620 1,595,977 

Liabilities to own foreign offices .................... 792,291 867,203 802,483 911,640 948,708 1,106,252 1,093,122 1,090,608 

Liabilities collaterized by repurchase 

 agreements .............................................. 151,143 190,134 208,959 306,017 338,528 378,842 390,974 362,515 

Foreign official institutions 1 ................... 45,960 57,097 60,990 62,437 64,115 58,692 74,171 68,653 

Foreign banks and other foreigners....... 102,507 131,025 143,847 242,556 273,535 319,112 315,325 292,334 

International and regional organizations 2..... 2,676 2,012 4,122 1,024 878 1,038 1,478 1,528 

 Reported by IBFs.......................................... 389,264 407,488 344,494 354,793 342,111 324,863 332,609 348,786 

Respondents’ own liabilities payable in 

foreign currencies 3 ................................... 79,363 80,543 80,543 80,543 88,583 88,583 88,583 88,583 

 Reported by IBFs.......................................... 52,652 51,788 51,788 51,788 50,445 50,445 50,445 50,445 

Liabilities held in custody for domestic 

customers..................................................... 455,441 543,755 542,729 555,909 555,530 566,548 589,205 605,437 

Payable in dollars ................................... 455,441 543,755 542,729 555,909 555,209 566,227 588,884 605,116 

Payable in foreign currencies 3............... n.a. n.a. n.a. n.a. 321 321 321 321 

 

 1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
62 CAPITAL MOVEMENTS 

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 2002 

Country 2000 2001 2002 r Feb. Mar. Apr. May June p 

Europe: 

Austria............................................... 2,755 3,277 2,517 2,374 2,880 2,865 3,227 5,182

Belgium 1........................................... 34,230 6,863 8,715 5,559 7,937 6,864 4,295 4,277

Bulgaria............................................. 367 267 219 175 109 130 127 134

Czech Republic................................. 626 612 531 797 906 1,222 1,418 1,900

Denmark............................................ 3,134 3,786 4,889 6,612 6,904 5,241 7,244 5,193

Finland .............................................. 1,412 1,446 1,711 1,879 874 1,036 2,320 2,188

France............................................... 41,275 57,924 43,335 43,379 42,506 43,902 49,349 47,492

Germany ........................................... 41,416 26,353 41,979 47,275 49,195 48,012 49,669 51,339

Greece .............................................. 2,042 2,308 2,996 2,929 2,003 1,397 1,634 2,097

Hungary............................................. 1,127 730 270 267 269 469 702 496

Ireland ............................................... 8,115 16,752 20,995 25,460 23,643 27,678 28,305 36,458

Italy.................................................... 6,755 7,382 5,356 5,342 6,954 8,403 7,910 8,738

Luxembourg 1.................................... n.a. 17,334 29,621 36,999 33,395 37,243 39,027 38,084

Netherlands....................................... 7,587 12,708 11,285 16,838 14,593 16,092 16,951 16,407

Norway.............................................. 2,310 3,746 18,895 10,964 14,164 13,867 15,480 14,986

Poland............................................... 3,649 3,695 4,205 4,470 4,642 3,330 3,993 4,273

Portugal............................................. 2,529 4,082 3,676 2,991 2,982 3,086 2,915 2,348

Romania............................................ 850 1,481 1,919 1,230 829 535 531 467

Russia 2 ............................................. 19,052 20,808 23,159 27,660 28,931 30,669 35,075 34,329

Spain................................................. 8,236 9,251 14,490 16,522 14,566 14,825 16,498 12,620

Sweden ............................................. 6,506 3,451 4,704 4,056 4,624 6,829 6,322 5,744

Switzerland ....................................... 76,307 67,400 132,140 120,080 115,144 101,040 114,233 120,261

Turkey ............................................... 7,636 7,486 12,131 11,974 11,055 11,273 12,312 12,599

United Kingdom ................................ 187,145 222,321 199,107 296,163 325,918 329,887 335,239 300,091

Channel Islands and Isle of Man 3 .... n.a. 36,342 45,954 23,250 21,970 21,721 23,733 21,987

Yugoslavia 4 ...................................... 282 309 301 337 332 237 183 183

Other Europe .................................... 16,518 19,397 25,107 25,612 28,392 25,433 23,196 22,769

Total Europe ................................. 481,861 557,511 660,207 741,194 765,717 763,286 801,888 772,642

Canada.................................................. 36,975 31,540 29,853 33,516 38,271 35,488 38,146 42,310

Latin America: 

Argentina........................................... 19,500 10,786 11,278 10,634 10,722 10,027 9,794 9,914

Brazil ................................................. 11,726 15,219 11,329 12,283 14,431 13,525 14,964 18,526

Chile.................................................. 5,946 4,993 6,112 5,855 5,758 5,107 5,579 4,770

Colombia........................................... 4,561 4,716 4,174 4,908 4,469 4,738 4,665 4,633

Ecuador............................................. 2,117 2,396 2,307 2,247 2,374 2,254 2,294 2,222

Guatemala......................................... 1,619 1,900 1,398 1,491 1,423 1,554 1,516 1,570

Mexico............................................... 33,041 40,548 37,414 36,225 36,875 39,631 35,947 34,546

Panama............................................. 4,353 3,646 3,884 4,158 3,717 3,700 3,679 4,216

Peru................................................... 1,444 1,368 1,366 1,364 1,333 1,377 1,613 1,513

Uruguay............................................. 3,036 3,222 2,813 2,475 2,765 2,903 2,903 3,149

Venezuela ......................................... 24,984 25,311 22,484 20,195 18,561 19,460 20,468 20,104

Other Latin America 5........................ 10,094 6,311 5,887 5,689 5,821 6,386 6,053 6,139

Total Latin America....................... 122,421 120,416 110,446 107,524 108,249 110,662 109,475 111,302

Caribbean: 

Bahamas........................................... 191,061 179,382 163,642 166,403 176,176 161,682 169,952 174,616

Bermuda............................................ 9,763 10,681 24,387 38,740 41,053 43,923 46,275 44,455

British West Indies 6 .......................... 382,868 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 .............................. n.a. 445,888 521,567 533,351 559,864 746,465 694,213 708,832

Cuba.................................................. 90 88 91 207 91 91 92 93

Jamaica............................................. 828 1,222 840 862 1,012 945 850 806

Netherlands Antilles.......................... 5,454 3,273 5,008 4,534 4,484 4,656 5,129 8,353

Trinidad and Tobago......................... 904 1,281 1,420 1,399 1,379 1,326 1,209 1,410

Other Caribbean 5 ............................. n.a. 12,230 11,424 11,869 11,967 12,415 13,062 15,867

Total Caribbean ............................ 590,968 654,045 728,379 757,365 796,026 971,503 930,782 954,432

See footnotes at end of table. 
CAPITAL MOVEMENTS 63

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2002 

Country 2000 2001 2002 r Feb. Mar. Apr. May June p 

 

Asia: 

China: 

Mainland..................................... 16,531 10,510 15,504 13,703 17,618 14,994 15,618 17,385

Taiwan........................................ 17,374 17,729 18,640 24,055 20,115 21,305 23,088 20,683

Hong Kong..................................... 26,996 27,197 33,331 36,086 33,306 34,822 34,340 35,479

India ............................................... 4,530 3,708 7,968 8,853 8,689 9,296 9,411 7,977

Indonesia........................................ 8,514 12,424 14,109 12,419 11,943 12,039 11,891 10,478

Israel .............................................. 8,099 7,908 7,259 10,238 11,814 10,909 10,276 9,696

Japan ............................................. 162,449 174,067 175,993 181,085 191,483 181,207 195,062 190,277

Korea.............................................. 7,960 9,057 8,942 7,054 6,741 6,882 7,944 9,003

Lebanon ......................................... 681 563 652 511 508 725 650 703

Malaysia......................................... 2,335 1,299 1,220 1,390 1,504 1,149 1,733 1,595

Pakistan ......................................... 1,024 1,971 2,093 1,507 1,852 1,910 2,330 2,747

Philippines...................................... 2,320 1,777 1,795 1,530 1,767 1,561 1,870 1,571

Singapore....................................... 28,638 17,447 17,034 14,222 14,990 15,938 17,805 16,521

Syria............................................... 59 67 35 39 31 24 35 86

Thailand ......................................... 3,212 4,757 7,607 5,035 5,307 5,759 5,312 5,553

Oil-exporting countries 7................. 24,939 21,274 18,892 14,726 11,744 12,256 16,333 17,682

Other Asia ...................................... 5,312 5,787 6,756 7,089 6,842 7,526 7,685 8,761

Total Asia ................................... 320,973 317,542 337,830 339,542 346,254 338,302 361,383 356,197

Africa: 

Congo (formerly Zaire)................... 4 4 2 5 3 4 46

Egypt.............................................. 2,621 2,783 2,652 3,624 3,549 3,607 3,536 3,295

Ghana ............................................ 188 133 312 299 283 313 307 470

Liberia ............................................ 318 229 141 162 180 173 260 194

Morocco ......................................... 148 274 306 346 283 210 281 234

South Africa ................................... 1,011 843 1,118 2,410 1,817 2,029 2,182 2,038

Oil-exporting countries 8................. 4,141 4,461 4,466 4,648 4,085 4,244 3,799 3,679

Other Africa.................................... 2,535 2,738 3,353 3,006 2,894 3,125 2,915 3,250

Total Africa................................. 10,966 11,465 12,350 14,500 13,094 13,705 13,284 13,166

Other countries: 

Australia ......................................... 10,109 5,634 9,396 9,184 6,904 9,916 9,559 14,413

New Zealand 9................................ n.a. 328 1,918 2,062 2,285 2,233 2,149 3,067

All other.......................................... 1,281 413 261 473 878 818 884 791

Total other countries.................. 11,390 6,375 11,575 11,719 10,067 12,967 12,592 18,271

Total foreign countries ........... 1,575,554 1,698,894 1,890,640 2,005,360 2,077,678 2,245,913 2,267,550 2,268,320

International and regional 

organizations: 

International ................................... 12,193 15,508 20,464 19,399 17,851 17,815 17,678 20,622

European regional.......................... 453 689 1,511 1,017 395 432 410 405

Latin American regional................. 740 480 507 547 686 296 339 373

Caribbean regional 10 ..................... n.a. 84 67 105 103 174 148 61

Asian regional ................................ 175 213 85 157 196 160 235 187

African regional.............................. 74 33 15 42 42 22 48 29

Middle Eastern regional................. - - - - - - - -

Total international 

and regional ........................... 13,635 17,007 22,649 21,267 19,273 18,899 18,858 21,677

Grand total ............................. 1,589,189 1,715,901 1,913,289 2,026,627 2,096,951 2,264,812 2,286,408 2,289,997

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

 Before January 2001, data included in United Kingdom. 

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
64 CAPITAL MOVEMENTS 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2003, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

Total 

(1) 

 Payable 

 in 

 dollars 

 (2) 

Payable 

in 

foreign 

currencies 1

(3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

 (9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria...................................... 5,182 4,427 755 1,913 2,514 832 299 3,044 202 5 45 242 2,114

Belgium 4.................................. 4,277 4,082 195 3,201 881 965 58 2,313 240 173 333 1,343 477

Bulgaria.................................... 134 134 - 98 36 15 36 76 7 - - 1 -

Czech Republic........................ 1,900 1,891 9 480 1,411 410 460 991 29 - 1 4 1

Denmark................................... 5,193 5,040 153 4,279 761 48 204 4,396 39 342 11 12 201

Finland ..................................... 2,188 2,159 29 1,462 697 1,286 107 689 72 4 1 1,254 586

France...................................... 47,492 44,871 2,621 28,079 16,792 7,692 10,510 16,016 983 331 9,339 12,602 710

Germany .................................. 51,339 45,825 5,514 36,181 9,644 14,790 1,838 19,645 1,736 119 7,697 21,520 6,164

Greece ..................................... 2,097 2,096 1 1,549 547 771 420 255 524 31 95 230 59

Hungary.................................... 496 489 7 141 348 27 340 84 30 8 - - -

Ireland ...................................... 36,458 36,375 83 9,813 26,562 5,220 142 6,512 605 1,771 22,125 4,286 4,711

Italy........................................... 8,738 6,766 1,972 4,629 2,137 2,661 810 2,553 571 74 97 904 1,085

Luxembourg 4........................... 38,084 37,615 469 16,418 21,197 7,106 3,848 16,476 491 96 9,598 11,791 813

Netherlands.............................. 16,407 15,522 885 11,417 4,105 1,706 505 3,481 2,839 500 6,491 5,619 72

Norway..................................... 14,986 14,985 1 14,959 26 219 14 14,273 56 - 423 - -

Poland...................................... 4,273 4,253 20 1,392 2,861 390 1,500 2,320 40 - 3 268 5

Portugal.................................... 2,348 2,168 180 824 1,344 344 975 606 172 1 70 46 55

Romania................................... 467 461 6 209 252 33 140 270 15 3 - 5 -

Russia 5 .................................... 34,329 34,316 13 2,961 31,355 1,676 400 32,029 197 5 9 91 9

Spain........................................ 12,620 11,973 647 9,349 2,624 1,292 1,044 8,394 1,017 97 129 1,424 125

Sweden .................................... 5,744 5,731 13 3,584 2,147 285 32 3,203 118 424 1,669 414 1,541

Switzerland............................... 120,261 119,559 702 107,847 11,712 96,216 3,097 8,526 1,266 2,593 7,861 102,234 3,489

Turkey ...................................... 12,599 12,540 59 1,667 10,873 399 10,790 945 81 4 321 198 33

United Kingdom........................ 300,091 275,423 24,668 257,620 17,803 96,274 3,491 90,936 7,983 3,998 72,741 195,220 5,031

Channel Islands and Isle 

 of Man 6.................................. 21,987 21,732 255 21,311 421 20,723 16 213 144 377 259 20,666 19

Yugoslavia 7 ............................. 183 183 - 183 - 37 - 77 14 - 55 - -

Other Europe.............................. 22,769 22,450 319 10,345 12,105 3,497 11,528 6,456 736 52 181 27 13

Total Europe........................... 772,642 733,066 39,576 551,911 181,155 264,914 52,604 244,779 20,207 11,008 139,554 380,401 27,313

Canada............................................ 42,310 36,031 6,279 24,051 11,980 4,487 4,085 19,006 3,007 254 5,192 12,634 274

Latin America: 

Argentina..................................... 9,914 9,855 59 9,048 807 463 17 871 7,794 319 391 450 244

Brazil ........................................... 18,526 16,248 2,278 15,016 1,232 6,166 672 4,165 4,466 188 591 2,183 245

Chile ............................................ 4,770 4,725 45 3,872 853 518 35 912 2,732 227 301 373 180

Colombia..................................... 4,633 4,617 16 3,387 1,230 245 19 1,565 2,625 49 114 19 166

Ecuador....................................... 2,222 2,217 5 2,098 119 261 5 217 1,648 2 84 69 30

Guatemala .................................. 1,570 1,547 23 1,442 105 272 5 295 875 30 70 63 49

Mexico......................................... 34,546 33,704 842 21,112 12,592 3,506 4,737 10,599 13,085 490 1,287 1,571 636

Panama....................................... 4,216 4,181 35 3,473 708 651 9 998 1,951 256 316 828 183

Peru............................................. 1,513 1,512 1 1,430 82 209 - 268 944 36 55 81 21

Uruguay ...................................... 3,149 3,144 5 2,719 425 417 88 1,115 1,031 185 308 626 117

Venezuela................................... 20,104 19,751 353 14,460 5,291 1,777 4,143 1,656 11,355 120 700 132 144

Other Latin America ................... 6,139 6,091 48 5,413 678 1,888 78 1,395 2,540 42 148 188 324

Total Latin America................ 111,302 107,592 3,710 83,470 24,122 16,373 9,808 24,056 51,046 1,944 4,365 6,583 2,339

Caribbean: 

Bahamas..................................... 174,616 174,161 455 170,128 4,033 139,341 426 22,802 3,550 773 7,269 143,919 345

Bermuda ..................................... 44,455 43,954 501 29,714 14,240 821 253 4,227 4,773 990 32,890 3,688 194

Cayman Islands 8 ....................... 708,832 700,603 8,229 549,057 151,546 249,221 57 312,612 7,770 3,352 127,591 467,639 4,567

Cuba............................................ 93 93 - 93 - 13 - 5 65 - 10 - -

Jamaica....................................... 806 790 16 682 108 332 - 264 189 - 5 56 28

Netherlands Antilles ................... 8,353 8,289 64 8,127 162 880 29 529 790 63 5,998 607 18

Trinidad and Tobago.................. 1,410 1,404 6 1,334 70 686 - 457 193 12 56 255 8

Other Caribbean......................... 15,867 15,783 84 12,111 3,672 1,261 251 903 6,306 1,464 5,598 343 681

Total Caribbean ................... 954,432 945,077 9,355 771,246 173,831 392,555 1,016 341,799 23,636 6,654 179,417 616,507 5,841

See footnotes at end of table. 
CAPITAL MOVEMENTS 65

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2003, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 Payable 

 in 

 dollars 

 (2) 

Payable 

 in 

foreign 

currencies 1

(3) 

Own 

liabilities 

(4) 

Custody 

liabilities 

(5) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(6) 

Shortterm 

U.S. 

Treasury 

obligations 3

(7) 

Other 

liabilities 

(8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury 

obligations 3 

(10) 

Other 

liabilities 

(11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable 

CDs 

held for 

all foreigners 

(13) 

Asia: 

China: 

Mainland...................... 17,385 17,385 - 11,790 5,595 2,653 153 13,245 611 94 629 2,828 70

Taiwan ......................... 20,683 20,667 16 17,733 2,934 4,261 2,006 10,772 2,872 104 652 1,298 387

Hong Kong....................... 35,479 35,137 342 12,444 22,693 6,872 12,944 10,263 2,081 201 2,776 6,132 334

India.................................. 7,977 7,960 17 1,825 6,135 870 3,873 2,192 262 - 763 572 14

Indonesia ......................... 10,478 10,478 - 1,694 8,784 793 6,544 2,655 464 - 22 299 17

Israel................................. 9,696 9,673 23 3,590 6,083 428 4,872 1,886 1,660 71 756 378 556

Japan ............................... 190,277 175,132 15,145 50,234 124,898 15,627 112,330 34,717 2,699 359 9,400 40,641 372

Korea................................ 9,003 8,992 11 3,972 5,020 598 1,701 6,120 275 - 298 2,740 12

Lebanon........................... 703 703 - 685 18 296 - 302 86 - 19 9 17

Malaysia........................... 1,595 1,552 43 1,013 539 388 379 716 46 - 23 160 4

Pakistan ........................... 2,747 2,739 8 1,634 1,105 409 986 514 76 1 753 904 6

Philippines........................ 1,571 1,568 3 1,331 237 540 68 480 406 23 51 72 29

Singapore......................... 16,521 14,555 1,966 11,988 2,567 7,337 1,248 3,875 491 181 1,423 8,585 105

Syria ................................. 86 86 - 85 1 8 - - 77 - 1 - 1

Thailand ........................... 5,553 5,533 20 1,191 4,342 695 4,278 226 257 14 63 217 11

Other Asia........................ 26,443 24,556 1,887 15,968 8,588 9,689 5,964 6,204 690 171 1,838 7,348 1,678

Total Asia..................... 356,197 336,716 19,481 137,177 199,539 51,464 157,346 94,167 13,053 1,219 19,467 72,183 3,613

Africa: 

Congo (formerly Zaire).... 6 6 - 6 - 2 - - 4 - - 2 -

Egypt................................ 3,295 3,295 - 1,351 1,944 567 1,676 731 256 1 64 123 48

Ghana .............................. 470 470 - 340 130 39 130 285 15 - 1 4 -

Liberia............................... 194 194 - 110 84 1 - 2 107 10 74 1 35

Morocco ........................... 234 234 - 230 4 65 - 137 32 - - 2 -

South Africa ..................... 2,038 2,028 10 2,014 14 384 - 1,458 164 9 13 1,493 5

Other Africa...................... 6,929 6,825 104 5,565 1,260 2,698 1,009 2,307 674 11 126 458 10

Total Africa .................. 13,166 13,052 114 9,616 3,436 3,756 2,815 4,920 1,252 31 278 2,083 98

Other countries: 

Australia ........................... 14,413 14,351 62 4,339 10,012 1,373 2,581 9,895 321 42 139 179 3,761

New Zealand ................... 3,067 2,957 110 2,049 908 785 39 1,909 146 8 70 2 8

All other............................ 791 470 321 440 30 63 5 112 105 5 180 36 2

Total other countries... 18,271 17,778 493 6,828 10,950 2,221 2,625 11,916 572 55 389 217 3,771

Total foreign 

countries.............. 2,268,320 2,189,312 79,008 1,584,299 605,013 735,770 230,299 740,643 112,773 21,165 348,662 1,090,608 43,249

International and 

regional orgs.: 

International..................... 20,622 10,726 9,896 10,669 57 - - - 3,847 - 6,879 - 10

European regional........... 405 405 - 392 13 - - - 377 13 15 - -

Latin American regional.... 373 373 - 360 13 - - - 271 - 102 - 13

Caribbean regional.......... 61 61 - 61 - - - - 20 - 41 - -

Asian regional.................. 187 187 - 167 20 - - - 7 - 180 - -

African regional................ 29 29 - 29 - - - - 2 - 27 - -

Middle Eastern regional.... - - - - - - - - - - - - -

Total international 

and regional ............ 21,677 11,781 9,896 11,678 103 - - - 4,524 13 7,244 - 23

Grand total............... 2,289,997 2,201,093 88,904 1,595,977 605,116 735,770 230,299 740,643 117,297 21,178 355,906 1,090,608 43,272

1

 These data as of March 31, 2003. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 

4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

 Before January 2001, data included in United Kingdom. 

7

 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. 

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
66 CAPITAL MOVEMENTS

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

1999 2000 2001 2002 June 2003 

United Kingdon 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 1999 2000 2001 2002 June 2003

United Kingdom................................ 190,706 187,145 222,321 199,107 300,091

All other Europe ................................ 290,632 294,716 335,190 461,100 472,551

Caribbean banking centers 1,2................................ 487,601 593,499 642,870 718,488 940,472

Japan................................................................170,614 162,449 174,067 175,993 190,277

All other Asia ................................................................ 165,229 158,524 143,475 161,837 165,920

Subtotal ................................................................ 1,304,782 1,396,333 1,517,923 1,716,525 2,069,311

All other countries ................................ 192,495 192,856 197,978 196,764 220,686

Grand total ................................................................ 1,497,277 1,589,189 1,715,901 1,913,289 2,289,997

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. banking liabilities to 

foreigners were recorded at 

about $2.3 trillion in June 2003, 

an increase of about $375 

billion from yearend 2002. The 

increase in liabilities to 

foreigners in the first half of 

this year in part reflects 

changes to the reporting scope 

of the TIC reporting system 

effective February 2003. In 

particular, these figures now 

include brokerage balances and 

positions with affiliated foreign 

offices reported by U.S. brokers 

and dealers. U.S. banking 

liabilities increased $197 billion 

in 2002, and $127 billion in 

2001.

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, are concentrated in 

international financial centers. 

The data on this page show that 

more than half of U.S. banking 

liabilities currently is recorded 

against the United Kingdom 

and banking centers in the 

Caribbean. These two areas 

also recorded most of the 

reported increase in liabilities 

during the first half of 2003. 

Foreigners domiciled in the rest 

of Europe and in Asia account 

for nearly 40 percent of U.S. 

banking liabilities.

In the mid-1990s, U.S. banking 

liabilities grew rapidly, with 

annual growth averaging about 

10 percent. Growth slowed to 

about 5 percent per year from 

1998 through 2000, but picked 

up again to 8 percent in 2001 

and more than 10 percent in 

2002. 
 CAPITAL MOVEMENTS 67

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

Table CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2002 2003 

Type of Claim 

 Calendar 

 Year 

 2001 Mar. r June r Sept. r Dec. Mar. p 

Total claims.............................................................. 1,347,134 1,363,945 1,436,311 1,377,439 1,411,689 1,585,430 

Payable in dollars.................................................. 1,254,863 1,270,908 1,329,854 1,274,317 1,306,306 1,476,482

Own claims on foreigners................................... 1,055,069 1,066,383 1,115,171 1,069,095 1,088,165 1,214,784 

Foreign official institutions............................... n.a. n.a. n.a. n.a. n.a. 48,242 

Foreign public borrowers................................. 44,458 53,093 51,276 61,732 48,765 n.a. 

Foreign banks, including own foreign 

offices........................................................... 849,491 850,445 885,879 829,699 873,077 868,657 

All other foreigners .......................................... 161,120 162,845 178,016 177,664 166,323 297,885 

Claims of domestic customers.............................. 199,794 204,525 214,683 205,222 218,141 261,698 

Payable in foreign currencies .................................. 92,271 93,037 106,457 103,122 105,383 108,948 

Own claims on foreigners ..................................... 74,640 76,395 90,609 82,647 71,724 81,242 

of which: 

Canadian dollars.............................................. 6,106 6,064 7,583 7,489 7,614 8,404 

Euros................................................................ 42,980 42,662 55,294 48,459 39,413 42,632 

U.K. pounds sterling......................................... 6,296 6,559 7,581 9,211 6,657 10,688 

Japanese yen................................................... 9,892 13,296 12,131 8,417 8,688 12,169 

Claims of domestic customers.............................. 17,631 16,642 15,848 20,475 33,659 27,706 

of which: 

Canadian dollars.............................................. 935 1,419 1,198 1,267 1,148 1,499 

Euros................................................................ 3,097 2,756 4,858 7,916 6,551 17,272 

U.K. pounds sterling......................................... 1,133 896 2,344 1,434 2,272 3,020 

Japanese yen................................................... 351 540 1,911 2,458 7,508 1,388 

Memoranda: 

Total own claims on foreigners............................. 1,129,709 1,142,778 1,205,780 1,151,742 1,159,889 1,296,026 

Non-negotiable deposits .................................... n.a. n.a. n.a. n.a. n.a. 426,873 

Short-term negotiable instruments 

 (payable in dollars)........................................... n.a. n.a. n.a. n.a. n.a. 16,065 

Resale agreements............................................ 137,979 123,199 158,784 166,568 161,585 287,043 

Other................................................................... n.a. n.a. n.a. n.a. n.a. 566,045 

Claims on own foreign offices............................... 749,124 757,375 797,291 737,816 795,060 848,417 

Claims reported by IBFs ....................................... 339,685 345,531 363,379 333,894 346,419 330,958 

Payable in dollars............................................... 306,381 309,423 322,437 300,332 315,536 302,485 

Payable in foreign currencies............................. 33,304 36,108 40,942 33,562 30,883 28,473 

Total claims held for domestic customers ............ 116,827 122,020 136,308 124,376 163,646 289,404 

Non-negotiable deposits .................................... n.a. n.a. n.a. n.a. n.a. 103,956 

Short-term negotiable instruments 

 (payable in dollars)........................................... 90,412 99,159 115,970 102,507 131,780 145,950 

Other ..................................................................... 26,415 22,861 20,338 21,869 31,866 39,498 

 

 
68 CAPITAL MOVEMENTS 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2001 2002 2003

Country 

Calendar 

year 

2000 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

 

Europe: 

Austria .................................................... 4,862 3,849 7,353 4,738 5,220 4,951 3,972 4,880

Belgium 1 ................................................ 9,957 6,988 7,483 8,648 7,831 6,412 8,255 11,120

Bulgaria .................................................. 23 1 2 - 3 14 10 244

Czech Republic ...................................... 139 147 600 291 172 188 149 440

Denmark................................................. 4,923 4,175 3,472 2,959 2,742 4,591 2,228 3,091

Finland.................................................... 8,691 11,199 10,877 14,952 16,780 16,514 15,314 10,487

France .................................................... 53,007 69,085 86,046 85,360 91,336 83,622 76,743 79,445

Germany................................................. 70,564 61,492 54,304 61,726 67,158 50,640 43,348 47,328

Greece.................................................... 1,247 521 517 547 514 590 653 483

Hungary.................................................. 41 59 25 134 33 51 210 148

Ireland..................................................... 6,970 3,477 9,022 6,715 6,392 3,862 4,955 7,373

Italy......................................................... 12,586 10,651 8,115 8,011 7,856 7,570 7,750 8,500

Luxembourg 1 ......................................... n.a. 9,642 3,760 6,756 5,835 3,625 4,506 4,193

Netherlands............................................ 22,974 25,070 22,481 22,817 25,672 27,296 32,526 33,241

Norway ................................................... 5,655 5,264 6,994 8,463 10,703 12,968 14,980 12,636

Poland .................................................... 434 427 535 615 165 177 179 418

Portugal .................................................. 2,105 1,765 2,159 2,417 2,200 2,372 2,641 2,503

Romania ................................................. 80 62 99 109 102 92 107 131

Russia 2 .................................................. 690 969 606 1,673 1,176 818 896 1,145

Spain ...................................................... 4,531 5,789 4,767 6,872 4,490 6,574 8,694 5,589

Sweden................................................... 15,985 19,302 19,758 20,003 26,094 19,610 22,789 23,051

Switzerland............................................. 87,736 79,789 97,702 125,048 127,687 115,984 134,042 116,331

Turkey..................................................... 4,455 4,056 3,370 5,314 3,968 3,872 3,305 3,556

United Kingdom...................................... 223,976 261,893 299,262 298,271 297,203 297,862 285,176 350,929

Channel Islands and Isle of Man 3 ......... n.a. 4,171 4,513 4,033 4,466 6,361 17,775 35,713

Yugoslavia 4............................................ 50 4 - - - - 9 -

Other Europe.......................................... 7,029 2,571 2,894 3,009 2,364 1,786 1,997 2,383

Total Europe........................................ 548,710 592,418 656,716 699,481 718,162 678,402 693,209 765,358

Canada...................................................... 55,908 67,078 76,107 80,021 90,928 87,660 86,297 85,597

Latin America: 

Argentina ................................................ 12,911 13,273 11,587 10,825 11,520 8,025 7,053 6,617

Brazil....................................................... 22,130 24,007 20,846 21,377 20,244 18,451 16,070 17,163

Chile ....................................................... 6,067 5,544 5,465 5,555 4,993 5,194 5,322 5,446

Colombia ................................................ 4,388 3,625 3,646 3,731 3,293 3,098 2,633 2,745

Ecuador .................................................. 651 524 507 491 511 478 469 475

Guatemala.............................................. 1,279 1,297 1,536 1,456 924 969 925 995

Mexico .................................................... 18,247 17,624 16,915 17,571 17,214 16,661 16,227 15,835

Panama .................................................. 3,239 3,606 3,441 3,080 2,926 2,151 2,070 2,036

Peru........................................................ 2,823 2,448 2,201 2,064 1,845 1,613 1,424 1,413

Uruguay.................................................. 702 552 459 524 349 369 276 335

Venezuela............................................... 3,749 3,385 3,209 3,626 3,556 3,480 3,404 3,456

Other Latin America 5 ............................. 5,277 3,323 3,404 2,928 2,993 2,893 2,780 2,962

Total Latin America.............................. 81,463 79,208 73,216 73,228 70,368 63,382 58,653 59,478

Caribbean: 

Bahamas ................................................ 132,681 114,984 103,541 98,873 110,791 93,025 96,358 94,309

Bermuda................................................. 9,485 8,401 8,470 8,500 11,850 13,332 10,620 24,437

British West Indies 6 ............................... 237,770 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................................... n.a. 239,752 304,898 279,911 299,036 289,903 322,834 392,397

Netherlands Antilles ............................... 5,812 9,900 6,741 7,168 6,923 6,228 6,783 6,929

Trinidad and Tobago.............................. 609 944 940 971 866 930 889 881

Other Caribbean 5................................... n.a. 3,634 3,791 3,528 3,803 3,456 3,453 5,041

Total Caribbean................................... 386,712 377,984 428,799 399,448 433,630 407,337 441,258 524,471

See footnotes at end of table. 
 CAPITAL MOVEMENTS 69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2001 2002 2003 

Country 

 Calendar 

 year 

 2000 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

 

Asia: 

China: 

Mainland .................................... 1,658 3,541 2,138 4,220 6,107 7,307 5,241 11,097

Taiwan ....................................... 2,720 3,347 4,573 4,699 6,669 8,836 3,945 8,418

Hong Kong ................................... 7,346 6,842 10,365 6,931 6,379 8,890 7,777 5,735

India.............................................. 2,341 1,747 1,477 1,377 1,595 1,340 1,314 1,179

Indonesia...................................... 1,944 1,985 1,795 1,784 1,617 1,476 1,795 1,233

Israel............................................. 5,588 6,356 6,984 5,622 5,858 7,517 6,979 5,617

Japan............................................ 39,179 38,216 41,989 37,217 43,858 51,772 59,624 66,119

Korea............................................ 8,014 12,003 10,755 14,081 15,103 17,495 11,209 13,199

Lebanon........................................ 39 35 45 42 43 46 48 38

Malaysia ....................................... 849 861 731 931 1,178 844 921 1,226

Pakistan........................................ 165 647 129 328 488 669 77 364

Philippines.................................... 1,833 2,109 2,598 2,078 2,008 2,188 2,180 2,697

Singapore ..................................... 4,576 4,093 3,513 3,436 3,352 3,633 4,355 4,059

Syria ............................................. 12 3 3 2 2 2 2 2

Thailand........................................ 1,404 1,291 2,544 1,516 753 1,879 1,443 1,648

Oil-exporting countries 7 ............... 10,627 9,512 9,222 11,176 12,248 11,532 10,487 9,877

Other Asia..................................... 324 242 357 497 548 726 246 212

Total Asia................................... 88,619 92,830 99,218 95,937 107,806 126,152 117,643 132,720

Africa: 

Congo (formerly Zaire)................. - 2- - - -- -

Egypt ............................................ 228 426 430 371 430 346 500 569

Ghana........................................... 18 23 25 14 6 9 12 13

Liberia........................................... 545 376 377 330 395 350 308 346

Morocco........................................ 241 170 123 104 96 75 71 66

South Africa.................................. 378 535 769 820 719 659 653 611

Oil-exporting countries 8 ............... 477 157 175 218 241 311 238 266

Other Africa .................................. 357 314 311 346 311 332 295 365

Total Africa ................................ 2,244 2,003 2,210 2,203 2,198 2,082 2,077 2,236

Other countries: 

Australia........................................ 8,228 6,119 7,272 7,043 7,877 8,592 7,793 8,189

New Zealand 9 .............................. n.a. 436 512 922 802 1,018 881 2,356

All other ........................................ 427 566 40 13 148 33 69 118

Total other countries.................. 8,655 7,121 7,824 7,978 8,827 9,643 8,743 10,663

Total foreign countries............ 1,172,311 1,216,632 1,342,082 1,358,296 1,431,919 1,374,658 1,407,880 1,580,523

International and regional orgs.: 

International.................................. 4,777 4,446 4,322 5,237 3,848 2,121 3,291 4,235

European regional........................ - 7 14 12 53 23 8 1

Latin American regional ............... 104 104 237 212 238 252 179 189

Caribbean regional 10 ................... n.a. - - - - - - -

Asian regional............................... - 115 479 188 253 385 331 482

African regional ............................ - -- - - -- -

Middle Eastern regional ............... - - - - - - - -

Total international 

 and regional............................ 4,881 4,672 5,052 5,649 4,392 2,781 3,809 4,907

Grand total .............................. 1,177,192 1,221,304 1,347,134 1,363,945 1,436,311 1,377,439 1,411,689 1,585,430

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

 Before January 2001, data included in United Kingdom. 

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Before January 2001, data for Cayman Islands included in British West Indies. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
70 CAPITAL MOVEMENTS 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Mar. 31, 2003 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 4,880 4,838 1,757 2,781 48 300 42 37 5

Belgium 1 ........................................... 11,120 7,788 4,557 3,095 954 136 3,332 2,774 558

Bulgaria ............................................. 244 243 241 2 3 - 1 1 -

Czech Republic ................................. 440 440 375 62 46 3 - - -

Denmark............................................ 3,091 823 458 290 25 75 2,268 2,244 24

Finland............................................... 10,487 9,462 9,324 138 9,210 - 1,025 718 307

France ............................................... 79,445 63,600 33,570 12,888 34,466 17,142 15,845 10,592 5,253

Germany............................................ 47,328 26,392 15,676 6,583 6,074 4,133 20,936 14,710 6,226

Greece............................................... 483 354 188 126 11 40 129 129 -

Hungary............................................. 148 141 126 12 - 3 7 - 7

Ireland................................................ 7,373 4,228 1,096 2,997 18 135 3,145 2,913 232

Italy.................................................... 8,500 6,221 3,708 304 2,020 2,209 2,279 2,043 236

Luxembourg 1 .................................... 4,193 3,280 2,089 1,060 1,697 131 913 403 510

Netherlands....................................... 33,241 22,828 10,923 10,212 9,903 1,693 10,413 8,437 1,976

Norway .............................................. 12,636 11,151 10,589 502 2 60 1,485 1,373 112

Poland ............................................... 418 413 392 16 15 5 5 5 -

Portugal ............................................. 2,503 2,406 1,443 486 561 477 97 96 1

Romania ............................................ 131 131 72 23 - 36 - - -

Russia 2 ............................................. 1,145 1,119 629 478 7 12 26 26 -

Spain ................................................. 5,589 3,762 2,100 377 790 1,285 1,827 1,740 87

Sweden.............................................. 23,051 16,471 13,107 3,203 9,786 161 6,580 6,495 85

Switzerland........................................ 116,331 108,931 103,295 3,640 102,272 1,996 7,400 7,265 135

Turkey................................................ 3,556 2,321 1,783 497 95 41 1,235 1,132 103

United Kingdom................................. 350,929 258,857 191,609 44,784 196,993 22,464 92,072 86,383 5,689

Channel Islands and Isle of Man 3........... 35,713 34,998 32,544 2,450 32,162 4 715 715 -

Yugoslavia 4....................................... - - - - - - - - -

Other Europe..................................... 2,383 1,646 1,001 376 - 269 737 705 32

Total Europe................................... 765,358 592,844 442,652 97,382 407,158 52,810 172,514 150,936 21,578

Canada................................................. 85,597 66,548 51,081 6,240 48,471 9,227 19,049 17,414 1,635

Latin America: 

Argentina ........................................... 6,617 6,196 1,290 4,859 941 47 421 421 -

Brazil.................................................. 17,163 16,434 8,093 7,806 6,084 535 729 726 3

Chile .................................................. 5,446 5,250 1,519 3,709 108 22 196 195 1

Colombia ........................................... 2,745 2,652 1,157 1,493 103 2 93 93 -

Ecuador ............................................. 475 460 125 335 20 - 15 15 -

Guatemala......................................... 995 982 285 685 71 12 13 13 -

Mexico ............................................... 15,835 15,027 2,508 12,283 393 236 808 777 31

Panama ............................................. 2,036 1,974 1,054 828 228 92 62 62 -

Peru................................................... 1,413 1,402 291 1,108 214 3 11 11 -

Uruguay............................................. 335 332 151 173 95 8 3 3 -

Venezuela.......................................... 3,456 3,426 746 2,547 11 133 30 25 5

Other Latin America 5 ........................ 2,962 2,924 1,440 1,460 161 24 38 34 4

Total Latin America......................... 59,478 57,059 18,659 37,286 8,429 1,114 2,419 2,375 44

Caribbean: 

Bahamas ........................................... 94,309 93,184 79,251 12,935 85,478 998 1,125 1,125 -

Bermuda............................................ 24,437 23,686 414 22,925 1,692 347 751 680 71

Cayman Islands 6 .............................. 392,397 313,547 220,221 87,479 235,169 5,847 78,850 77,251 1,599

Cuba.................................................. 96 26 - - - 26 70 - 70

Jamaica ............................................. 381 381 45 336 39 - - - -

Netherlands Antilles .......................... 6,929 6,865 809 5,941 715 115 64 63 1

Trinidad and Tobago......................... 881 881 175 706 211 - - - -

Other Caribbean 5.............................. 5,041 3,451 658 2,582 211 211 1,590 1,544 46

Total Caribbean.............................. 524,471 442,021 301,573 132,904 323,515 7,544 82,450 80,663 1,787

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Mar. 31, 2003, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 11,097 9,418 8,518 900 86 - 1,679 1,679 - 

Taiwan ............................................ 8,418 8,342 7,443 816 1,963 83 76 24 52 

Hong Kong ........................................ 5,735 5,502 3,595 1,392 3,017 515 233 103 130 

India................................................... 1,179 1,078 447 513 99 118 101 99 2 

Indonesia........................................... 1,233 1,049 528 495 18 26 184 184 - 

Israel.................................................. 5,617 3,295 2,725 385 1,605 185 2,322 2,321 1 

Japan................................................. 66,119 64,566 50,423 7,968 41,126 6,175 1,553 824 729 

Korea................................................. 13,199 13,061 11,826 1,219 2,431 16 138 121 17 

Lebanon............................................. 38 36 28 8 - - 2 2 - 

Malaysia ............................................ 1,226 1,219 862 350 152 7 7 4 3 

Pakistan............................................. 364 364 17 346 323 1 - - - 

Philippines......................................... 2,697 2,060 1,278 762 77 20 637 619 18 

Singapore .......................................... 4,059 3,060 2,081 662 1,653 317 999 977 22 

Syria .................................................. 2 - - - - - 2 2 - 

Thailand............................................. 1,648 1,626 1,344 38 536 244 22 19 3 

Other Asia.......................................... 10,089 9,651 6,893 323 6,002 2,435 438 437 1 

Total Asia........................................ 132,720 124,327 98,008 16,177 59,088 10,142 8,393 7,415 978 

Africa: 

Congo (formerly Zaire)...................... - - - - - - - - - 

Egypt ................................................. 569 559 543 15 300 1 10 10 - 

Ghana................................................ 13 1 1 - - - 12 12 - 

Liberia................................................ 346 300 5 295 - - 46 46 - 

Morocco............................................. 66 56 49 - - 7 10 10 - 

South Africa....................................... 611 581 441 124 52 16 30 6 24 

Other Africa ....................................... 631 578 374 204 20 - 53 52 1 

Total Africa ..................................... 2,236 2,075 1,413 638 372 24 161 136 25 

Other countries: 

Australia............................................. 8,189 6,186 3,110 2,830 1,238 246 2,003 1,602 401 

New Zealand 7 ................................... 2,356 840 402 303 146 135 1,516 264 1,252 

All other ............................................. 118 96 1 95 - - 22 16 6 

Total other countries....................... 10,663 7,122 3,513 3,228 1,384 381 3,541 1,882 1,659 

Total foreign countries................. 1,580,523 1,291,996 916,899 293,855 848,417 81,242 288,527 260,821 27,706 

International and regional orgs.: . 

International....................................... 4,235 3,439 - 3,439 - - 796 796 - 

European regional............................. 1 1 - 1 - - - - - 

Latin American regional .................... 189 108 - 108 - - 81 81 - 

Caribbean regional 8.......................... - - - - - - - - - 

Asian regional.................................... 482 482 - 482 - - - - - 

African regional ................................. - - - - - - - - - 

Middle Eastern regional .................... - - - - - - - - - 

Total international and regional...... 4,907 4,030 - 4,030 - - 877 877 - 

Grand total ................................... 1,585,430 1,296,026 916,899 297,885 848,417 81,242 289,404 261,698 27,706 

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

 Before January 2001, data included in United Kingdom. 

4

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Before January 2001, data for Cayman Islands included in British West Indies. 

7

 Before January 2001, data included in “All other.” 

8 Before January 2001, included in “Latin American regional.”
72 CAPITAL MOVEMENTS

0

100

200

300

400

500

600

 1999 2000 2001 2002 2003

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 1999 2000 2001 2002 Mar. 2003

United Kingdom................................ 172,345 223,976 299,262 285,176 350,929

All other Europe ................................ 283,430 324,734 357,454 408,033 414,429

Caribbean banking centers 1,2................................ 340,917 388,987 427,091 438,665 520,108

Japan................................................................ 34,627 39,179 41,989 59,624 66,119

All other Asia ................................................................ 53,267 49,440 57,229 58,019 66,601

Subtotal ................................................................ 884,586 1,026,316 1,183,025 1,249,517 1,418,186

All other countries ................................ 148,542 150,876 164,109 162,172 167,244

Grand total ................................................................ 1,033,128 1,177,192 1,347,134 1,411,689 1,585,430

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 March 2003, U.S. banking 

claims increased to more than 

$1.5 trillion, an increase of 

nearly $175 million from 

yearend 2002. In part, the 

increase in claims reflects 

changes to the reporting scope 

of the TIC reporting system 

effective February 2003. In 

particular, these figures now 

include brokerage balances 

and positions with affiliated 

foreign nonbanking offices 

reported by U.S. brokers and 

dealers.

 

U.S. banking claims on 

foreigners, excluding longterm securities, are 

concentrated in international 

financial centers. About 80 

percent of these claims are 

reported opposite the United 

Kingdom, “All other 

Europe,” and banking centers 

in the Caribbean. These areas 

also accounted for most of 

the increase in U.S. banking 

claims in the first quarter. 

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.

U.S. banking claims on 

foreigners grew markedly in 

the mid-1990s, but claims

leveled off in 1998 and 1999, 

growing on average about 5 

percent per year. In 2000 and 

2001, claims grew 14 percent, 

matching the growth rate in 

1997, but growth in banking 

claims slowed again in 2002 

to less than 5 percent. 
 CAPITAL MOVEMENTS 73

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar 

year 2002 

Calendar 

year 2002 

Country 2001 June Dec. 2001 June Dec. 

 

Other Europe: 

Cyprus .............................................................. 181 165 143 28 7 22 

Iceland.............................................................. 56 163 104 n.a. n.a. n.a. 

Monaco............................................................. 300 127 238 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba................................................................ 238 218 255 n.a. n.a. 292 

Barbados.......................................................... 2,127 1,395 1,356 831 542 619 

Belize................................................................ 147 179 319 n.a. 71 n.a. 

Bolivia............................................................... 781 893 879 257 289 214 

Costa Rica........................................................ 1,076 1,096 934 910 728 708 

Dominica........................................................... 53 45 45 n.a. 33 n.a. 

Dominican Republic ......................................... 1,937 1,621 1,460 976 1,031 1,085 

El Salvador ....................................................... 764 698 651 1,150 915 887 

French West Indies and French Guiana .......... 21 29 26 n.a. n.a. n.a. 

Haiti .................................................................. 295 233 257 31 32 24 

Honduras.......................................................... 1,768 1,855 1,718 338 346 362 

Nicaragua ......................................................... 159 155 126 85 n.a. 84 

Paraguay.......................................................... 825 763 789 84 87 77 

Suriname .......................................................... 315 151 201 n.a. n.a. 11 

Other Asia: 

Afghanistan ...................................................... 56 44 45 n.a. - - 

Burma............................................................... 8 8 9 - - - 

Jordan............................................................... n.a. 599 n.a. 103 93 82 

Macau............................................................... 41 63 84 - - - 

Sri Lanka .......................................................... 196 n.a. n.a. 11 11 n.a. 

Yemen .............................................................. 393 326 185 2 n.a. n.a. 

Other Africa: 

Angola .............................................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Cameroon......................................................... 13 21 16 9 13 14 

Ethiopia............................................................. 249 n.a. n.a. - - - 

Guinea.............................................................. 38 42 28 n.a. 44 n.a. 

Ivory Coast ....................................................... n.a. n.a. n.a. 15 n.a. n.a. 

Kenya ............................................................... 147 134 106 n.a. n.a. 2 

Mauritius........................................................... r 88 256 117 4 n.a. n.a. 

Mozambique..................................................... 55 n.a. n.a. n.a. - - 

Rwanda ............................................................ 44 66 91 n.a. - - 

Senegal ............................................................ n.a. 35 30 n.a. 9 n.a. 

Somalia............................................................. 11 13 9 - - - 

Sudan ............................................................... 7 9 5 - - - 

Tanzania........................................................... 229 226 279 5 n.a. n.a. 

Tunisia.............................................................. 172 152 n.a. 89 n.a. 84 

Uganda............................................................. 79 105 202 2 n.a. n.a. 

Zambia.............................................................. 70 n.a. 87 - - n.a. 

Zimbabwe......................................................... 81 52 63 - - - 

All other: 

Papua New Guinea .......................................... n.a. n.a. n.a. 12 n.a. n.a. 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
74 CAPITAL MOVEM ENTS

SECTION IV.—Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2002 2003

Type of liability or claim 1999 2000 2001 Mar. r June r Sept. r Dec. Mar. p

Total liabilities....................................................... 53,020 73,904 66,679 74,887 70,431 68,225 67,664 1 86,475

Payable in dollars................................ 37,605 48,931 42,925 47,169 48,054 44,534 45,087 56,159

Financial....................................................... 13,883 25,246 18,763 20,454 22,050 18,913 18,844 31,280

Short-term negotiable securities...................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,676

Other........................................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 27,604

Commercial.................................................. 23,722 23,685 24,162 26,715 26,004 25,621 26,243 24,879

Trade payables ................................ 11,720 12,162 10,893 14,004 13,388 13,102 13,469 12,873

Advance receipts and other........................... 12,002 11,523 13,269 12,711 12,616 12,519 12,774 12,006

Pay able in foreign currencies................................ 15,415 24,973 23,754 27,718 22,377 23,691 22,577 30,316

By major foreign currency:

Canadian dollars................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 641

Euros........................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13,410

United Kingdom pounds sterling......................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7,870

Japanese yen................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,122

Other ........................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5,273

By type of liability:

Financial....................................................... 14,097 22,173 22,271 25,954 20,776 22,398 20,717 26,756

Short-term negotiable securities...................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 17,739

Other........................................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9,017

Commercial................................................... 1,318 2,800 1,483 1,764 1,601 1,293 1,860 3,560

Trade payables ................................ 1,114 2,131 888 1,115 817 717 1,230 2,008

Advance receipts and other...........................204 669 595 649 784 576 630 1,552

Total claims......................................................... 76,642 90,157 113,082 115,969 116,608 112,784 102,566 1 123,024

Payable in dollars................................ 69,170 79,558 103,864 106,586 107,714 104,748 91,551 108,828

Financial...................................................... 34,966 46,157 74,471 79,722 82,353 79,307 65,070 86,524

Non-negotiable deposits ..............................n.a. n.a. n.a. n.a. n.a. n.a. n.a. 42,688

Negotiable CDs and short-term 

 negotiable instruments ................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4,673

Other....................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 39,163

Commercial.................................................. 34,204 33,401 29,393 26,864 25,361 25,441 26,481 22,304

Trade receivables................................ 30,624 30,007 25,828 23,447 22,543 21,982 22,635 19,461

Advance payments and other......................... 3,580 3,394 3,565 3,417 2,818 3,459 3,846 2,843

Payable in foreign currencies................................ 7,472 10,599 9,218 9,383 8,894 8,036 11,015 14,196

By major foreign currency:

Canadian dollars................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 989

Euros........................................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4,858

United Kingdom pounds sterling...................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,534

Japanese yen................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,158

Other........................................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,657

By type of claim:

Financial.................................................... 5,265 6,874 6,816 5,637 4,978 4,731 6,319 7,078

Non-negotiable deposits ............................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,365

Short-term negotiable securities................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,066

Other.................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4,647

Commercial................................ 2,207 3,725 2,402 3,746 3,916 3,305 4,696 7,118

Trade receivables................................1,978 3,097 1,685 2,398 2,173 2,189 3,750 5,252

Advance payments and other...................... 229 628 717 1,348 1,743 1,116 946 1,866

Memoranda:

Financial liabilities and claims:

Positions with unaffiliated entities:

Financial liabilities................................ 27,980 47,419 41,034 46,408 42,826 41,311 39,561 45,119

Financial claims................................ 40,231 53,031 81,287 85,359 87,331 84,038 71,389 81,687

Selected positions with affiliated entities 1...................

Financial liabilities................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12,917

Financial claims................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11,915

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents.
CAPITAL MOVEMENTS 75

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2002 2003 

Country 1998 1999 2000 2001 Mar. r June r Sept. r Dec. Mar. p 

Europe: 

Austria.................................. 118 112 111 151 118 128 112 64 97

Belgium 1.............................. 357 171 440 253 224 214 366 285 1,070

Bulgaria................................ 3 - 2 3 1 2 4 4 1

Czech Republic.................... 105 26 7 10 9 14 14 13 17

Denmark............................... 132 105 149 148 578 252 79 522 141

Finland ................................. 83 48 91 86 30 45 36 56 64

France.................................. 2,017 2,331 2,459 3,575 4,244 4,898 4,235 6,008 3,649

Germany .............................. 3,455 3,105 3,215 3,249 3,566 3,192 3,720 3,704 4,085

Greece ................................. 120 141 400 410 334 299 400 403 260

Hungary................................ 3 9 8 27 12 22 27 32 28

Ireland .................................. 1,307 827 1,216 1,264 1,260 1,010 828 785 743

Italy....................................... 1,177 749 1,773 1,395 1,314 1,269 2,014 1,271 1,228

Luxembourg 1....................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 280

Netherlands.......................... 1,835 2,503 2,316 3,117 2,182 2,247 2,421 2,415 2,529

Norway................................. 188 266 286 320 370 343 361 406 417

Poland.................................. 11 46 42 43 194 362 41 46 49

Portugal................................ 29 34 16 16 11 10 17 17 17

Romania............................... 149 159 178 17 18 21 14 20 25

Russia 2 ................................ 82 251 91 48 34 40 32 38 34

Spain.................................... 546 501 468 423 381 513 478 403 428

Sweden ................................ 171 158 117 97 94 96 128 115 127

Switzerland .......................... 654 773 606 884 732 810 653 494 567

Turkey .................................. 211 384 408 133 141 140 74 101 84

United Kingdom ................... 9,677 19,592 29,209 25,131 31,441 26,889 26,620 25,180 28,429

Channel Islands and 

Isle of Man 3 ..................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5

Yugoslavia 4 ......................... 8 11 11 14 14 10 9 9 9

Other Europe ....................... 181 201 182 211 245 193 191 201 73,526

Total Europe .................... 22,619 32,503 43,801 41,025 47,547 43,019 42,874 42,592 44,594

Canada..................................... 2,083 2,059 2,344 2,577 2,869 3,105 2,153 2,179 2,260

Latin America: 

Argentina.............................. 118 169 146 50 109 65 87 62 62

Brazil .................................... 304 271 262 325 312 358 355 318 373

Chile..................................... 111 64 52 56 74 44 37 55 38

Colombia.............................. 72 141 131 82 54 39 32 50 51

Ecuador................................ 19 58 32 4 3 9 8 5 7

Guatemala............................ 12 6 10 13 10 13 15 13 17

Mexico.................................. 406 912 867 935 1,545 1,040 1,096 1,201 1,120

Panama................................ 16 67 32 49 149 45 43 61 62

Peru...................................... 35 28 24 41 23 26 26 21 21

Uruguay................................ 8 8 27 8 7 6 5 6 9

Venezuela ............................ 204 305 286 168 282 209 328 178 143

Other Latin America 5 ........... 426 379 1,994 284 454 463 410 503 77

Total Latin America.............. 1,731 2,408 3,863 2,015 3,022 2,317 2,442 2,473 1,980

Caribbean: 

Bahamas.............................. 21 23 37 209 28 17 14 74 393

Bermuda .................................... 299 157 2,020 1,551 1,269 1,048 1,056 1,528 3,565

British West Indies 6.................. 967 540 482 1,672 679 1,046 424 401 n.a.

Cayman Islands 6 ................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 105

Cuba..................................... 5 27 20 42 23 23 23 29 35

Jamaica................................ 12 13 16 12 11 13 16 28 11

Netherlands Antilles............. 44 19 32 46 13 146 8 11 11

Trinidad and Tobago............ 34 15 36 38 17 39 28 33 41

Other Caribbean 5 ................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710

Total Caribbean ............... 1,382 794 2,643 3,570 2,040 2,332 1,569 2,104 4,871

See footnotes at end of table. 
76 CAPITAL MOVEMENTS 

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2002 2003 

Country 1998 1999 2000 2001 Mar. r June r Sept. r Dec. Mar. p 

Asia: 

China: 

Mainland............................. 708 627 497 735 875 2,271 1,266 1,252 1,980

Taiwan................................ 898 1,175 970 819 946 623 449 659 752

Hong Kong ............................. 388 223 640 560 388 255 292 495 451

India........................................ 387 519 309 179 273 222 169 160 133

Indonesia................................ 154 83 81 44 47 55 37 100 34

Israel....................................... 228 160 468 195 404 485 1,335 350 803

Japan...................................... 7,439 5,751 8,973 5,850 7,580 6,530 6,478 6,124 6,180

Korea...................................... 945 543 941 897 766 607 541 548 709

Lebanon ................................. 27 56 53 57 57 55 49 53 54

Malaysia ................................. 141 118 162 393 277 168 121 140 179

Pakistan.................................. 33 37 96 94 94 99 85 158 209

Philippines.............................. 169 169 114 1,100 120 130 109 108 113

Singapore............................... 1,240 917 2,280 1,793 1,723 2,035 1,701 1,796 1,855

Syria ....................................... 15 8 27 6 11 11 17 13 50

Thailand.................................. 362 165 203 105 44 50 38 118 123

Oil-exporting countries 7......... 2,852 2,555 2,844 2,649 3,304 3,446 3,873 3,993 3,563

Other Asia .............................. 141 217 290 83 227 322 352 247 236

Total Asia ........................... 16,127 13,323 18,948 15,559 17,136 17,364 16,912 16,314 17,424

Africa: 

Congo (formerly Zaire)........... - 9 - 1 1 1 1 1 72

Egypt ...................................... 39 86 166 117 153 154 124 128 39

Ghana..................................... 9 1 6 3 43 4 2 3

Liberia..................................... 9 2 18 30 - - - 1 -

Morocco.................................. 41 31 11 34 27 38 41 42 44

South Africa............................ 189 138 135 111 164 159 138 130 125

Oil-exporting countries 8......... 393 499 483 441 545 440 536 496 514

Other Africa ............................ 142 212 181 152 228 241 160 158 246

Total Africa ......................... 822 978 1,000 889 1,122 1,036 1,004 958 1,043

Other countries: 

Australia ................................. 949 634 344 584 682 736 818 732 1,154

New Zealand 9........................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23

All other .................................. 852 300 898 430 432 492 430 238 177

Total other countries .......... 1,801 934 1,242 1,014 1,114 1,228 1,248 970 1,354

Total foreign countries ... 46,565 52,975 73,841 66,649 74,850 70,401 68,202 67,590 73,526

International and regional orgs.: 

International ........................... - 1 1 - 30 21 22 22 -

European regional.................. 5 44 45 30 4 8 1 3 25

Latin American regional ......... - - - - 3 - - 46 3

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. -

Asian regional ........................ - - 9 - -1 - 3 3

African regional ...................... - - 8 - -- - - -

Middle Eastern regional ......... - - - - - - - - 1

Total international 

 and regional ..................... 5 45 63 30 37 30 23 74 32

Grand total ..................... 46,570 53,020 73,904 66,679 74,887 70,431 68,225 67,664 73,558

 

 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

 Before January 2001, data included in United Kingdom. 

4

 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. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 77

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2002 2003 

Country 1998 1999 2000 2001 Mar. r June r Sept. r Dec. Mar. p 

Europe: 

Austria....................................... 146 208 498 1,985 2,004 3,026 1,626 1,770 1,741 

Belgium 1................................... 899 845 748 893 1,023 1,004 910 991 667 

Bulgaria..................................... 11 6 6 13 11 12 7 9 20 

Czech Republic......................... 67 26 67 79 60 57 58 62 52 

Denmark.................................... 81 310 229 138 234 87 86 112 220 

Finland ...................................... 244 261 224 238 281 298 893 624 276 

France....................................... 3,035 3,203 4,301 4,371 6,372 6,749 6,826 6,411 6,056 

Germany ................................... 2,126 2,464 2,830 2,726 5,312 5,135 5,450 5,447 7,525 

Greece ...................................... 316 487 332 339 367 369 354 409 287 

Hungary..................................... 66 54 47 66 53 43 57 51 45 

Ireland ....................................... 244 340 616 821 620 764 938 516 999 

Italy............................................ 1,257 1,284 1,114 1,434 2,401 2,480 2,980 2,963 3,084 

Luxembourg 1............................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,055 

Netherlands............................... 1,342 2,658 3,125 2,667 3,895 4,827 5,113 5,138 5,483 

Norway...................................... 165 273 308 257 209 315 331 286 255 

Poland....................................... 111 62 67 77 81 56 71 79 166 

Portugal..................................... 153 91 83 71 60 76 214 222 125 

Romania.................................... 20 11 16 34 33 19 18 24 20 

Russia 2 ..................................... 232 293 373 137 127 95 115 93 74 

Spain......................................... 527 715 860 1,042 1,805 1,067 945 1,370 1,019 

Sweden ..................................... 565 339 360 441 484 741 596 417 531 

Switzerland ............................... 897 1,253 1,462 1,200 744 1,482 1,539 886 1,946 

Turkey ....................................... 236 464 700 383 491 600 476 503 462 

United Kingdom ........................ 12,535 13,388 20,402 20,343 21,561 19,520 14,690 14,390 14,949 

Channel Islands and 

Isle of Man 3 .......................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3 

Yugoslavia 4 .............................. 14 17 15 23 7 7 10 10 108 

Other Europe ............................ 251 360 291 362 732 488 516 422 110,986 

Total Europe ......................... 25,540 29,412 39,074 40,140 48,967 49,317 44,819 43,205 47,928 

Canada.......................................... 5,120 5,310 8,078 9,011 8,231 8,289 8,108 7,803 7,610 

Latin America: 

Argentina................................... 893 896 1,109 810 628 553 559 602 549 

Brazil ......................................... 1,859 2,381 2,784 3,081 2,729 2,865 3,088 3,036 3,061 

Chile.......................................... 320 263 302 242 375 225 209 217 183 

Colombia................................... 279 349 351 240 302 290 261 240 256 

Ecuador..................................... 103 82 66 62 66 95 84 112 89 

Guatemala................................. 88 85 106 90 100 82 76 79 92 

Mexico....................................... 2,790 3,476 3,955 4,466 4,002 4,106 4,055 4,180 2,874 

Panama..................................... 173 168 244 105 93 102 92 79 85 

Peru........................................... 183 148 171 79 143 75 57 69 82 

Uruguay..................................... 59 68 35 20 33 17 16 30 36 

Venezuela ................................. 456 487 415 371 391 376 411 392 392 

Other Latin America 5 ................ 1,176 1,325 842 919 1,123 1,165 1,019 1,102 642 

Total Latin America................... 8,379 9,728 10,380 10,485 9,985 9,951 9,927 10,138 8,341 

Caribbean: 

Bahamas................................... 427 1,613 1,390 1,018 1,239 1,360 750 1,069 818 

Bermuda ......................................... 575 401 395 1,287 1,033 918 1,427 1,011 932 

British West Indies 6....................... 24,492 12,280 12,733 33,060 27,401 29,595 30,849 21,547 n.a. 

Cayman Islands 6 ...................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25,284 

Cuba.......................................... - - 1 2 6 7 4 - 43 

Jamaica..................................... 45 52 126 93 93 74 76 94 70 

Netherlands Antilles.................. 37 45 84 70 79 67 62 45 12 

Trinidad and Tobago................. 55 46 59 45 55 47 29 54 59 

Other Caribbean 5 ..................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,016 

Total Caribbean .................... 25,631 14,437 14,788 35,575 29,906 32,068 33,197 23,820 28,234 

See footnotes at end of table. 
78 CAPITAL MOVEMENTS 

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2002 2003 

Country 1998 1999 2000 2001 Mar. r June r Sept. r Dec. Mar. p 

Asia: 

China: 

Mainland............................. 825 760 1,096 1,052 1,101 1,505 848 867 3,029 

Taiwan................................ 770 1,097 1,299 853 776 982 820 696 574 

Hong Kong............................. 331 400 593 1,094 854 616 703 682 768 

India ....................................... 348 599 661 638 584 475 554 743 599 

Indonesia................................ 417 408 407 239 258 217 202 280 241 

Israel ...................................... 327 336 458 700 724 569 802 453 567 

Japan ..................................... 2,875 5,336 4,427 3,610 4,026 3,210 3,564 3,618 2,658 

Korea...................................... 1,084 1,378 1,745 1,850 1,932 1,749 1,735 1,738 1,796 

Lebanon ................................. 26 14 36 16 20 22 19 21 21 

Malaysia................................. 492 516 743 645 552 553 545 521 528 

Pakistan ................................. 37 23 37 44 51 35 24 17 26 

Philippines.............................. 148 258 106 1,001 911 727 897 708 774 

Singapore............................... 734 1,041 1,065 1,120 1,048 1,131 836 1,044 935 

Syria....................................... 12 5 11 11 3 1 35 28 43 

Thailand ................................. 489 651 344 232 229 183 178 237 208 

Oil-exporting countries 7......... 1,144 1,648 1,104 985 736 967 907 897 682 

Other Asia .............................. 160 152 195 189 122 121 150 132 128 

Total Asia ........................... 10,219 14,622 14,327 14,279 13,927 13,063 12,819 12,682 13,577 

Africa: 

Congo (formerly Zaire)........... 1 - - - 1 - - 18 1 

Egypt...................................... 136 186 266 233 206 150 182 155 127 

Ghana .................................... 14 6 5 7 7 8 6 9 13 

Liberia .................................... 11 3 2 28 26 51 48 50 54 

Morocco ................................. 29 35 49 35 33 32 43 24 30 

South Africa ........................... 272 323 266 293 262 302 288 273 326 

Oil-exporting countries 8......... 181 186 237 137 160 158 136 120 165 

Other Africa............................ 226 178 258 326 325 335 313 330 278 

Total Africa......................... 870 917 1,083 1,059 1,020 1,036 1,016 979 994 

Other countries: 

Australia ................................. 1,398 1,889 2,041 2,150 3,588 2,566 2,601 3,540 4,038 

New Zealand 9........................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 176 

All other.................................. 286 351 359 383 337 316 297 393 88 

Total other countries.......... 1,684 2,240 2,400 2,533 3,925 2,882 2,898 3,933 4,302 

Total foreign countries ... 77,443 76,639 90,130 113,082 115,961 116,606 112,784 102,560 110,986 

International and regional orgs.: 

International ........................... 15 2 2 - - - - 2 11 

European regional.................. 3 - 4 - 2 2 - 1 43 

Latin American regional......... - - - - 4 - - 1 20 

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 30 

Asian regional ........................ - - 12 - 2 - - - 10 

African regional...................... 1 1 2 - - - - 1 1 

Middle Eastern regional......... - - 7 - - - - 1 8 

Total international 

 and regional ..................... 19 3 27 - 8 2 - 6 123 

Grand total ..................... 77,462 76,642 90,157 113,082 115,969 116,608 112,784 102,566 111,109 

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

 Before January 2001, data included in United Kingdom. 

4

 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. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 79

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2003, 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 ........................................... 97 29 68 1,741 1,643 98 

Belgium 1 ....................................... 1,070 894 176 667 452 215 

Bulgaria ......................................... 1 - 1 20 - 20 

Czech Republic............................. 17 1 16 52 25 27 

Denmark........................................ 141 101 40 220 132 88 

Finland........................................... 64 15 49 276 12 264 

France ........................................... 3,649 2,782 867 6,056 3,253 2,803 

Germany........................................ 4,085 3,343 742 7,525 6,240 1,285 

Greece........................................... 260 11 249 287 23 264 

Hungary......................................... 28 3 25 45 3 42 

Ireland ........................................... 743 467 276 999 811 188 

Italy................................................ 1,228 349 879 3,084 1,893 1,191 

Luxembourg 1 ................................ 280 270 10 1,055 1,042 13 

Netherlands................................... 2,529 1,797 732 5,483 4,355 1,128 

Norway .......................................... 417 4 413 255 158 97 

Poland ........................................... 49 1 48 166 95 71 

Portugal......................................... 17 2 15 125 19 106 

Romania........................................ 25 - 25 20 - 20 

Russia 2 ......................................... 34 12 22 74 1 73 

Spain ............................................. 428 141 287 1,019 492 527 

Sweden ......................................... 127 - 127 531 319 212 

Switzerland.................................... 567 19 548 1,946 1,497 449 

Turkey ........................................... 84 6 78 462 349 113 

United Kingdom............................. 28,429 25,539 2,890 14,949 11,203 3,746 

Channel Islands and 

Isle of Man 3 .............................. 5 - 5 3 - 3 

Yugoslavia 4 .................................. 9 - 9 108 91 17 

Other Europe................................. 211 14 197 760 491 269 

Total Europe.............................. 44,594 35,800 8,794 47,928 34,599 13,329 

Canada.............................................. 2,260 492 1,768 7,610 5,060 2,550 

Latin America: 

Argentina....................................... 62 15 47 549 347 202 

Brazil ............................................. 373 127 246 3,061 2,324 737 

Chile .............................................. 38 7 31 183 32 151 

Colombia ....................................... 51 1 50 256 55 201 

Ecuador......................................... 7 - 7 89 25 64 

Guatemala..................................... 17 - 17 92 36 56 

Mexico........................................... 1,120 29 1,091 2,874 1,780 1,094 

Panama......................................... 62 - 62 85 41 44 

Peru............................................... 21 1 20 82 18 64 

Uruguay......................................... 9 - 9 36 1 35 

Venezuela ..................................... 143 - 143 392 161 231 

Other Latin America 5 .................... 77 1 76 642 322 320 

Total Latin America ........................ 1,980 181 1,799 8,341 5,142 3,199 

Caribbean: 

Bahamas....................................... 393 334 59 818 757 61 

Bermuda............................................... 3,565 3,046 519 932 387 545 

Cayman Islands 6 .............................. 105 25 80 25,284 25,225 59 

Cuba.............................................. 35 - 35 43 34 9 

Jamaica......................................... 11 3 8 70 49 21 

Netherlands Antilles...................... 11 2 9 12 - 12 

Trinidad and Tobago..................... 41 5 36 59 36 23 

Other Caribbean 5 ......................... 710 220 490 1,016 172 844 

Total Caribbean......................... 4,871 3,635 1,236 28,234 26,660 1,574 

 

See footnotes at end of table. 
80 CAPITAL MOVEMENTS 

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2003, 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.................................... 1,980 1,498 482 3,029 2,391 638 

Taiwan....................................... 752 7 745 574 75 499 

Hong Kong .................................... 451 97 354 768 456 312 

India............................................... 133 20 113 599 441 158 

Indonesia....................................... 34 4 30 241 105 136 

Israel.............................................. 803 352 451 567 199 368 

Japan............................................. 6,180 2,043 4,137 2,658 1,226 1,432 

Korea............................................. 709 32 677 1,796 1,097 699 

Lebanon ........................................ 54 7 47 21 - 21 

Malaysia ........................................ 179 4 175 528 360 168 

Pakistan......................................... 209 - 209 26 1 25 

Philippines..................................... 113 5 108 774 688 86 

Singapore...................................... 1,855 197 1,658 935 340 595 

Syria .............................................. 50 - 50 43 - 43 

Thailand......................................... 123 1 122 208 116 92 

Other Asia ..................................... 3,799 36 3,763 810 101 709 

Total Asia .................................... 17,424 4,303 13,121 13,577 7,596 5,981 

Africa: 

Congo (formerly Zaire).................. 72 - 72 1 - 1 

Egypt ............................................. 39 2 37 127 3 124 

Ghana............................................ 3 - 3 13 2 11 

Liberia............................................ - - - 54 46 8 

Morocco......................................... 44 1 43 30 14 16 

South Africa................................... 125 10 115 326 155 171 

Other Africa ................................... 760 103 657 443 138 305 

Total Africa ................................ 1,043 116 927 994 358 636 

Other countries: 

Australia ........................................ 1,154 580 574 4,038 2,173 1,865 

New Zealand 7............................... 23 6 17 176 39 137 

All other ......................................... 177 2 175 88 8 80 

Total other countries ................. 1,354 588 766 4,302 2,220 2,082 

Total foreign countries .......... 73,526 45,115 28,411 110,986 81,635 29,351 

International and regional orgs.: 

International .................................. - - - 11 - 11 

European regional......................... 25 2 23 43 26 17 

Latin American regional ................ 3 2 1 20 2 18 

Caribbean regional 8 ..................... - - - 30 24 6 

Asian regional ............................... 3 - 3 10 - 10 

African regional ............................. - - - 1 - 1 

Middle Eastern regional ................ 1 - 1 8 - 8 

Total international 

 and regional ............................ 32 4 28 123 52 71 

Grand total ............................ 73,558 45,119 28,439 111,109 81,687 29,422 

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

 Before January 2001, data included in United Kingdom. 

4

 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. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 81

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchase 

 Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

1999 ......................................... -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000 ......................................... -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 ......................................... 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659 

2002 r....................................... 120,537 9,809 108,717 2,011 7,346,443 7,225,906 195,029 1,728,164 1,533,135 

2003 - Jan. - June p................. 121,797 35,830 85,712 255 4,359,176 4,237,379 108,632 1,277,161 1,168,529 

 

2002 - June.............................. 14,323 2,161 12,039 123 570,020 555,697 12,064 133,771 121,707 

July............................... 24,358 -5,268 29,720 -94 733,113 708,755 11,816 164,425 152,609 

Aug............................... 4,347 635 3,297 415 688,585 684,238 17,414 156,965 139,551 

Sept. r........................... 21,670 -3,787 25,445 12 674,601 652,931 21,057 153,124 132,067 

Oct. r ........................... 7,269 32 6,489 748 695,797 688,528 22,141 147,413 125,272 

Nov. r............................ 20,337 15,817 4,600 -80 686,600 666,263 18,368 164,644 146,276 

Dec. r............................ 13,638 5,523 7,786 329 505,679 492,041 15,764 144,534 128,770 

2003 - Jan. r............................. 2,819 312 2,124 383 586,150 583,331 24,070 151,612 127,542 

Feb............................... -2,421 4,823 -7,000 -244 616,716 619,137 8,793 139,021 130,228 

Mar............................... 26,390 1,322 25,119 -51 746,116 719,726 16,362 220,011 203,649 

Apr................................ 9,792 -421 10,265 -52 597,553 587,761 20,172 227,613 207,441 

May p ........................... 41,109 14,749 26,044 316 939,603 898,494 31,993 285,471 253,478 

June p .......................... 44,108 15,045 29,160 -97 873,038 828,930 7,242 253,433 246,191 

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) 

 

1999 .............................................................................. 160,392 368,692 208,300 107,522 2,340,659 2,233,137

2000 .............................................................................. 184,128 479,456 295,328 174,890 3,605,196 3,430,306

2001 .............................................................................. 221,955 741,041 519,086 116,390 3,051,332 2,934,942

2002 r ............................................................................ 182,317 820,968 638,651 49,443 3,203,259 3,153,816

2003 - Jan. - June p ...................................................... 137,981 506,164 368,183 19,224 1,473,299 1,454,075

 

2002 - June ................................................................... 20,961 70,749 49,788 4,019 256,039 252,020

July.................................................................... 3,918 56,690 52,772 9,657 318,232 308,575

Aug ................................................................... 14,492 63,949 49,457 4,612 257,270 252,658

Sept................................................................... 3,874 55,478 51,604 -6,463 206,763 213,226

Oct..................................................................... 9,892 69,885 59,993 3,619 297,196 293,577

Nov.................................................................... 22,157 94,072 71,915 6,476 264,363 257,887

Dec.................................................................... 13,106 62,846 49,740 2,439 216,726 214,287

2003 - Jan ..................................................................... 23,622 76,620 52,998 -2,796 216,731 219,527

Feb .................................................................... 14,318 68,383 54,065 -2,078 201,408 203,486

Mar .................................................................... 27,876 87,230 59,354 2,840 236,668 233,828

Apr..................................................................... 21,763 78,692 56,929 4,357 233,275 228,918

May p................................................................. 27,419 96,373 68,954 6,593 273,263 266,670

June p................................................................ 22,983 98,866 75,883 10,308 311,954 301,646

 

 

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities. 
82 CAPITAL MOVEMENTS 

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

1999 ..................................................... 9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

2000 ..................................................... -17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

2001 ..................................................... -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 

2002 ..................................................... 26,777 28,406 1,377,020 1,348,614 -1,629 1,260,278 1,261,907 

2003 - Jan. - June p ............................. 2,534 33,264 1,006,199 972,935 -30,730 586,143 616,873 

 

2002 - June .......................................... 657 5,574 118,968 113,394 -4,917 111,896 116,813 

July........................................... 21,073 7,722 120,870 113,148 13,351 139,362 126,011 

Aug........................................... 1,329 -1,749 112,167 113,916 3,078 92,759 89,681 

Sept.......................................... 1,829 1,064 126,078 125,014 765 87,083 86,318 

Oct............................................ 764 6,920 123,139 116,219 -6,156 100,763 106,919 

Nov........................................... 1,288 2,269 137,931 135,662 -981 101,821 102,802 

Dec........................................... -7,908 -5,157 117,917 123,074 -2,751 81,804 84,555 

2003 - Jan ............................................ -8,808 -1,915 140,513 142,428 -6,893 94,622 101,515 

Feb ........................................... 19 4,493 122,893 118,400 -4,474 83,683 88,157 

Mar ........................................... 1,952 7,315 166,837 159,522 -5,363 91,096 96,459 

Apr............................................ -343 -2,416 135,970 138,386 2,073 100,054 97,981 

May p........................................ 3,249 14,049 230,256 216,207 -10,800 99,777 110,577 

June p....................................... 6,465 11,738 209,730 197,992 -5,273 116,911 122,184 

 
 CAPITAL MOVEMENTS 83

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2003 2003 2003 2003 

Country 

 Calendar 

 year 

 2002 r 

 (1) 

Jan. 

through 

June 

(2) 

Apr. 

through 

June p 

(3) 

Calendar 

year 

2002 r 

(4) 

Jan. 

through 

June 

(5) 

 Apr. 

 through 

 June p 

 (6) 

Calendar 

year 

2002 

(7) 

Jan. 

through 

June 

(8) 

Apr. 

through 

June p 

(9) 

Calendar

year 

2002 r 

(10) 

Jan. 

through 

June 

(11) 

Apr. 

through 

June p 

(12) 

Europe: 

Austria ............................ -683 -303 -109 104 444 342 379 119 65 -39 -150 -93

Belgium 1 ........................ 2,046 -517 213 -226 1,733 21 3,733 1,734 1,193 1,707 -531 -123

Bulgaria .......................... -185 -20 -2 51 16 12 23 9 12 18 -8 -1

Czech Republic .............. 546 267 234 1 425 315 46 -21 11 -13 13 9

Denmark......................... 54 1,065 404 -154 542 634 662 900 476 -180 -192 -133

Finland............................ 106 -291 -176 -20 27 13 35 34 -5 166 92 100

France ............................ -333 -3,026 957 1,178 -334 -207 2,593 1,782 358 2,127 405 -1,887

Germany......................... -3,910 3,761 5,471 3,172 33 -136 1,977 775 -420 -129 3,166 4,074

Greece............................ 263 518 500 291 13 2 -85 -49 -40 33 24 11

Hungary.......................... -188 -73 -46 4 112 78 37 22 14 -7 -3 -

Ireland............................. 572 376 -285 724 1,165 644 5,107 4,572 3,416 2,119 3,433 2,987

Italy ................................. -284 -345 30 -202 465 -47 225 886 110 1,539 -315 361

Luxembourg 1 ................. n.a. 674 158 n.a. 733 613 n.a. 3,194 1,314 n.a. 997 1,163

Netherlands .................... -17,020 5,534 7,300 -1,956 -907 -1,056 1,550 1,411 833 4,535 1,035 93

Norway ........................... -9,536 8,687 3,471 1,907 242 36 2,868 2,266 1,444 1,927 3,322 1,207

Poland ............................ -278 688 379 422 42 21 9 12 8 -4 -9 -5

Portugal .......................... 1,518 172 -20 44 182 97 133 -76 -19 122 72 70

Romania ......................... 507 884 196 122 -50 -15 13 51 -1 -2 - -

Russia 2 .......................... 3,182 -168 718 8,154 598 -53 -2 78 71 36 14 4

Spain............................... 407 499 1,983 795 -3,520 -2,931 374 230 -48 -895 156 118

Sweden........................... 2,923 1,984 850 436 -364 -256 211 164 144 790 2,294 1,918

Switzerland..................... -508 1,596 1,665 3,649 763 479 4,872 4,259 1,496 2,655 -3,101 -1,365

Turkey............................. 2,193 -2,106 -670 8 3 1 -18 3 2 12 32 -6

United Kingdom.............. 60,995 10,144 8,487 33,104 21,325 6,487 76,732 52,135 29,415 15,173 443 1,524

Channel Islands and 

 Isle of Man 3................ n.a. 1,698 1,663 n.a. 1,592 901 n.a. 15,919 5,519 n.a. -110 -49

Yugoslavia 4.................... 2 3 3 - - - - - -3 - -

Other Europe.................. 1,514 249 1,207 7 1,053 371 -888 163 66 97 -100 -72

Total Europe............... 43,008 31,950 34,581 56,501 26,333 6,366 110,639 90,572 45,434 33,004 10,979 9,905

Canada ............................... -5,198 2,818 3,605 -1,454 -2,460 -899 417 3,228 1,197 7,432 6,753 4,490

Latin America: 

Argentina ........................ 817 663 539 -43 -728 186 256 120 81 199 -246 -138

Brazil............................... 1,873 2,459 820 -507 -908 -259 196 265 174 -82 32 26

Chile................................ -229 259 -171 679 -344 -192 290 48 43 341 -31 107

Colombia ........................ -1,426 -878 -65 216 493 138 7 180 113 -19 -12 -9

Ecuador .......................... -1 14 3 59 211 134 66 39 14 -6 -4 14

Guatemala...................... 7 6 8 104 37 17 13 36 13 -9 -14 -14

Mexico ............................ 4,019 4,674 2,462 4,971 876 -139 2,169 1,928 1,104 484 37 -49

Panama .......................... -12 -2 3 1,092 605 284 684 98 14 -82 5 105

Peru ................................ 236 325 127 1,020 418 312 155 63 38 224 94 92

Uruguay.......................... -375 -65 -67 695 175 98 147 262 148 90 141 124

Venezuela....................... -59 199 59 712 369 245 599 139 68 32 163 182

Other Latin America 5 ..... 164 75 6 226 538 317 464 337 212 -146 -62 -29

Total Latin America.... 5,014 7,729 3,724 9,224 1,742 1,141 5,046 3,515 2,022 1,026 103 411

Caribbean: 

Bahamas ........................ 15,994 -6,911 -4,486 1,510 1,939 1,559 665 1,218 498 86 -532 -234

Bermuda......................... 1,596 10,144 4,137 5,165 4,125 721 11,171 6,837 4,111 -9,134 -2,278 -15

Cayman Islands 6 ........... n.a. 7,290 1,041 n.a. 13,438 19,908 n.a. 14,952 8,136 n.a. 1,743 4,170

Cuba ............................... - - n.a. - - n.a. - - n.a. - -2 n.a.

Jamaica .......................... 8 3 2 527 260 164 97 12 9 12 5 2

Netherlands Antilles ....... -780 -1,814 -797 1,871 -1,424 -1,207 675 -13 114 -537 -208 310

Trinidad and Tobago ...... 34 -17 -36 98 129 78 59 24 4 -6 - -5

Other Caribbean 5 .......... n.a. -846 -679 n.a. 1,382 977 n.a. 2,656 2,155 n.a. -1,119 -32

Total Caribbean.......... 16,102 7,849 -818 32,713 19,849 22,200 35,854 25,686 15,027 -16,448 -2,391 4,196

See footnotes at end of table. 
84 CAPITAL MOVEMENTS 

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2003 2003 2003 2003 

Country 

Calendar

year 

2002 r 

(1) 

Jan. 

through 

June 

(2) 

Apr. 

through 

June p 

(3) 

Calendar

year 

2002 r 

(4) 

Jan. 

through 

June 

(5) 

Apr. 

through 

June p 

(6) 

Calendar 

year 

2002 

(7) 

Jan. 

through 

June 

(8) 

 Apr. 

 through 

 June p 

 (9) 

Calendar 

year 

2002 r 

(10) 

Jan. 

through 

June 

(11) 

Apr. 

through 

June p 

(12) 

Asia: 

China: 

Mainland................................. 24,077 19,706 5,661 29,264 19,039 10,856 5,962 2,391 1,033 161 -46 -4

Taiwan.................................... -597 522 442 10,758 6,658 2,929 1,382 975 471 261 270 -47

Hong Kong.................................. -9,059 2,569 1,292 12,589 6,612 3,707 3,868 2,527 1,051 1,789 776 494

India............................................ -855 514 818 11 -30 3 41 23 12 -44 -21 10

Indonesia.................................... 770 1,554 914 455 356 207 59 34 25 -4 57 43

Israel........................................... 5,132 -1,668 168 -48 395 212 583 261 84 -148 53 51

Japan.......................................... 30,730 50,198 42,327 37,556 23,639 14,108 10,926 3,539 3,023 12,337 -858 -2,367

Korea .......................................... 12,935 1,776 3,122 668 8,127 1,600 1,483 404 125 112 3 -3

Lebanon...................................... 1 8 8 15 -2 -1 -13 3 -2 22 -17 -10

Malaysia ..................................... 861 -1,306 -1,772 1,323 -1,034 -1,191 69 40 23 -35 25 -8

Pakistan...................................... - - - 39 27 1 173 3 3 6 - -

Philippines .................................. 179 342 182 253 -17 68 144 27 1 -40 -23 -20

Singapore ................................... -2,591 1,790 1,164 2,162 -4 -974 1,326 1,721 1,478 8,237 5,592 3,123

Syria............................................ 4 -1 n.a. - -2 n.a. 2 -1 n.a. -4 1 n.a.

Thailand...................................... -1,917 -686 401 99 167 5 167 277 106 4 -10 -11

Oil-exporting countries 7............. -3,918 -7,350 -3,735 2,002 -550 -432 313 1,142 354 -1,293 -190 -46

Other Asia................................... 98 302 115 58 77 -48 96 96 15 18 46 58

Total Asia ............................... 55,850 68,270 51,107 97,204 63,458 31,050 26,581 13,462 7,802 21,379 5,658 1,263

Africa: 

Congo (formerly Zaire)............... - n.a. n.a. - n.a. n.a. - n.a. n.a. 1 n.a. n.a.

Egypt........................................... -321 1 12 72 22 7 37 41 29 -5 -34 -3

Ghana......................................... 506 - - 1 - - - 1 1 - - -

Liberia......................................... 1 -10 - 29 486 -36 13 178 86 -26 10 6

Morocco...................................... -11 50 50 1 1 - -4 -1 -1 -17 83 86

South Africa................................ 112 -103 -102 -39 12 1 5 -30 -9 24 34 33

Oil-exporting countries 8............. 29 1 1 355 359 309 30 -11 - -2 -11 -

Other Africa ................................ 525 240 193 314 296 99 46 56 12 -47 50 10

Total Africa ............................. 841 179 154 733 1,176 380 127 234 118 -72 132 132

Other countries: 

Australia...................................... 3,326 2,629 2,514 373 -546 -514 3,038 738 459 2,902 -1,911 928

New Zealand 9 ............................ n.a. -161 -15 n.a. -87 -59 n.a. 55 65 n.a. -46 -53

All other countries....................... 279 279 -10 -2 98 18 104 259 86 -55 12 10

Total other countries .............. 2,909 2,747 2,489 365 -535 -555 3,133 1,052 610 3,175 -1,945 885

Total foreign countries....... 118,526 121,542 94,842 195,286 109,563 59,683 181,797 137,749 72,210 49,496 19,289 21,282

International and regional orgs.: 

International................................ 1,642 574 643 -389 -380 -170 510 224 -28 -12 -52 -17

European regional...................... 325 -11 -11 52 - - -50 -3 -3 - - -

Latin American regional ............. -3 -118 -37 -9 -42 -2 57 - -15 -45 -12 -3

Caribbean regional 10 ................. n.a. -9 -9 n.a. 23 23 n.a. - - n.a. - -

Asian regional............................. 86 -191 -419 76 -519 -139 2 2 1 7 -1 -1

African regional .......................... -34 10 - 12 -13 12 1 9 - - - -

Middle Eastern regional ............. -5 n.a. - 1 n.a. - - n.a. - -3 n.a. -3

Total international and regional.. 2,011 255 167 -257 -931 -276 520 232 -45 -53 -65 -24

Grand total ......................... 120,537 121,797 95,009 195,029 108,632 59,407 182,317 137,981 72,165 49,443 19,224 21,258

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 Before January 2001, data included in United Kingdom. 

4 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.” 

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (Trucial 

States). 

8 Includes Algeria, Gabon, Libya, and Nigeria. 

9 Before January 2001, data included in “All other countries.” 

10 Before January 2001, data included in “Latin American regional.” 
 CAPITAL MOVEMENTS 85

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2003, 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 

 pur- 

 chases

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financ- 

 ing Bank

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps 

and 

federally-

 spon- 

 sored 

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.......................................... 5,882 3,163 863 218 568 812 258 5,572 3,272 521 153 661 654 311 

Belgium 1 ..................................... 22,275 5,979 7,347 1,959 5,528 372 1,090 21,246 5,766 7,326 766 5,651 437 1,300 

Bulgaria........................................ 53 10 15 16 6 - 6 45 12 3 4 7 10 9 

Czech Republic ........................... 5,539 4,806 436 11 246 - 40 4,990 4,572 121 - 237 - 60 

Denmark ...................................... 10,180 5,742 978 878 1,001 1,100 481 8,181 5,338 344 402 1,134 471 492 

Finland......................................... 2,347 1,005 54 107 341 140 700 3,269 1,181 41 112 241 1,339 355 

France.......................................... 186,597 110,495 1,271 3,773 56,455 4,201 10,402 188,189 109,538 1,478 3,415 58,342 4,679 10,737 

Germany...................................... 86,032 40,817 3,352 2,825 14,995 20,205 3,838 74,770 35,346 3,488 3,245 10,921 16,598 5,172 

Greece......................................... 2,541 1,866 51 12 243 147 222 2,235 1,366 49 52 232 354 182 

Hungary ....................................... 493 267 78 14 38 28 68 432 313 - - 38 13 68 

Ireland.......................................... 88,887 51,998 4,684 7,730 17,965 3,235 3,275 80,765 52,283 4,040 4,314 14,978 2,119 3,031 

Italy .............................................. 25,422 10,041 1,136 449 8,262 2,729 2,805 24,897 10,011 1,183 339 7,901 2,544 2,919 

Luxembourg 1 .............................. 19,736 2,163 6,646 2,472 5,697 1,598 1,160 15,829 2,005 6,033 1,158 4,534 960 1,139 

Netherlands ................................. 67,483 41,949 5,938 1,726 10,328 2,750 4,792 59,179 34,649 6,994 893 10,235 2,260 4,148

Norway......................................... 103,992 92,204 3,709 1,642 3,102 2,780 555 97,713 88,733 3,673 198 1,895 2,531 683

Poland.......................................... 1,229 951 28 9 12 186 43 739 572 7 1 17 123 19

Portugal ....................................... 5,285 3,762 594 6 438 98 387 5,138 3,782 497 25 368 100 366

Romania ...................................... 1,124 1,046 40 - - 38 - 1,004 850 55 1 - 98 -

Russia 2 ....................................... 15,848 1,156 13,115 119 212 373 873 14,690 438 13,168 48 208 165 663

Spain............................................ 19,498 11,100 2,360 80 1,509 2,448 2,001 19,720 9,117 5,291 128 1,391 2,042 1,751

Sweden........................................ 28,244 14,075 4,560 800 6,715 70 2,024 25,648 13,225 4,816 656 4,797 118 2,036

Switzerland .................................. 48,066 15,028 3,802 3,293 15,036 5,382 5,525 43,627 13,363 3,323 1,797 16,401 2,752 5,991

Turkey.......................................... 1,854 1,174 4 22 19 223 412 3,772 1,844 3 20 25 854 1,026

United Kingdom........................... 1,511,083 801,625 44,397 104,367 134,732 301,540 124,422 1,461,338 793,138 37,910 74,952 133,208 292,930 129,200

Channel Islands and Isle of Man 3...... 19,673 4,044 3,975 8,522 2,447 319 366 11,524 2,381 3,074 3,003 2,496 231 339

Yugoslavia 4................................. 61 61 - - - - - 58 58 - - - - -

Other Europe............................... 12,934 6,948 1,532 508 905 1,128 1,913 11,946 5,741 1,161 442 977 1,065 2,560

Total Europe ........................... 2,292,358 1,233,475 110,965 141,558 286,800 351,902 167,658 2,186,516 1,198,894 104,599 96,124 276,895 335,447 174,557

Canada............................................. 216,628 117,950 5,670 5,453 43,869 29,464 14,222 206,079 114,345 6,569 4,256 39,379 25,914 15,616

Latin America: 

Argentina ..................................... 4,000 862 360 268 1,121 946 443 3,175 323 174 187 1,259 827 405

Brazil............................................ 19,114 7,774 847 339 582 8,085 1,487 18,407 6,954 1,106 165 556 7,938 1,688

Chile............................................. 4,204 1,361 323 514 638 1,080 288 4,941 1,532 515 471 531 1,616 276

Colombia...................................... 3,483 714 805 314 206 1,397 47 3,523 779 667 201 215 1,613 48

Ecuador ....................................... 489 22 182 18 199 16 52 340 19 48 4 185 28 56

Guatemala ................................... 157 12 26 29 26 61 3 121 4 9 16 40 43 9

Mexico ......................................... 18,444 8,868 859 1,760 1,366 3,692 1,899 16,324 6,406 998 656 1,415 5,298 1,551

Panama ....................................... 3,209 129 864 504 741 771 200 2,559 126 580 490 636 530 197

Peru ............................................. 1,103 235 330 113 156 199 70 468 108 18 75 64 137 66

Uruguay ....................................... 2,600 201 249 299 514 1,202 135 2,113 268 151 151 390 1,053 100

Venezuela.................................... 1,834 118 392 141 821 279 83 1,554 59 147 73 639 545 91

Other Latin America 5 .................. 9,592 6,953 355 326 764 1,131 63 9,034 6,947 38 114 793 1,095 47

Total Latin America................. 68,229 27,249 5,592 4,625 7,134 18,859 4,770 62,559 23,525 4,451 2,603 6,723 20,723 4,534

Caribbean: 

Bahamas...................................... 117,676 65,820 12,789 6,371 19,491 8,391 4,814 120,159 70,306 11,230 5,873 19,725 8,562 4,463

Bermuda ...................................... 456,575 180,960 76,504 15,888 142,199 29,262 11,762 448,838 176,823 75,783 11,777 142,214 30,193 12,048

Cayman Islands 6 ........................ 1,159,648 368,028 427,581 66,725 177,545 88,803 30,966 1,126,752 366,987 407,673 58,589 173,375 89,249 30,879

Cuba ............................................ --------------

Jamaica ....................................... 752 9 608 19 18 98 - 544 7 444 10 16 67 -

Netherlands Antilles .................... 87,231 44,177 22,304 1,297 15,338 1,905 2,210 88,611 44,974 23,511 1,183 15,028 1,757 2,158

Trinidad and Tobago ................... 277 31 78 17 16 131 4 225 67 - 13 21 111 13

Other Caribbean 5........................ 131,730 22,032 3,055 10,511 83,037 3,156 9,939 128,250 22,711 2,078 8,356 83,069 2,254 9,782

Total Caribbean ...................... 1,953,889 681,057 542,919 100,828 437,644 131,746 59,695 1,913,379 681,875 520,719 85,801 433,448 132,193 59,343

 

See footnotes at end of table. 
86 CAPITAL MOVEMENTS 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2003, 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 pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

 Bonds 

 of U.S. 

 Gov’t 

corps and

federally-

 spon- 

 sored 

 agencies 

 (3) 

 Bonds 

 (4) 

Stocks 

 (5) 

Bonds 

(6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

Marketable 

Treasury 

and 

Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally- 

 spon- 

 sored 

 agencies 

 (10) 

Bonds 

(11) 

Stocks 

(12) 

 Bonds

 (13) 

 Stocks

 (14) 

Asia: 

China: 

Mainland...................... 103,554 65,687 33,620 2,040 588 1,470 149 84,668 60,026 22,764 1,007 592 114 165

Taiwan......................... 22,552 6,125 4,914 693 1,625 955 8,240 18,786 5,683 1,985 222 1,672 486 8,738

Hong Kong....................... 64,023 31,378 9,152 2,182 2,955 5,505 12,851 58,249 30,086 5,445 1,131 2,461 5,070 14,056

India................................. 2,253 1,808 3 13 72 12 345 1,529 990 - 1 62 9 467

Indonesia......................... 2,666 1,810 416 39 124 150 127 1,413 896 209 14 81 70 143

Israel................................ 6,919 4,463 371 278 1,183 132 492 6,385 4,295 159 194 1,132 71 534

Japan............................... 271,571 156,900 31,490 8,490 16,210 24,797 33,684 214,769 114,573 17,382 5,467 18,577 22,046 36,724

Korea............................... 30,548 15,852 10,914 268 142 2,022 1,350 24,999 12,730 9,314 143 145 666 2,001

Lebanon........................... 158 54 4 5 71 17 7 203 46 5 7 81 57 7

Malaysia .......................... 3,516 2,392 428 41 75 252 328 6,475 4,164 1,619 18 83 191 400

Pakistan........................... 48 - 1 3 25 - 19 27 - - - 25 - 2

Philippines....................... 2,187 1,226 456 62 78 290 75 2,102 1,044 388 61 98 409 102

Singapore ........................ 51,648 25,800 3,790 3,694 10,622 3,469 4,273 46,468 24,636 4,764 2,216 7,499 2,979 4,374

Syria ................................ 3 - - -3 - -3 - - -3 - -

Thailand........................... 6,745 6,022 106 146 100 130 241 6,182 5,621 101 40 111 104 205

Other Asia........................ 16,307 6,214 2,717 1,779 4,536 672 389 19,883 9,834 3,197 1,410 4,524 571 347

Total Asia .................... 584,698 325,731 98,382 19,733 38,409 39,873 62,570 492,141 274,624 67,332 11,931 37,146 32,843 68,265

Africa: 

Congo (formerly Zaire).... 111 - - - 110 1 - 123 - - - 110 1 12

Egypt ............................... 245 18 7 35 156 23 6 211 6 - 6 159 18 22

Ghana.............................. 10 - - 1 5 - 4 7 - - - 5 - 2

Liberia.............................. 323 4 35 132 81 18 53 259 4 71 46 75 14 49

Morocco........................... 149 50 - - 91 - 8 19 - - 1 5 - 13

South Africa..................... 960 9 13 260 165 104 409 1,111 111 12 269 132 133 454

Other Africa ..................... 1,685 527 522 41 186 337 72 838 333 114 29 176 127 59

Total Africa.................. 3,483 608 577 469 794 483 552 2,568 454 197 351 662 293 611

Other countries: 

Australia........................... 34,681 19,041 1,437 1,029 3,401 3,118 6,655 33,210 16,527 1,951 570 2,473 4,652 7,037

New Zealand 7................. 858 185 105 85 132 112 239 989 200 164 20 185 111 309

All other countries............ 1,619 1,035 138 102 149 143 52 1,528 1,045 120 16 139 108 100

Total other countries ... 37,158 20,261 1,680 1,216 3,682 3,373 6,946 35,727 17,772 2,235 606 2,797 4,871 7,446

Total foreign countries . 5,156,443 2,406,331 765,785 273,882 818,332 575,700 316,413 4,898,969 2,311,489 706,102 201,672 797,050 552,284 330,372

International and 

 regional orgs.: 

International..................... 3,755 3,259 259 36 92 95 14 3,413 2,616 429 64 109 102 93

European regional........... 474 26 - - - 136 312 435 37 - 3 - 118 277

Latin American regional .. 152 32 42 12 59 7 - 256 69 44 27 62 54 -

Caribbean regional 8........ 26 - 26 - - - - 12 9 3 - - - -

Asian regional.................. 964 546 393 1 5 18 1 1,530 965 532 - 6 27 -

African regional ............... 12 - 12 - - - - - - - - - - -

Middle Eastern regional .. 6 - - - 4 - 2 7 - - - 7 - -

Total international 

 and regional ............ 5,389 3,863 732 49 160 256 329 5,653 3,696 1,008 94 184 301 370

Grand total .............. 5,161,832 2,410,194 766,517 273,931 818,492 575,956 316,742 4,904,622 2,315,185 707,110 201,766 797,234 552,585 330,742

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 Before January 2001, data included in United Kingdom. 

4 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7 Before January 2001, data included in “All other countries.” 

8 Before January 2001, data included in “Latin American regional.”
 CAPITAL MOVEMENTS 87

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2002 

[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 pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds

 (4) 

 Stocks 

 (5) 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

 Market- 

 able 

 Treasury 

 and 

 Federal 

 Financ- 

 ing 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 ........................................ 15,601 5,599 3,541 786 3,398 1,131 1,146 16,135 6,282 3,437 407 3,437 1,553 1,019

Belgium 1 .................................... 69,270 22,128 15,304 9,898 15,307 2,998 3,635 60,827 20,082 15,530 6,165 13,600 2,369 3,081

Bulgaria ...................................... 447 82 104 68 117 75 1 496 267 53 45 99 31 1

Czech Republic .......................... 4,724 3,905 2 67 450 139 161 4,148 3,359 1 21 463 216 88

Denmark ..................................... 43,359 30,241 1,958 2,499 5,021 1,528 2,112 42,071 30,187 2,112 1,837 5,201 899 1,835

Finland........................................ 12,490 6,935 1,180 202 2,000 203 1,970 12,662 6,829 1,200 167 1,834 435 2,197

France ........................................ 592,394 286,045 9,660 11,488 229,557 25,857 29,787 589,888 286,378 8,482 8,895 227,430 28,572 30,131

Germany..................................... 336,637 172,932 12,691 12,043 54,646 55,168 29,157 336,570 176,842 9,519 10,066 54,775 57,581 27,787

Greece........................................ 7,746 5,096 648 121 1,273 208 400 7,355 4,833 357 206 1,240 118 601

Hungary ...................................... 1,587 663 45 39 434 140 266 1,585 851 41 2 441 52 198

Ireland......................................... 264,770 151,894 11,567 15,111 62,621 11,715 11,862 252,484 151,322 10,843 10,004 60,502 8,147 11,666

Italy ............................................. 119,485 56,069 3,742 1,898 39,342 8,727 9,707 117,095 56,353 3,944 1,673 37,803 7,910 9,412

Luxembourg 1 ............................. 69,498 9,928 17,118 6,362 25,495 4,943 5,652 63,644 11,537 13,243 6,471 24,026 3,132 5,235

Netherlands ................................ 361,197 247,171 32,987 6,211 42,384 9,761 22,683 369,454 264,191 34,943 4,661 37,849 8,212 19,598

Norway ....................................... 451,082 407,275 12,542 6,522 8,081 14,432 2,230 450,431 416,811 10,635 3,654 6,154 11,134 2,043

Poland ........................................ 11,503 6,636 787 9 33 3,820 218 11,784 6,914 365 - 37 4,328 140

Portugal ...................................... 23,687 19,807 1,342 269 1,347 395 527 21,853 18,289 1,298 136 1,225 360 545

Romania ..................................... 5,539 4,157 1,324 13 - 40 5 4,991 3,650 1,202 - 2 135 2

Russia 2 ...................................... 58,849 15,532 38,744 46 911 1,775 1,841 46,334 12,350 30,590 48 875 830 1,641

Spain........................................... 48,701 28,791 2,841 616 7,133 2,915 6,405 49,311 28,384 2,046 242 8,028 4,097 6,514

Sweden....................................... 68,690 32,026 9,814 1,071 17,245 1,308 7,226 63,780 29,103 9,378 860 16,455 1,449 6,535

Switzerland................................. 175,615 57,913 15,755 11,589 61,998 7,374 20,986 167,115 58,421 12,106 6,717 59,343 6,186 24,342

Turkey......................................... 8,380 6,571 13 3 172 645 976 6,468 4,378 5 21 160 796 1,108

United Kingdom.......................... 4,756,486 2,482,932 187,465 346,486 552,963 662,072 524,568 4,564,997 2,421,937 154,361 269,754 537,790 649,953 531,202

Channel Islands and Isle 

 of Man 3 ............................................. 34,648 4,995 7,869 12,110 7,116 707 1,851 23,309 4,281 6,858 1,948 7,371 999 1,852

Yugoslavia 4................................ 11 2 - - 8 - 1 5 - - - 5--

Other Europe.............................. 37,581 25,662 3,002 1,631 3,502 1,205 2,579 36,626 24,148 2,995 2,519 3,405 1,265 2,294

Total Europe .......................... 7,579,977 4,090,987 392,045 447,158 1,142,554 819,281 687,952 7,321,418 4,047,979 335,544 336,519 1,109,550 800,759 691,067

Canada............................................ 807,184 465,786 30,580 15,383 170,720 60,472 64,243 801,138 470,984 32,034 14,966 163,288 59,663 60,203

Latin America: 

Argentina .................................... 12,208 1,573 1,744 798 3,864 2,572 1,657 10,339 756 1,787 542 3,665 2,040 1,549

Brazil........................................... 57,360 16,858 4,309 1,385 2,216 23,625 8,967 55,248 14,985 4,816 1,189 2,298 21,982 9,978

Chile............................................ 16,398 6,111 1,139 1,714 2,706 3,849 879 14,856 6,340 460 1,424 2,365 3,713 554

Colombia .................................... 14,968 3,999 1,527 1,420 915 6,988 119 15,682 5,425 1,311 1,413 934 6,473 126

Ecuador ...................................... 1,822 140 177 137 865 42 461 1,660 141 118 71 871 25 434

Guatemala.................................. 699 55 119 111 116 272 26 441 48 15 98 125 133 22

Mexico ........................................ 52,979 17,346 8,121 5,476 4,505 9,835 7,696 42,788 13,327 3,150 3,307 4,021 9,946 9,037

Panama ...................................... 10,977 550 2,147 1,726 2,931 2,912 711 9,160 562 1,055 1,042 3,013 2,711 777

Peru ............................................ 4,068 799 1,429 242 576 746 276 2,742 563 409 87 352 1,092 239

Uruguay ...................................... 6,423 1,717 1,163 581 1,370 1,266 326 6,092 2,092 468 434 1,280 1,505 313

Venezuela................................... 6,960 1,125 1,165 1,213 1,443 1,711 303 5,464 1,184 453 614 1,411 1,436 366

Other Latin America 5 ................. 25,963 12,986 871 1,713 2,557 7,603 233 25,121 12,822 645 1,249 2,703 7,499 203

Total Latin America................ 210,825 63,259 23,911 16,516 24,064 61,421 21,654 189,593 58,245 14,687 11,470 23,038 58,555 23,598

Caribbean: 

Bahamas .................................... 281,579 160,857 5,629 18,271 52,047 27,726 17,049 264,942 144,863 4,119 17,606 51,961 28,408 17,985

Bermuda..................................... 1,263,363 382,719 102,093 52,964 546,498 131,436 47,653 1,254,595 381,123 96,928 41,793 555,632 130,713 48,406

Cayman Islands 6 ....................... 2,845,848 931,253 877,171 172,120 643,088 107,693 114,523 2,795,692 922,038 854,544 149,046 650,867 103,488 115,709

Cuba ........................................... - - - - - - - - - - - ---

Jamaica ...................................... 2,483 287 1,268 249 48 595 36 1,603 279 741 152 36 371 24

Netherlands Antilles ................... 370,703 194,841 9,574 5,161 135,513 8,472 17,142 368,044 195,621 7,703 4,486 136,050 8,433 15,751

Trinidad and Tobago.................. 663 70 132 108 78 269 6 342 36 34 49 84 134 5

Other Caribbean 5 ...................... 419,819 46,123 5,948 17,023 312,474 6,124 32,127 427,379 56,088 5,033 16,910 311,564 5,624 32,160

Total Caribbean ..................... 5,184,458 1,716,150 1,001,815 265,896 1,689,746 282,315 228,536 5,112,597 1,700,048 969,102 230,042 1,706,194 277,171 230,040

See footnotes at end of table. 
88 CAPITAL MOVEMENTS 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2002, 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 

 pur- 

 chases 

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financing Bank 

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps and

 federally-

 spon- 

 sored 

 agencies 

 (3) 

 Bonds

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13)

 Stocks

 (14) 

Asia: 

China: 

Mainland ........................... 241,057 167,234 59,073 7,618 1,845 4,892 395 178,128 143,157 29,809 1,656 1,684 1,393 429

Taiwan .............................. 54,738 13,937 15,736 2,336 6,197 6,008 10,524 37,320 14,534 4,978 954 5,936 1,442 9,476

Hong Kong........................ 212,321 93,782 37,974 8,251 11,388 13,007 47,919 199,620 102,841 25,385 4,383 9,599 10,712 46,700

India .................................. 11,059 8,854 13 42 373 118 1,659 12,035 9,709 2 1 417 40 1,866

Indonesia .......................... 6,685 4,540 797 115 462 401 370 5,300 3,770 342 56 466 244 422

Israel ................................. 36,645 25,459 1,510 1,458 5,338 480 2,400 31,371 20,327 1,558 875 5,486 317 2,808

Japan ................................ 886,937 446,729 114,430 24,721 65,427 94,909 140,721 804,507 415,999 76,874 13,795 53,090 102,951 141,798

Korea ................................ 99,362 66,822 13,644 2,517 959 4,831 10,589 86,383 53,887 12,976 1,034 847 7,866 9,773

Lebanon............................ 831 5 23 13 654 83 53 815 4 8 26 632 81 64

Malaysia............................ 13,062 7,643 2,729 174 250 678 1,588 12,141 6,782 1,406 105 285 1,220 2,343

Pakistan ............................ 295 - 43 174 57 5 16 94 - 4 1 51 3 35

Philippines ........................ 5,993 2,611 977 364 297 1,369 375 6,995 2,432 724 220 337 2,945 337

Singapore ......................... 161,395 60,292 14,710 10,975 44,929 13,298 17,191 149,422 62,883 12,548 9,649 36,692 11,030 16,620

Syria.................................. 36 14 - 2 12 - 8 31 10 - - 16 - 5

Thailand ............................ 17,649 15,839 293 229 359 377 552 19,081 17,756 194 62 355 124 590

Other Asia......................... 66,523 34,098 6,339 3,653 19,119 1,839 1,475 68,740 37,918 4,279 3,244 20,394 1,225 1,680

Total Asia ................. 1,814,588 947,859 268,291 62,642 157,666 142,295 235,835 1,611,983 892,009 171,087 36,061 136,287 141,593 234,946

Africa: 

Congo (formerly Zaire).... 115 - - - 114 - 1 118 - - - 113 - 5

Egypt............................. 1,053 257 90 72 367 183 84 1,163 578 18 35 372 107 53

Ghana........................... 745 506 1 - 17 219 2 23 - - - 17 - 6

Liberia........................... 1,102 53 226 79 402 130 212 976 52 197 66 428 58 175

Morocco........................ 195 160 2 - 13 6 14 227 171 1 4 30 16 5

South Africa.................. 3,134 283 31 265 663 433 1,459 4,351 171 70 260 639 1,583 1,628

Other Africa .................. 5,227 1,224 1,162 215 1,402 649 575 3,463 670 493 139 1,451 199 511

Total Africa ............... 11,571 2,483 1,512 631 2,978 1,620 2,347 10,321 1,642 779 504 3,050 1,963 2,383

Other countries: 

Australia........................ 100,882 47,219 5,561 10,988 11,941 7,816 17,357 90,800 43,893 5,188 7,950 9,039 7,341 17,389

New Zealand 7 .............. 4,450 1,247 416 440 807 818 722 4,688 1,943 422 449 479 686 709

All other countries......... 5,485 1,642 1,007 336 1,509 723 268 4,963 1,363 1,009 232 1,564 525 270

Total other countries 110,817 50,108 6,984 11,764 14,257 9,357 18,347 100,451 47,199 6,619 8,631 11,082 8,552 18,368

Total foreign countries 15,719,420 7,336,632 1,725,138 819,990 3,201,985 1,376,761 1,258,914 15,147,501 7,218,106 1,529,852 638,193 3,152,489 1,348,256 1,260,605

International and 

 regional orgs.: 

International ..................... 8,306 5,473 1,307 774 624 55 73 6,738 3,831 1,696 264 636 156 155

European regional ............ 2,118 638 52 30 - 189 1,209 1,695 313 - 80 - 183 1,119

Latin American 

 regional............................... 1,214 346 71 144 562 12 79 1,165 349 80 87 607 19 23

Caribbean regional 8 ............ --------------

Asian regional................... 5,009 3,353 1,580 29 46 - 1 4,841 3,267 1,504 27 39 - 4

African regional................. 20 1 15 1 - 3 - 38 35 3 - - - -

Middle Eastern 

 regional......................... 45 - 1 - 42 - 2 51 5 - - 45 - 1

 Total international 

 and regional............ 16,712 9,811 3,026 978 1,274 259 1,364 14,528 7,800 3,283 458 1,327 358 1,302

 Grand total.............. 15,736,132 7,346,443 1,728,164 820,968 3,203,259 1,377,020 1,260,278 15,162,029 7,225,906 1,533,135 638,651 3,153,816 1,348,614 1,261,907

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 Before January 2001, data included in United Kingdom. 

4 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.” 

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7 Before January 2001, data included in “All other countries.” 

8 Before January 2001, data included in “Latin American regional.” 
CAPITAL MOVEMENTS 89

CHART CM-C.—Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

0

50

100

150

200

250

2000 2001 2002 2003

Jan. - June

2003

Apr. - June

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 2003 

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 2000 2001 2002

 2003

 Jan. - June

2003

Apr. - June

United Kingdom................................166,290 183,986 186,004 84,047 45,913

All other Europe ................................128,577 78,921 57,148 75,787 50,373

Caribbean banking 

centers 1,2 19,883 57,817 77,099 49,212 38,372

Japan ................................................................ 52,006 56,589 91,549 76,518 57,091

All other Asia................................ 52,151 110,995 109,465 74,330 34,131

Subtotal................................ 418,907 488,308 521,265 359,894 225,880

All other countries................................ 38,921 32,541 26,061 27,740 21,959

Grand total ................................ 457,828 520,849 547,326 387,634 247,839

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 acquire 

U.S. equities through mergers 

that involve stock swaps. Net 

foreign acquisitions of U.S. 

equities through stock swaps 

amounted to $21 billion in 

2000, $7 billion in both 2001 

and 2002, and zero in the first 

half of 2003. (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.

The data present aggregate net 

purchases for 2000 through the 

first half of 2003. The figures 

show that foreigners’ annual net 

purchases (gross purchases 

minus gross sales) of U.S. 

securities have maintained an 

extremely high level since 

2000.

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2002, 

net foreign acquisitions 

(including stock swaps) of U.S. 

securities totaled a record $554 

billion. In the first half of 2003, 

net foreign acquisitions of U.S. 

securities have accelerated to 

$388 billion, or more than $700 

billion on an annual basis.
90 CAPITAL MOVEMENTS

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors*

-100

-50

0

50

100

150

 1999 2000 2001 2002 2003

Jan. -

June

2003

Apr. -

June

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2003 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 1999 2000 2001 2002

2003

Jan. - June

2003

Apr. - June

Foreign bonds ................................ 5,676 4,054 -30,502 -28,406 -33,264 -23,371

Foreign stocks................................ -15,640 13,088 50,113 1,629 30,730 14,000

Total ................................ -9,964 17,142 19,611 -26,777 -2,534 -9,371

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities.

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. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, 

$47 billion in 200, but only $3 

billion in 2002, and $15 billion in 

the first half of 2003. (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.

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. In 

2001, U.S. investors sold $31 

billion in foreign bonds, but U.S. 

purchases of foreign stocks held 

up and U.S. acquisitions of 

foreign securities (including stock 

swaps) only fell to $67 billion. In 

2002, U.S. investors again sold 

foreign bonds ($28 billion), but 

U.S. purchases of foreign stocks 

(including stock swaps) fell 

sharply and on net U.S. investors 

sold $24 billion in foreign 

securities. In 2003, strong U.S. 

demand for foreign equities has 

offset continued net sales of 

foreign bonds; on net (including 

stock swaps), U.S. investors 

acquired $12 billion in foreign 

securities in the first half of the 

year.
91

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury and Federal 

Financial Institutions Examination Council (FFIEC) 035 

reports. Tables I-3 through VI-3 present quarterly 

consolidated currency data reported by large market 

participants and FFIEC reporters 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. 
92 FOREIGN CURRENCY POSITIONS 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

01/01/03........................................................ 327,799 329,365 -2,444 1.5720 

01/08/03........................................................ 334,280 337,908 -2,323 1.5622 

01/15/03........................................................ 349,700 349,870 -1,786 1.5372 

01/22/03........................................................ 353,985 357,211 -2,243 1.5322 

01/29/03........................................................ 365,078 368,727 -2,023 1.5224 

 

02/05/03........................................................ 371,707 375,699 -2,428 1.5217 

02/12/03........................................................ 372,443 374,472 -1,778 1.5295 

02/19/03........................................................ 386,847 386,553 -1,995 1.5132 

02/26/03........................................................ 380,693 384,803 -1,799 1.4950 

 

03/05/03........................................................ 415,123 419,869 -1,445 1.4692 

03/12/03........................................................ 424,878 429,437 -675 1.4755 

03/19/03........................................................ 385,789 389,018 -1,579 1.4829 

03/26/03........................................................ 371,835 376,608 -2,161 1.4698 

 

04/02/03........................................................ 366,454 371,536 -1,918 1.4702 

04/09/03........................................................ 376,358 382,122 -1,132 1.4673 

04/16/03........................................................ 385,994 391,272 -2,076 1.4548 

04/23/03........................................................ 385,073 385,103 -2,037 1.4518 

04/30/03........................................................ 388,285 392,328 -2,165 1.4339 

 

05/07/03........................................................ 413,661 418,050 -2,446 1.3975 

05/14/03........................................................ 423,489 428,231 -1,218 1.3745 

05/21/03........................................................ 412,905 417,777 -1,518 1.3515 

05/28/03........................................................ 428,914 429,168 -1,956 1.3858 

 

06/04/03........................................................ 457,689 458,119 -1,461 1.3571 

06/11/03........................................................ 462,060 464,725 -209 1.3517 

06/18/03........................................................ 421,500 423,943 291 1.3372 

06/25/03........................................................ 415,867 417,545 11 1.3463 

 
FOREIGN CURRENCY POSITIONS 93

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.4997 

2001 - Dec................... 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 

2002 - July................... 321,827 325,353 90,302 93,311 46,414 48,869 43,003 37,247 -2,346 1.5831 

Aug.................. 327,998 328,948 89,554 93,874 45,982 49,956 44,349 39,796 -2,074 1.5591 

Sept................. 340,298 341,562 111,416 110,619 38,607 42,308 38,686 34,707 -1,184 1.5875 

Oct................... 342,524 345,097 115,443 114,270 39,043 43,658 38,794 34,497 -1,510 1.5579 

Nov.................. 352,604 359,597 116,490 115,390 38,887 42,113 37,440 34,834 -1,739 1.5652 

Dec.................. 328,764 328,623 115,070 113,164 38,202 44,315 39,474 33,245 -2,240 1.5729 

2003 - Jan ................... 370,635 370,476 118,156 114,626 54,557 58,979 53,794 50,310 -2,263 1.5219 

Feb .................. 394,491 394,737 125,613 120,107 63,412 70,204 65,980 55,896 -2,132 1.4844 

Mar .................. 372,471 376,108 113,759 117,700 74,015 81,600 71,059 61,867 -1,053 1.4680 

Apr................... 390,837 392,743 117,127 119,430 83,407 88,869 75,608 72,442 -2,222 1.4339 

May.................. 448,771 449,584 120,027 122,330 94,149 96,693 85,814 88,526 -1,678 1.3687 

June................. 407,216 406,581 118,802 122,126 89,504 93,614 81,128 81,180 -336 n.a. 

 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

 

 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 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2000 - Dec................... 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.4997 

2001 - Mar................... 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768 

June................. 30,328 32,561 48,162 42,722 491 417 550 639 n.a. 1.5145 

Sept................. 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.5797 

Dec.................. 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921 

2002 - Mar................... 26,125 29,277 45,237 n.a. n.a. n.a. 595 547 167 1.5932 

June................. 28,748 33,623 45,714 n.a. n.a. 521 930 593 n.a. 1.5166 

Sept................. 39,369 40,753 56,399 38,941 1,449 326 759 351 308 1.5875 

Dec.................. 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 

2003 - Mar................... 45,217 49,821 52,214 40,920 n.a. n.a. 1,323 n.a. -181 1.4680 

 
94 FOREIGN CURRENCY POSITIONS 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

01/01/03...................................................... 165,451 168,282 601 118.83 

01/08/03...................................................... 173,734 176,293 655 119.13 

01/15/03...................................................... 169,618 172,258 541 118.17 

01/22/03...................................................... 163,838 166,934 486 118.28 

01/29/03...................................................... 162,110 165,329 531 118.53 

 

02/05/03...................................................... 166,596 170,755 362 119.96 

02/12/03...................................................... 167,176 170,659 142 121.31 

02/19/03...................................................... 162,193 165,930 373 118.78 

02/26/03...................................................... 161,311 165,217 255 117.14 

 

03/05/03...................................................... 163,905 167,957 70 117.32 

03/12/03...................................................... 163,993 168,196 209 117.30 

03/19/03...................................................... 158,572 162,670 104 120.50 

03/26/03...................................................... 155,573 159,762 491 120.09 

 

04/02/03...................................................... 156,674 159,730 278 118.95 

04/09/03...................................................... 158,375 161,673 327 120.19 

04/16/03...................................................... 157,714 160,665 -214 119.50 

04/23/03...................................................... 162,018 165,393 212 120.45 

04/30/03...................................................... 166,310 170,181 438 118.92 

 

05/07/03...................................................... 165,727 170,609 497 116.39 

05/14/03...................................................... 170,719 174,930 315 116.25 

05/21/03...................................................... 169,602 174,626 93 117.32 

05/28/03...................................................... 170,690 174,576 -80 118.72 

 

06/04/03...................................................... 175,644 179,551 -211 118.86 

06/11/03...................................................... 175,116 177,906 159 117.72 

06/18/03...................................................... 170,372 174,977 179 117.84 

06/25/03...................................................... 170,922 176,264 277 117.98 

 
FOREIGN CURRENCY POSITIONS 95

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42 

2001 - Dec................... 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 

2002 - July................... 166,425 168,669 84,076 83,590 27,855 25,642 32,086 33,516 372 119.88 

Aug.................. 155,188 158,400 43,412 42,677 26,362 24,416 30,046 31,327 325 118.45 

Sept................. 168,294 170,760 37,705 38,360 28,641 26,848 33,179 34,241 329 121.81 

Oct................... 185,856 187,063 40,749 39,930 28,833 26,821 34,320 35,183 332 122.56 

Nov.................. 185,258 187,762 36,202 36,193 26,885 24,521 32,062 33,551 537 122.59 

Dec.................. 172,452 174,884 35,744 36,565 26,486 24,120 31,305 32,826 623 118.81 

2003 - Jan ................... 173,840 176,729 40,346 40,639 27,375 23,931 31,172 32,360 290 119.92 

Feb .................. 173,119 176,336 40,267 40,022 26,885 24,780 31,668 31,724 242 118.16 

Mar .................. 164,136 166,657 39,522 38,871 26,829 25,118 30,419 30,420 198 118.01 

Apr................... 173,184 177,011 40,161 39,103 27,772 25,116 29,768 32,071 327 118.92 

May.................. 182,556 187,039 40,950 40,082 30,410 29,653 32,058 36,532 -186 119.38 

June................. 179,052 183,114 43,177 41,707 28,216 27,996 35,145 34,606 -21 n.a. 

 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42 

2001 - Mar................... 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54 

June................. 12,129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77 

Sept................. 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23 

Dec.................. 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68 

2002 - Mar................... 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -17 132.73 

June................. 12,703 12,179 5,127 5,006 n.a. n.a. n.a. n.a. -73 119.62 

Sept................. 13,370 13,262 5,606 5,113 n.a. n.a. n.a. n.a 479 121.81 

Dec.................. 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 

2003 - Mar................... 11,864 12,363 4,349 3,760 n.a. n.a. n.a. n.a. -471 118.01 

 
96 FOREIGN CURRENCY POSITIONS 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

01/01/03...................................................... 279,051 279,444 1,685 1.3823 

01/08/03...................................................... 316,666 316,856 1,434 1.3888 

01/15/03...................................................... 311,990 311,774 1,339 1.3853 

01/22/03...................................................... 304,749 302,082 803 1.3639 

01/29/03...................................................... 323,005 322,577 1,296 1.3569 

 

02/05/03...................................................... 330,174 329,244 1,699 1.3594 

02/12/03...................................................... 325,996 328,585 2,116 1.3707 

02/19/03...................................................... 343,935 341,629 1,574 1.3682 

02/26/03...................................................... 351,239 349,341 1,817 1.3559 

 

03/05/03...................................................... 377,533 373,374 1,500 1.3315 

03/12/03...................................................... 394,078 388,413 1,648 1.3354 

03/19/03...................................................... 343,999 343,492 1,841 1.3944 

03/26/03...................................................... 332,628 333,193 2,130 1.3822 

 

04/02/03...................................................... 336,511 334,328 1,518 1.3798 

04/09/03...................................................... 343,433 341,333 2,130 1.3809 

04/16/03...................................................... 357,938 355,214 2,537 1.3709 

04/23/03...................................................... 350,932 348,454 3,087 1.3741 

04/30/03...................................................... 350,695 349,253 3,070 1.3550 

 

05/07/03...................................................... 352,262 351,599 3,281 1.3223 

05/14/03...................................................... 360,017 362,605 3,024 1.3160 

05/21/03...................................................... 361,617 366,317 2,733 1.2970 

05/28/03...................................................... 376,057 375,655 3,289 1.2950 

 

06/04/03...................................................... 425,278 433,366 2,658 1.3175 

06/11/03...................................................... 434,856 443,033 2,921 1.3100 

06/18/03...................................................... 359,404 368,334 2,283 1.3236 

06/25/03...................................................... 359,090 365,773 2,855 1.3291 

 
FOREIGN CURRENCY POSITIONS 97

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 -1,458 1.6132 

2001 - Dec................... 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579 

2002 - July................... 291,133 297,916 70,530 73,555 48,891 42,508 47,290 47,374 5,198 1.4855 

Aug.................. 279,448 282,902 65,321 64,875 44,745 39,628 41,406 44,858 2,634 1.4967 

Sept................. 308,953 311,719 57,271 56,240 43,585 36,998 40,657 42,609 2,419 1.4767 

Oct................... 329,817 331,723 61,542 60,204 49,182 42,107 46,765 48,272 1,999 1.4776 

Nov.................. 326,252 327,349 51,143 52,342 52,282 n.a. 46,480 48,920 1,585 1.4833 

Dec.................. 279,198 282,012 50,561 55,492 53,399 45,776 45,632 44,198 1,190 1.3818 

2003 - Jan ................... 315,312 314,037 55,292 60,614 66,238 57,658 56,105 57,183 1,879 1.3641 

Feb .................. 351,216 345,589 56,883 62,372 62,100 53,973 53,107 55,043 1,621 1.3530 

Mar .................. 325,233 321,400 51,505 58,854 63,863 55,484 56,822 62,303 1,322 1.3506 

Apr................... 345,202 345,071 58,405 65,330 59,889 49,829 71,580 77,275 3,166 1.3550 

May.................. 402,399 404,045 50,437 58,397 58,486 50,292 78,951 76,736 2,085 1.3004 

June................. 423,274 426,427 45,783 53,420 66,684 50,684 89,393 95,537 3,630 n.a. 

 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.6132 

2001 - Mar................... 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.7360 

June................. 28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.7940 

Sept................. 19,564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.6188 

Dec.................. 22,988 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579 

2002 - Mar................... 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826 

June................. 27,717 34,175 32,500 19,410 n.a. n.a. n.a. n.a. 785 1.4826 

Sept................. 27,500 32,490 23,980 9,526 n.a. n.a. 3,850 n.a. 630 1.4767 

Dec.................. 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 

2003 - Mar................... 26,664 35,529 25,041 9,785 n.a. n.a. n.a. n.a. 338 1.3506 

 
98 FOREIGN CURRENCY POSITIONS 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

01/01/03...................................................... 428,751 433,189 -400 1.6111 

01/08/03...................................................... 449,220 449,000 -718 1.6119 

01/15/03...................................................... 468,459 467,948 -409 1.6044 

01/22/03...................................................... 479,323 474,732 -656 1.6192 

01/29/03...................................................... 484,123 483,092 -201 1.6465 

 

02/05/03...................................................... 480,203 480,204 -394 1.6420 

02/12/03...................................................... 493,286 496,888 -109 1.6159 

02/19/03...................................................... 501,838 500,515 335 1.5963 

02/26/03...................................................... 523,752 516,590 93 1.5820 

 

03/05/03...................................................... 500,292 495,225 149 1.6006 

03/12/03...................................................... 507,866 499,835 74 1.6125 

03/19/03...................................................... 505,587 500,900 -699 1.5642 

03/26/03...................................................... 491,704 487,765 -97 1.5745 

 

04/02/03...................................................... 469,724 468,318 -692 1.5668 

04/09/03...................................................... 482,225 479,460 -185 1.5634 

04/16/03...................................................... 490,497 491,328 121 1.5800 

04/23/03...................................................... 487,616 491,920 81 1.5877 

04/30/03...................................................... 499,516 500,023 -112 1.6001 

 

05/07/03...................................................... 501,848 503,271 -660 1.5959 

05/14/03...................................................... 499,380 498,539 -130 1.6178 

05/21/03...................................................... 523,430 530,139 -663 1.6362 

05/28/03...................................................... 498,833 505,296 -915 1.6393 

 

06/04/03...................................................... 531,542 537,503 590 1.6303 

06/11/03...................................................... 545,421 549,802 -191 1.6669 

06/18/03...................................................... 544,529 549,163 -1,039 1.6785 

06/25/03...................................................... 529,313 535,951 -928 1.6718 

 
FOREIGN CURRENCY POSITIONS 99

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922 

2001 - Dec................... 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 

2002 - July................... 455,736 487,603 204,138 195,022 35,290 29,178 37,620 39,058 977 1.5633 

Aug.................. 377,470 409,751 197,332 187,173 31,003 26,741 34,739 36,192 622 1.5499 

Sept................. 439,123 445,884 204,296 184,699 29,932 26,994 32,633 31,537 627 1.5683 

Oct................... 461,424 463,293 190,966 180,521 29,353 25,523 32,687 33,387 61 1.5644 

Nov.................. 482,441 486,528 180,416 168,543 28,392 27,101 33,130 32,519 -325 1.5564 

Dec.................. 424,601 428,435 196,492 182,276 26,278 22,651 27,928 26,744 -396 1.6094 

2003 - Jan ................... 458,333 457,973 203,395 196,088 28,418 26,310 32,982 32,136 -315 1.6468 

Feb .................. 488,419 484,097 191,092 180,424 28,630 26,456 32,589 31,074 -20 1.5737 

Mar .................. 466,859 465,807 191,927 175,543 27,596 25,077 30,617 30,060 -461 1.5830 

Apr................... 491,959 490,555 195,716 194,788 33,382 28,740 33,464 31,581 -83 1.6001 

May.................. 498,579 502,982 202,960 202,596 31,840 28,611 37,418 35,992 204 1.6354 

June................. 503,158 507,402 211,692 209,105 31,667 32,063 37,818 35,800 -1,206 n.a. 

 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.4922 

2001 - Mar................... 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.4155 

June................. 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.4140 

Sept................. 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.4691 

Dec.................. 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556 

2002 - Mar................... 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,633 512 1.4243 

June................. 30,530 30,126 28,877 22,290 n.a. n.a. 4,050 3,974 303 1.5313 

Sept................. 31,096 31,837 38,781 26,991 2,197 n.a. 2,705 2,948 260 1.5683 

Dec.................. 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 

2003 - Mar................... 31,806 34,365 41,133 29,235 989 666 3,062 2,824 -118 1.5830 

 
100 FOREIGN CURRENCY POSITIONS 

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 Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

01/01/03.................................................... 4,816,995 4,777,774 37 n.a. 

01/08/03.................................................... 5,043,322 4,985,024 -1,014 n.a. 

01/15/03.................................................... 5,052,112 4,992,870 173 n.a. 

01/22/03.................................................... 5,047,933 4,998,200 2,011 n.a. 

01/29/03.................................................... 5,089,287 5,031,083 1,951 n.a. 

 

02/05/03.................................................... 5,177,337 5,109,830 2,287 n.a. 

02/12/03.................................................... 5,176,128 5,108,657 4,094 n.a. 

02/19/03.................................................... 5,132,314 5,089,355 3,602 n.a. 

02/26/03.................................................... 5,289,145 5,242,004 7,610 n.a. 

 

03/05/03.................................................... 5,269,783 5,211,628 3,862 n.a. 

03/12/03.................................................... 5,403,598 5,341,377 6,112 n.a. 

03/19/03.................................................... 5,187,789 5,138,336 10,982 n.a. 

03/26/03.................................................... 5,031,620 4,980,796 5,122 n.a. 

 

04/02/03.................................................... 5,044,620 4,998,378 7,236 n.a. 

04/09/03.................................................... 5,112,159 5,063,753 6,759 n.a. 

04/16/03.................................................... 5,094,194 5,046,981 3,290 n.a. 

04/23/03.................................................... 5,092,755 5,050,080 3,078 n.a. 

04/30/03.................................................... 5,203,529 5,157,154 2,778 n.a. 

 

05/07/03.................................................... 5,262,588 5,215,555 1,007 n.a. 

05/14/03.................................................... 5,467,145 5,512,666 -235 n.a. 

05/21/03.................................................... 5,533,125 5,481,826 716 n.a. 

05/28/03.................................................... 5,641,296 5,612,420 1,278 n.a. 

 

06/04/03.................................................... 5,919,057 5,862,360 1,612 n.a. 

06/11/03.................................................... 5,971,002 5,925,756 1,267 n.a. 

06/18/03.................................................... 5,810,327 5,769,050 1,187 n.a. 

06/25/03.................................................... 5,768,284 5,693,341 -419 n.a. 

 
FOREIGN CURRENCY POSITIONS 101

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 4,880,774 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a. 

2001 - Dec................... 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 

2002 - July................... 5,002,608 4,984,339 - - 728,557 682,247 701,531 691,968 -2,037 n.a. 

Aug.................. 4,715,273 4,784,133 - - 689,138 647,964 660,058 640,390 310 n.a. 

Sept................. 5,029,571 4,971,986 - - 703,912 660,959 654,672 630,212 -72 n.a. 

Oct................... 5,202,877 5,156,506 - - 695,594 647,899 650,318 635,574 254 n.a. 

Nov.................. 5,391,916 5,330,541 - - 665,955 624,380 621,836 613,637 1,832 n.a. 

Dec.................. 4,833,934 4,792,314 - - 627,016 570,259 593,640 573,324 -988 n.a. 

2003 - Jan ................... 5,175,309 5,118,250 - - 679,339 622,138 666,091 634,314 2,133 n.a. 

Feb .................. 5,381,390 5,338,509 - - 679,779 627,155 664,270 651,579 3,999 n.a. 

Mar .................. 5,039,541 4,994,731 - - 702,916 657,220 687,702 695,486 5,092 n.a. 

Apr................... 5,247,017 5,204,535 - - 747,975 688,209 810,036 831,556 3,388 n.a. 

May.................. 5,834,796 5,777,754 - - 769,305 737,908 887,444 888,996 221 n.a. 

June................. 5,788,061 5,743,074 - - 730,574 768,955 834,438 838,502 2,849 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 

2001 - Mar................... 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

June................. 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

Sept................. 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

Dec.................. 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a. 

2002 - Mar................... 322,910 358,655 - - n.a. n.a. 36,249 34,420 5,171 n.a. 

June................. 366,689 397,199 - - n.a. n.a. 62,208 59,259 6,161 n.a. 

Sept................. 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a. 

Dec.................. 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 

2003 - Mar................... 412,584 459,429 - - n.a. n.a. n.a. n.a. 1,640 n.a. 

 
102 FOREIGN CURRENCY POSITIONS 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

01/01/03...................................................... 1,629,961 1,693,243 -1,511 0.9533 

01/08/03...................................................... 1,720,174 1,785,514 -1,652 0.9532 

01/15/03...................................................... 1,726,734 1,794,196 -3,820 0.9480 

01/22/03...................................................... 1,764,847 1,810,628 -2,942 0.9321 

01/29/03...................................................... 1,733,797 1,799,962 -2,415 0.9232 

 

02/05/03...................................................... 1,786,556 1,837,106 -3,495 0.9265 

02/12/03...................................................... 1,770,478 1,829,298 -3,709 0.9333 

02/19/03...................................................... 1,772,812 1,826,096 -5,183 0.9308 

02/26/03...................................................... 1,860,008 1,908,758 -9,133 0.9276 

 

03/05/03...................................................... 1,923,663 1,970,835 -5,323 0.9126 

03/12/03...................................................... 1,943,479 1,994,345 -6,885 0.9091 

03/19/03...................................................... 1,901,127 1,941,075 -11,816 0.9473 

03/26/03...................................................... 1,806,323 1,852,031 -14,137 0.9360 

 

04/02/03...................................................... 1,829,809 1,879,226 -7,248 0.9290 

04/09/03...................................................... 1,848,293 1,894,197 -8,290 0.9289 

04/16/03...................................................... 1,838,998 1,888,764 -6,885 0.9163 

04/23/03...................................................... 1,789,481 1,834,035 -7,165 0.9118 

04/30/03...................................................... 1,790,750 1,840,215 -6,294 0.8948 

 

05/07/03...................................................... 1,789,568 1,836,522 -4,235 0.8797 

05/14/03...................................................... 1,899,548 1,930,610 -4,208 0.8699 

05/21/03...................................................... 1,896,562 1,925,365 -5,107 0.8565 

05/28/03...................................................... 1,956,809 1,991,212 -2,961 0.8501 

 

06/04/03...................................................... 2,062,228 2,090,026 -959 0.8575 

06/11/03...................................................... 2,051,546 2,074,645 -4,786 0.8518 

06/18/03...................................................... 1,993,686 2,022,921 -3,080 0.8558 

06/25/03...................................................... 1,984,848 2,025,078 -4,413 0.8665 

 
FOREIGN CURRENCY POSITIONS 103

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.0618 

2001 - Dec................... 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217 

2002 - July................... 1,713,799 1,788,265 1,044,473 997,201 348,950 328,181 297,415 312,085 -577 1.0233 

Aug.................. 1,600,945 1,693,434 1,074,351 1,023,439 306,039 280,310 251,798 277,873 -2,309 1.0179 

Sept................. 1,748,483 1,847,999 1,139,888 1,009,744 302,885 255,182 265,580 298,872 -1,527 1.0130 

Oct................... 1,731,941 1,811,029 1,001,891 944,062 299,973 275,457 266,221 271,388 446 1.0105 

Nov.................. 1,908,810 2,003,269 1,013,179 949,845 299,178 271,861 256,108 267,440 -1,581 1.0058 

Dec.................. 1,625,402 1,696,229 1,040,911 995,739 267,591 247,397 203,958 236,553 -2,361 0.9527 

2003 - Jan ................... 1,711,975 1,778,977 1,126,574 1,067,232 319,095 294,525 262,811 287,048 -3,975 0.9289 

Feb .................. 1,871,008 1,923,237 1,153,350 1,087,609 314,683 291,418 263,837 275,901 -8,459 0.9261 

Mar .................. 1,769,005 1,824,328 1,137,766 1,073,821 324,992 308,101 268,573 284,804 -7,463 0.9153 

Apr................... 1,790,107 1,840,095 1,190,258 1,140,468 342,837 327,959 288,370 303,812 -7,365 0.8948 

May.................. 1,975,884 2,012,961 1,245,967 1,190,840 387,429 365,088 270,564 298,278 -2,323 0.8497 

June................. 1,921,477 1,962,099 1,154,438 1,122,454 363,616 339,895 276,205 297,784 -5,230 n.a. 

 

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

[In billions of euros. Source: Office of Foreign Exchange Operations] 

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) 

 

2000 - Dec................... 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618 

2001 - Mar................... 158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 1.1371 

June................. 167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.1773 

Sept................. 161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.0990 

Dec.................. 171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217 

2002 - Mar................... 139,640 143,570 201,735 123,114 n.a. n.a. 15,392 13,788 547 1.1468 

June................. 165,752 165,199 201,526 141,469 n.a. n.a. 16,231 15,209 1,044 1.0099 

Sept................. 169,381 167,479 197,713 140,707 n.a. n.a. 29,747 29,540 487 1.0130 

Dec.................. 162,235 151,909 176,225 152,800 n.a. n.a. 16,812 13,985 -86 0.9527 

2003 - Mar................... 172,794 164,933 206,394 164,179 n.a. n.a. 21,040 13,982 -3,082 0.9153 

 
104 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

Table ESF-1 presents the assets, liabilities and capital 

of the fund. The figures are in U.S. dollars or their equivalents 

based on current exchange rates computed according to the 

accrual method of accounting. The capital account represents 

the original capital appropriated to the fund by Congress of $2 

billion, minus a subsequent transfer of $1.8 billion to pay for 

the initial U.S. quota subscription to the International 

Monetary Fund. Gains and losses are reflected in the 

cumulative net income (+) or loss (-) account. 

Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Dec. 31, 2002, and Mar. 31, 2003 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities and capital Dec. 31, 2002 

Jan. 1, 2003, 

through 

Mar. 31, 2003 Mar. 31, 2003 

Assets 

U.S. dollars: 

Held with Treasury: 

Uninvested cash 1 ............................................................ - 1,973,519 1,973,519

U.S. Government securities............................................. 9,753,357 -1,119,331 8,634,026

Special drawing rights 2 ........................................................... 12,165,677 -773,242 11,392,435

Foreign exchange and securities: 

European euro ..................................................................... 8,867,996 431,838 9,299,834

Japanese yen....................................................................... 7,952,715 45,884 7,998,599

Accounts receivable................................................................. 123,296 -16,164 107,132

Total assets.......................................................................... 38,863,041 -1,431,015 39,405,545

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 119,430 -99,631 19,799

Total current liabilities...................................................... 119,430 -99,631 19,799

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000

SDR allocations ................................................................... 6,661,009 69,916 6,730,925

Total other liabilities......................................................... 8,861,009 69,916 8,930,925

Capital: 

Capital account .................................................................... 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) ....................... 29,682,602 572,219 30,254,821

Total capital...................................................................... 29,882,602 572,219 30,454,821

Total liabilities and capital............................................ 38,863,041 542,504 39,405,545

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 105

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2003, 

through 

Mar. 31, 2003 

Fiscal year to date 

Oct. 1, 2002, 

through 

Mar. 31, 2003 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .............................................................................. 400,683 1,111,810

Adjustment for change in valuation 

 of SDR holdings and allocations 2 ..................................................... 49,881 199,460

Interest (+) or net charges (-) on: 

SDRs.................................................................................................. 21,649 49,265

U.S. Government securities............................................................... 31,986 68,388

Foreign exchange .............................................................................. 68,138 139,794

Commissions ......................................................................................... - -

Income from operations..................................................................... 572,337 1,568,717

Net income (+) or loss (-)............................................................... 572,337 1,568,717

1

 Due to debt crisis during the period of March 2003, this amount was not invested, per 

Fiscal Assistant Secretary. Debt crisis officially ended June 2003; therefore, figure will not be 

forthgoing for next submission. 

2

 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 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 109

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal 2004. 

The 24-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 

2004. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal 2004)....................................................................................................................... 72.41 

less: 

Cash balance (fiscal 2004) ................................................................................................................................................................................................. 12.32 

Unfunded authorizations (fiscal 2004)................................................................................................................................................................................ 60.09 

24-month revenue estimate (fiscal 2005 and 2006)........................................................................................................................................................... 62.59 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal 2004)....................................................................................................................... 5.19 

less: 

Cash balance (fiscal 2004) ................................................................................................................................................................................................. 8.13 

Unfunded authorizations (fiscal 2004)................................................................................................................................................................................ -2.95 

24-month revenue estimate (fiscal 2005 and 2006)........................................................................................................................................................... 9.85 

 
110 TECHNICAL PAPERS 

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 

1500 Pennsylvania Ave., NW., Room 4409 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
111

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of June 2003, the debt 

limit was $7,384,000 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 
112 GLOSSARY 

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), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 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. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 
GLOSSARY 113

“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, -4)—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 (FD-2)—(SLUGs) 

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. SLUGs 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).