Contents

JUNE 2004

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 Second-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.......................................................................................................................... 36

PDO-2.—Offerings of Regular Weekly Treasury Bills .................................................................................................................... 41

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ........................................................ 42

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills............................................. 43

U.S. SAVINGS BONDS AND NOTES

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

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

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

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ..................................................................................... 45
IV

Contents

OWNERSHIP OF FEDERAL SECURITIES

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

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

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical)......................................... 49

OFS-2.—Estimated Ownership of U.S. Treasury Securities ........................................................................................................... 50

MARKET YIELDS

Introduction.—Market Yields................................................................................................................................................................ 51

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds............................................................. 51

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ...................................................................................... 52

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin .......................................................................................... 52

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ............................. 53

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction.—International Financial Statistics................................................................................................................................ 57

IFS-1.—U.S. Reserve Assets................................................................................................................................................................. 57

IFS-2.—Selected U.S. Liabilities to Foreigners................................................................................................................................. 58

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

 Residents of Foreign Countries.............................................................................................................................................. 59

CAPITAL MOVEMENTS

Introduction.—Capital Movements...................................................................................................................................................... 60

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

CM-I-1.—Total Liabilities by Type and Holder................................................................................................................................ 63

CM-I-2.—Total Liabilities by Country................................................................................................................................................ 64

CM-I-3.—Total Liabilities by Type and Country.............................................................................................................................. 66

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

 with Respect to Selected Countries..................................................................................................................................... 68

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

CM-II-1.—Total Claims by Type......................................................................................................................................................... 69

CM-II-2.—Total Claims by Country.................................................................................................................................................... 70

CM-II-3.—Total Claims on Foreigners by Type and Country ........................................................................................................ 72

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

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

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 .......................................................................................................................................................... 75

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............................................................................................................................. 76

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country ............................................................................................. 77

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country.................................................................................................. 79

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ............................................. 81
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.................................................... 83

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ....................................................... 84

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country............................................. 85

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

 and Country, during (first quarter)................................................................................................................................... 87

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

 and Country, during (calendar year)................................................................................................................................ 89

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries.................................. 91

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors.................................................................. 92

FOREIGN CURRENCY POSITIONS

Introduction.—Foreign Currency Positions........................................................................................................................................ 93

SECTION I.—Canadian Dollar Positions

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

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

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

SECTION II.—Japanese Yen Positions

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

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

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

SECTION III.—Swiss Franc Positions

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

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

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

SECTION IV.—Sterling Positions

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

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

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

SECTION V.—U.S. Dollar Positions

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

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

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

SECTION VI.—Euro Positions

FCP-VI-1.—Weekly Report of Major Market Participants...........................................................................................................104

FCP-VI-2.—Monthly Report of Major Market Participants..........................................................................................................105

FCP-VI-3.—Quarterly Report of Large Market Participants.........................................................................................................105

EXCHANGE STABILIZATION FUND

Introduction.—Exchange Stabilization Fund....................................................................................................................................106

ESF-1.—Balance Sheet ........................................................................................................................................................................106

ESF-2.—Income and Expense.............................................................................................................................................................107
VI

Contents

SPECIAL REPORTS

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Introduction.—Financial Report Excerpt ..........................................................................................................................................111

Financial Report Excerpt......................................................................................................................................................................112

TRUST FUNDS

Introduction.—Highway Trust Fund..................................................................................................................................................121

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account.............................................................................121

RESEARCH PAPER INDEX ..............................................................................................................................................................122

GLOSSARY...........................................................................................................................................................................................123

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................................................................................................ v

FFO-6.—Customs Collections of Duties, Taxes and Fees by Districts and Ports................................ v

Special Reports

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

Trust Fund Reports:

Airport and Airway Trust Fund................................................................................................ v

Aquatic Resources Trust Fund................................................................................................ v

Black Lung Disability Trust Fund................................................................................................ v

Civil Service Retirement and Disability Fund................................................................ v

Federal Disability Insurance Trust Fund ................................................................................................ v

Federal Hospital Insurance Trust Fund................................................................................................ v

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

Federal Supplementary Medical Insurance Trust Fund................................................................ v

Harbor Maintenance Trust Fund................................................................................................ v

Hazardous Substance Superfund................................................................................................ v

Highway Trust Fund................................................................................................................................ v

Inland Waterways Trust Fund................................................................................................ v

Investments of Specified Trust Accounts................................................................................................ v

Leaking Underground Storage Tank Trust Fund................................................................ v

National Service Life Insurance Fund................................................................................................ v

Nuclear Waste Fund................................................................................................................................ v

Oil Spill Liability Trust Fund................................................................................................ v

Railroad Retirement Account................................................................................................ v

Reforestation Trust Fund................................................................................................ v

Unemployment Trust Fund................................................................................................ v

Uranium Enrichment Decontamination and Decommissioning Fund................................ v

Vaccine Injury Compensation Trust Fund ................................................................ v

Wool Research, Development, and Promotion Trust Fund................................................................ v
OPERATIONS

ProfileoftheEconomy

FederalFiscalOperations

AccountoftheU.S.Treasury

FederalDebt

PublicDebtOperations

U.S.SavingsBondsandNotes

Ownership ofFederalSecurities

MarketYields

U.S.CurrencyandCoinOutstanding

andinCirculation
3

Profile of the Economy

[Source: Office of Macroeconomic Analysis]

Real gross domestic product (GDP)

After rising about 6 percent at an annual rate over the 

second half of 2003, forward momentum continued into the 

first quarter of 2004 as real gross domestic product (GDP) 

increased at a sizable 4.2 percent pace. Growth in the last 

three quarters averaged 5.5 percent at an annual rate, the 

strongest three-quarter performance since 1984. Almost all 

GDP sectors expanded in the first quarter, providing firm 

support for continued gains in economic activity.

Growth in personal consumption expenditures picked up 

to a 3.8 percent rate from 3.2 percent in the prior quarter. 

Increased spending on services, particularly medical care 

and housing, accounted for much of the growth. Business 

investment in equipment and software was also very

favorable, with an 11.5 percent rate of increase representing 

an eighth straight quarterly gain. Business investment in 

structures continued its long string of declines, but the pace 

of inventory investment picked up as businesses became 

more confident about the sustainability of aggregate

demand. Residential investment grew modestly in the first 

quarter.

Exports rose 3.2 percent at an annual rate in the first 

quarter for a third straight quarterly increase, though growth 

slowed sharply from the fourth quarter. Imports increased at 

a 2.0 percent pace, but because the level of imports is so 

much higher than exports, the changes were roughly

offsetting and the trade deficit remained virtually the same.

In the government sector, Federal consumption

expenditures and gross investment increased at a 10.1

percent annual rate as defense spending grew $17 billion in 

real terms, or an annual rate of 15.1 percent. Nondefense 

showed a 0.7 percent rate of increase. Expenditures and 

investment of state and local governments continued to be 

squeezed by tight budgets and fell 2.6 percent at an annual 

rate in the first quarter. 

Growth of Real GDP

4.4 4.3 4.5 4.7

2.2

0.0

2.8

4.3 4.2

0

1

2

3

4

5

6

96 97 98 99 00 01 02 03 04*

(Percent change, fourth quarter to fourth quarter)

*2004 based on first quarter

Inflation

Inflation at both the consumer and producer price levels 

picked up in the early part of this year. The consumer price 

index (CPI) rose by 0.5 percent in March, bringing the

annual rate increase during the first 3 months of 2004 to 5.1 

percent. This is up from 1.9 percent during all of 2003 but 

slightly less than during the first quarter of that year. Energy 

prices jumped at a near 39 percent pace during the first 3 

months of 2004 and also boosted CPI growth in the same 

months of 2003. The increase in food prices slowed to a 1.3 

percent annual rate in the first 3 months of 2004 from 3.6 

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

energy), however, moved from a very low 1.1 percent pace 

during 2003 to an annual rate of 2.9 percent during the first 3 

months of this year. The increase last year was the smallest 

annual rise since 1960.

The pattern at the producer level mirrors developments at 

the consumer level. Overall finished goods prices rose by 4.0 

percent during 2003 but were up at a 5.1 percent annual rate 

during the first 3 months of this year. Rising core prices and 

a sharp jump in energy costs contributed to the overall

acceleration, offset somewhat by moderation in the increase 

in wholesale food costs. Energy prices were up at a 23.5 

percent annual rate through March, more than double the 

11.5 percent rise during 2003 but much less than during the 

first quarter of that year. Core prices rose by 1.0 percent last 

year but have increased at a 2.1 percent pace so far this year. 

Wholesale food prices rose at a 1.1 percent pace during the 

first 3 months of 2004, well below the 7.7 percent increase 

last year. Further back in the production chain, the pace of 

core intermediate materials price increases accelerated from 

2.1 percent during 2003 to an annual rate of almost 9 percent 

during the first quarter of 2004.
4 PROFILE OF THE ECONOMY

0

1

2

3

4

5

6

7

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

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

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

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

Labor costs remain subdued. Hourly compensation costs 

as calculated in the national income accounts for the private 

nonfarm business sector increased at a 4.0 percent annual 

rate in the first quarter of 2004. This was the same as 

averaged during 2003 but slightly faster than the 3.5 percent 

increase in productivity. As a result, unit labor costs rose at a 

0.5 percent pace in the first quarter after declining by 1.3 

percent across the four quarters of 2003. The employment 

cost index (ECI) for total compensation, a fixed-weighted 

compensation measure, increased by 3.8 percent during the 

12-month period ending in March, boosted by a surge in 

benefit costs. This was close to the 3.9 percent increases for 

the comparable periods in each of the previous 2 years.

Employment and unemployment

The labor market recovery that began in August 2003 

strengthened notably heading into the spring of 2004.

Nonfarm payroll employment rose by 1.1 million over the 8 

months ended in April, and the unemployment rate retreated 

from a 9-year high of 6.3 percent in June 2003 to 5.6

percent.

Nonfarm payroll employment surged by 288,000 in April 

on top of a 337,000 jump in March-the best 2-month 

performance in 4 years. Employment growth since the

August trough has been concentrated in the private serviceproducing sector, with the bulk of the gains in professional 

and business services, health services, and leisure and

hospitality. Construction employment continued to grow at a 

solid pace through April. Manufacturing payrolls expanded 

by 37,000 over the latest 3 months after a 3-1/2-year slump 

during which 3 million factory jobs were lost.

The unemployment rate eased back to 5.6 percent in 

April from 5.7 percent in March. The jobless rate has

hovered around 5.6 percent since the beginning of the year 

and is the lowest since early 2002. 

Wage gains remain subdued despite the recovery in labor 

demand. Over the 12 months ended in April, average hourly 

earnings of nonfarm production workers rose 2.2 percent 

compared to 3.0 percent in the year-earlier period. However, 

growth in earnings adjusted for inflation firmed to 0.4

percent over the 12 months ended in March (latest available) 

after easing by 0.1 percent over same period in 2003. The 

small decline recorded last year reflected a surge in energy 

prices, which boosted inflation and ate into real earnings. 

Although energy prices remain elevated, they have grown 

more slowly over the latest year. 
PROFILE OF THE ECONOMY 5

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 04

(Percent)

Apr. 2004

5.6%

Payroll Employment

22

-140

-174

-302

-71

-14

-49 -54 -58

-21

60

193

-1

-400

-300

-200

-100

0

100

200

300

400

01-I II III IV 02-I II III IV 03-I II III IV 04-I

(Average monthly change in thousands)

Real disposable personal income and 

consumer spending

Personal income in nominal terms grew at a 5.6 percent 

annual rate in the first quarter of 2004. This represented an 

acceleration from the 4.3 percent pace across the four

quarters of last year. Wages and salaries, which account for 

more than half of personal income, grew at a strong

4.8 percent annual rate in the first quarter, up from the 3.2 

percent advance during 2003. Personal interest income

edged up slightly in the first quarter after increasing by 3.7 

percent at an annual rate in the fourth quarter. Prior to these 

two increases, interest income had been moving down on 

average for 3 years. Dividend income continued up at a

healthy pace in the first quarter. Personal current transfer 

receipts, which include transfer payments from the

government, grew at a 5.6 percent rate in the first quarter, 

off a little from the 6.7 percent pace last year.

Disposable (after-tax) income adjusted for inflation

moved up at a 4.3 percent annual rate in the first quarter, a 

modest acceleration from the 3.6 percent gain during 2003. 

These increases in inflation-adjusted disposable income

reflected the impact of the Jobs and Growth Tax Relief

Reconciliation Act of 2003. 

Real consumer spending rose at a 3.8 percent annual rate 

in the first quarter, up from an increase of 3.2 percent in the 

fourth quarter but in line with the 4.0 percent gain across all 

four quarters of 2003. With after-tax income up at a slightly 

faster rate than real spending in the first quarter, the personal 

saving rate edged up to 1.9 percent from 1.7 percent in the 

fourth quarter. The saving rate stood at 2.1 percent for all of 

2003, down from 2.3 percent during 2002. 

Industrial production and capacity 

utilization

Industrial production continued its solid performance at 

the beginning of 2004. Output from factories, mines, and 

utilities rose by a strong 6.6 percent at an annual rate in the 

first quarter, the fastest pace in nearly 4 years. Production 

fell by 0.2 percent in March but that was largely due to a 

sizeable decline in activity at utilities as a result of unusually 

warm weather. Output rose by 3.4 percent over the 12

months ending in March.

Manufacturing production, which accounts for about 82 

percent of all industrial output, was flat in March following a 

large 1.1 increase in February. Factory output advanced by a 

strong 5.9 percent at an annual rate in the first quarter on top 

of the fourth quarter’s 6.1 percent rise. (April’s employment 

report also showed that the manufacturing sector began to 

create jobs in February after 42 consecutive months of job 

contraction.) Production of motor vehicles and parts

increased at an 8.6 percent annual rate in the first quarter, 

roughly on par with the fourth quarter’s 8.8 percent gain. 

Vehicle and part production declined by 2.2 percent in

March. Apart from automobiles, manufacturing output rose 

at a 5.6 percent annual rate in the first quarter. Production in 

the high-technology industries (computers, communications 

equipment, and semiconductors) rose at a rapid 30 percent 

annual rate in the first quarter. In recent quarters, this

industry sector has been running at rates not seen since mid -

2000. Both the computers and office equipment sector and 

semiconductors have accounted for much of these sharp 

gains. Communications equipment remains the weakest

segment of the high-technology group. Nondurable

manufacturing rose by 1.8 percent at an annual rate in the 
6 PROFILE OF THE ECONOMY

first quarter, down somewhat from the fourth quarter’s 3-

year high of 2.5 percent. Chemicals and apparel and leather 

accounted for much of the first-quarter rise. Production at 

utilities, which accounts for 10 percent of total industrial 

output, rose by a strong 17.0 percent in the first quarter–

mainly because of severe weather. Output at mines (the

remaining 8 percent of industrial output) rose by 1.0 percent 

at an annual rate in the first quarter, about the same as in the 

prior two quarters. 

The capacity utilization rate for the industrial sector

ended the first quarter at 76.5 percent, up from last June’s 

two-decade low of 74.0 percent but still 4.6 percentage

points below the long-term average of 81.1 percent.

Capacity utilization ranged between 82 and 85 percent in the 

1994–1999 period. Capacity utilization in the manufacturing 

sector was 75.2 percent in March, 4.8 percentage points 

below its long-term average. Utilization in the high-tech 

industries edged up to the 70.0 percent mark by the end of 

the first quarter, the highest reading in nearly 3 years. That is 

still below its long-term average of 78.8 percent. 

Nonfarm productivity and unit labor costs

Gains in productivity continue to be quite impressive. 

Nonfarm business productivity (real output per hour worked) 

rose 3.5 percent at an annual rate in the first quarter

following the fourth quarter’s 2.5 percent gain. Over the

most recent four quarters, labor productivity rose by 5.4 

percent, well above the already rapid 3.1 percent annual pace 

averaged between 1995 and 2003. Since the fourth quarter of 

2000–a period that includes both recession and recovery–

output per hour in the nonfarm business sector surged by 4.1 

percent at an annual rate, the strongest 13-quarter gain in 40 

years. This provides further evidence of an accelerated “New 

Economy” trend in recent years, compared to the 1973 to 

1995 period, when productivity growth averaged only 1.5 

percent per year. 

Hourly compensation costs rose by 4.0 percent at an 

annual rate in the first quarter and were up by 4.0 percent 

during the past four quarters. Unit labor costs edged up by 

0.5 percent at an annual rate in the first quarter, the first 

increase in a year, but declined by 1.3 percent over the latest 

four quarters as the rise in productivity more than offset the 

increase in compensation costs. 

Productivity in manufacturing advanced by a 3.1 percent 

annual rate in the first quarter and was up by 5.3 percent 

over the most recent four quarters. Hourly compensation in 

manufacturing rose by 5.2 percent at an annual rate in the 

first quarter and by 4.9 percent over the past four quarters. 

Unit labor costs rose at an annual rate of 2.0 percent in the 

first quarter but were down 0.4 percent over the latest four 

quarters.

International transactions

The current account measures trade in goods and

services as well as the flow of net income receipts 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 shown wide 

swings over time. Steady growth of the trade deficit since 

late 2001 pushed the current account deficit to a record high 

of $559 billion at an annual rate (5.2 percent of GDP) in the 

second quarter of 2003. However, subsequent improvement 

in the trade balance combined with a sharp rise in the surplus 

on investment income caused the current account gap to 

recede to $510 billion at an annual rate (4.5 percent of GDP) 

in the fourth quarter. Despite the narrowing, the current 

account deficit reached a new annual high of $542 billion 

(4.9 percent of GDP) in 2003.

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 

include such items as debt forgiveness, wealth transfers

associated with immigration, investment grants and

acquisitions and disposal of nonproduced nonfinancial

assets, are typically small. In the fourth quarter they fell to 

$1.2 billion at an annual rate from outsized flows of $6.2 

billion and $3.3 billion in the second and third quarters,

respectively.

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows rebounded sharply in the fourth quarter 

to $724 billion at an annual rate from $424 billion in the 

third quarter. Net foreign purchases of assets in the United 

States nearly doubled in the fourth quarter to $928 billion at 

an annual rate from $479 billion in the previous quarter. The 

lack of synchronization in movements of the current and 

financial account balances reflects a $333 billion swing, at 

an annual rate, in the statistical discrepancy between the

third and fourth quarters. Foreign purchases of non-Treasury 

securities, especially U.S. equities, increased between the

third and fourth quarters. Foreign purchases of U.S.

corporate bonds also rose, and outlays for federally -

sponsored agency bonds turned slightly positive. Foreign 

direct investment in the United States also rebounded in the 

fourth quarter, but foreign purchases of U.S. Treasuries fell. 

U.S. assets abroad increased at a $204 billion annual rate in 

the fourth quarter compared $55 billion in the prior quarter. 

A major factor in this acceleration was a $104 billion rise at 

an annual rate in U.S. banks’ claims on unaffiliated

foreigners in the fourth quarter compared to an $83 billion 

decline the previous quarter.
PROFILE OF THE ECONOMY 7

Exchange rate of the dollar

The dollar strengthened somewhat in early 2004 after 

falling from a peak in February 2002 through January 2004. 

In the 23-month period between that peak and January, the 

nominal exchange value of the dollar relative to a broad 

index covering the currencies of 26 important U.S. trading 

partners depreciated by 13 percent. During the 3 months 

through April, the dollar began to firm rising by a little more 

than 2 percent.

The decline was 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. Between February 2002 and January 2004, the 

exchange rate of the dollar compared to an index of these 

currencies fell by 24.5 percent. Dollar depreciation against 

the yen and the euro, whose combined weights account for 

roughly 55 percent of the major index, was largely

responsible. Over the same period, the dollar/euro exchange 

rate fell by 31 percent and the dollar/yen exchange rate fell 

by 20.5 percent. Since January, the dollar has risen 3.6 

percent against the major currencies, including a 5.4 percent 

rise against the euro, reflecting indications that the U.S.

economic recovery is gaining strength and rising

expectations of U.S. monetary tightening over the course of 

this year.

The dollar remains relatively strong compared with the 

currencies of many other important trading partners, and the 

pace of its appreciation in the most recent months has picked 

up somewhat. 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 4.2 percent. Since December 1999, this index 

has risen by 10.2 percent.

Interest rates

The Federal Reserve’s monetary stance remained

extremely accommodative through early May. The Federal 

Open Market Committee held the federal funds rate (the rate 

that banks and other financial institutions charge each other 

for overnight loans) constant at 1 percent since June 2003.

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

remained below 1 percent for most of the period since June 

2003. In early May, it rose about 10 basis points in

anticipation of Federal tightening as the economy

strengthened. The 10-year Treasury yield dipped to a low of 

3.75 in early March. Over the past few weeks, however, the 

10-year yield has risen to the 4.8 percent level. 

Mortgage interest rates generally follow movements of

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

30-year fixed-rate loan fell to about 5.4 percent in March 

2004, close to the low of 5.2 percent reached in June 2003. 

The low rates led to a new round of mortgage refinancings 

and helped free additional cash for consumption. In early 

May, it rose to an average 6.12 percent–still low in historical 

perspective.

Corporate bond yields reflect movements in long-term 

Treasury yields as well as numerous other factors. Moody’s 

seasoned Baa yield declined on evidence of faster growth 

and rising corporate profits, reaching an average 6.11

percent in March 2004. The yield rose to 6.42 in April,

reflecting rising yields in bond markets. The spread between 

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

investor risk appetite, narrowed to an average of 2.14

percentage points as of April from nearly 4 percentage

points in late 2002.
8 PROFILE OF THE ECONOMY

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

Housing

Housing construction slowed in the first quarter of 2004 

as the weather in many parts of the country was wetter than 

usual for that time of year. Activity rebounded in the final 

month of the quarter and real residential investment posted a 

2.1 percent annual rate increase in the first quarter. That was 

the ninth straight quarterly gain for this sector, but well 

below the 8.4 percent average of the previous eight quarters.

Sales of new single-family homes continued to be strong 

in the first quarter, which should translate into renewed 

growth in home construction over the next few quarters of 

2004. Sales jumped at a 17.5 percent annual rate in the

quarter to an annualized 1.166 million, a new record high for 

this series which started in 1963. Resales of existing singlefamily homes also did well in the first quarter, posting a 6.2 

million annual rate. That is down from a 6.3 million unit 

selling pace in the fourth quarter of 2003 and a record 6.4 

million unit pace in the third quarter.

Housing starts declined in the first 2 months of the first 

quarter but rebounded in March as more favorable weather 

returned. That was not enough to offset the earlier weakness, 

and starts in the first quarter declined at a 16 percent annual 

rate after surging at about a 36 percent pace in the last two 

quarters of 2003. All of the decline in the latest quarter was 

in single-family homebuilding, while starts in the smaller 

multi-family market increased. Total starts for the entire first 

quarter averaged 1.944 million units at an annual rate, down 

from a 25-year high of 2.031 million in the fourth quarter 

but still quite high by historical standards.

Housing activity continued to be supported by relatively 

favorable mortgage interest rates in the first quarter. The 

mortgage rate for a 30-year conventional fixed-rate loan 

averaged 5.61 percent that quarter, down from 5.92 percent 

in the fourth quarter and a recent quarterly high of 6.01 

percent in the third. Recent data show that rates began rising 

moderately at the start of the second quarter, however,

though demand for new homes depends not only on the

mortgage interest rate but on housing fundamentals as well. 

These remain favorable, including expansion of the home -

buying population, strong economic growth that has resulted 

in increased employment and rising incomes, and continued

home price appreciation. Both home builders and potential 

buyers remain upbeat about housing prospects, as the 

National Association of Home Builders’ housing market 

index and the University of Michigan’s index of consumer 

home buying attitudes rose in April.

Federal budget

The Federal budget posted a $375 billion deficit in fiscal 

year 2003. That was the second consecutive fiscal year

deficit following 4 years of surpluses. In relation to the

overall economy, the 2003 deficit represented a moderate

3.5 percent share of GDP, lower than shares ranging from 

3.9 percent to 4.7 percent from 1990 to 1993 and below the 

4.8 percent to 6.0 percent shares from 1983 to 1986. The 6.0 

percent share reached in 1983 was a post-World War II 

peak.

The deficit continued to widen during the first 6 months 

of fiscal year 2004 as military and other security-related 

expenses rose. In the first half of fiscal year 2004, the deficit 

totaled $299.5 billion. That was $46.4 billion (18 percent) 

wider than in the same months of the previous fiscal year. 
PROFILE OF THE ECONOMY 9

The Administration’s budget projected the deficit to total 

$520.7 billion in fiscal year 2004. That would be about 

$146 billion more than the $375 billion deficit in fiscal year 

2003 and a new record in level terms. In relation to the more 

than $11 trillion U.S. economy, however, the fiscal year 

2004 deficit would be 4.5 percent of GDP. The deficit is 

projected to shrink to $364 billion in fiscal year 2005 and 

continue to diminish each year through the rest of the

forecast horizon, which extends to fiscal year 2009. The 

improvement stems from a growing economy and tight

controls on outlays, particularly discretionary spending

unrelated to defense or homeland security.

It appears that improvement is already beginning and it is 

possible the deficit in fiscal year 2004 could be less than 

projected. The stronger economy has raised individual

incomes and corporate profits and receipts through the first 

half of the fiscal year are about 3 percent higher than the 

comparable period of fiscal year 2003. That is well above 

the 0.9 percent increase in receipts projected for the fiscal 

year. Outlays are 6.6 percent higher than last year through 6 

months of the fiscal year and even less than that after

adjusting for differences in the timing of recurring outlays 

between the two periods. Outlays were projected to grow 7.5 

percent this fiscal year.

Net national saving and investment

Net national saving, the source of funds for new

investment, fell to 1.7 percent of net national product (NNP) 

in 2003 (latest available data) from 2.7 percent in 2002 and a 

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

NNP exclude depreciation to replace worn-out or obsolete 

equipment, software, and structures used in production.)

The decline in the net national saving rate in 2003 mostly 

stemmed from a widening in the Federal budget deficit from 

2.6 percent of NNP in calendar year 2002 to 4.3 percent in 

2003. The Federal deficit has largely reflected the effects of 

the recession and the need for spending on homeland

security following the terrorist attacks in 2001. State and 

local government budgets were in balance on average in 

2003 and 2002; therefore, the total public sector deficit was 

about the same as the Federal deficit for the last 2 years. Last 

year’s deficit is only a little above public sector deficits 

averaging 3.8 percent of NNP from 1982 through 1995.

Private saving was 6.0 percent of NNP in 2003, up from 

the 5.4 percent reached in 2002 and well above the rate of 

3.6 percent in 2001, which was the lowest since 1938.

Personal saving eased to 1.7 percent of NNP during 2003 

from 2.0 percent in 2002, but remained above the 1.4 percent 

in 2001, which was the lowest in 50 years. Retained earnings 

of corporations rose substantially to 4.3 percent of NNP in 

2003 from 3.4 percent in 2002 and 2.2 percent in 2001,

reflecting the upswing in corporate profits which is being 

generated by the continuing strength of the economic

recovery.

Net domestic investment (by government and private

industry in structures, equipment, software, and inventory) 

rose to 7.3 percent of NNP in 2003 from 6.9 percent in 2002. 

Net investment averaged over 9-1/2 percent from 1998

through 2000; nevertheless, the most recent rates of

investment are higher than rates at 6percent or below in 

1991 and 1992. A large part of investment during the last 

decade was financed from abroad; the U.S. balance on

current account swung from 0.3 percent of NNP in 1991 to 

-5.3 percent in 2003.

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 norma lly 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in

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

the three types of revolving funds (public enterprise,

intragovernmental, and trust); offsetting collections are

netted against spending, and outlays are reported as the net 

amount.

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other

Government accounts; and (3) offsetting governmental

receipts that include foreign cash contributions.

Intrabudgetary transactions are subdivided into three

categories: (1) interfund transactions—payments are from

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund

group.

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities fro m (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 Second-Quarter Receipts by Source

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

Second-Quarter Receipts

The following capsule analysis of budget receipts, 

by source, for the second quarter of fiscal year 2004

supplements fiscal data reported in the March issue 

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

release, not enough data were available to analyze

adequately collections for the quarter.

Individual income taxes—Individual income tax

receipts, net of refunds, were $169.0 billion for the second 

quarter of fiscal year 2004. This is a decrease of $5.4 billion

over the comparable prior year quarter. Withheld receipts 

increased by $5.2 billion and non-withheld receipts

decreased by $3.6 billion during this period. Refunds

increased by $6.9 billion over the comparable fiscal year 

2003 quarter. There was a decrease of $3.4 billion in

accounting adjustments between individual income tax

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2003.

Corporate income taxes—Net corporate income tax

receipts were $24.1 billion for the second quarter of fiscal 

year 2004. This is an increase of $12.6 billion compared to 

the prior year second quarter. The $12.6 billion change is 

comprised of an increase of $2.6 billion in estimated and 

final payments, and a decrease of $9.9 billion in corporate 

refunds.

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2004 were $176.5 billion, an increase of $4.9

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $3.5 billion, $0.6 billion, and $0.9 billion,

respectively. There was a -$1.4 billion accounting

adjustment for prior years employment tax liabilities made 

in the second quarter of fiscal year 2004, while there was a 

-$4.9 billion adjustment in the second quarter of fiscal year 

2003.

Unemployment insurance—Unemployment insurance 

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

2004 were $4.7 billion, an increase of $0.9 billion over the 

comparable quarter of fiscal year 2003. Net State taxes

deposited in the U.S. Treasury increased by $0.9 billion to 

$3.7 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.0 billion.
12 FEDERAL FISCAL OPERATIONS

Budget Results and Financing of the U.S. Government

and Second-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.2 billion for the 

second quarter of fiscal year 2004. This was a negligible 

change from the comparable quarter of fiscal year 2003.

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2004 were $16.2 billion, an increase of 

$0.9 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.6 billion, an 

increase of $0.1 billion over the comparable prior year

quarter.

Estate and gift taxes—Net estate and gift tax receipts 

were $5.8 billion for the second quarter of fiscal year 2004. 

These receipts represent an increase of $0.3 billion over the 

same quarter in fiscal year 2003.

Customs duties—Customs duties net of refunds were 

$4.9 billion for the second quarter of fiscal year 2004. This 

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

quarter.

Miscellaneous receipts—Net miscellaneous receipts for 

the second quarter of fiscal year 2004 were $7.3 billion, a 

decrease of $2.4 billion over the comparable prior year

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

Federal Reserve banks decreasing by $1.3 billion.

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

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

Second quarter

January - March Fiscal 2004

Budget estimates

(February 2004)

full fiscal 2004

Total on- and off-budget results:

Total receipts.................................................... 409,603 850,364 1,798,093

On-budget receipts .......................................... 270,727 593,550 1,264,089

Off-budget receipts .......................................... 138,876 256,814 534,004

Total outlays..................................................... 580,404 1,149,836 2,318,834

On-budget outlays........................................... 464,133 965,227 1,938,855

Off-budget outlays........................................... 116,270 184,609 379,979

Total surplus or deficit (-)..................................... -170,802 -229,471 -520,741

On-budget surplus or deficit (-)........................... -193,407 -371,677 -674,766

Off-budget surplus or deficit (-)........................... 22,606 72,205 154,025

Means of financing:

Borrowing from the public..................................... 135,853 254,449 507,181

Reduction of operating cash................................ 11,908 13,686 -40

Other means..................................................... 23,041 31,336 13,600

Total on- and off-budget financing....................... 170,802 299,471 520,741

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2004

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

Source Jan. Feb. Mar.

Individual income taxes ........................................... 99.9 17.7 51.4

Corporate income taxes .......................................... 4.4 0.8 18.9

Employment and general retirement........................... 66.7 52.8 57.0

Unemployment insurance........................................ 1.1 2.9 0.7

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

Excise taxes ......................................................... 5.4 5.1 5.7

Estate and gift taxes ............................................... 2.0 1.6 2.2

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

Miscellaneous receipts............................................ 2.6 2.6 2.1

Total budget receipts........................................... 184.3 85.3 140.0

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

0

50

100

150

200

250

300

350

400

450

500

550

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. receipts Estate/gift taxes Customs duties

2004

2003 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2003-2004

(In billions of dollars)

CHART FFO-A.—

Monthly Receipts and Outlays, 2003-2004

(In billions of dollars) 

-50

0

50

100

150

200

250

A M J J A S O N D J F M A

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

* Prior-year data are for the comparable year.

Note: 

 Individual income taxes 2004-Due to a systematic error, the Earned Income Credit (EIC) reported by the Internal Revenue Service has been adjusted for 

the months of January 2004 and February 2004 to include an increase of $919 million and $6,695 million, respectively. Correspondingly, EIC has been 

adjusted for the month of March 2004 to include a decrease of $7,614 million. These transactions are offset in individual income tax refunds for the

respective months.
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)

 Onbudget

 receipts

 (2)

 Off-budget

 receipts

 (3)

Total outlays

(4)

On-budget 

outlays

(5)

Off-budget 

outlays

(6)

Total

surplus or

deficit (-)

(7)

On-budget 

surplus or

deficit (-)

(8)

Off-budget 

surplus or

deficit (-)

(9)

Means of 

financing

– net transactions

Borrowing from 

the public–

Federal securities

Public debt

securities

(10)

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 1,863,644 1,517,642 346,002 127,401 -34,117 161,518 141,902

2002................................ 1,853,051 1,337,730 515,321 2,010,874 -1,655,210 355,663 -157,823 -317,481 159,658 428,391

2003................................ 1,782,115 1,258,273 523,842 2,156,906 1,793,897 363,010 -374,791 -535,624 160,833 561,811

2004 - Est................................ 1,798,093 1,264,089 534,004 2,318,834 1,938,855 379,979 -520,741 -674,766 154,025 726,721

2005 - Est................................ 2,036,273 1,461,172 575,101 2,399,843 2,004,104 395,739 -363,570 -542,932 179,362 646,999

2003 - Mar................................ 120,358 76,038 44,320 179,288 141,141 38,102 -58,886 -65,103 6,217 15,044

Apr................................ 231,160 175,752 55,408 180,100 145,463 34,637 51,060 30,289 20,771 -6

May ................................ 103,411 60,572 42,839 192,279 153,955 38,324 -88,868 -93,383 4,515 98,564

June................................ 193,043 143,831 49,212 171,820 171,913 -93 21,223 -28,082 49,305 112,268

July ................................ 123,551 84,007 39,544 177,792 142,543 35,249 -54,241 -58,535 4,295 79,210

Aug ................................ 114,243 73,765 40,478 190,859 150,940 39,920 -76,616 -77,175 558 38,838

Sept................................ 191,640 148,093 43,547 165,868 126,248 39,620 25,772 21,845 3,927 -6,331

Oct................................ 135,825 98,337 37,488 205,370 171,636 33,734 -69,545 -73,299 3,754 88,696

Nov ................................ 118,207 77,738 40,469 161,179 122,990 38,189 -42,972 -45,252 2,280 52,840

Dec ................................ 186,730 146,748 39,981 202,883 206,467 -3,584 -16,153 -59,719 43,566 73,172

2004 - Jan................................ 184,250 132,335 51,915 185,642 148,796 36,845 -1,392 -16,461 15,070 14,176

Feb................................ 85,314 43,799 41,515 182,022 142,278 39,744 -96,709 -98,479 1,771 82,305

Mar................................ 140,039 94,593 45,446 212,740 173,059 39,681 -72,701 -78,467 5,765 39,686

Fiscal year 2004 to date................................ 850,365 593,550 256,814 1,149,836 965,226 184,609 -299,472 -371,677 72,206 350,875

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)

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 3,185 -6,292 12,927 -4,056 -236,917

2001................................ -661 231,370 -90,130 -8,440 1,603 8,434 4,717 21,527 -9,430 -127,401

2002................................ 159 -207,708 220,842 16,667 790 14,216 2,457 2,608 -2,802 157,823

2003................................ -148 187,263 374,401 -25,926 353 -4,253 3,208 26,734 506 374,791

2004 - Est................................-288 219,252 507,181 -40 * * * 13,600 * 520,741

2005 - Est................................-502 275,424 371,073 - * * * -7,503 * 363,570

2003 - Mar................................ 478 -13,693 29,215 4,695 24 -7,759 1,173 -27,838 -34 58,886

Apr................................-436 8,239 -8,681 15,195 83 20,736 -116 6,617 136 -51,060

May ................................ 50 24,842 73,772 -20,949 404 -43,299 473 48,274 -1 88,868

June................................515 71,544 41,239 22,548 -160 34,106 -4 5,972 * -21,223

July ................................-23 -6,738 85,926 15,063 -75 25,953 -471 -8,607 177 54,241

Aug ................................144 -6,111 45,093 -39,662 -26 -7,995 -547 16,694 -13 76,616

Sept................................-107 16,917 -23,356 29,513 443 -29,835 1,875 519 99 -25,772

Oct................................-197 23,863 64,637 2 17 6,193 -476 -10,644 * 69,545

Nov ................................-233 9,360 43,246 -13,565 164 -48 28 13,695 * 42,972

Dec ................................ -1,097 61,362 10,714 11,785 395 -8,939 -1,099 -7,581 * 16,153

2004 - Jan................................-490 10,159 3,527 9,304 -40 407 -636 6,774 126 1,392

Feb................................ 127 1,755 80,677 -25,779 89 -3,085 -68 -12,811 * 96,709

Mar................................ 89 -11,874 51,649 4,567 4 -17,376 -177 7,999 71 72,701

Fiscal year 2004 to date................................ -1,801 94,625 254,450 -13,686 629 -22,848 -2,428 6,492 197 299,472

* Less than $500,000. Note.—The estimates are based on the Fiscal Year 2005 Budget, released by the Office of 

Management and Budget on February 2, 2004. 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)

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 1,211,750 618,076 1,965 616,111

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

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

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

2004 - Est................................ 765,399 - - 765,399 168,741 - 168,741 934,140 684,544 - 684,544

2005 - Est................................ 873,837 - - 873,837 230,196 - 230,196 1,104,033 740,274 - 740,274

2003 - Mar................................ 69,540 5,602 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 3,243 35,990 24,051 6,695 4,035 2,660 26,711 54,250 - 54,250

June................................ 58,322 31,411 2,952 86,781 35,921 3,889 32,032 118,813 61,988 - 61,988

July ................................ 57,889 4,064 7,796 54,157 6,017 3,387 2,630 56,787 50,514 - 50,514

Aug ................................ 53,638 4,680 12,864 45,454 3,135 1,864 1,270 46,724 51,763 - 51,763

Sept................................ 56,739 37,116 4,366 89,490 34,484 4,139 30,344 119,834 57,150 1,699 55,451

Oct................................ 62,308 8,000 2,664 67,644 12,652 8,980 3,672 71,316 49,131 - 49,131

Nov ................................ 53,801 2,616 6,773 49,644 3,035 2,837 198 49,843 53,182 - 53,182

Dec ................................ 75,560 7,577 1,723 81,414 44,059 4,756 39,303 120,717 52,592 - 52,592

2004 - Jan................................ 64,946 38,665 3,716 99,895 5,796 1,405 4,391 104,286 66,357 - 66,357

Feb................................ 63,883 3,095 49,297 17,682 3,256 2,431 825 18,507 52,367 - 52,367

Mar................................ 77,807 6,209 32,602 51,415 24,236 5,306 18,931 70,346 56,567 - 56,567

Fiscal year 2004 to date................................ 398,305 66,163 96,775 367,694 93,035 25,715 67,320 435,014 330,196 - 330,196

Social insurance and retirement receipts, con.

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

Railroad retirement

Fiscal year

or month

Gross

(12)

Refunds

(13)

Net

(14)

Net employment 

and general 

retirement

(15)

Gross

(16)

 Refunds

 (17)

 Net un-

 employment

 insurance

 (18)

Federal 

employees 

retirement

(19)

Other

retirement

(20)

Total

(21)

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

2000................................ 4,345 8 4,337 620,447 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 4,713

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

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

2004 - Est................................ 3,885 - 3,885 688,249 39,227 - 39,227 4,690 46 4,736

2005 - Est................................ 3,796 - 3,796 744,070 45,217 - 45,217 4,619 42 4,661

2003 - 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 6 348 54,597 10,325 12 10,313 408 4 412

June................................ -24 8 -32 61,956 951 71 880 355 5 360

July ................................ 403 * 403 50,917 2,534 14 2,520 349 4 353

Aug................................ 326 * 326 52,089 3,962 19 3,943 426 4 430

Sept ................................ 372 -7 379 55,830 1,789 -57 1,846 379 4 383

Oct................................ 367 * 366 49,497 1,841 11 1,829 403 5 408

Nov ................................ 331 * 331 53,513 2,642 5 2,638 349 4 353

Dec ................................ 315 1 314 52,906 365 6 359 353 5 357

2004 - Jan................................ 327 2 327 66,682 1,115 7 1,108 418 3 421

Feb................................ 415 * 415 52,782 2,875 2 2,873 347 5 352

Mar................................ 441 * 441 57,007 686 10 677 377 4 381

Fiscal year 2004 to date................................ 2,195 4 2,192 332,388 9,524 40 9,484 2,246 26 2,272

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 1

(45)

Off-budget

(46)

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 10,375 42,669 1,544,477 480,583

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

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

2003................................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,438 34,317 1,258,273 523,842

2004 - Est................................ 70,776 23,909 - 23,909 22,595 - 22,595 22,880 11,401 34,281 1,264,089 534,004

2005 - Est................................ 73,210 21,442 - 21,442 22,095 - 22,095 25,262 11,283 36,545 1,461,172 575,101

2003 - Mar................................ 4,689 1,999 59 1,941 1,659 82 1,577 1,469 2,373 3,843 76,051 44,320

Apr................................ 6,215 2,810 73 2,737 1,685 72 1,613 2,205 776 2,981 175,766 55,408

May ................................ 4,782 1,640 65 1,575 1,524 81 1,442 2,458 1,122 3,580 60,594 42,839

June................................ 5,583 1,466 60 1,406 1,690 84 1,606 1,401 1,038 2,440 143,847 49,212

July ................................ 6,551 1,845 71 1,773 1,990 67 1,923 1,547 1,180 2,727 84,045 39,544

Aug................................ 5,601 1,575 85 1,491 1,898 71 1,827 1,160 978 2,138 73,785 40,478

Sept ................................ 7,430 2,015 96 1,919 1,906 86 1,821 1,683 894 2,577 148,093 43,547

Oct................................ 4,632 2,259 68 2,191 2,024 42 1,982 2,930 1,041 3,970 98,337 37,488

Nov ................................ 5,845 1,843 65 1,777 1,552 57 1,495 1,497 1,245 2,742 77,738 40,469

Dec ................................ 5,877 1,899 81 1,818 1,674 77 1,597 2,138 961 3,099 146,748 39,981

2004 - Jan................................ 5,424 2,055 21 2,034 1,696 28 1,668 1,522 1,105 2,627 132,335 51,915

Feb................................ 5,102 1,652 63 1,590 1,585 62 1,523 1,528 1,057 2,585 43,799 41,515

Mar................................ 5,670 2,242 84 2,159 1,811 64 1,747 1,157 897 2,053 94,593 45,446

Fiscal year 2004 to date................................ 32,549 11,950 382 11,568 10,342 330 10,013 10,772 6,306 17,077 593,550 256,814

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

adjustment for revenue uncertainty.

* Less than $500,000.

Note.—The estimates are based on the Fiscal Year 2005 Budget, released by the Office of 

Management and Budget on February 2, 2004. 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)

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 35,988 1,015 34,973 24,357 721 23,636

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

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

2003................................ 712,979 8,729 44 8,684 506 - 506 34,757 1,032 33,724 25,499 891 24,608

2004 - Est................................ 732,392 9,751 - 9,751 542 - 542 35,512 - 35,512 24,971 - 24,971

2005 - Est................................ 793,948 10,677 - 10,677 540 - 540 36,567 - 36,567 25,426 - 25,426

2003 - 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

July ................................ 53,790 747 - 747 48 - 48 2,858 - 2,858 2,981 83 2,898

Aug................................ 56,462 842 16 826 45 - 45 3,263 287 2,976 1,793 39 1,754

Sept ................................ 58,056 1,370 10 1,361 80 - 80 5,777 165 5,612 451 74 377

Oct................................ 51,734 123 - 123 7 - 7 470 - 470 4,067 34 4,032

Nov ................................ 56,504 838 - 838 49 - 49 3,366 - 3,366 1,676 84 1,593

Dec ................................ 53,623 794 - 794 43 - 43 3,011 - 3,011 2,126 98 2,029

2004 - Jan................................ 68,211 731 - 731 43 - 43 2,934 - 2,934 1,751 35 1,716

Feb................................ 56,007 719 26 693 41 - 41 2,782 323 2,459 2,000 92 1,908

Mar................................ 58,065 679 - 679 47 - 47 2,804 - 2,804 2,232 92 2,140

Fiscal year 2004 to date................................ 344,144 3,883 26 3,858 230 - 230 15,367 323 15,044 13,853 435 13,418
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 1

(9)

Department of

Housing 

and 

Urban

Development

(10)

Department of

the

Interior

(11)

Department 

of

Justice

(12)

 Depart-

 ment of

 Labor

 (13)

1999................................ 2,612 3,793 62,839 5,036 261,379 31,492 16,054 359,700 11,797 32,736 7,814 16,311 32,459

2000................................ 2,913 4,087 75,658 7,929 281,234 33,309 15,010 382,627 12,364 30,829 8,022 17,377 31,355

2001................................ 3,030 4,409 68,156 5,017 291,030 35,724 16,420 426,391 14,085 33,937 7,876 18,868 39,271

2002................................ 3,243 4,824 68,989 5,322 332,116 46,286 17,772 466,104 15,980 31,880 9,741 20,572 64,252

2003................................ 3,428 5,123 72,467 5,680 388,891 57,399 19,385 505,410 31,843 37,470 9,204 21,529 69,173

2004 - Est................................ 4,269 5,306 77,739 6,194 435,674 62,815 20,623 547,898 30,663 46,177 9,965 23,488 59,949

2005 - Est................................ 4,373 5,903 81,778 6,147 429,746 64,342 22,496 579,889 31,119 38,943 9,784 23,680 56,995

2003 - Mar................................ 309 380 5,591 464 28,889 9,087 1,713 37,742 2,365 2,808 705 1,985 6,137

Apr................................ 300 424 4,743 362 35,553 1,255 1,299 44,360 1,975 3,134 976 1,830 5,859

May ................................ 281 406 4,884 460 36,236 5,180 674 45,482 4,184 2,907 669 1,843 5,658

June................................ 300 417 3,625 443 32,046 5,185 1,884 40,286 2,079 5,082 904 1,602 5,547

July ................................ 233 408 4,834 428 33,397 2,816 2,773 43,828 1,965 2,735 804 1,718 6,390

Aug ................................ 270 512 4,676 555 37,418 3,539 1,571 45,246 2,766 2,795 719 1,864 5,753

Sept................................ 323 434 5,480 689 33,330 6,520 1,384 39,731 3,608 2,555 1,233 2,330 5,284

Oct................................ 405 478 11,276 419 37,759 4,570 2,166 48,572 2,381 3,347 428 2,178 r 5,505

Nov ................................ 290 384 7,353 479 29,239 3,881 1,332 35,965 2,094 2,886 662 1,836 4,587

Dec ................................ 331 437 8,188 498 40,716 5,134 1,871 50,878 2,144 3,337 835 1,971 6,166

2004 - Jan................................ 291 512 6,689 359 35,929 7,460 1,376 42,524 1,985 3,062 568 1,918 6,186

Feb................................ 283 435 5,020 439 30,590 5,767 1,219 38,394 1,942 2,641 507 1,930 4,484

Mar................................ 314 428 6,112 606 38,734 4,553 1,501 50,069 2,404 3,342 1,058 2,527 5,269

Fiscal year 2004

 to date................................ 1,914 2,674 44,639 2,800 212,967 31,365 9,465 266,404 12,949 18,615 4,058 12,361 32,196

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)

1999................................ 6,463 37,757 352,841 31,522 43,169 4,186 32,008 6,752 416 - -46 10,061

2000................................ 6,849 41,592 361,998 26,574 47,087 4,334 32,861 7,240 249 - 25 12,084

2001................................ 7,446 49,372 359,508 27,416 45,043 4,726 34,161 7,390 246 - -8 11,771

2002................................ 9,453 56,112 332,537 38,857 50,881 4,798 35,159 7,450 453 - -271 13,309

2003................................ 9,257 50,808 318,149 48,607 56,892 4,749 39,881 8,065 388 - 336 13,466

2004 - Est................................ 11,301 58,010 319,157 49,824 60,318 4,308 40,294 8,129 6,612 - 778 17,365

2005 - Est................................ 11,109 58,959 349,805 45,395 67,314 4,189 40,504 8,277 9,880 - 581 16,597

2003 - Mar................................ 791 3,313 13,418 10,385 2,973 351 3,566 706 26 - 304 1,824

Apr................................ 943 4,548 14,060 5,942 4,964 341 3,226 749 29 - 301 1,049

May ................................ 806 4,494 20,339 2,424 6,967 426 3,253 638 25 - -4 2,101

June................................ 546 5,042 82,734 6,649 2,164 324 3,461 642 33 - 266 1,091

July ................................ 735 5,098 11,035 2,490 4,779 379 3,312 649 30 - -4 1,142

Aug................................ 767 5,139 16,176 977 7,424 338 3,183 734 37 - -213 1,335

Sept ................................ 557 6,040 13,170 7,357 2,722 414 3,344 802 74 - -60 -462

Oct................................ 1,234 4,814 13,312 6,071 7,065 655 3,656 600 37 - 17 1,067

Nov ................................ 987 3,759 19,292 1,985 2,514 382 3,265 704 182 - -181 867

Dec ................................ 876 4,480 82,436 2,777 7,173 417 3,704 810 108 - 72 225

2004 - Jan................................ 613 3,435 13,004 3,297 5,432 337 3,366 594 278 - -120 961

Feb................................ 717 3,632 15,151 16,804 2,926 338 3,400 637 100 - -122 4,279

Mar................................ 1,118 3,956 14,097 17,492 3,143 267 3,850 829 61 - 130 1,250

Fiscal year 2004 

 to date................................ 5,546 24,077 157,291 48,425 28,253 2,397 21,241 4,175 765 - -203 8,649

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)

Other

(35)

Onbudget 

(36)

Offbudget

(37)

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 10,581 -37,851 -129,088 -4,580 -1,502 1,457,378 330,765

2001................................ 14,094 3,691 50,916 -569 461,748 13,603 -38,792 -144,112 -7,194 -1,025 1,517,642 346,002

2002................................ 14,429 4,187 52,512 492 488,694 15,865 -42,782 -153,316 -5,024 -2 1,655,210 355,663

2003................................ 14,552 4,735 54,135 1,559 508,160 6,659 -49,351 -156,111 -5,029 * 1,793,897 363,010

2004 - Est................................ 14,604 5,346 57,568 3,978 530,495 11,395 r -54,734 -153,674 -4,587 * 1,938,855 379,979

2005 - Est................................ 16,386 5,586 60,880 683 554,271 17,406 -58,253 -160,833 -4,755 -100 2,004,104 395,739

2003 - Mar................................ 1,249 339 4,549 32 39,334 2,283 -3,942 -77 -357 - 141,141 38,102

Apr................................ 1,323 362 4,777 925 42,147 -2,921 -4,053 -23 -659 * 145,463 34,637

May ................................ 1,175 369 4,168 71 45,221 -75 -4,337 -4,451 -197 * 153,955 38,324

June................................ 1,278 439 4,630 52 43,481 -3,009 -4,339 -72,201 -864 * 171,913 -93

July ................................ 1,166 464 4,993 58 42,285 1,187 -4,139 179 -387 - 142,543 35,249

Aug................................ 1,176 544 4,128 40 45,452 2,533 -4,493 -2,035 -66 - 150,940 39,920

Sept ................................ 1,613 461 4,598 50 40,013 2,254 -4,387 -142 -736 * 125,248 39,620

Oct................................ 878 410 4,878 59 r 45,360 430 -4,367 -30 -262 * 171,636 33,734

Nov ................................ 1,191 389 4,341 82 39,685 -421 -4,184 -4,462 -185 * 122,990 38,189

Dec ................................ 1,378 381 4,907 68 46,021 -755 -4,114 -70,011 -577 - 206,467 -3,584

2004 - Jan................................ 913 373 4,546 48 43,406 921 r -4,610 79 -92 * 148,796 36,845

Feb................................ 1,151 401 4,344 72 41,157 -672 r -4,173 -1,491 -284 - 142,278 39,744

Mar................................ 1,529 394 4,921 3,465 43,971 605 -4,512 -20 -719 - 173,059 39,681

Fiscal year 2004 

 to date ................................ 7,040 2,348 27,936 3,794 259,601 110 -25,960 -75,936 -2,120 * 965,227 184,609

1 The Department of Homeland Security was established on March 1, 2003, pursuant to 

Public Law 107-296, the Homeland Security Act of 2002, which was enacted on November 

25, 2002. Activity previously reported as the Immigration and Naturalization Service, 

Department of Justice; the Transportation Security Administration, Department of 

Transportation; the Coast Guard, Department of Transportation; the Federal Law 

Enforcement Training Center, Department of the Treasury; the United States Customs 

Service, Department of the Treasury; the United States Secret Service, Department of the 

Treasury; and the Federal Emergency Management Agency is now included in the 

Department of Homeland Security.

* Less than $500,000.

Note.—The estimates are based on the Fiscal Year 2005 Budget, released by the Office of 

Management and Budget on F ebruary 2, 2004. 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, 

March 2004 and Other Periods

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

This fiscal y ear 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 ..........................................367,672 22 - 367,694 372,053 22 - 372,076

Corporation income taxes ....................................... 67,319 - * 67,320 44,665 - -99 44,566

Social insurance and retirement receipts:

Employment and general retirement (off-budget) ....... - - 256,814 256,814 - - 252,815 252,815

Employment and general retirement (on-budget) ....... - - 75,574 75,574 - - 75,327 75,327

Unemployment insurance................................ - - 9,484 9,484 - - 8,056 8,056

Other retirement................................................ - - 2,272 2,272 - - 2,303 2,303

Excise taxes ........................................................ 12,776 304 19,469 32,549 12,301 291 18,769 31,361

Estate and gift taxes .............................................. 11,568 - - 11,568 11,058 - - 11,058

Customs duties..................................................... 6,544 3,014 455 10,013 6,222 3,002 408 9,631

Miscellaneous receipts........................................... 11,832 4,799 446 17,077 12,130 5,516 229 17,875

Total receipts.................................................477,710 8,139 364,515 850,364 458,430 8,830 357,807 825,067

(On-budget) ...............................................477,710 8,139 107,701 593,550 458,430 8,830 104,992 572,252

(Off-budget) ............................................... - - 256,814 256,814 - - 252,815 252,815

Budget outlays:

Legislative branch................................................. 1,847 81 -14 1,914 1,615 94 13 1,721

Judicial branch..................................................... 2,377 305 -8 2,674 2,202 338 -18 2,522

Department of Agriculture....................................... 32,130 12,629 -120 44,639 28,029 16,158 39 44,225

Department of Commerce....................................... 2,828 -29 * 2,800 2,689 52 1 2,742

Department of Defense-military ................................210,818 2,130 19 212,967 178,584 2,346 -21 180,909

Department of Education........................................ 31,382 -17 * 31,365 32,918 -15 * 32,903

Department of Energy ............................................ 11,393 -1,928 * 9,465 10,895 -1,096 - 9,799

Department of Health and Human Services.................188,355 24 78,025 266,405 167,535 96 78,846 246,477

Department of Homeland Security ............................. 13,408 -560 101 12,949 16,016 -864 116 15,267

Department of Housing and Urban Development.......... 18,803 -186 -2 18,615 18,186 82 -5 18,262

Department of the Interior ....................................... 4,544 -645 158 4,058 4,288 -512 122 3,899

Department of Justice............................................ 11,711 570 79 12,361 9,956 488 141 10,585

Department of Labor.............................................. 5,012 107 27,078 32,196 5,989 -578 29,482 34,892

Department of State............................................... 5,412 -64 198 5,546 4,428 297 177 4,903

Department of Transportation................................ 801 -10 23,285 24,076 -3,887 -103 24,437 20,447

Department of the Treasury:

Interest on the public debt................................ 157,291 - - 157,291 160,635 - - 160,635

Other.............................................................. 49,029 -580 -24 48,425 37,372 -117 -16 37,239

Department of Veterans Affairs................................ 28,558 -818 512 28,252 28,128 -740 486 27,874

Corps of Engineers................................................ 1,891 176 330 2,397 1,955 185 389 2,528

Other defense civil programs ................................ 34,493 -13,393 142 21,241 32,332 -12,083 -147 20,103

Environmental Protection Agency.............................. 4,754 -70 -509 4,175 3,835 -2 17 3,850

Executive Office of the President.............................. 765 * - 765 159 * * 160

General Services Administration............................... 82 -284 - -203 73 -23 * 50

International Assistance Program.............................. 9,403 -557 -196 8,649 7,565 -727 373 7,211

National Aeronautics and Space Administration............ 7,039 - * 7,040 6,820 - * 6,820

National Science Foundation................................ 2,311 12 25 2,348 2,067 11 16 2,094

Office of Personnel Management.............................. 3,690 47 24,199 27,936 3,337 26 23,478 26,841

Small Business Administration ................................ 3,795 * * 3,794 422 -58 * 363

Social Security Administration................................ 24,051 * 235,549 259,601 23,833 - 225,515 249,348

Other independent agencies ................................ 2,683 -3,804 1,230 109 4,410 -2,631 4,911 6,690

Undistributed offsetting receipts:

Interest............................................................ - - -75,936 -75,936 - - -77,439 -77,439

Other.............................................................. -2,120 -4,516 -21,443 -28,079 -2,122 -3,984 -19,627 -25,732

Total outlays..................................................868,536 -11,381 292,680 1,149,836 790,262 -3,360 291,285 1,078,188

(On-budget) ...............................................868,536 -7,727 104,417 965,227 790,262 1,296 111,276 902,835

(Off-budget) ............................................... - -3,654 188,263 184,609 - -4,656 180,009 175,353

Surplus or deficit (-).........................................-390,826 19,520 71,835 -299,471 -331,833 12,190 66,522 -253,121

(On-budget) ...............................................-390,826 15,866 3,284 -371,677 -331,833 7,534 -6,284 -330,583

(Off-budget) ............................................... - 3,654 68,551 72,205 - 4,656 72,806 77,462

- No transactions.

* Less than $500,000.

Note.—Detail may not add to totals due to rounding.
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 that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs.

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

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

Credits 1 Tax and loan note accounts

Fiscal year or month

Received directly

(1)

Received through 

remittance option tax 

and loan depositaries

(2)

Withdrawals 2

(3)

Taxes 3

(4)

Withdrawals 

(transfers to Federal 

Reserve accounts)

(5)

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 

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

2003 - 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 

July ................................ 499,158 37,336 537,077 79,231 63,584 

Aug ................................ 505,571 33,002 540,340 74,312 112,207 

Sept................................ 560,606 42,984 600,955 101,488 74,610 

Oct................................ 577,409 38,507 617,030 84,358 83,242 

Nov ................................ 469,451 34,485 504,133 76,035 89,403 

Dec ................................ 574,316 49,324 623,829 123,685 111,711 

2004 - Jan................................ 556,290 38,277 596,105 93,603 82,760 

Feb................................ 583,637 34,728 616,036 84,920 113,028 

Mar................................ 606,819 42,866 650,315 113,704 108,509 

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)

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 

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

2003 - 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 

July ...................... 6,356 38,752 7,056 38,752 5,352 2,784 6,213 13,479 

Aug ...................... 4,589 857 6,533 11,890 4,589 95 5,599 6,423 

Sept...................... 7,224 27,735 7,963 43,432 4,019 857 6,206 18,186 

Oct....................... 6,110 28,852 6,134 30,278 3,072 156 4,934 12,065 

Nov ...................... 5,912 15,484 6,110 28,852 3,980 987 5,143 10,092 

Dec ...................... 5,723 27,458 7,455 39,029 3,590 37 5,257 16,936 

2004 - Jan........................ 4,184 38,301 7,740 51,834 4,184 1,885 5,587 24,314 

Feb....................... 6,513 10,194 6,513 40,535 3,885 4,667 5,269 15,774 

Mar....................... 5,884 15,390 6,538 31,842 4,404 2,536 5,429 14,264 

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)

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 2,235,763 - 3,466,088 3,438,416 27,672

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

2003................................6,810,343 6,783,320 27,023 2,859,291 2,859,291 - 3,951,052 3,924,029 27,023

2003 - 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

July .......................6,778,181 6,751,195 26,986 2,848,868 2,848,868 - 3,929,313 3,902,327 26,986

Aug. ......................6,817,171 6,790,041 27,130 2,842,735 2,842,735 - 3,974,436 3,947,306 27,130

Sept ......................6,810,343 6,783,320 27,023 2,859,291 2,859,291 - 3,951,052 3,924,029 27,023

Oct........................6,899,502 6,872,676 26,826 2,883,523 2,883,523 - 4,015,979 3,989,153 26,826

Nov .......................6,951,568 6,925,066 26,502 2,893,152 2,892,313 840 4,058,416 4,032,753 25,662

Dec .......................7,023,370 6,997,964 25,406 2,954,451 2,953,910 540 4,068,919 4,044,054 24,866

2004 - Jan........................7,034,151 7,009,235 24,916 2,964,456 2,964,219 237 4,069,695 4,045,016 24,679

Feb.......................7,116, 986 7,091,943 25,043 2,966,503 2,966,503 - 4,150,483 4,125,440 25,043

Mar.......................7,156,200 7,131,068 25,132 2,954,401 2,954,401 - 4,201,799 4,176,667 25,132

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)

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

2003...............................6,810,343 50,551 6,759,792 2,859,291 14,054 2,845,237 3,951,052 36,497 3,914,555

2003 - 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

July ......................6,778,181 50,933 6,727,249 2,848,868 14,437 2,834,431 3,929,313 36,495 3,892,818

Aug ......................6,817,171 50,940 6,766,231 2,842, 735 14,415 2,828,320 3,974,436 36,525 3,937,911

Sept......................6,810,343 50,550 6,759,792 2,859,291 14,054 2,845,237 3,951,052 36,497 3,914,555

Oct.......................6,899,502 51,211 6,848,292 2,883,523 14,333 2,869,190 4,015,979 36,878 3,979,102

Nov ......................6,951,568 50,760 6,900,807 2,893,152 14,692 2,878,460 4,058,416 36,068 4,022,347

Dec ......................7,023,370 50,487 6,972,884 2,954,451 14,629 2,939,822 4,068,919 35,858 4,033,062

2004 - Jan........................7,034,151 47,582 6,986,570 2,964,456 14,475 2,949,981 4,069,695 33,107 4,036,589

Feb.......................7,116,986 47,984 7,069,002 2,966,503 14,766 2,951,736 4,150,483 33,218 4,117,266

Mar.......................7,156,200 47,423 7,108,777 2,954,401 14,539 2,939,862 4,201,799 32,884 4,168,915
24 FEDERAL DEBT

Nonmarketable, con.

End of fiscal

year or month

U.S. 

savings 

securities

(8)

Depositary

compensation

securities

(9)

Foreign series 

(10)

Government 

account series

(11)

State and local 

government series

(12)

Domestic

series

(13)

Other

(14)

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

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

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

2003 - 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

July ...................... 200,036 44,701 11,557 52,997 146,673 29,995 4,237

Aug ...................... 200,773 44,701 11,107 53,365 149,855 29,995 4,251

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

Oct....................... 203,010 20,662 11,007 53,446 149,094 29,995 4,392

Nov ...................... 203,585 20,662 9,857 53,519 148,346 29,995 4,290

Dec ...................... 203,862 18,812 9,702 53,569 149,189 29,995 4,241

2004 - Jan........................ 204,254 18,812 5,881 53,088 147,438 29,995 4,241

Feb....................... 204,518 16,330 6,731 53,612 147,603 29,995 4,223

Mar....................... 204,465 - 6,731 54,714 155,712 29,995 4,332

* 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

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

2003 - 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

July ...................... 3,902,894 3,412,697 937,012 1,727,709 582,194 165,782 490,196

Aug ...................... 3,947,860 3,453,812 961,642 1,749,631 576,601 165,939 494,047

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

Oct....................... 3,990,508 3,518,901 943,890 1,822,640 576,586 175,784 471,607

Nov ...................... 4,032,905 3,562,650 954,723 1,867,370 564,199 176,358 470,254

Dec ...................... 4,044,244 3,574,873 928,768 1,905,725 564,186 176,193 469,371

2004 - Jan........................ 4,045,201 3,581,490 907,841 1,921,742 564,180 187,727 463,711

Feb....................... 4,125,593 3,662,580 958,164 1,952,714 564,174 187,527 463,014

Mar....................... 4,176,874 3,720,923 984,940 1,983,437 564,171 188,376 455,951
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)

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)

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)

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

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

2003 - 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

July ...................... 2,956 30,504 15,430 11,425 4,648 471 - 49,348 357,162

Aug ...................... 2,962 27,622 14,516 11,351 3,499 297 - 50,114 358,827

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

Oct....................... 2,935 21,952 14,389 11,169 644 760 - 44,908 387,669

Nov ...................... 2,949 23,071 14,504 11,106 650 653 - 44,742 392,110

Dec ...................... 2,951 23,711 15,811 11,394 914 669 - 41,519 389,892

2004 - Jan........................ 2,953 24,925 16,870 11,301 550 662 - 37,353 386,947

Feb....................... 2,954 26,800 16,117 11,202 550 576 - 36,105 388,316

Mar....................... 2,950 26,431 14,669 11,102 553 482 - 32,684 387,525

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)

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

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

2003 - 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

July ...................... 2,900,910 11,855 30,918 26,475 10,563 170,994 596,712 250,932 23,458 1,307,059

Aug ...................... 2,895,158 11,925 31,103 26,782 10,493 170,821 594,392 248,697 22,666 1,309,091

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

Oct....................... 2,935,227 11,255 31,070 26,793 10,511 170,620 610,869 247,786 25,755 1,316,142

Nov ...................... 2,945, 370 12,093 31,570 27,132 10,520 170,882 608,559 251,939 24,944 1,317,946

Dec ...................... 3,006,980 13,088 31,335 27,131 10,529 175,222 623,963 256,739 27,001 1,355,111

2004 - Jan........................ 3,016,822 12,938 31,165 27,196 10,538 176,851 621,440 259,194 26,300 1,369,639

Feb....................... 3,019,670 13,476 31,577 27,472 10,389 176,796 618,635 259,672 27,691 1,371,342

Mar....................... 3,008,617 10,617 31,580 27,444 10,399 176,690 616,066 255,208 28,122 1,376,095
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)

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

2003................................ 27,023 - 279 415 25,856 - 473

2003 - 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

July ....................... 26,986 - 247 775 25,478 - 487

Aug....................... 27,130 - 261 775 25,619 - 476

Sept ...................... 27,023 - 279 415 25,856 - 473

Oct........................ 26,826 - 282 415 25,655 - 474

Nov ....................... 26,592 - 287 415 25,450 - 440

Dec ....................... 25,406 - 290 325 24,350 - 441

2004 - Jan........................ 24,916 - 120 325 24,040 - 432

Feb....................... 25,043 - 120 325 24,178 - 420

Mar....................... 25,132 - 120 325 24,265 - 421

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 Debt Management, Office of the Under Secretary for Domestic Finance]

Maturity classes

End of fiscal

year or month

Amount outstanding

privately held

(1)

Within

1 year

(2)

1-5 years

(3)

5-10 years

(4)

10-20 years

(5)

20 years

or more

(6)

Average length 1

(7)

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.

2003............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo.

2003 - 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.

July ...................... 2,759,673 1,066,487 922,326 330,539 222,785 217,536 5 yrs. 1 mo.

Aug ...................... 2,786,706 1,090,480 916,129 339,736 243,835 196,526 5 yrs. 1 mo.

Sept...................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo.

Oct....................... 2,859,992 1,090,086 968,750 360,755 243,755 196,646 5 yrs. 0 mos.

Nov ...................... 2,877,933 1,127,794 953,987 355,619 243,755 196,778 5 yrs. 0 mos.

Dec ...................... 2,908,029 1,105,608 994,749 367,197 243,755 196,719 5 yrs. 0 mos.

2004 - Jan........................ 2,889,890 1,086,110 1,000,107 363,307 243,755 196,611 5 yrs. 0 mos.

Feb....................... 2,967,133 1,149,251 998,984 378,812 243,520 196,566 4 yrs. 11 mos.

Mar....................... 3,046,725 1,178,142 1,038,873 389,481 243,520 196,709 4 yrs. 10 mos.

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

2003....................................... 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943

2003 - 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

July .............................. 7,384,000 6,704,814 6,704,585 228 6,751,195 228 46,609

Aug .............................. 7,384,000 6,743,775 6,743,528 247 6,790,041 247 46,513

Sept.............................. 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943

Oct............................... 7,384,000 6,826,668 6,826,400 268 6,872,676 268 46,277

Nov .............................. 7,384,000 6,879,626 6,879,352 274 6,925,065 274 45,713

Dec .............................. 7,384,000 6,952,893 6,952,617 276 6,997,964 276 45,347

2004 - Jan................................ 7,384,000 6,966,851 6,966,747 104 7,009,235 104 42,488

Feb............................... 7,384,000 7,049,163 7,049,059 104 7,091,943 104 42,884

Mar............................... 7,384,000 7,088,648 7,088,532 116 7,131,068 116 42,536

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)

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 roundi ng.
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)

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

2003....................................... 224,472 24,858 15,291 11,497 379 1,321

2003 - 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

July .............................. 242,365 24,405 16,567 11,799 448 1,266

Aug .............................. 244,697 25,359 17,247 11,947 510 1,266

Sept.............................. 224,472 24,858 15,291 11,497 379 1,321

Oct............................... 211,479 11,160 15,291 11,432 379 1,321

Nov .............................. 215,264 14,022 15,291 11,432 379 1,321

Dec .............................. 222,444 16,430 15,291 11,432 379 1,873

2004 - Jan................................ 226,845 15,269 15,297 11,445 379 1,873

Feb............................... 226,797 15,119 15,942 11,449 379 1,873

Mar............................... 227,464 15,149 15,998 11,675 379 1,873

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)

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

2003....................................... 91,938 2,698 8,794 2,640 36,657

2003 - 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

July .............................. 103,525 3,003 9,353 2,640 37,634

Aug.............................. 103,525 2,988 9,353 2,640 37,532

Sept ............................. 91,938 2,698 8,794 2,640 36,657

Oct............................... 95,807 2,698 8,794 2,056 33,161

Nov .............................. 95,805 2,698 8,794 2,056 32,733

Dec .............................. 99,250 2,698 10,294 2,056 31,454

2004 - Jan............................... 102,609 2,747 11,794 2,056 31,602

Feb.............................. 102,609 2,747 11,794 2,056 31,194

Mar.............................. 102,170 2,747 11,794 2,056 30,466
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)

1999............................... 6,603 4,848 9,825 10,030

2000............................... 6,683 2,746 10,012 10,694

2001............................... 7,045 2,884 10,087 12,120

2002............................... 6,657 2,870 11,036 12,133

2003............................... 7,281 2,954 6,627 11,536

2003 - 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

July ...................... 7,301 2,419 7,468 14,534

Aug ...................... 7,274 2,675 7,618 14,762

Sept...................... 7,281 2,954 6,627 11,536

Oct....................... 7,281 3,233 7,133 11,733

Nov ...................... 7,281 3,478 8,233 11,740

Dec ...................... 7,281 3,763 8,435 11,810

2004 - Jan........................ 7,281 4,044 8,435 12,015

Feb....................... 6,882 4,292 8,435 12,028

Mar....................... 6,985 4,566 8,554 13,053

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: JANUARY-MARCH

[Source: Bureau of the Public Debt, Office of Financing]

J A N U A R Y

Cash Management Bills

On December 29, 2003, Treasury announced it would 

auction $15,000 million of 13-day bills. They were issued 

January 2, 2004, and matured January 15. The issue was to 

raise new cash. Treasury auctioned the bills on December 

30. Tenders totaled $25,266 million; Treasury accepted

$15,000 million. The high bank discount rate was 0.905

percent.

Auction of 5-Year Notes

On January 5, 2004, Treasury announced it would

auction $16,000 million of 5-year notes of Series D-2009. 

The issue was to raise new cash.

The notes of Series D-2009 were dated and issued

January 15. They are due January 15, 2009, with interest 

payable on July 15 and January 15 until maturity. Treasury 

set an interest rate of 3-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1:00 p.m. e.s.t. for competitive tenders on January 7. 

Tenders totaled $40,133 million; Treasury accepted $16,000 

million. All noncompetitive and successful competitive

bidders were allotted securities at the high yield of 3.260 

percent with an equivalent price of $99.954. Treasury

accepted in full all competitive tenders at yields lower than 

3.260 percent. Tenders at the high yield were allotted 90.09 

percent. The median yield was 3.240 percent, and the low 

yield was 3.200 percent. Noncompetitive tenders totaled

$101 million. Competitive tenders accepted from private 

investors totaled $15,899 million. The minimum par amount 

required for STRIPS of notes of Series D-2009 is $1,000.

Auction of 10-Year Inflation-Indexed Notes

On January 5, 2004, Treasury announced it would

auction $12,000 million of 10-year inflation-indexed notes 

to raise cash. The 10-year, inflation-indexed notes of Series 

A-2014 were dated and issued January 15. They are due 

January 15, 2014, with interest payable on July 15 and 

January 15 until maturity. Treasury set an interest rate of 2 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on January 8. Tenders totaled

$23,359 million; Treasury accepted $12,000 million at the

high yield of 2.019 percent with an equivalent price of 

$99.829. Tenders at the high yield were allotted 67.02

percent. The median yield was 1.929 percent, and the low 

yield was 1.850 percent. Noncompetitive tenders totaled

$248 million. Competitive tenders accepted from private

investors totaled $11,752 million. The minimum par amount 

required for STRIPS of inflation-indexed notes is $1,000.
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JANUARY-MARCH, con.

33

Auction of 2-Year Notes

On January 26, 2004, Treasury announced it would 

auction $26,000 million of 2-year notes of Series K-2006. 

The issue was to refund $24,245 million of securities

maturing January 31 and to raise new cash of approximately 

$1,755 million.

The notes of Series K-2006 were dated January 31 and 

issued on February 2. They are due January 31, 2006, with 

interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 1-7/8 percent after

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on January 29. Tenders totaled $48,533 

million; Treasury accepted $26,000 million. All

noncompetitive and successful competitive bidders we re 

allotted securities at the high yield of 1.930 percent with the 

equivalent price of $99.893. Tenders at the high yield were 

allotted 88.35 percent. The median yield was 1.880 percent, 

and the low yield was 1.840 percent. Noncompetitive

tenders totaled $896 million. Competitive tenders accepted 

from private investors totaled $25,104 million.

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $6,531 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

K-2006 is $1,000.

F E B R U A R Y

February Quarterly Financing

On February 4, 2004, Treasury announced it would

auction $24,000 million of 3-year notes of Series H-2007, 

$16,000 million of 5-year notes of Series E-2009, and 

$16,000 million of 10-year notes of Series B-2014 to refund 

$26,610 million of Treasury securities maturing February 15 

and to raise new cash of approximately $29,390 million.

The 3-year notes of Series H-2007 were dated

February 15 and issued February 17. They are due

February 15, 2007, with interest payable on August 15 and 

February 15 until maturity. Treasury set an interest rate of 2-

1/4 percent after determining which tenders were accepted 

on a yield auction basis.

Treasury received tenders for the notes before 12 noon

e.s.t. for noncompetitive tenders and before 1p.m. e.s.t. for 

competitive tenders on February 10. Tenders totaled $54,474 

million; Treasury accepted $24,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.330 percent with an 

equivalent price of $99.770. Treasury accepted in full all 

competitive tenders at yields lower than 2.330 percent.

Tenders at the high yield were allotted 44.85 percent. The 

median yield was 2.300 percent, and the low yield was 2.200 

percent. Noncompetitive tenders totaled $278 million.

Competitive tenders accepted from private investors totaled 

$23,722 million. Accrued interest of $0.12363 per $1,000 

must be paid for the period from February 15 to February 

17.

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $1,666 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2007 is $1,000.

The 5-year notes of Series E-2009 were dated

February 15 and issued February 17. They are due

February 15, 2009, with interest payable on August 15 and 

February 15 until maturity. Treasury set an interest rate of 3 

percent after determining which tenders were accepted on a 

yield auction basis.

Treasury received tenders for the notes before 12 noon

e.s.t. for noncompetitive tenders and before 1p.m. e.s.t. for 

competitive tenders on February 11. Tenders totaled $45,457 

million; Treasury accepted $16,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.030 percent with an 

equivalent price of $99.862. Treasury accepted in full all 

competitive tenders at yields lower than 3.030 percent.

Tenders at the high yield were allotted 23.88 percent. The 

median yield was 3.000 percent, and the low yield was 2.970 

percent. Noncompetitive tenders totaled $217 million.

Competitive tenders accepted from private investors totaled 

$15,783 million. Accrued interest of $0.16484 per $1,000 

must be paid for the period from February 15 to February 

17.

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,430 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2009 is $1,000.

The 10-year notes of Series B-2014 were dated

February 15 and issued February 17. They are due

February 15, 2014, with interest payable on August 15 and 

February 15 until maturity. Treasury set an interest rate of 4 

percent after determining which tenders were accepted on a 

yield auction basis.

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1p.m. e.s.t. for 

competitive tenders on February 12. Tenders totaled $31,981 

million; Treasury accepted $16,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 4.060 percent with an 

equivalent price of $99.511. Treasury accepted in full all 

competitive tenders at yields lower than 4.060 percent.

Tenders at the high yield were allotted 85.61 percent. The 

median yield was 4.019 percent, and the low yield was 3.980 

percent. Noncompetitive tenders totaled $134 million.
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JANUARY-MARCH, con.

34

Competitive tenders accepted from private investors totaled 

$15,866 million. Accrued interest of $0.21978 per $1,000 

must be paid for the period from February 15 to February 

17.

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,072 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2014 is $1,000.

Auction of 2-Year Notes

On February 23, 2004, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $23,746 million of securities maturing February 29 

and to raise new cash of approximately $2,254 million.

The notes of Series L-2006 were dated February 29 and 

issued March 1. They are due February 28, 2006, with 

interest payable on August 31 and February 28 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 12:00 

noon e.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.s.t. for competitive tenders on February 25. Tenders totaled 

$63,056 million; Treasury accepted $26,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.675 percent with an 

equivalent price of $99.902. Treasury accepted in full all 

competitive tenders at yields lower than 1.675 percent.

Tenders at the high yield were allotted 10.24 percent. The 

median yield was 1.650 percent, and the low yield was 1.600 

percent. Noncompetitive tenders totaled $917 million. 

Competitive tenders accepted from private investors totaled 

$25,083 million. Accrued interest of $0.04416 per $1,000 

must be paid for the period from February 29 to March 1.

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $8,000 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series L-2006 is $1,000.

M A R C H

Cash Management Bills

On March 1, 2004, Treasury announced it would auction 

$27,000 million of 12-day bills. They were issued March 3 

and matured March 15. The issue was to raise new cash. 

Treasury auctioned the bills on March 2. Tenders totaled 

$91,255 million; Treasury accepted $27,000 million. The

high bank discount rate was 0.980 percent.

Auction of 5-Year Notes

On March 8, 2004, Treasury announced it would auction 

$16,000 million of 5-year notes of Series F-2009. The issue 

was to raise new cash.

The notes of Series F-2009 were dated and issued March 

15. They are due March 15, 2009, with interest payable on 

September 15 and March 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.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on March 10. Tenders totaled

$39,573 million; Treasury accepted $16,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.695 percent with an 

equivalent price of $99.675. Treasury accepted in full all 

competitive tenders at yields lower than 2.695 percent.

Tenders at the high yield were allotted 57.99 percent. The 

median yield was 2.635 percent, and the low yield was 2.600 

percent. Noncompetitive tenders totaled $99 million.

Competitive tenders accepted from private investors totaled 

$15,901 million. The minimum par amount required for

STRIPS of notes of Series F-2009 is $1,000.

Auction of 9-Year 11-Month 4 Percent Notes

On March 8, 2004, Treasury announced it would auction 

$11,000 million of 9-year 11-month 4 percent notes of

Series B-2014. The issue was to raise new cash.

The notes of Series B-2014 were dated February 15 and 

issued March 15. They are due February 15, 2014, with 

interest payable on August 15 and February 15 until

maturity. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on March 11. Tenders totaled

$19,896 million; Treasury accepted $11,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.752 percent with an 

equivalent price of $102.034. Treasury accepted in full all 

competitive tenders at yields lower than 3.752 percent.

Tenders at the high yield were allotted 34.31 percent. The 

median yield was 3.730 percent, and the low yield was 3.660 

percent. Noncompetitive tenders totaled $43 million.

Competitive tenders accepted from private investors totaled 

$10,957 million. Accrued interest of $ 3.18681 per $1,000 

must be paid for the period from February 15 to March 15. 

The minimum par amount required for STRIPS of notes of 

Series B-2014 is $1,000.

Auction of 2-Year Notes

On March 22, 2004, Treasury announced it would

auction $26,000 million of 2-year notes of Series M-2006. 

The issue was to refund $24,540 million of securities

maturing March 31 and to raise new cash of approximately 

$1,460 million.

The notes of Series M-2006 were dated and issued

March 31. They are due March 31, 2006, with interest
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JANUARY-MARCH, con.

35

payable on September 30 and March 31 until maturity.

Treasury set an interest rate of 1-1/2 percent after

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. 

for competitive tenders on March 24. Tenders totaled

$56,662 million; Treasury accepted $26,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.520 percent with an 

equivalent price of $99.961. Treasury accepted in full all 

competitive tenders at yields lower than 1.520 percent.

Tenders at the high yield were allotted 33.39 percent. The 

median yield was 1.480 percent, and the low yield was 1.450 

percent. Noncompetitive tenders totaled $972 million.

Competitive tenders accepted from private investors totaled 

$25,028 million.

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $8,334 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2006 is $1,000.
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, March 31, 2004

[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)

2004

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 1,497 3,109 

May 15............................................................ 12-3/8% bond 04/05/84 3,755 1,175 2,580 

May 15............................................................

1 7-1/4%-B note 05/16/94 14,440 3,612 10,828 

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 6,906 26,344 

Aug. 15............................................................ 13-3/4% bond 07/10/84 4,000 1,121 2,880 

Aug. 15............................................................

1 7-1/4%-C note 08/15/94 13,346 2,819 10,528 

Aug. 15............................................................

1 6%-G note 08/16/99 18,090 2,737 15,353 

Aug. 31............................................................

1 2-1/8%-R note 09/03/02 34,541 7,807 26,735 

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 5,560 26,880 

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........................................

437,661 90,152 347,509 

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 2,315 943 1,372 

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 6,053 24,968 

June 30............................................................

1 1-1/8%-M note 06/30/03 31,701 6,998 24,704 

July 31.............................................................

1 1-1/2%-N note 07/31/03 29,997 5,519 24,478 

Aug. 15............................................................

1 10-3/4% bond 07/02/85 9,270 2,325 6,945 

Aug. 15............................................................

1 6-1/2%-C note 08/15/95 15,003 2,524 12,478 

Aug. 31............................................................

1

 2%-P note 09/02/03 30,592 5,980 24,612 

Sept. 30...........................................................

1 1-5/8%-Q note 09/30/03 31,539 6,535 25,004 

Oct. 31.............................................................

1 1-5/8%-R note 10/31/03 32,368 6,368 26,001 

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 2,155 13,055 

Nov. 15............................................................

1 5-3/4%-F note 11/15/00 28,063 4,303 23,760 

Nov. 30............................................................

1 1-7/8%-S note 12/01/03 32,204 6,566 25,638 

Dec. 31............................................................

1 1-7/8%-T note 12/31/03 33,996 7,987 26,009 

Total.......................................

530,421 111,089 419,332

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, March 31, 2004, 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

Jan. 31............................................................

1 1-7/8%-K note 02/02/04 32,533 6,531 26,002 

Feb. 15............................................................

1 9-3/8% bond 01/15/86 4,756 1,046 3,710 

Feb. 15............................................................

1

 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

Feb. 28............................................................

1

 1-5/8%-L note 03/01/04 34,002 8,000 26,002 

Mar. 31............................................................

1

 1-1/2%-M note 03/31/04 34,339 8,334 26,006 

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 3,935 12,080 

May 15............................................................

1 4-5/8%-E note 05/15/01 27,798 3,808 23,990 

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 5,320 17,421 

Aug. 15............................................................

1 2-3/8%-H note 08/15/03 27,909 3,907 24,002 

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 

Nov. 15............................................................

1 2-5/8%-J note 11/17/03 26,536 2,538 23,998 

Total.......................................

329,968 56,465 273,503 

2007

Jan. 15............................................................

1

 3-3/8%-A note 02/06/97 18,417 1,996 16,421 

Feb. 15............................................................

1

 6-1/4%-B note 02/18/97 13,104 1,254 11,850 

Feb. 15............................................................

1

 2-1/4%-H note 02/17/04 25,469 1,666 23,803 

May 15............................................................

1

 6-5/8%-C note 05/15/97 13,958 2,981 10,977 

May 15............................................................

1

 4-3/8%-E note 05/15/02 24,351 2,961 21,391 

Aug. 15............................................................

1 6-1/8%-D note 08/15/97 25,637 5,433 20,204 

Aug. 15............................................................

1

 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

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 2,244 7,882 

Total.......................................

179,785 23,608 156,177 

2008

Jan. 15............................................................

1

 3-5/8%-A note 01/15/98 19,269 2,104 17,165 

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 5,820 21,371 

May 15............................................................

1

 2-5/8%-F note 05/15/03 33,338 336 33,003 

Aug. 15, 08-13...................................................12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15............................................................

1 3-1/4%-G note 08/15/03 21,357 3,916 17,441 

Sept. 15...........................................................

1

 3-1/8%-H note 09/15/03 16,002 711 15,291 

Oct. 15.............................................................

1

 3-1/8%-J note 10/15/03 15,996 - 15,996 

Nov. 15............................................................

1

 4-3/4%-D note 11/16/98 25,083 3,448 21,635 

Nov. 15............................................................

1

 3-3/8%-K note 11/17/03 18,181 2,288 15,893 

Dec. 15............................................................

1

 3-3/8%-L note 12/15/03 16,000 - 16,000 

Total.......................................

245,408 27,037 218,370 

2009

Jan. 15............................................................

1

 3-7/8%-A note 01/15/99 17,955 2,239 15,716 

Jan. 15............................................................

1

 3-1/4%-D note 01/15/04 16,003 - 16,003 

Feb. 15............................................................

1

 3%-E note 02/17/04 17,434 1,430 16,004 

Mar. 15............................................................

1

 2-5/8%-F note 03/15/04 16,001 - 16,001 

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 5,264 22,136 

Nov. 15, 09-14...................................................

1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Total.......................................

123,471 14,528 108,943 

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, March 31, 2004, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance]

Amount of maturities held by

Date of final maturity

 Description

 (1)

 Issue date

 (2)

 Total

 (3)

 U.S. Govern-

 ment accounts

 and Federal

 Reserve banks

 (4)

 All other

 investors

 (5)

2010

Jan. 15............................................................

 1 4-1/4%-A note 01/18/00 12,460 1,270 11,190 

Feb. 15............................................................

 1 6-1/2%-B note 02/15/00 23,356 4,331 19,024 

Aug. 15............................................................

 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total.......................................

58,253 9,197 49,056 

2011

Jan. 15...........................................................

1 3-1/2%-A note 01/16/01 11,704 256 11,448

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 3,206 23,430

Total.......................................

61,766 7,045 54,731

2012

Jan. 15............................................................

1 3-3/8%-A note 01/15/02 6,262 31 6,230 

Feb. 15............................................................

1 4-7/8%-B note 02/15/02 24,780 2,164 22,616 

July 15.............................................................

1

 3%-C note 07/15/02 23,705 1,759 21,947 

Aug. 15............................................................

1 4-3/8%-D note 08/15/02 19,648 2,407 17,241 

Nov. 15............................................................

1 4%-E note 11/15/02 18,113 236 17,877 

Total.......................................

92,507 6,597 85,911 

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 

July 15.............................................................

1 1-7/8%-C note 07/15/03 20,172 295 19,877 

Aug. 15............................................................

1

 4-1/4%-D note 08/15/03 33,521 2,615 30,906 

Nov. 15............................................................

1 4-1/4%-E note 11/17/03 30,637 1,634 29,003 

Total.......................................

122,082 6,293 115,790 

2014

Jan. 15............................................................

1

 2%-A note 01/15/04 12,026 261 11,765 

Feb. 15............................................................

1

 4%-B note 02/17/04 28,081 1,072 27,009 

Total.......................................

40,107 1,333 38,774 

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 2,066 16,721 

Total.......................................

43,043 4,202 38,841 

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 

See footnote at end of table.
PUBLIC DEBT OPERATIONS 39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2004, 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)

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 

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 19,215 2,860 16,355 

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.......................................

41,938 6,243 35,695 

See footnote at end of table.
40 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, March 31, 2004, 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)

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 21,961 2,839 19,122 

Aug. 15............................................................

1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total.......................................

44,490 6,179 38,311 

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 5,229 246 4,983 

Total.......................................

5,229 246 4,983 

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 41

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

On total competitive bids accepted

Description of new issue Amounts of bids accepted

 Issue date

Maturity date

(1)

 Number

 of days to

 maturity 1

 (2)

Amount

 of bids

 tendered

(3)

Total

amount 2

(4)

 On

competitive

basis

(5)

 On non-

 competitive

 basis 3

 (6)

 High

 price per

 hundred

 (7)

 High

 discount 

 rate

 (percent)

 (8)

 High invest-

 ment rate

 (percent) 4

 (9)

Regular weekly:

(4 week, 13 week, and 26 week)

2004 - Jan. 02................................ 2004 - Jan. 29 27 26,169.8 16,089.2 11,964.9 35.1 99.934 0.880 0.895

Apr. 01 90 37,183.3 21,913.8 14,483.3 1,228.4 99.779 0.885 0.901

July 01 181 40,273.6 20,660.1 13,897.1 933.0 99.500 0.995 1.016

Jan. 08................................ Feb 05 28 34,693.3 12,757.4 8,966.4 33.7 99.934 0.850 0.863

Apr. 08 91 45,625.2 22,976.7 15,225.0 1,458.3 99.767 0.920 0.939

July 08 182 39,704.9 21,783.5 15,061.6 908.5 99.484 1.020 1.043

Jan. 15................................ Feb 12 28 33,144.1 12,140.6 7,961.7 38.5 99.935 0.840 0.850

Apr. 15 91 41,788.4 23,427.3 15,439.0 1,341.8 99.780 0.870 0.887

July 15 182 38,775.0 21,985.9 14,823.0 1,087.2 99.520 0.950 0.970

Jan. 22................................ Feb 19 28 37,071.1 12,592.5 8,970.7 29.7 99.938 0.800 0.811

Apr. 22 91 43,971.5 24,771.5 16,447.5 1,327.6 99.779 0.875 0.891

July 22 182 40,658.9 22,014.1 14,963.2 886.9 99.520 0.950 0.970

Jan. 29................................ Feb 26 28 35,404.7 17,357.2 13,963.2 37.1 99.933 0.860 0.876

Apr. 29 91 40,428.0 24,874.9 16,163.2 1,377.3 99.775 0.890 0.907

July 29 182 39,500.9 21,934.1 14,006.1 1,135.9 99.517 0.955 0.976

Feb. 05................................ Mar 04 28 53,303.4 21,758.7 18,958.5 42.5 99.930 0.895 0.916

May 06 91 50,406.6 25,714.6 17,326.5 1,425.6 99.767 0.920 0.939

Aug. 05 182 42,038.7 23,050.7 15,798.8 951.5 99.494 1.000 1.023

Feb. 12................................ Mar 11 28 45,772.6 21,557.4 18,966.3 34.9 99.930 0.895 0.916

May 13 91 49,879.1 25,746.1 17,445.4 1,369.9 99.767 0.920 0.939

Aug. 12 182 47,997.8 22,995.0 15,723.9 1,106.3 99.500 0.990 1.011

Feb. 19................................ Mar 18 28 52,694.6 21,580.2 18,961.8 38.7 99.930 0.895 0.916

May 20 91 47,818.2 25,636.8 17,492.8 1,317.8 99.769 0.915 0.931

Aug. 19 182 45,687.4 23,185.4 15,916.5 889.2 99.507 0.975 0.996

Feb. 26................................ Mar 25 28 49,855.7 21,390.1 18,963.3 37.3 99.927 0.935 0.955

May 27 91 47,391.1 25,669.4 17,425.1 1,375.7 99.765 0.930 0.947

Aug. 26 182 47,922.4 23,111.2 15,575.9 1,199.3 99.497 0.995 1.017

Mar. 04................................ Apr. 01 28 37,612.9 24,118.6 21,956.4 44.5 99.925 0.960 0.978

June 03 91 46,095.6 25,398.6 17,441.8 1,318.4 99.762 0.940 0.957

Sept. 02 182 43,904.3 23,017.8 15,995.6 919.5 99.500 0.990 1.008

Mar. 11................................ Apr. 08 28 53,682.1 24,293.9 21,955.5 45.1 99.925 0.960 0.978

June 10 91 43,917.7 24,885.9 17,524.0 1,312.3 99.765 0.930 0.945

Sept. 09 182 40,399.5 22,848.1 15,889.6 1,085.9 99.507 0.975 0.994

Mar. 18................................ Apr. 15 28 58,961.4 23,334.3 20,956.3 45.1 99.925 0.960 0.978

June 17 91 41,657.8 23,776.1 16,430.7 1,338.3 99.761 0.945 0.961

Sept. 16 182 31,740.4 21,629.1 15,037.0 893.1 99.500 0.990 1.008

Mar. 25................................ Apr. 22 28 65,874.4 21,400.3 18,958.4 41.9 99.927 0.945 0.952

June 24 91 49,643.4 23,914.2 16,555.8 1,286.6 99.765 0.930 0.945

Sept. 23 182 43,311.4 21,655.0 14,861.5 1,038.7 99.500 0.990 1.008

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.
42 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)

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

07/09/03 07/15/03 1-7/8% note—07/15/ 13-C 10y 24,013 11,000 1.999 - 98.881

07/23/03 07/31/03 1-1/2% note—07/31/05-N 2y 49,936 29,996 1.510 - 99.980

08/05/03 08/15/03 2-3/8% note—08/15/06-H 3y 35,482 27,907 2.422 - 99.865

08/06/03 08/15/03 3-1/4% note—08/15/08-G 5y 48,065 21,354 3.300 - 99.771

08/07/03 08/15/03 4-1/4% note—08/15/13-D 10y 38,491 20,515 4.370 - 99.036

08/27/03 09/02/03 2% note—08/31/05-P 2y 48,731 30,590 2.040 - 99.922

09/02/03 09/03/03 0.980% bill—09/15/03 12d 57,214 23,000

09/10/03 09/11/03 0.940% bill—09/15/03 4d 44,389 10,000

09/10/03 09/15/03 3-1/8% note—09/15/08-H 5y 39,477 16,000 3.230 - 99.519

09/11/03 09/15/03 4-1/4% note—08/15/13-D 9y 11m 29,002 13,000 4.340 - 99.275

09/24/03 09/30/03 1-5/8% note—09/30/05-Q 2y 61,488 31,535 1.695 - 99.863

10/02/03 10/03/03 0.920% bill—10/15/03 12d 54,545 20,001

10/08/03 10/15/03 3-1/8% note—10/15/08-J 5y 35,953 16,000 3.139 - 99.936

10/09/03 10/15/03 1-7/8% note—07/15/13-C 9y 9m 20,224 9,000 2.229 - 97.201

10/29/03 10/31/03 1-5/8% note—10/31/05-R 2y 61,426 32,368 1.737 - 99.781

11/10/03 11/17/03 2-5/8% note—11/15/06-J 3y 53,285 26,538 2.625 - 100.000

11/12/03 11/17/03 3-3/8% note—11/15/08-K 5y 38,547 18,179 3.430 - 99.749

11/13/03 11/17/03 4-1/4% note—11/15/13-E 10y 33,962 18,634 4.360 - 99.116

11/26/03 12/01/03 1-7/8% note—11/30/05-S 2y 51,586 32,201 1.939 - 99.875

12/02/03 12/03/03 0.975% bill—12/15/03 12d 97,865 32,001

12/10/03 12/15/03 3-3/8% note—12/15/08-L 5y 30,679 16,000 3.375 - 100.000

12/11/03 12/15/03 4-1/4% note—11/15/13-E 9y 11m 21,339 12,000 4.365 - 99.076

12/23/03 12/31/03 1-7/8% note—12/31/05-T 2y 63,771 33,987 1.950 - 99.854

12/30/03 01/02/04 0.905% bill—01/15/04 13d 25,266 15,000

01/07/04 01/15/04 3-1/4% note—01/15/09-D 5y 40,133 16,000 3.260 - 99.954

01/08/04 01/15/04 2% note—01/15/14-A 10y 23,359 12,000 2.019 - 99.829

01/29/04 02/02/04 1-7/8% note—01/31/06-K 2y 55,064 32,531 1.930 - 99.893

02/10/04 02/17/04 2-1/4% note—02/15/07-H 3y 56,139 25,666 2.330 - 99.770

02/11/04 02/17/04 3% note—02/15/09-E 5y 46,887 17,430 3.030 - 99.862

02/12/04 02/17/04 4% note—02/15/14-B 10y 33,053 17,072 4.060 - 99.511

02/25/04 03/01/04 1-5/8% note—02/28/06-L 2y 71,055 34,000 1.675 - 99.902

03/02/04 03/03/04 0.980% bill—03/15/04 12d 91,255 27,000

03/10/04 03/15/04 2-5/8% note—03/15/09-F 5y 39,573 16,000 2.695 - 99.675

03/11/04 03/15/04 4% note—02/15/14-B 9y 11m 19,896 11,000 3.752 - 102.034

03/24/04 03/31/04 1-1/2% note—03/31/06-M 2y 64,995 34,334 1.520 - 99.961

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 43

TABLE PDO-4.—Allotments by Investor Class

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Debt Management, 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)

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 - 40 130

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 19

08/15/02 3-1/4% note F 0 08/15/07 25,411 3,396 14 441 14,239 - 658 2 6,658 4

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 26

09/30/02 1-7/8% note S 0 09/30/04 34,656 7,652 51 915 18,437 1 308 - 7,274 16

10/15/02 3% IIS note C 1 07/15/12 6,999 - 1 221 5,153 16 1,536 - 56 15

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 1,037

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 4,215 989

01/15/03 3% IIS note C 2 07/15/12 6,004 - 5 196 3,221 40 1,638 1 759 143

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 1,361

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 0.02 5,080 - 2,313 610

02/28/03 1-1/2% note H 0 02/28/05 35,332 8,333 37 773 18,279 4 551 3 6,670 683

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 1,355

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 0.3 141 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

07/31/03 1-1/2% note N 0 07/31/05 29,997 4,996 55 677 15,453 7 109 3 7,737 959

08/15/03 4-1/4% note D 0 08/15/13 20,521 2,515 8 230 12,366 1 1,778 - 3,575 48

08/15/03 3-1/4% note G 0 08/15/08 21,357 3,354 15 228 12,055 1 1,532 - 4,051 122

08/15/03 2-3/8% note H 0 08/15/06 27,909 3,907 51 255 19,505 1 806 - 3,010 375

09/02/03 2% note P 0 08/31/05 30,592 5,590 69 812 17,518 1 742 7 4,293 1,560

09/15/03 3-1/8% note H 0 09/15/08 16,002 - 6 138 12,137 1 660 1 3,060 -

09/15/03 4-1/4% note D 1 08/15/13 13,000 - - 76 9,910 - 2,070 - 775 169

09/30/03 1-5/8% note Q 0 09/30/05 31,539 6,535 47 715 15,458 2 397 6 7,089 1,290

10/15/03 3-1/8% note J 0 10/15/08 15,996 - 7 94 8,000 - 3,540 - 4,345 10

10/15/03 1-7/8% IIS note C 1 07/15/13 9,002 - 5 307 5,517 7 3,121 - 34 11

10/31/03 1-5/8% note R 0 10/31/05 32,368 6,368 55.76 651 13,976 3.17 2,931 5 7,050 1,330

11/17/03 4-1/4% note E 0 11/15/13 18,636 1,634 2 175 10,539 - 3,075 - 3,200 11

11/17/03 3-3/8% note K 0 11/15/08 18,181 2,178 15 277 10,962 0.1 596 - 4,140 12

11/17/03 2-5/8% note J 0 11/15/06 26,536 2,538 26 198 15,071 1 1,221 - 6,503 978

12/01/03 1-7/8% note S 0 11/30/05 32,204 6,201 54 639 16,961 3 632 5 6,400 1,309

12/15/03 4-1/4% note E 1 11/15/13 12,001 - 0.1 55 9,181 0.3 1,275 - 1,185 305

12/15/03 3-3/8% note L 0 12/15/08 16,000 - 6 97 10,402 1 607 - 4,250 636

12/31/03 1-7/8% note T 0 12/31/05 33,996 7,987 63 681 17,766 1 211 6 5,400 1,882

01/15/04 2% IIS note A 0 01/15/14 12,000 - 10 275 7,051 9 4,175 5 453 23

01/15/04 3-1/4% note D 0 01/15/09 16,003 - 5 358 9,561 251 1,601 - 4,147 80

02/02/04 1-7/8% note K 0 01/31/06 32,533 6,531 61 851 14,254 3 700 6 8,603 1,524

02/17/04 3% note E 0 02/15/09 17,434 1,430 15 194 9,094 257 984 - 5,325 135

02/17/04 4% note B 0 02/15/14 17,082 1,072 1 144 8,733 6 1,819 - 4,820 485

02/17/04 2-1/4% note H 0 02/15/07 25,469 1,666 25 257 12,981 10 1,281 - 7,995 1,253

03/01/04 1-5/8% note L 0 02/28/06 34,002 8,000 71 873 13,798 - 1,201 5 8,555 1,499

03/15/04 4% note B 1 02/15/14 11,000 - - 45 8,842 0.2 760 - 1,235 118

03/15/04 2-5/8% note F 0 03/15/09 16,001 - 6 294 8,661 - 1,085 - 5,295 660

03/31/04 1-1/2% note M 0 03/31/06 34,339 8,334 37 929 13,813 1 924 5 8,742 1,556

1

 Depository institutions include banks.

2

 Includes partnerships and personal trust accounts.

3

 Residual.
44

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. 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 March 31, 2004

[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.......................... 856,235 238,111 1,094,346 393,314 169,583 10,883

Series I.................................................. 20,067 1,414 21,481 1,087 23,840 -

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.......................................... 862 718 1,580 1,335 - 95 

Total...................................................

913,065 242,620 1,155,685 434,008 193,423 10,982 

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 45

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Redemptions

Period

Sales

(1)

Accrued 

discount

(2)

Sales plus 

accrued 

discount

(3)

Total

(4)

Sales price 1

(5)

Accrued

discount 1

(6)

Interestbearing debt

(7)

Matured

non-interestbearing debt

(8)

Fiscal years:

1935-00........................... 398,892 216,845 615,737 410,627 317,217 93,410 177,659 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 

2003................................ 13,776 7,276 21,052 12,057 5,401 6,656 192,563 8,832 

Calendar years:

1935-00........................... 409,865 241,586 651,451 454,633 331,065 123,568 176,802 7,794 

2001................................ 11,557 8,289 19,846 13,509 6,223 7,286 181,416 8,780 

2002................................ 10,101 7,596 17,697 12,582 5,524 7,058 184,698 10,058 

2003................................ 2,555 1,256 3,811 2,148 959 1,189 186,604 9,647 

2003 - 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 

July ....................... 1,361 655 2,016 1,102 509 593 190,849 9,019 

Aug....................... 1,251 593 1,844 1,034 477 557 191,685 8,921 

Sept ...................... 1,232 551 1,783 923 420 503 192,563 8,832 

Oct........................ 1,962 494 2,456 932 406 526 194,100 8,745 

Nov ....................... 949 511 1,460 801 365 436 192,900 10,521 

Dec ....................... 953 555 1,508 1,142 472 670 192,160 11,538 

2004 - Jan........................ 1,145 662 1,807 1,320 541 1,860 192,832 11,259 

Feb....................... 781 604 1,385 1,009 410 1,419 193,282 11,075 

Mar....................... 726 549 1,275 1,218 506 1,724 193,423 10,883 

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:

1941-00............... 353,733 213,100 566,833 360,376 257,388 102,988 23,611 162,749 6,169 

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 

2003................... 5,058 6,673 11,731 10,734 3,986 6,748 1,337 158,536 8,761 

Calendar years:

1941-00............... 356,853 228,644 585,497 377,849 268,295 109,554 25,682 161,386 7,739 

2001................... 4,591 8,064 12,655 12,349 5,012 7,337 1,234 159,365 6,710 

2002................... 5,695 7,042 12,737 11,195 3,272 7,923 1,442 158,083 9,948 

2003................... 996 1,223 2,219 2,009 714 1,295 332 158,354 9,555 

2003 - 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 

July .......... 339 597 936 966 375 591 91 158,632 8,945 

Aug .......... 289 526 815 911 354 557 79 158,554 8,848 

Sept.......... 296 478 774 806 304 502 74 158,536 8,761 

Oct........... 612 416 1,028 816 294 522 86 158,747 8,675 

Nov .......... 180 427 607 704 269 435 72 156,811 10,442 

Dec .......... 557 464 1,021 1,027 359 668 109 155,722 11,417 

2004 - Jan............ 640 567 1,207 1,178 401 1,579 121 155,899 11,147 

Feb........... 253 498 751 884 286 1,170 122 155,822 10,969 

Mar........... 401 448 849 1,065 354 1,419 148 155,644 10,783 

See note at end of table.
46 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:

1952-00........................... 13,970 - 13,970 24,739 24,739 - 23,519 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 

2003...............................33 - 33 946 946 - 1,336 13,765 71 

Calendar years: 

1952-00........................... 13,760 - 13,760 26,330 26,330 - 24,681 12,704 22 

2001...............................47 - 47 1,053 1,053 - 1,225 12,860 85 

2002...............................41 - 41 923 923 - 1,580 13,496 110 

2003...............................14 - 14 85 85 - 332 13,667 93 

 -

2003 - 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 

July ...................... 1 - 1 91 91 - 91 13,759 74 

Aug ...................... 1 - 1 79 79 - 79 13,759 73 

Sept...................... 1 - 1 74 74 - 74 13,765 71 

Oct....................... 3 - 3 73 73 - 86 13,784 70 

Nov ...................... 4 - 4 60 60 - 72 13,790 79 

Dec ...................... 2 - 2 70 70 - 109 13,789 121 

2004 - Jan........................ 8 - 8 89 89 - 121 13,838 112 

Feb....................... 3 - 3 79 79 - 122 13,885 106 

Mar....................... 4 - 4 96 96 - 148 13,939 99 

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 7,296 366 366 - - 12,096 -

2003............................... 8,682 590 9,272 518 518 - - 20,262 -

Calendar years:

1999-00........................... 2,583 71 2,654 75 75 - - 2,712 -

2001............................... 6,543 243 6,786 165 165 - 9,192 -

2002............................... 4,363 545 4,908 438 438 - - 13,120 -

2003............................... 1,544 76 1,620 81 81 - - 14,583 -

2003 - 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 -

July ...................... 1,021 58 1,079 51 51 - - 18,457 -

Aug ...................... 959 67 1,026 44 44 - - 19,373 -

Sept...................... 934 72 1,006 45 45 - - 20,262 -

Oct....................... 1,347 78 1,425 40 40 - - 21,569 -

Nov ...................... 766 84 850 36 36 - - 22,299 -

Dec ...................... 394 90 484 43 43 - - 22,649 -

2004 - Jan........................ 498 95 593 51 51 - - 23,096 -

Feb....................... 525 106 631 45 45 - - 23,576 -

Mar....................... 320 101 421 56 56 - - 23,840 -

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.
47

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.]

Effective January 1, 2001, Treasury’s Bureau of the

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities

Outstanding and Table II: Statutory Debt Limit. These

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms.

Treasury’s Financial Management Service (FMS)

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes.

• Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings.

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy.

• Table OFS-2 presents the estimated 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.)
48 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

2003................................................................ 6,810,343 6,783,320 2,859,291 311 2,858,980 654,593

2003 - 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 2,757,766 645,850

May ................................ 6,584,641 6,558,147 2,782,056 311 2,781,745 643,590

June................................ 6,697,131 6,670,121 2,853,842 311 2,853,531 650,642

July ................................ 6,778,181 6,751,195 2,848,868 311 2,848,557 651,450

Aug ................................ 6,817,171 6,790,041 2,842,735 311 2,842,424 652,431

Sept................................ 6,810,343 6,783,320 2,859,291 311 2,858,980 654,593

Oct................................ 6,899,502 6,872,676 2,883,523 311 2,883,212 657,201

Nov ................................ 6,951,658 6,925,066 2,893,152 233 2,892,919 656,775

Dec ................................ 7,023,370 6,997,964 2,954,451 233 2,954,218 665,000

2004 - Jan................................ 7,034,151 7,009,235 2,964,456 233 2,964,223 659,088

Feb................................ 7,116,986 7,091,943 2,966,503 233 2,966,270 661,978

Mar................................ 7,156,200 7,131,068 2,954,401 233 2,954,168 672,391

Public debt securities, con. Agency securities

Held by private investors

End of

fiscal year

or month

Total

(7)

Marketable

(8)

Nonmarketable

(9)

Total

outstanding

(10)

 Held by

 private

 investors

 (11)

2001................................................................ 2,779,070 2,370,630 408,441 27,011 27,011

2002................................................................ 2,924,175 2,507,997 416,178 27,170 27,170

2003................................................................ 3,269,347 2,805,814 463,443 27,023 27,023

2003 - Mar........................................................... 3,070,628 2,691,501 379,127 26,880 26,880

Apr........................................................... 3,056,454 2,670,194 386,260 26,444 26,444

May .......................................................... 3,132,501 2,710,024 422,477 26,494 26,494

June......................................................... 3,165,637 2,728,136 437,502 27,009 27,009

July .......................................................... 3,250,877 2,761,325 489,552 26,986 26,986

Aug .......................................................... 3,294,875 2,801,459 493,416 27,130 27,130

Sept.......................................................... 3,269,347 2,805,814 463,443 27,023 27,023

Oct........................................................... 3,331,952 2,861,776 470,176 26,826 26,826

Nov .......................................................... 3,375,138 2,905,952 469,186 26,592 26,592

Dec .......................................................... 3,378,513 2,909,949 468,564 25,406 25,406

2004 - Jan............................................................ 3,385,691 2,922,468 463,222 24,916 24,916

Feb........................................................... 3,463,462 3,000,660 462,802 25,043 25,043

Mar........................................................... 3,504,276 3,048,590 455,686 25,132 25,132

* 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 49

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)

1999................................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472

2000................................................................ 5,701,851 5,622,092 2,235,763 461 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)

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.
50 OWNERSHIP OF FEDERAL SECURITIES

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Pension funds 3

End of month

Total

public

debt 1

(1)

Federal

Reserve and

Government

accounts 2

(2)

Total

privately

held

(3)

 Depository

 institutions 3, 4

 (4)

U.S.

savings

bonds 5

(5)

 Private 6

 (6)

State and

local 

governments

 (7)

 Insurance

 compa-

 nies 3

 (8)

Mutual

funds 3, 7

(9)

State and

local

governments 3

(10)

Foreign

and international 8

(11)

Other

investors 9

(12)

1993 - Mar................................ 4,230.6 1,328.6 2,902.0 362.6 163.6 112.3 171.2 208.0 202.0 434.0 585.9 662.5

 June................................ 4,352.0 1,400.6 2,951.4 360.9 166.5 111.8 176.9 217.8 207.5 441.2 596.8 672.0

 Sept ................................ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.3 189.2 229.4 217.6 434.0 619.1 639.4

 Dec ................................ 4,535.7 1,476.1 3,059.6 373.0 171.9 119.6 186.6 234.5 227.1 447.8 650.3 648.9

1994 - Mar................................ 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 195.3 233.4 212.8 443.4 661.1 661.6

 June................................ 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 193.4 238.0 204.6 425.2 659.9 687.1

 Sept ................................ 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 191.9 243.7 201.6 398.2 682.0 733.8

 Dec ................................ 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 191.9 240.1 209.4 370.0 667.3 839.5

1995 - Mar................................ 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 203.1 244.2 210.6 350.5 707.0 853.5

 June................................ 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 197.2 245.0 202.5 313.7 762.5 875.5

 Sept ................................ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 193.0 245.2 211.6 304.3 820.4 855.4

 Dec ................................ 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 191.7 241.5 225.1 289.8 835.2 881.4

1996 - Mar................................ 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 198.9 239.4 240.9 283.6 908.1 863.6

 June................................ 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 208.2 229.5 230.6 283.3 929.7 823.4

 Sept ................................ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 202.4 226.8 226.8 263.7 993.4 841.3

 Dec ................................ 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 203.5 214.1 227.4 257.0 1,102.1 803.6

1997 - Mar................................ 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 203.7 181.8 221.9 248.1 1,157.6 793.9

 June................................ 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 209.3 183.1 216.8 243.3 1,182.7 713.7

 Sept ................................ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 219.7 186.8 221.6 235.2 1,230.5 685.8

 Dec ................................ 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 216.9 176.6 232.4 239.3 1,241.6 677.0

1998 - Mar................................ 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 211.9 169.4 234.7 238.1 1,250.5 701.8

 June................................ 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 214.8 160.6 230.7 258.5 1,256.0 622.2

 Sept ................................ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 211.2 151.3 231.8 266.4 1,224.2 676.8

 Dec ................................ 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 217.7 141.7 253.5 269.3 1,278.7 635.9

1999 - Mar................................ 5,651.6 2,324.1 3,327. 5 247.4 186.5 109.5 218.4 137.5 254.0 272.5 1,272.3 629.4

 June................................ 5,638.8 2,439.6 3,199.2 240.6 186.5 111.0 222.5 133.6 227.9 279.1 1,258.8 539.2

 Sept ................................ 5,656.3 2,480.9 3,175.4 241.2 186.2 110.8 215.3 128.0 224.4 271.6 1,281.4 516.5

 Dec ................................ 5,776.1 2,542.2 3,233.9 248.6 186.4 110.5 211.2 123.4 228.7 266.8 1,268.7 589.6

2000 - Mar................................ 5,773.4 2,590.6 3,182.8 237.7 185.3 108.5 247.3 120.0 221.8 260.0 1,106.9 694.9

 June................................ 5,685.9 2,698.6 2,987.3 222.2 184.6 110.0 246.7 116.5 205.3 262.9 1,082.0 557.6

 Sept ................................ 5,674.2 2,737.9 2,936.3 220.5 184.3 110.3 236.9 113.7 207.0 251.4 1,057.9 553.8

 Dec ................................ 5,662.2 2,781.8 2,880.4 201.5 184.8 109.1 231.9 110.2 220.8 247.7 1,034.2 540.3

2001 - Mar................................ 5,773.7 2,880.9 2,892.8 188.0 184.8 106.7 231.6 109.1 220.7 259.3 1,029.9 562.8

 June................................ 5,726.8 3,004.2 2,722.6 188.1 185.5 106.9 240.6 108.1 217.4 274.5 1,000.5 401.0

 Sept ................................ 5,807.5 3,027.8 2,779.7 189.1 186.4 104.7 223.9 106.8 231.5 289.3 1,005.5 442.5

 Dec ................................ 5,943.4 3,123.9 2,819.5 181.5 190.3 105.8 213.6 105.7 257.5 297.9 1,051.2 416.0

2002 - Mar................................ 6,006.0 3,156.8 2,849.2 187.6 192.0 107.9 223.2 114.0 264.9 303.9 1,067.1 388.8

 June................................ 6,126.5 3,276.7 2,849.8 204.4 192.8 110.5 213.4 122.0 250.0 316.8 1,135.4 304.4

 Sept ................................ 6,228.2 3,303.5 2,924.8 210.4 193.3 112.9 210.3 130.4 253.7 316.4 1,200.8 296.5

 Dec ................................ 6,405.7 3,387.2 3,018.5 222.8 194.9 116.4 212.5 139.7 279.0 320.0 1,246.8 286.3

2003 - Mar................................ 6,460.8 3,390.9 3,069.8 153.1 196.9 120.3 213.5 144.1 292.4 311.2 1,288.5 350.3

 June................................ 6,670.1 3,505.4 3,164.7 145.9 199.1 121.7 218.8 147.5 299.4 323.5 1,385.3 322.4

 Sept ................................ 6,783.2 3,515.3 3,268.0 147.8 201.5 120.4 213.3 150.4 286.4 325.9 1,459.3 362.9

 Dec ................................ 6,998.0 3,620.1 3,377.9 155.0 203.8 120.8 207.2 151.3 283.0 343.7 1,538.1 375.0

2004 - Mar................................ 7,131.1 3,628.3 3,502.8 n.a. 204.5 n.a. n.a n.a. n.a. n.a. 1,708.0 n.a

1

 Source: “Monthly Statement of the Publ ic 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 Treasur y 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 Reser ve 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 Yor k. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, and the 

June 2002 benchmark to December 2003.

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors.
51

INTRODUCTION: Market Yields

The table in this section presents 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. These

“constant maturity rates (CMTs)” are interpolated from 

the Treasury yield curve and published daily at Treasury's 

web site, www.ustreas.gov/offices/domestic -finance/debtmanagement/interest-rate/yield.html. The yield curve is 

fitted daily using a hermit cubic spline. For inputs,

Treasury primarily uses the bid yields on the on-the-run 

securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

of approximately 3:30 p.m. each trading day. CMT yields 

are based on semiannual interest payments and are read at 

constant maturity points to develop a consistent data

series.

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15.

On July 31, 2001, Treasury expanded its constant

maturity index to include a 1-month constant maturity yield, 

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 now includes 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 were discontinued because Treasury no longer issues

long-term bonds and no longer calculates or estimates longterm corporate rates.

Chart MY-A, which previously was published in this

section, has been discontinued.

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities:

Bills, Notes, and Bonds*

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Period

1-mo.

(1)

3-mo.

(2)

6-mo.

(3)

1-yr.

(4)

2-yr.

(5)

3-yr.

(6)

 5-yr.

 (7)

7-yr.

(8)

10-yr.

(9)

 20-yr.

 (10)

Monthly average:

2003 - 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

July ................................ 0.90 0.92 0.97 1.12 1.47 1.93 2.87 3.45 3.98 4.92

Aug ................................ 0.95 0.97 1.05 1.31 1.86 2.44 3.37 3.96 4.45 5.39

Sept................................ 0.91 0.96 1.03 1.24 1.71 2.23 3.18 3.74 4.27 5.21

Oct................................ 0.91 0.94 1.02 1.25 1.75 2.26 3.19 3.75 4.29 5.21

Nov ................................ 0.94 0.95 1.04 1.34 1.93 2.45 3.29 3.81 4.30 5.17

Dec ................................ 0.89 0.91 1.01 1.31 1.91 2.44 3.27 3.79 4.27 5.11

2004 - Jan................................ 0.85 0.90 0.99 1.24 1.76 2.27 3.12 3.65 4.15 5.01

Feb................................ 0.92 0.94 1.01 1.24 1.74 2.25 3.07 3.59 4.08 4.94

Mar................................ 0.96 0.95 1.01 1.19 1.58 2.00 2.79 3.31 3.83 4.72

End of month: 

2003 - 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

July ................................ 0.91 0.96 1.02 1.28 1.80 2.33 3.38 3.98 4.49 5.43

Aug ................................ 0.98 0.98 1.06 1.35 1.95 2.51 3.46 4.00 4.45 5.33

Sept................................ 0.87 0.95 1.01 1.15 1.50 1.95 2.85 3.41 3.96 4.91

Oct................................ 0.96 0.96 1.04 1.31 1.85 2.36 3.27 3.80 4.33 5.20

Nov ................................ 0.96 0.93 1.04 1.39 2.06 2.56 3.38 3.89 4.34 5.20

Dec ................................ 0.90 0.95 1.02 1.26 1.84 2.37 3.25 3.77 4.27 5.10

2004 - Jan................................ 0.85 0.92 1.01 1.28 1.84 2.35 3.17 3.68 4.16 5.00

Feb................................ 0.95 0.96 1.01 1.21 1.66 2.13 3.01 3.48 3.99 4.85

Mar................................ 0.96 0.95 1.01 1.20 1.60 1.99 2.80 3.33 3.86 4.77

* Rates are from the Treasury yields curve.
52

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of

exchange that is in circulation at the end of a given

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation.

The USCC statement provides a description of the

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census.

USCC information has been published by Treasury since

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the

Federal Reserve Board.

TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2004

[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................................

$839,233,896,044 $803,981,474,188 $803,473,135,237 $258,471,566 $249,867,385

Less amounts held by:

The Treasury................................ 364,456,163 33,636,163 33,450,338 7,505 178,320

FRBs.............................................................. 122,736,070,629 121,899,637,828 121,899,632,687 - 5,141

Amounts in circulation................................

$716,133,369,252 $682,048,200,197 $681,540,052,212 $258,464,061 $249,683,924 

Coins 2

Total

(1)

Dollars 3

(2)

Fractional

coins

(3)

Amounts outstanding................................ $35,252,421,856 $3,504,269,008 $31,748,152,848

Less amounts held by:

The Treasury................................ 330,820,000 262,614,000 68,206,000

FRBs.............................................................. 836,432,801 123,965,986 712,466,815

Amounts in circulation................................

$34,085,169,055 $3,117,689,022 $30,967,480,033

See footnotes following table USCC-2.
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 53

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2004

[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 ................................................................ $7,931,019,741 $7,785,850,396 $143,503 $145,025,842

$2 ................................................................ 1,353,973,896 1,221,686,506 132,274,818 12,572

$5 ................................................................ 9,294,693,450 9,156,335,010 109,424,810 28,933,630

$10................................................................ 14,413,955,050 14,392,380,770 6,300 21,567,980

$20................................................................ 102,500,479,460 102,480,371,980 3,840 20,103,640

$50................................................................ 58,332,114,700 58,320,615,750 500 11,498,450

$100................................................................ 487,908,219,800 487,869,630,300 16,599,700 21,989,800

$500................................................................ 142,625,500 142,430,500 5,500 189,500

$1,000................................................................ 165,893,000 165,681,000 5,000 207,000

$5,000................................................................ 1,765,000 1,710,000 - 55,000

$10,000.............................................................. 3,460,000 3,360,000 - 100,000

Fractional notes 4.................................................. 600 - 90 510

Total currency................................................... $682,048,200,197 $681,540,052,212 $258,464,061 $249,683,924 

Comparative totals of currency and coins in circulation—selected dates

Amounts (in millions)

(1)

Per capita 5

(2)

Mar. 31, 2004.............................................................................. 716,133 $2,455

Feb. 29, 2004.............................................................................. 712,610 2,434

Jan. 31, 2004.............................................................................. 708,949 2,424

Sept. 30, 2000............................................................................. 568,614 2,061

Sept. 30, 1995............................................................................. 409,272 1,553

Sept. 30, 1990............................................................................. 278,903 1,105

Sept. 30, 1985............................................................................. 187,337 782

Sept. 30, 1980............................................................................. 129,916 581

June 30, 1975 ............................................................................. 81,196 380

June 30,1970.............................................................................. 54,351 265

June 30, 1965 ............................................................................. 39,719 204

June 30, 1960 ............................................................................. 32,064 177

June 30, 1955.............................................................................. 30,229 183

1

 Issued on or after July 1, 1929.

2

 Excludes coins sold to collectors at premium prices.

3

 Includes $481,781,898 in standard silver dollars.

4

 Represents value of certain fractional denominations not presented for redemption.

 5 Based on Bureau of the Census estimates of population.
InternationalFinancialStatistics

CapitalMovements

ForeignCurrencyPositions

ExchangeStabilizationFund
57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S.

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents.

• Table IFS-1 shows reserve assets of the United

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign

currencies and reserve position in the IMF.

• Table IFS-2 contains statistics on liabilities to

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other

residents of foreign countries.

TABLE IFS-1.—U.S. Reserve Assets

[In millions of dollars. Source: Treasury International Capital Reporting System]

End of calendar

year or month

Total reserve

assets 1

(1)

Gold stock 2

(2)

Special drawing

rights 1, 3

(3)

Foreign 

currencies 4

(4)

Reserve 

position in 

International 

Monetary

Fund 1, 5

(5)

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................................................................... 79,006 11,043 12,166 33,818 21,979

2003 - 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 .......................................................... 80,620 11,043 11,646 35,185 22,746

Aug .......................................................... 80,422 11,043 11,619 35,297 22,463

Sept.......................................................... 84,431 11,043 12,062 37,259 24,067

Oct........................................................... 84,150 11,043 12,079 37,433 23,595

Nov .......................................................... 85,142 11,043 12,244 38,237 23,618

Dec .......................................................... 85,938 11,043 12,638 39,722 22,535

2004 - Jan............................................................ r 85,257 r 11,045 12,598 39,727 21,887

Feb........................................................... 84,741 11,045 12,687 39,190 21,819

Mar........................................................... 85,192 11,045 12,691 39,814 21,642

Apr........................................................... 82,090 11,045 12,445 38,279 20,322

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota.

Note.—Detail may not add to total due to rounding.
58 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)

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................................ 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559

2002 - June 8................................ 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210

Series Break................................ 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691

2002................................ 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693

2003 - Mar. r................................ 3,467,645 1,119,173 356,768 578,627 2,821 180,957 1,428,386 895,417 451,675 443,742 24,669

Apr. r................................ 3,517,168 1,115,532 349,788 578,787 2,839 184,118 1,453,430 923,506 470,080 453,426 24,700

May r................................ 3,576,408 1,167,888 384,608 593,625 2,857 186,798 1,441,618 942,807 463,411 479,396 24,095

June r................................ 3,603,305 1,177,059 379,083 610,122 2,876 184,978 1,440,300 958,712 451,682 507,030 27,234

July r................................ 3,708,304 1,184,202 373,561 622,460 2,894 185,287 1,486,670 1,008,398 468,063 540,335 29,034

Aug. r................................ 3,713,289 1,192,749 382,216 621,497 2,913 186,123 1,447,542 1,046,880 480,853 566,027 26,118

Sept. r................................ 3,710,987 1,220,133 397,995 629,573 2,931 189,634 1,420,303 1,041,801 478,078 563,723 28,750

Oct. r................................ 3,703,589 1,241,205 395,941 649,024 2,951 193,289 1,359,354 1,075,597 518,984 556,613 27,433

Nov ................................ 3,824,131 1,265, 900 399,888 667,907 2,640 195,465 1,430,704 1,101,661 530,564 571,097 25,866

Dec................................. 3,858,295 1,285,073 402,634 679,236 2,613 200,590 1,448,558 1,099,005 509,481 589,524 25,659

2004 - Jan................................ 3,984,092 1,334,154 421,188 706,146 1,521 205,299 1,468,577 1,154, 622 545,229 609,393 26,739

Feb. p ................................ 4,122,946 1,364,338 429,207 722,217 1,529 211,385 1,524,528 1,209,214 578,754 630,460 24,866

Mar. p ................................ 4,191,432 1,404,644 431,478 756,122 1,540 215,504 1,524,491 1,236,943 579,004 657,939 25,354

1

 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30- year maturity issue; Venezuela, beginning 

December 1990, 30- year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3.

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations.

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.”

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank and the Asian Development Bank.

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000 and end-June 2002, respectively, and are comparable to those 

shown for the following dates.

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest- bearing special U.S. notes held by international and 

regional organizations.
INTERNATIONAL FINANCIAL STATISTICS 59

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)

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................................................................ 2,769 2,769 715 1,368 686

2003 - 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

July .......................................................... 2,894 2,894 745 1,431 718

Aug .......................................................... 2,913 2,913 750 1,440 723

Sept.......................................................... 2,931 2,931 754 1,449 728

Oct........................................................... 2,951 2,951 759 1,459 733

Nov .......................................................... 2,640 2,640 763 1,139 738

Dec .......................................................... 2,613 2,613 768 1,102 743

2004 - Jan............................................................ 1,521 1,521 773 - 748

Feb........................................................... 1,529 1,529 777 - 752

Mar........................................................... 1,540 1,540 782 - 758

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $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 at yearend 2003 was $3,821

million. Note: This issue was paid off in full and retired on January 29, 2004.

3

 Beginning December 1990, indicates current value of zero-coupon, 30- year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million.
60

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 61

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 commerc ial 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
62 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 mo vements 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 63

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]

2003 2004

Type of Liability

 Calendar

 Year

 2002 Sept. r Oct. r Nov . r Dec. Jan. Feb. Mar. p

Total liabilities to all foreigners................................ 2,066,131 2,321,580 2,298,469 2,383,708 2,383,014 2,458,291 2,554,038 2,556,906

Payable in dollars .............................................. 1,985,588 2,254,149 2,231,038 2,316,277 2,321,539 2,396,816 2,492,563 2,495,431

Foreign official institutions 1............................... 335,090 397,995 395,941 399,888 402,634 421,188 429,207 431,478

Deposits, excluding negotiable CDs.................20,733 22,859 24,717 22,448 24,147 23,881 26,613 24,826

U.S. Treasury bills and certificates................... 190,444 207,918 207,871 215,580 212,025 213,135 224,028 230,022

Other liabilities ............................................ 123,913 167,218 163,353 161,860 166,462 184,172 178,566 176,630

Foreign banks (including own foreign

 offices) and other foreigners............................ 1,637,031 1,841,037 1,820,994 1,903,924 1,904,583 1,960,350 2,049,826 2,050,039

Deposits, excluding negotiable CDs................. 148,729 815,986 755,949 799,902 832,958 813,320 845,088 835,249

U.S. Treasury bills and certificates...................45,263 43,587 41,769 45,012 44,350 43,191 47,899 50,350

Other liabilities ............................................ 1,443,039 981,464 1,023,276 1,059,010 1,027,275 1,103,839 1,156,839 1,164,440

International and regional organizations 2.............13,467 15,117 14,103 12,465 14,322 15,278 13,530 13,914

Deposits, excluding negotiable CDs................. 5,769 6,922 6,481 4,978 5,784 7,500 8,452 9,367

U.S. Treasury bills and certificates................... 1,089 13 13 60 63 62 178 608

Other liabilities ............................................ 6,609 8,182 7,609 7,427 8,475 7,716 4,900 3,939

Payable in foreign currencies 3..............................80,543 67,431 67,431 67,431 61,475 61,475 61,475 61,475

Sector:

Banks and other foreigners............................71,361 57,344 57,344 57,344 53,456 53,456 53,456 53,456

International and regional organizations 2.............. 9,182 10,087 10,087 10,087 8,019 8,019 8,019 8,019

Major currencies:

Canadian dollars................................ 6,636 6,599 6,599 6,599 4,774 4,774 4,774 4,774

Euro.........................................................39,393 36,959 36,959 36,959 31,092 31,092 31,092 31,092

United Kingdom pounds sterling...................... 6,998 5,670 5,670 5,670 4,528 4,528 4,528 4,528

Japanese yen.............................................20,393 13,290 13,290 13,290 15,723 15,723 15,723 15,723

Memoranda:

Respondents’ own liabilities payable in

 dollars........................................................ 1,363,270 1,625,310 1,596,069 1,671,822 1,670,257 1,740,213 1,812,171 1,811,771

Liabilities to own foreign offices........................ 941,416 1,091,046 1,036,239 1,099,475 1,120,447 1,133,036 1,185,473 1,196,442

Liabilities collaterized by repurchase

 agreements ............................................. 190,134 419,087 450,593 480,495 460,343 528,202 539,721 527,954

Foreign official institutions 1.........................57,097 83,630 77,695 78,770 82,927 93,449 91,816 87,415

Foreign banks and other foreigners............... 131,025 332,476 369,182 397,472 372,676 431,863 446,649 439,697

International and regional organizations 2............. 2,012 2,981 3,716 4,253 4,740 2,890 1,256 842

Reported by IBFs............................................ 407,562 357,658 333,343 357,242 365,611 370,210 397,827 407,852

Respondents’ own liabilities payable in

 foreign currencies 3................................ 80,543 67,157 67,157 67,157 61,158 61,158 61,158 61,158

Reported by IBFs............................................51,788 40,052 40,052 40,052 36,689 36,689 36,689 36,689

Liabilities held in custody for domestic

 customers ................................................... 622,318 629,113 635,243 644,729 651,599 656,920 680,709 683,977

Payable in dollars................................ 622,318 628,839 634,969 644,455 651,282 656,603 680,392 683,660

Payable in foreign currencies 3........................ n.a. 274 274 274 317 317 317 317

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.
64 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 2003 2004

Country 2000 2001 2002 Nov . Dec. Jan. Feb. Mar. p

Europe:

Austria............................................................ 2,755 3,277 2,862 4,698 4,835 4,311 4,240 4,191

Belgium 1......................................................... 34,230 6,852 9,641 7,565 9,631 6,790 7,416 6,381

Bulgaria........................................................... 367 267 219 181 223 189 224 197

Czech Republic................................ 626 612 531 2,731 2,357 2,443 2,534 2,600

Denmark.......................................................... 3,134 3,778 5,115 2,989 3,744 2,791 2,445 2,538

Finland............................................................ 1,412 1,446 1,711 5,938 1,818 2,815 3,516 2,541

France............................................................ 41,275 57,924 44,098 46,275 41,740 50,942 53,835 45,683

Germany ......................................................... 41,416 26,296 42,235 53,833 53,515 56,636 60,464 56,709

Greece............................................................ 2,042 2,308 2,996 1,468 1,262 1,338 1,514 1,768

Hungary .......................................................... 1,127 730 439 700 346 458 544 611

Ireland ............................................................ 8,115 16,694 33,146 34,921 31,229 34,502 38,471 37,379

Italy................................................................ 6,755 7,243 6,098 6,261 6,293 7,658 9,136 8,495

Luxembourg 1................................ n.a. 17,107 32,943 33,534 36,955 38,756 43,690 41,048

Netherlands................................ 7,587 12,660 11,419 16,650 16,355 15,744 15,952 20,072

Norway ........................................................... 2,310 3,746 18,907 19,487 22,466 27,468 19,216 22,778

Poland............................................................ 3,649 3,695 4,205 4,638 3,723 4,440 4,878 4,400

Portugal .......................................................... 2,529 4,082 3,676 2,196 992 1,396 1,055 1,488

Romania.......................................................... 850 1,481 1,919 409 574 738 593 710

Russia 2........................................................... 19,052 20,808 23,158 37,632 41,693 47,522 47,706 45,715

Serbia and Montenegro (formerly

Yugoslavia) 3................................ 282 309 301 180 160 169 159 81

Spain.............................................................. 8,236 9,251 14,499 9,943 10,325 10,105 10,316 8,819

Sweden........................................................... 6,506 3,451 4,697 5,512 7,371 6,525 7,576 8,809

Switzerland................................ 76,307 67,379 133,546 106,194 112,137 107,281 133,324 125,198

Turkey ............................................................ 7,636 7,486 12,132 13,357 13,747 8,638 8,236 8,911

United Kingdom................................ 187,145 222,032 203,237 369,551 343,649 363,314 395,713 395,359

Channel Islands and Isle of Man 4.......................... na. 36,307 47,820 21,263 20,802 20,316 20,686 23,135

Other Europe................................ 16,518 19,397 25,108 18,765 16,382 15,921 21,290 23,334

Total Europe................................

481,861 556,618 686,658 826,871 804,324 839,206 914,729 898,950

Canada..............................................................

36,975 31,529 32,221 40,497 38,064 37,641 35,038 34,961

Latin America:

Argentina......................................................... 19,500 10,786 10,938 9,633 9,950 10,124 9,972 10,012

Brazil.............................................................. 11,726 15,219 11,332 22,442 17,842 20,774 20,650 19,228

Chile............................................................... 5,946 4,993 6,194 4,155 4,477 5,473 5,084 5,727

Colombia......................................................... 4,561 4,716 4,174 3,977 4,274 4,046 4,092 4,119

Ecuador.......................................................... 2,117 2,396 2,307 2,605 2,613 2,562 2,423 2,395

Guatemala....................................................... 1,619 1,900 1,396 1,595 1,550 1,496 1,534 1,564

Mexico............................................................ 33,041 40,548 37,374 33,866 36,511 34,335 35,335 37,907

Panama.......................................................... 4,353 3,646 3,903 3,884 4,177 3,966 4,101 3,682

Peru............................................................... 1,444 1,368 1,366 1,243 1,401 1,386 1,313 1,337

Uruguay .......................................................... 3,036 3,222 2,822 3,508 3,724 3,290 3,622 3,682

Venezuela........................................................ 24,984 25,311 22,540 21,420 21,565 21,790 23,560 24,031

Other Latin America 5................................ 10,094 6,311 6,415 6,045 6,000 5,775 6,009 6,269

Total Latin America................................

122,421 120,416 110,761 114,373 114,084 115,017 117,695 119,953

Caribbean:

Bahamas ......................................................... 191,061 179,382 164,133 159,769 172,492 172,327 166,327 165,562

Bermuda......................................................... 9,763 10,611 25,281 43,766 38,780 45,823 49,545 50,927

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. 445,040 639,443 735,026 744,566 772,624 787,092 787,011

Cuba.............................................................. 90 88 91 93 96 95 95 95

Jamaica.......................................................... 828 1,222 840 714 721 748 836 888

Netherlands Antilles ................................ 5,454 3,273 5,011 6,974 8,477 7,185 4,482 3,995

Trinidad and Tobago................................ 904 1,281 1,420 1,252 1,260 1,299 1,590 1,644

Other Caribbean 5................................ n.a. 12,208 11,757 21,389 24,918 26,926 33,217 30,776

Total Caribbean................................

590,968 653,105 847,976 968,983 991,310 1,027,027 1,043,184 1,040,898

See footnotes at end of table.
CAPITAL MOVEMENTS 65

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 2003 2004

Country 2000 2001 2002 Nov . Dec. Jan. Feb. Mar. p

Asia:

China:

Mainland................................ 16,531 10,498 15,483 21,001 13,182 12,343 17,397 21,961

Taiwan................................ 17,374 17,657 18,708 24,378 26,409 27,793 22,593 29,639

Hong Kong................................ 26,996 26,706 33,365 42,506 49,798 51,146 52,527 50,971

India............................................................... 4,530 3,676 7,968 13,581 14,523 13,137 11,416 11,339

Indonesia................................ 8,514 12,424 14,123 13,824 14,382 14,137 13,864 14,378

Israel.............................................................. 8,099 7,908 7,505 10,332 12,227 11,341 14,981 16,889

Japan............................................................. 162,449 173,640 176,331 173,742 168,485 170,802 174,608 180,832

Korea.............................................................. 7,960 9,035 8,978 14,761 12,630 14,678 14,000 10,002

Lebanon.......................................................... 681 563 651 716 685 732 674 733

Malaysia.......................................................... 2,335 1,299 1,221 1,463 1,650 1,727 1,612 2,272

Pakistan.......................................................... 1,024 1,971 2,093 2,843 2,960 1,752 2,205 1,971

Philippines ................................ 2,320 1,777 1,813 1,546 1,609 1,634 1,594 1,911

Singapore................................ 28,638 16,872 17,676 18,572 23,562 20,608 20,978 25,764

Syria.............................................................. 59 67 35 23 21 57 21 24

Thailand.......................................................... 3,212 4,757 7,607 7,122 7,201 8,977 10,751 7,569

Oil-exporting countries 7................................ 24,939 19,334 18,893 25,313 24,565 26,943 22,860 25,090

Other Asia................................ 5,312 5,785 6,819 7,484 7,654 7,617 7,518 7,467

Total Asia................................

320,973 313,969 339,269 379,207 381,543 385,424 389,599 408,812

Africa:

Congo (formerly Zaire)................................ 4 4 2 5 18 37 6 5

Egypt.............................................................. 2,621 2,783 2,655 2,540 2,350 2,162 3,273 3,225

Ghana............................................................. 188 133 312 559 595 504 510 449

Liberia............................................................. 318 229 141 195 192 220 157 134

Morocco.......................................................... 148 274 306 333 376 179 311 165

South Africa................................ 1,011 715 1,118 3,651 3,727 3,945 3,545 3,905

Oil-exporting countries 8................................ 4,141 4,461 4,466 3,293 3,613 4,364 5,185 4,812

Other Africa................................ 2,535 2,734 3,361 2,843 3,102 2,831 2,710 2,531

Total Africa................................

10,966 11,333 12,361 13,419 13,973 14,242 15,697 15,226

Other countries:

Australia.......................................................... 10,109 5,072 12,055 14,109 14,045 13,105 12,999 12,166

New Zealand 9................................ n.a. 318 1,918 2,979 2,584 2,451 2,729 2,945

All other........................................................... 1,281 413 263 718 746 881 819 1,062

Total other countries................................

11,390 5,803 14,236 17,806 17,375 16,437 16,547 16,173

Total foreign countries................................

1,575,554 1,692,773 2,043,482 2,361,156 2,360,673 2,434,994 2,532,489 2,534,973

International and regional

organizations:

International ................................ 12,193 15,508 20,464 20,652 18,610 21,041 19,522 19,875

European regional................................ 453 689 1,511 566 449 435 414 465

Latin American regional................................740 480 507 575 502 790 597 526

Caribbean regional 10................................ n.a. 84 67 61 63 60 69 69

Asian regional................................ 175 213 85 288 2,221 178 151 174

African regional................................ 74 33 15 410 496 793 796 824

Middle Eastern regional................................ - - - - - - - -

Total international

and regional................................

13,635 17,007 22,649 22,552 22,341 23,297 21,549 21,933

Grand total................................ 1,589,189 1,709,780 2,066,131 2,383,708 2,383,014 2,458,291 2,554,038 2,556,906

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other.”

10 Before January 2001, included in “Latin American regional.”
66 CAPITAL MOVEMENTS

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2004, 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................................ 4,191 4,176 15 1,132 3,044 165 258 3,475 185 48 45 12 2,575

Belgium 4................................ 6,381 6,104 277 4,871 1,233 1,884 136 2,745 399 131 809 1,555 461

Bulgaria................................ 197 197 - 90 107 28 35 125 8 1 - - -

Czech Republic................................ 2,600 2,590 10 101 2,489 39 510 2,015 26 - - 3 50

Denmark................................ 2,538 2,423 115 1,725 698 122 396 1,733 142 22 8 46 177

Finland................................ 2,541 2,503 38 1,635 868 1,454 106 700 37 118 88 1,408 1

France................................ 45,683 44,675 1,008 31,062 13,613 7,284 8,533 12,759 1,251 232 14,616 11,370 884

Germany ................................56,709 49,913 6,796 43,064 6,849 11,055 1,962 28,039 2,471 410 5,976 24,656 2,246

Greece................................ 1,768 1,766 2 1,635 131 891 30 228 519 10 88 196 41

Hungary ................................ 611 597 14 407 190 298 113 74 35 77 - 274 -

Ireland ................................ 37,379 37,261 118 7,723 29,538 1,449 253 1,277 1,198 1,591 31,493 105 5,739

Italy................................................................ 8,495 8,067 428 4,908 3,159 2,656 1,917 2,722 612 24 136 1,403 1,084

Luxembourg 4................................ 41,048 39,898 1,150 21,867 18,031 7,449 4,652 8,780 273 675 18,069 17,584 1,471

Netherlands................................ 20,072 18,779 1,293 14,256 4,523 1,646 520 7,437 2,155 400 6,621 8,575 680

Norway ................................ 22,778 22,736 42 22,320 416 98 23 21,029 61 4 1,521 - 45

Poland................................ 4,400 4,381 19 1,861 2,520 294 1,400 2,625 47 - 15 315 -

Portugal ................................ 1,488 1,430 58 1,309 121 900 15 229 213 3 70 65 25

Romania................................ 710 704 6 358 346 23 118 521 18 3 21 9 -

Russia 5................................ 45,715 45,694 21 6,545 39,149 2,254 - 43,253 146 2 39 201 3

Serbia and Montenegro

 (formerly Yugoslavia) 6................................ 81 81 - 81 - 26 - 29 20 - 6 - -

Spain................................ 8,819 8,393 426 7,562 831 2,163 386 4,778 950 35 81 1,587 126

Sweden................................ 8,809 8,515 294 6,823 1,692 241 65 2,868 134 98 5,109 133 1,488

Switzerland................................ 125,198 124,162 1,036 112,517 11,645 103,299 4,983 11,063 885 3,034 898 107,192 1,635

Turkey ................................ 8,911 8,910 1 2,195 6,715 321 6,591 679 84 6 1,229 95 34

United Kingdom................................ 395,359 384,720 10,639 373,093 11,627 103,408 796 131,418 9,399 4,223 135,476 281,305 2,037

Channel Islands and Isle 

 of Man 7................................23,135 23,123 12 22,245 878 21,830 91 367 111 495 229 21,534 224

Other Europe................................

23,334 23,213 121 10,014 13,199 3,631 11,763 6,925 309 272 313 18 6

Total Europe................................

898,950 875,011 23,939 701,399 173,612 274,908 45,652 297,893 21,688 11,914 222,956 479,641 21,032

Canada...............................................................

34,961 32,746 2,215 18,666 14,080 5,090 6,497 11,639 2,605 1,135 5,780 9,610 696

Latin America:

Argentina ................................10,012 9,890 122 9,252 638 404 12 906 7,863 294 411 350 181

Brazil................................ 19,228 17,672 1,556 15,963 1,709 7,712 1,209 3,581 4,535 126 509 1,559 117

Chile............................................................... 5,727 5,661 66 4,382 1,279 879 30 1,569 2,738 135 310 700 137

Colombia................................ 4,119 4,077 42 3,329 748 294 11 1,005 2,613 46 108 27 168

Ecuador................................ 2,395 2,351 44 2,242 109 409 - 278 1,582 1 81 155 22

Guatemala................................1,564 1,554 10 1,386 168 167 95 301 924 21 46 7 25

Mexico................................ 37,907 36,344 1,563 22,985 13,359 4,338 6,830 9,572 13,476 582 1,546 3,185 367

Panama................................ 3,682 3,650 32 3,104 546 904 32 496 1,785 121 312 625 116

Peru............................................................... 1,337 1,332 5 1,276 56 216 - 82 974 1 59 62 16

Uruguay................................ 3,682 3,664 18 3,217 447 547 172 1,247 1,298 163 237 987 71

Venezuela................................24,031 23,707 324 16,003 7,704 4,030 4,955 1,834 11,348 434 1,106 182 98

Other Latin America................................

6,269 6,218 51 5,501 717 1,952 134 1,057 2,798 34 243 121 270

Total Latin America 119,953 116,120 3,833 88,640 27,480 21,852 13,480 21,928 51,934 1,958 4,968 7,960 1,588

Caribbean:

Bahamas ................................ 165,562 161,427 4,135 158,538 2,889 121,851 478 25,213 4,934 523 8,428 125,093 135

Bermuda................................50,927 50,669 258 32,797 17,872 1,254 325 3,723 4,079 2,140 39,148 2,875 345

Cayman Islands 8................................ 787,011 780,461 6,550 578,683 201,778 231,556 200 416,903 10,601 5,527 115,674 481,139 2,336

Cuba............................................................... 95 95 - 95 - 12 - 4 69 - 10 - -

Jamaica................................ 888 837 51 817 20 414 - 216 178 16 13 28 2

Netherlands Antilles ................................ 3,995 3,945 50 3,590 355 866 130 747 674 11 1,517 185 44

Trinidad and Tobago................................ 1,644 1,638 6 1,525 113 908 - 396 174 10 150 223 53

Other Caribbean................................

30,776 30,671 105 19,875 10,796 3,564 308 1,502 6,734 1,647 16,916 333 3,208

Total Caribbean................................

1,040,898 1,029,743 11,155 795,920 233,823 360,425 1,441 448,704 27,443 9,874 181,856 609,876 6,123

See footnotes at end of table.
CAPITAL MOVEMENTS 67

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2004, 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................................ 21,961 21,961 - 13,613 8,348 2,299 5,438 12,590 636 77 921 3,289 45

Taiwan ................................ 29,639 29,612 27 27,015 2,597 4,947 2,003 18,443 3,721 127 371 1,545 213

Hong Kong................................ 50,971 50,553 418 24,431 26,122 17,396 16,229 10,438 2,223 228 4,039 16,887 162

India................................ 11,339 11,338 1 1,861 9,477 794 6,320 3,044 282 2 896 521 8

Indonesia................................ 14,378 14,377 1 1,791 12,586 744 4,298 8,841 256 - 238 253 7

Israel................................ 16,889 16,881 8 6,277 10,604 584 9,443 4,496 1,440 223 695 1,268 449

Japan................................ 180,832 172,338 8,494 56,041 116,297 21,412 110,610 34,087 2,998 912 2,319 38,765 539

Korea................................ 10,002 9,990 12 5,019 4,971 2,136 1,137 6,106 302 22 287 1,778 23

Lebanon................................ 733 726 7 712 14 224 - 391 95 1 15 12 6

Malaysia ................................ 2,272 2,238 34 1,646 592 738 558 860 67 1 14 82 -

Pakistan................................ 1,971 1,971 - 585 1,386 319 1,264 221 98 1 68 182 4

Philippines................................ 1,911 1,904 7 1,570 334 549 88 559 410 85 213 141 18

Singapore................................ 25,764 24,228 1,536 16,553 7,675 8,941 4,194 7,783 529 1,043 1,738 12,319 205

Syria................................ 24 24 - 23 1 4 - 1 18 - 1 - 1

Thailand................................ 7,569 7,564 5 1,356 6,208 465 6,020 629 288 26 136 83 2

Other Asia................................ 32,557 31,437 1,120 16,846 14,591 10,408 11,476 5,981 843 684 2,045 7,512 1,183

Total Asia................................

408,812 397,142 11,670 175,339 221,803 71,960 179,078 114,470 14,206 3,432 13,996 84,637 2,865

Africa:

Congo (formerly Zaire)................................ 5 5 - 5 - 1 - - 4 - - - -

Egypt................................ 3,225 3,225 - 1,064 2,161 632 1,948 396 228 - 21 174 15

Ghana................................449 449 - 270 179 66 179 189 14 - 1 15 -

Liberia................................134 134 - 99 35 6 - 1 85 16 26 - 3

Morocco................................ 165 165 - 162 3 52 - 72 41 - - 15 -

South Africa................................ 3,905 3,888 17 3,879 9 1,314 - 2,413 152 7 2 3,363 2

Other Africa................................ 7,343 7,228 115 5,363 1,865 2,766 1,740 2,046 527 12 137 403 2

Total Africa................................

15,226 15,094 132 10,842 4,252 4,837 3,867 5,117 1,051 35 187 3,970 22

Other countries:

Australia................................ 12,166 12,099 67 5,671 6,428 1,169 1,620 8,130 387 261 532 718 2,159

New Zealand................................ 2,945 2,818 127 2,582 236 60 15 2,345 160 67 171 1 5

All other................................ 1,062 744 318 644 100 173 - 163 127 46 235 29 6

Total other countries................................

16,173 15,661 512 8,897 6,764 1,402 1,635 10,638 674 374 938 748 2,170

Total foreign

countries................................

2,534,973 2,481,517 53,456 1,799,703 681,814 740,474 251,650 910,389 119,601 28,722 430,681 1,196,442 34,496

International and

regional orgs.:

International................................ 19,875 11,938 7,937 10,926 1,012 - - - 8,565 551 2,822 - 254

European regional................................ 465 465 - 448 17 - - - 440 17 8 - -

Latin American regional................................ 526 444 82 424 20 - - - 334 - 110 - 20

Caribbean regional................................ 69 69 - 69 - - - - 11 - 58 - -

Asian regional................................ 174 174 - 174 - - - - 16 - 158 - -

African regional................................ 824 824 - 27 797 - - - 1 40 783 - 39

Middle Eastern regional................................

- - - - - - - - - - - - -

Total international

and regional................................

21,933 13,914 8,019 12,068 1,846 - -- 9,367 608 3,939 - 313

Grand total................................ 2,556,906 2,495,431 61,475 1,811,771 683,660 740,474 251,650 910,389 128,968 29,330 434,620 1,196,442 34,809

1

 These data as of December 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

 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.

7Before January 2001, data included in United Kingdom.

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.
68 CAPITAL MOVEMENTS

0

100

200

300

400

500

600

700

800

900

1000

1100

2000 2001 2002 2003 Mar. 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 2000 2001 2002 2003 Mar. 2004

United Kingdom ................................ 187,145 222,032 203,237 343,649 395,359

All other Europe................................ 294,716 334,586 483,421 460,675 503,591

Caribbean banking centers 1,2................................ 593,499 641,952 837,771 968,486 1,011,177

Japan................................................................ 162,449 173,640 176,331 168,485 180,832

All other Asia................................ 158,524 140,329 162,938 213,058 227,980

Subtotal............................................................

1,396,333 1,512,539 1,863,698 2,154,353 2,318,939

All other countries................................

192,856 197,241 202,433 228,661 237,967

Grand total................................ 1,589,189 1,709,780 2,066,131 2,383,014 2,556,906

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, excluding long-term 

securities, were recorded at 

about $2.6 trillion in March 

2004, an increase of about $174 

billion from yearend 2003. U.S. 

banking liabilities increased 

about $317 billion in 2003. 

Much of the increase in 

liabilities to foreigners in 2003 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December, 

when data are reported on a 

consistent basis, banking 

liabilities increased about $126 

billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

half of U.S. banking liabilities 

currently is recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilities in recent years, and 

also recorded most of the 

reported increase in liabilities in 

2003. Foreigners domiciled in 

the rest of Europe and in Asia 

account for about 35 percent of 

U.S. banking liabilities.
CAPITAL MOVEMENTS 69

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 Dec. Mar. r June r Sept. Dec. p

Total claims......................................................... 1,351,599 1,516,742 1,701,312 1,779,070 1,755,492 1,707,570

Payable in dollars................................................ 1,259,328 1,409,095 1,597,266 1,668,031 1,653,878 1,603,209

Own claims on foreigners................................ 1,052,066 1,185,445 1,311,105 1,362,698 1,357,785 1,319,784

Foreign official institutions................................ n.a. n.a. 46,849 39,187 45,762 50,665

Foreign public borrowers ................................ 45,672 48,765 n.a. n.a. n.a. n.a.

Foreign banks, including own foreign 

offices ....................................................... 844,865 970,357 995,882 1,036,576 1,025,082 976,325

All other foreigners.......................................... 161,529 166,323 268,374 286,935 286,941 292,794

Claims of domestic customers................................ 207,262 223,650 286,161 305,333 296,093 283,425

Payable in foreign currencies ................................ 92,271 107,647 104,046 111,039 101,614 104,361

Own claims on foreigners................................ 74,640 71,724 77,520 84,797 77,050 77,883

of which:

Canadian dollars............................................. 6,106 7,614 5,415 10,113 9,472 12,652

Euros........................................................... 42,980 40,858 42,991 41,865 40,669 35,520

United Kingdom pounds sterling....................... 6,296 6,809 10,690 11,796 5,900 6,831

Japanese yen................................................ 9,892 9,008 12,179 13,107 14,640 16,137

Claims of domestic customers................................ 17,631 35,923 26,526 26,242 24,564 26,478

of which:

Canadian dollars............................................. 935 9,032 1,499 2,391 1,946 2,915

Euros........................................................... 3,097 12,019 16,670 15,039 10,749 11,601

United Kingdom pounds sterling......................... 1,133 2,863 3,017 2,835 3,276 3,144

Japanese yen................................................ 351 7,362 814 3,406 3,540 3,487

Memoranda:

Total own claims on foreigners............................... 1,126,706 1,257,169 1,388,625 1,447,495 1,434,835 1,397,667

Non-negotiable deposits ................................ n.a. n.a. 520,960 538,423 536,340 534,309

Short-term negotiable instruments

 (payable in dollars).......................................... n.a. n.a. 11,835 13,154 8,295 7,455

Resale agreements ........................................... 137,979 161,585 287,043 310,317 344,085 344,753

Other ............................................................. n.a. n.a. 568,787 585,601 546,115 511,150

Claims on own foreign offices................................ 744,498 892,340 944,854 976,575 965,234 933,770

Claims reported by IBFs................................ 339,685 344,333 329,495 346,937 336,856 321,469

Payable in dollars.............................................. 306,381 313,450 301,022 319,332 312,880 293,898

Payable in foreign currencies............................... 33,304 30,883 28,473 27,605 23,976 27,571

Total claims held for domestic customers.................. 135,294 171,397 312,687 331,575 320,657 309,903

Non-negotiable deposits ................................ n.a. n.a. 141,060 155,518 138,897 139,936

Short-term negotiable instruments

 (payable in dollars).......................................... 114,287 137,289 132,877 140,147 148,636 136,116

Other ............................................................... 21,007 34,108 38,750 35,910 33,124 33,851
70 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]

2002 2003

Country

Calendar 

year

2001 June Sept. Dec. Mar. r June r Sept. Dec. p

Europe:

Austria.............................................................. 7,652 5,223 4,951 3,972 4,880 4,544 5,927 4,905

Belgium 1........................................................... 7,583 7,831 6,406 8,255 11,137 9,545 10,720 10,490

Bulgaria............................................................2 3 14 10 244 11 110 59

Czech Republic................................ 600 172 188 149 441 157 151 235

Denmark ........................................................... 3,461 2,759 4,589 2,228 3,091 4,795 5,549 5,374

Finland............................................................. 10,877 16,780 16,514 9,020 10,487 9,529 7,256 8,511

France.............................................................. 86,420 91,466 83,623 76,743 79,385 88,896 86,120 89,542

Germany ........................................................... 57,462 67,520 50,625 43,348 47,128 43,079 45,219 40,122

Greece............................................................. 554 514 590 653 483 342 249 244

Hungary ............................................................ 25 33 51 211 148 127 155 77

Ireland.............................................................. 9,122 6,426 3,861 4,990 7,387 7,317 13,699 13,419

Italy................................................................ 8,065 7,856 7,570 7,750 8,506 8,910 9,155 10,309

Luxembourg 1..................................................... 3,852 5,820 3,625 4,506 3,874 7,782 5,953 7,185

Netherlands ....................................................... 22,908 25,756 27,397 32,757 32,759 31,278 30,405 30,152

Norway ............................................................. 7,033 10,671 12,966 14,980 12,636 17,969 13,713 18,835

Poland.............................................................. 535 165 177 179 421 677 1,166 58

Portugal............................................................ 2,159 2,200 2,372 2,641 2,504 2,944 3,106 2,934

Romania........................................................... 99 102 92 107 131 160 138 192

Russia 2............................................................ 651 1,176 818 896 1,126 831 1,012 1,258

Serbia and Montenegro (formerly 

Yugoslavia) 3................................ - - - 9 - - 3 -

Spain................................................................ 4,767 4,499 6,574 8,696 5,598 6,492 6,573 4,486

Sweden............................................................ 20,660 26,505 20,062 22,789 23,052 22,670 24,542 21,771

Switzerland........................................................ 97,696 127,652 115,954 138,173 115,402 114,591 103,501 88,709

Turkey .............................................................. 3,370 3,968 3,872 3,305 3,554 3,383 3,400 2,611

United Kingdom ................................ 300,665 297,911 300,092 293,642 350,370 378,567 391,505 375,319

Channel Islands and Isle of Man 4........................... 4,513 4,466 6,361 17,775 35,737 49,440 48,818 44,382

Other Europe..................................................... 2,894 2,364 1,786 1,997 2,237 2,546 2,523 3,421

Total Europe................................

663,625 719,838 681,130 699,781 762,718 816,582 820,668 784,600

Canada...............................................................

77,121 90,875 87,653 94,126 81,897 78,160 83,073 82,765

Latin America:

Argentina........................................................... 11,587 9,223 8,025 7,053 6,479 6,308 5,494 4,238

Brazil............................................................... 20,846 20,209 18,451 16,070 16,710 17,367 17,595 16,625

Chile................................................................ 5,465 4,993 5,194 5,322 5,393 5,379 5,930 6,190

Colombia........................................................... 3,653 3,293 3,098 2,633 2,744 2,511 2,537 2,109

Ecuador............................................................ 507 511 478 469 508 496 422 415

Guatemala......................................................... 1,536 924 969 925 1,008 809 824 825

Mexico.............................................................. 16,920 17,214 16,660 16,249 15,678 15,377 14,286 14,255

Panama............................................................ 3,441 2,926 2,151 2,070 2,034 2,132 1,961 1,942

Peru................................................................ 2,201 1,845 1,613 1,424 1,414 1,555 1,402 1,382

Uruguay ............................................................ 459 349 369 276 334 344 436 475

Venezuela......................................................... 3,209 3,556 3,480 3,404 3,455 3,380 3,187 3,063

Other Latin America 5................................ 3,404 2,993 2,893 2,780 2,957 2,487 2,537 2,446

Total Latin America................................

73,228 68,036 63,381 58,675 58,714 58,145 56,611 53,965

Caribbean:

Bahamas........................................................... 103,541 110,791 93,025 96,358 118,511 126,145 115,051 102,134

Bermuda........................................................... 8,470 11,850 13,332 10,620 24,440 22,770 14,286 16,161

Cayman Islands 6................................ 300,422 351,530 345,310 417,363 492,460 513,641 494,566 488,572

Netherlands Antilles................................ 6,741 6,923 6,228 6,783 6,930 7,361 7,287 6,791

Trinidad and Tobago................................ 940 866 930 889 884 862 788 700

Other Caribbean 5................................ 3,791 3,803 3,456 3,453 3,559 4,492 3,666 5,091

Total Caribbean................................

424,323 486,124 462,744 535,787 647,261 675,692 636,044 619,824

See footnotes at end of table.
CAPITAL MOVEMENTS 71

TABLE CM-II-2.—Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2002 2003

Country

 Calendar

 year

 2001 June Sept. Dec. Mar. r June r Sept. Dec. p

Asia:

China:

Mainland................................ 2,138 6,107 7,307 1,110 11,098 7,282 9,650 4,258

Taiwan................................ 4,599 6,663 8,830 3,939 8,429 5,631 7,601 9,962

Hong Kong................................ 10,405 6,375 8,886 7,777 5,798 7,589 7,762 7,909

India................................................................ 1,477 1,595 1,340 1,314 1,193 1,530 1,789 1,776

Indonesia................................ 1,795 1,617 1,476 1,795 1,247 1,308 1,638 1,056

Israel................................................................ 6,984 5,858 7,517 6,979 5,602 6,995 5,386 7,362

Japan............................................................... 40,047 43,859 51,772 59,792 66,136 72,660 72,741 76,671

Korea............................................................... 10,786 15,103 17,495 11,209 13,201 7,138 7,292 11,504

Lebanon................................ 45 43 46 48 38 75 78 72

Malaysia................................ 731 1,178 844 921 1,226 1,318 1,386 1,133

Pakistan................................ 129 488 669 77 364 728 1,006 74

Philippines ................................ 2,598 2,008 2,188 2,180 2,699 1,601 1,455 2,301

Singapore................................ 3,513 3,419 3,699 4,425 4,146 4,322 6,836 8,326

Syria.............................................................. 3 2 2 2 2 2 2 2

Thailand................................ 2,544 753 1,879 1,443 1,661 1,557 2,122 1,295

Oil-exporting countries 7................................ 9,222 12,248 11,532 10,487 9,878 8,477 7,965 8,847

Other Asia................................ 357 548 726 246 212 206 131 195

Total Asia................................

97,373 107,864 126,208 113,744 132,930 128,419 134,840 142,743

Africa:

Congo (formerly Zaire)................................ - - - - - - - -

Egypt................................................................ 430 430 346 500 569 429 362 248

Ghana.............................................................. 25 6 9 12 13 17 17 17

Liberia.............................................................. 377 395 350 308 346 289 413 365

Morocco................................ 123 96 75 71 66 60 52 66

South Africa................................ 820 719 659 653 611 3,463 3,588 3,596

Oil-exporting countries 8................................ 175 241 311 238 266 229 222 157

Other Africa................................ 311 311 332 295 365 313 289 275

Total Africa................................

2,261 2,198 2,082 2,077 2,236 4,800 4,943 4,724

Other countries:

Australia................................ 8,057 7,727 8,507 7,793 8,175 10,401 11,402 12,144

New Zealand................................ 477 782 1,018 881 2,356 1,254 1,263 1,528

All other................................ 75 148 33 69 118 97 82 41

Total other countries ................................

8,609 8,657 9,558 8,743 10,649 11,752 12,747 13,713

Total foreign countries................................

1,346,540 1,483,592 1,432,756 1,512,933 1,696,405 1,773,550 1,748,926 1,702,334

International and regional orgs:

International................................ 4,322 3,863 2,160 3,291 4,235 4,303 5,456 3,981

European regional................................ 21 44 23 8 1 11 1 88

Latin American regional................................ 237 240 229 179 189 153 248 266

Caribbean regional................................ - - - - - - - -

Asian regional................................ 479 253 385 331 482 1,053 861 898

African regional................................ - - - - - - - -

Middle Eastern regional................................ - - - - - - - 3

Total international

 and regional................................

5,059 4,400 2,797 3,809 4,907 5,520 6,566 5,236

Grand total................................ 1,351,599 1,487,992 1,435,553 1,516,742 1,701,312 1,779,070 1,755,492 1,707,570

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.
72 CAPITAL MOVEMENTS

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 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.............................................................. 4,905 4,751 1,563 3,151 43 37 154 74 80

Belgium 1........................................................... 10,490 7,160 5,647 1,190 1,137 323 3,330 2,977 353

Bulgaria............................................................ 59 57 9 48 - - 2 2 -

Czech Republic................................ 235 224 170 41 50 13 11 10 1

Denmark ........................................................... 5,374 2,926 2,331 433 1,525 162 2,448 2,429 19

Finland............................................................. 8,511 8,220 8,015 110 7,985 95 291 3 288

France.............................................................. 89,542 81,030 46,729 16,965 47,200 17,336 8,512 4,487 4,025

Germany ........................................................... 40,122 28,146 17,012 8,507 7,453 2,627 11,976 9,783 2,193

Greece............................................................. 244 241 112 125 2 4 3 3 -

Hungary ............................................................ 77 75 66 4 - 5 2 - 2

Ireland.............................................................. 13,419 10,998 1,653 9,198 481 147 2,421 2,273 148

Italy................................................................ 10,309 8,829 6,759 549 4,883 1,521 1,480 1,201 279

Luxembourg 1................................ 7,185 5,617 4,426 1,086 3,059 105 1,568 915 653

Netherlands ................................ 30,152 23,103 12,173 9,080 11,699 1,850 7,049 6,551 498

Norway ............................................................. 18,835 17,758 17,085 581 - 92 1,077 1,055 22

Poland.............................................................. 58 49 17 7 15 25 9 - 9

Portugal............................................................ 2,934 2,551 1,499 520 597 532 383 98 285

Romania........................................................... 192 192 42 130 - 20 - - -

Russia 2............................................................ 1,258 1,246 777 455 9 14 12 12 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3................................ - - - - - - - - -

Spain................................................................ 4,486 2,966 2,239 52 799 675 1,520 1,517 3

Sweden............................................................ 21,771 15,482 11,614 3,632 8,838 236 6,289 6,159 130

Switzerland................................ 88,709 80,525 76,057 2,576 72,532 1,892 8,184 8,089 95

Turkey .............................................................. 2,611 2,153 1,768 380 35 5 458 418 40

United Kingdom ................................375,319 284,208 203,691 65,157 223,667 15,360 91,111 86,160 4,951

Channel Islands and Isle of Man4............................... 44,382 43,116 39,923 3,175 39,627 18 1,266 1,217 49

Other Europe................................ 3,421 2,197 1,726 337 2 134 1,224 70 1,154

Total Europe................................

784,600 633,820 463,103 127,489 431,638 43,228 150,780 135,503 15,277

Canada...............................................................

82,765 64,329 45,622 6,352 41,557 12,355 18,436 15,516 2,920

Latin America:

Argentina........................................................... 4,238 3,818 728 3,081 585 9 420 170 250

Brazil............................................................... 16,625 16,343 8,777 7,041 4,733 525 282 271 11

Chile................................................................ 6,190 6,109 2,506 3,586 504 17 81 80 1

Colombia........................................................... 2,109 2,023 1,052 959 149 12 86 86 -

Ecuador............................................................ 415 400 80 320 10 - 15 15 -

Guatemala......................................................... 825 795 279 500 69 16 30 30 -

Mexico.............................................................. 14,255 13,756 1,665 11,897 239 194 499 281 218

Panama............................................................ 1,942 1,875 959 880 131 36 67 67 -

Peru................................................................ 1,382 1,369 462 902 290 5 13 13 -

Uruguay ............................................................ 475 473 237 227 106 9 2 2 -

Venezuela......................................................... 3,063 3,035 605 2,257 2 173 28 28 -

Other Latin America 5................................

2,446 2,399 1,240 1,149 84 10 47 44 3

Total Latin America................................

53,965 52,395 18,590 32,799 6,902 1,006 1,570 1,087 483

Caribbean: -

Bahamas........................................................... 102,134 74,458 68,176 5,531 68,519 751 27,676 27,676 -

Bermuda........................................................... 16,161 15,154 446 14,443 1,854 265 1,007 999 8

Cayman Islands 6................................ 488,572 397,019 326,723 64,712 316,541 5,584 91,553 91,217 336

Cuba................................................................ - - - - - - - - -

Jamaica............................................................ 375 375 67 308 35 - - - -

Netherlands Antilles................................ 6,791 6,673 817 5,807 757 49 118 114 4

Trinidad and Tobago................................700 668 117 547 176 4 32 32 -

Other Caribbean 5................................5,091 5,067 579 4,307 126 181 24 24 -

Total Caribbean................................

619,824 499,414 396,925 95,655 388,008 6,834 120,410 120,062 348

See footnotes at end of table.
CAPITAL MOVEMENTS 73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 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......................................................... 4,258 4,183 3,667 466 200 50 75 75 -

Taiwan............................................................ 9,962 9,839 8,955 704 601 180 123 32 91

Hong Kong................................ 7,909 7,369 3,225 3,965 2,234 179 540 527 13

India................................................................ 1,776 1,599 1,044 544 396 11 177 159 18

Indonesia.......................................................... 1,056 863 328 510 12 25 193 189 4

Israel................................................................ 7,362 5,151 4,957 165 1,603 29 2,211 2,209 2

Japan............................................................... 76,671 71,223 48,859 11,602 44,115 10,762 5,448 1,940 3,508

Korea............................................................... 11,504 11,414 10,351 1,044 2,322 19 90 77 13

Lebanon............................................................ 72 65 59 6 1 - 7 7 -

Malaysia........................................................... 1,133 1,007 677 320 200 10 126 121 5

Pakistan............................................................ 74 66 43 22 36 1 8 7 1

Philippines ......................................................... 2,301 1,717 919 774 31 24 584 582 2

Singapore.......................................................... 8,326 7,531 6,518 335 5,419 678 795 736 59

Syria.............................................................. 2 - - - - - 2 2 -

Thailand............................................................ 1,295 1,260 967 22 347 271 35 27 8

Other Asia.........................................................

9,042 8,691 6,452 461 5,039 1,778 351 351 -

Total Asia................................

142,743 131,978 97,021 20,940 62,556 14,017 10,765 7,041 3,724

Africa:

Congo (formerly Zaire)................................ - - - - - - - - -

Egypt................................................................ 248 235 224 9 117 2 13 9 4

Ghana.............................................................. 17 7 3 4 - - 10 10 -

Liberia.............................................................. 365 317 1 303 - 13 48 48 -

Morocco............................................................ 66 55 46 - - 9 11 11 -

South Africa................................ 3,596 476 331 122 107 23 3,120 7 3,113

Other Africa................................

432 405 238 166 22 1 27 27 -

Total Africa................................

4,724 1,495 843 604 246 48 3,229 112 3,117

Other countries:

Australia............................................................ 12,144 8,112 4,586 3,311 2,831 215 4,032 3,496 536

New Zealand................................ 1,528 999 295 524 28 180 529 456 73

All other............................................................

41 41 5 36 4 - - - -

Total other countries ................................

13,713 9,152 4,886 3,871 2,863 395 4,561 3,952 609

Total foreign countries................................

1,702,334 1,392,583 1,026,990 287,710 933,770 77,883 309,751 283,273 26,478

International and regional orgs.:

International................................ 3,981 3,980 - 3,980 - - 1 1 -

European regional................................ 88 18 - 18 - - 70 70 -

Latin American regional................................266 185 - 185 - - 81 81 -

Caribbean regional................................ - - - - - - - - -

Asian regional................................ 898 898 - 898 - - - - -

African regional................................ - - - - - - - - -

Middle Eastern regional................................

3 3 - 3 - - - - -

Total international and regional.............................

5,236 5,084 - 5,084 - - 152 152 -

Grand total................................ 1,707,570 1,397,667 1,026,990 292,794 933,770 77,883 309,903 283,425 26,478

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series.
74 CAPITAL MOVEMENTS

0

100

200

300

400

500

600

700

 1999 2000 2001 2002 Dec. 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 Dec. 2003

United Kingdom................................ 172,345 223,976 300,665 293,642 375,319

All other Europe................................ 283,430 324,734 362,960 406,139 409,281

Caribbean banking centers 1,2 340,917 388,987 422,615 533,194 615,600

Japan................................ 34,627 39,179 40,047 59,792 76,671

All other Asia................................53,267 49,440 57,326 53,952 66,072

Subtotal ................................

884,586 1,026,316 1,183,613 1,346,719 1,542,943

All other countries ................................

148,542 150,876 167,986 170,023 164,627

Grand total................................ 1,033,128 1,177,192 1,351,599 1,516,742 1,707,570

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format.

CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In December 2003, U.S. 

banking claims, excluding 

long-term securities, amounted 

to about $1.7 trillion, an 

increase of about $191 billion 

from yearend 2002. In large 

part, the increase in claims 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December, 

when data are reported on a 

consistent basis, banking claims 

increased $6 billion.

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers also accounted 

for most of the increase in U.S. 

banking claims in 2003. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently.
CAPITAL MOVEMENTS 75

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 2003 Calendar year 2003

Country 2002 June Dec. 2002 June Dec.

Other Europe:

Cyprus ............................................................. 143 276 185 22 n.a. 184

Iceland............................................................. 104 141 241 n.a. r 38 14

Monaco............................................................ 239 194 369 n.a. 65 n.a.

Other Latin America and Caribbean:

Aruba............................................................... 255 281 434 292 n.a. 178

Barbados .......................................................... r 1,597 r 5,728 8,128 619 256 n.a.

Belize............................................................... 319 234 165 n.a. r 24 18

Bolivia.............................................................. 878 844 1,042 214 239 216

Costa Rica........................................................ 933 1,107 962 708 660 700

Dominica........................................................... 45 46 71 n.a. 3 n.a.

Dominican Republic............................................. 1,460 1,444 1,745 1,085 862 546

El Salvador........................................................ r 968 1,035 1,323 887 780 804

French West Indies and French Guiana.................... 26 24 40 n.a. n.a. -

Haiti ................................................................ r 256 337 351 24 38 41

Honduras.......................................................... 1,718 1,604 1,283 362 249 243

Nicaragua......................................................... 126 149 135 84 n.a. 59

Paraguay .......................................................... 789 688 720 77 56 61

Suriname.......................................................... 201 139 158 11 n.a. n.a.

Other Asia:

Afghanistan....................................................... 45 51 49 - - -

Burma.............................................................. 9 3 5 - - -

Jordan.............................................................. n.a. n.a. 1,577 82 71 99

Macau.............................................................. r 85 72 91 - - 6

Sri Lanka.......................................................... n.a. 809 552 n.a. r 8 n.a.

Yemen............................................................. 185 291 333 n.a. n.a. n.a.

Other Africa:

Angola.............................................................. n.a. 276 140 n.a. n.a. n.a.

Cameroon......................................................... 16 15 17 14 19 20

Ethiopia............................................................ n.a. 360 351 - - -

Guinea............................................................. 28 r 23 18 n.a. n.a. 12

Ivory Coast........................................................ n.a. 96 77 n.a. n.a. n.a.

Kenya.............................................................. 106 152 125 2 2 n.a.

Mauritius........................................................... 116 117 113 n.a. n.a. 9

Mozambique...................................................... n.a. 139 n.a. - - -

Rwanda............................................................ 91 48 64 - n.a. n.a.

Senegal............................................................ 30 n.a. n.a. n.a. n.a. n.a.

Somalia............................................................ 9 n.a. n.a. - - -

Sudan.............................................................. 5 7 n.a. - - -

Tanzania........................................................... 279 n.a. 451 n.a. 14 9

Tunisia............................................................. n.a. r 73 43 84 r 73 67

Uganda............................................................ 202 r 112 167 n.a. n.a. n.a.

Zambia............................................................. 87 102 93 n.a. n.a. -

Zimbabwe......................................................... 63 66 61 - - -

All other:

Papua New Guinea............................................. n.a. 50 n.a. n.a. 7 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.
76 CAPITAL MOVEMENTS

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 Dec. Mar. r June r Sept. Dec. p

Total liabilities....................................................... 53,020 73,904 66,679 67,664 85,573 82,181 83,956 83,484

Payable in dollars................................ 37,605 48,931 42,925 45,087 55,256 54,580 54,396 52,931

Financial....................................................... 13,883 25,246 18,763 18,844 30,301 29,342 28,781 25,290

Short-term negotiable securities...................... n.a. n.a. n.a. n.a. 3,675 3,222 2,511 1,895

Other........................................................ n.a. n.a. n.a. n.a. 26,626 26,120 26,270 23,395

Commercial.................................................. 23,722 23,685 24,162 26,243 24,955 25,238 25,615 27,641

Trade payables ................................ 11,720 12,162 10,893 13,469 12,954 13,683 15,284 16,009

Advance receipts and other........................... 12,002 11,523 13,269 12,774 12,001 11,555 10,331 11,632

Pay able in foreign currencies................................ 15,415 24,973 23,754 22,577 30,317 27,601 29,560 30,553

By major foreign currency:

Canadian dollars................................ n.a. n.a. n.a. n.a. 641 884 1,431 1,630

Euros........................................................ n.a. n.a. n.a. n.a. 13,411 10,959 14,221 11,159

United Kingdom pounds sterling...................... n.a. n.a. n.a. n.a. 7,870 7,587 8,529 12,031

Japanese yen................................ n.a. n.a. n.a. n.a. 3,122 2,899 2,099 2,702

Other........................................................ n.a. n.a. n.a. n.a. 5,273 5,272 3,280 3,031

By type of liability:

Financial.................................................... 14,097 22,173 22,271 20,717 26,757 24,342 27,549 28,095

Short-term negotiable securities................... n.a. n.a. n.a. n.a. 17,753 15,020 14,899 12,107

Other..................................................... n.a. n.a. n.a. n.a. 9,004 9,322 12,650 15,988

Commercial................................ 1,318 2,800 1,483 1,860 3,560 3,259 2,011 2,458

Trade payables ................................ 1,114 2,131 888 1,230 2,008 1,743 977 1,174

Advance receipts and other........................204 669 595 630 1,552 1,516 1,034 1,284

Total claims......................................................... 76,642 90,157 113,082 102,566 124,626 129,967 126,163 114,871

Payable in dollars................................ 69,170 79,558 103,864 91,551 108,655 113,142 108,918 97,343

Financial...................................................... 34,966 46,157 74,471 65,070 88,002 90,106 84,591 71,754

Non-negotiable deposits ..............................n.a. n.a. n.a. n.a. 45,006 48,202 44,701 33,944

Negotiable CDs and short-term 

 negotiable instruments ................................ n.a. n.a. n.a. n.a. 3,642 3,033 3,006 3,047

Other....................................................... n.a. n.a. n.a. n.a. 39,354 38,871 36,884 34,763

Commercial.................................................. 34,204 33,401 29,393 26,481 20,653 23,036 24,327 25,589

Trade receivables................................ 30,624 30,007 25,828 22,635 17,010 17,849 19,598 21,340

Advance payments and other......................... 3,580 3,394 3,565 3,846 3,643 5,187 4,729 4,249

Payable in foreign currencies................................ 7,472 10,599 9,218 11,015 15,971 16,825 17,245 17,528

By major foreign currency:

Canadian dollars................................ n.a. n.a. n.a. n.a. 1,956 1,876 2,633 2,469

Euros........................................................ n.a. n.a. n.a. n.a. 4,857 4,136 4,893 4,318

United Kingdom pounds sterling...................... n.a. n.a. n.a. n.a. 3,534 4,110 3,827 4,429

Japanese yen................................ n.a. n.a. n.a. n.a. 1,425 1,412 1,529 1,420

Other........................................................ n.a. n.a. n.a. n.a. 4,199 5,291 4,363 4,892

By type of claim:

Financial.................................................... 5,265 6,874 6,816 6,319 7,128 7,553 10,312 9,453

Non-negotiable deposits ............................. n.a. n.a. n.a. n.a. 1,416 1,731 2,041 1,976

Short-term negotiable securities................... n.a. n.a. n.a. n.a. 135 174 168 164

Other.................................................... n.a. n.a. n.a. n.a. 5,577 5,648 8,103 7,313

Commercial................................ 2,207 3,725 2,402 4,696 8,843 9,272 6,933 8,075

Trade receivables................................1,978 3,097 1,685 3,750 7,777 8,226 6,151 7,373

Advance payments and other...................... 229 628 717 946 1,066 1,046 782 702

Memoranda:

Financial liabilities and claims:

Positions with unaffiliated entities:

Financial liabilities................................ 27,980 47,419 41,034 39,561 45,460 42,256 45,364 43,845

Financial claims................................ 40,231 53,031 81,287 71,389 83,215 83,626 83,450 67,347

Selected positions with affiliated entities: 1

Financial liabilities................................ n.a. n.a. n.a. n.a. 11,598 11,428 10,966 9,540

Financial claims................................ n.a. n.a. n.a. n.a. 11,915 14,033 11,453 13,860

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 77

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 Dec. Mar. r June r Sept. Dec. p

Europe:

Austria................................ 118 112 111 151 64 97 104 71 82

Belgium 1................................ 357 171 440 253 285 1,070 187 174 158

Bulgaria................................ 3 - 2 3 4 1 7 2 3

Czech Republic ................................105 26 7 10 13 17 17 12 6

Denmark................................ 132 105 149 148 522 141 67 99 67

Finland................................ 83 48 91 86 56 64 66 25 35

France................................ 2,017 2,331 2,459 3,575 6,008 3,558 4,270 3,522 4,414

Germany................................ 3,455 3,105 3,215 3,249 3,704 4,090 3,612 4,130 4,386

Greece................................ 120 141 400 410 403 260 189 209 474

Hungary................................ 3 9 8 27 32 28 34 11 11

Ireland................................ 1,307 827 1,216 1,264 785 744 598 1,182 703

Italy ................................ 1,177 749 1,773 1,395 1,271 1,228 1,479 797 1,154

Luxembourg 1................................ n.a. n.a. n.a. n.a. n.a. 377 556 679 678

Netherlands ................................ 1,835 2,503 2,316 3,117 2,415 2,526 3,125 1,611 668

Norway ................................ 188 266 286 320 406 417 399 419 445

Poland................................ 11 46 42 43 46 49 33 27 26

Portugal................................ 29 34 16 16 17 17 19 5 7

Romania................................ 149 159 178 17 20 25 16 44 30

Russia 2................................ 82 251 91 48 38 34 70 51 71

Serbia and Montenegro 

(formerly Yugoslavia) 3................................ 8 11 11 14 9 9 10 5 -

Spain................................ 546 501 468 423 403 428 334 529 1,068

Sweden................................ 171 158 117 97 115 127 151 359 656

Switzerland................................ 654 773 606 884 494 540 632 400 1,383

Turkey ................................ 211 384 408 133 101 84 125 145 302

United Kingdom................................ 9,677 19,592 29,209 25,131 25,180 28,778 26,253 27,584 28,036

Channel Islands and 

Isle of Man 4 ................................n.a. n.a. n.a. n.a. n.a. 5 4 60 -

Other Europe................................ 181 201 182 211 201 210 196 167 182

Total Europe................................ 22,619 32,503 43,801 41,025 42,592 44,924 42,553 42,319 45,045

Canada................................ 2,083 2,059 2,344 2,577 2,179 2,287 2,931 3,418 3,514

Latin America: 

Argentina................................ 118 169 146 50 62 61 97 113 125

Brazil................................ 304 271 262 325 318 369 384 375 475

Chile................................ 111 64 52 56 55 38 34 55 60

Colombia................................ 72 141 131 82 50 52 24 18 71

Ecuador................................ 19 58 32 4 5 7 15 17 21

Guatemala................................ 12 6 10 13 13 17 17 13 15

Mexico................................ 406 912 867 935 1,201 1,120 964 1,305 1,332

Panama................................ 16 67 32 49 61 62 98 62 52

Peru................................ 35 28 24 41 21 21 77 20 15

Uruguay................................ 8 8 27 8 6 9 4 2 4

Venezuela................................ 204 305 286 168 178 142 457 517 332

Other Latin America 5................................ 426 379 1,994 284 503 77 102 134 98

Total Latin America................................ 1,731 2,408 3,863 2,015 2,473 1,975 2,273 2,631 2,600

Caribbean:

Bahamas ................................ 21 23 37 209 74 393 12 51 14

Bermuda................................ 299 157 2,020 1,551 1,528 3,571 4,819 3,493 1,128

British West Indies 6................................ 967 540 482 1,672 401 n.a. n.a. n.a. n.a.

Cayman Islands 6................................ n.a. n.a. n.a. n.a. n.a. 105 56 2,458 3,060

Cuba................................ 5 27 20 42 29 35 7 8 2

Jamaica................................ 12 13 16 12 28 11 13 12 17

Netherlands Antilles................................ 44 19 32 46 11 11 8 9 3

Trinidad and Tobago................................ 34 15 36 38 33 41 22 18 16

Other Caribbean 5................................ n.a. n.a. n.a. n.a. n.a. 710 532 566 564

Total Caribbean................................ 1,382 794 2,643 3,570 2,104 4,877 5,469 6,615 4,804

See footnotes at end of table.
78 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 Dec. Mar. r June r Sept. Dec. p

Asia:

China:

Mainland................................ 708 627 497 735 1,252 1,989 1,179 1,845 1,129

Taiwan................................ 898 1,175 970 819 659 751 759 531 441

Hong Kong................................ 388 223 640 560 495 449 385 473 554

India................................ 387 519 309 179 160 132 75 115 86

Indonesia................................ 154 83 81 44 100 39 66 71 60

Israel................................ 228 160 468 195 350 802 614 495 519

Japan................................ 7,439 5,751 8,973 5,850 6,124 6,176 5,882 6,385 6,196

Korea................................ 945 543 941 897 548 706 709 611 1,331

Lebanon................................ 27 56 53 57 53 54 16 10 13

Malaysia................................ 141 118 162 393 140 179 153 204 188

Pakistan................................ 33 37 96 94 158 209 216 252 233

Philippines ................................ 169 169 114 1,100 108 113 133 139 139

Singapore................................ 1,240 917 2,280 1,793 1,796 1,922 1,961 1,278 1,436

Syria................................ 15 8 27 6 13 50 16 30 2

Thailand................................ 362 165 203 105 118 123 124 151 34

Oil-exporting countries 7................................ 2,852 2,555 2,844 2,649 3,993 3,563 3,091 3,001 3,217

Other Asia................................ 141 217 290 83 247 235 203 227 251

Total Asia................................

16,127 13,323 18,948 15,559 16,314 17,492 15,582 15,818 15,829

Africa:

Congo (formerly Zaire)................................ - 9 - 1 1 1 1 1 86

Egypt................................ 39 86 166 117 128 110 39 144 28

Ghana................................ 9 1 6 3 2 3 5 4 4

Liberia................................ 9 2 18 30 1 - - - -

Morocco................................ 41 31 11 34 42 44 43 43 41

South Africa................................ 189 138 135 111 130 125 96 86 52

Oil-exporting countries 8................................ 393 499 483 441 496 514 276 464 464

Other Africa................................ 142 212 181 152 158 244 250 261 230

Total Africa................................

822 978 1,000 889 958 1,041 710 1,003 905

Other countries:

Australia................................ 949 634 344 584 732 1,149 987 906 1,053

New Zealand 9................................ n.a. n.a. n.a. n.a. n.a. 23 14 18 71

All other................................

852 300 898 430 238 178 202 236 98

Total other countries ................................

1,801 934 1,242 1,014 970 1,350 1,203 1,160 1,222

Total foreign countries................................

46,565 52,975 73,841 66,649 67,590 73,946 70,721 72,964 73,919

International and regional orgs.:

International................................ - 1 1 - 22 - - - -

European regional................................5 44 45 30 3 25 17 19 16

Latin American regional................................ - - - - 46 2 - - -

Caribbean regional 10................................ n.a. n.a. n.a. n.a. n.a. - - - -

Asian regional................................ - - 9 - 3 2 15 7 9

African regional................................ - - 8 - - - - - -

Middle Eastern regional................................

- - - - - - - - -

Total international

 and regional................................

5 45 63 30 74 29 32 26 25

Grand total................................ 46,570 53,020 73,904 66,679 67,664 73,975 70,753 72,990 73,944

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other countries.”

10 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 79

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 Dec. Mar. June Sept. Dec. p

Europe:

Austria................................ 146 208 498 1,985 1,770 1,741 1,736 1,841 1,752

Belgium 1................................ 899 845 748 893 991 665 512 365 523

Bulgaria................................ 11 6 6 13 9 20 18 16 14

Czech Republic ................................ 67 26 67 79 62 52 54 54 54

Denmark................................ 81 310 229 138 112 220 186 256 716

Finland................................ 244 261 224 238 624 276 252 275 176

France................................ 3,035 3,203 4,301 4,371 6,411 6,206 7,511 6,634 5,865

Germany................................ 2,126 2,464 2,830 2,726 5,447 7,549 5,629 7,257 4,143

Greece................................ 316 487 332 339 409 287 255 247 204

Hungary................................ 66 54 47 66 51 45 55 39 53

Ireland................................ 244 340 616 821 516 1,019 752 403 423

Italy ................................................................ 1,257 1,284 1,114 1,434 2,963 3,082 3,266 4,635 4,075

Luxembourg 1................................ n.a. n.a. n.a. n.a. n.a. 1,057 84 69 115

Netherlands ................................ 1,342 2,658 3,125 2,667 5,138 5,491 5,036 5,776 3,186

Norway ................................ 165 273 308 257 286 256 355 458 315

Poland................................ 111 62 67 77 79 72 89 92 104

Portugal................................ 153 91 83 71 222 220 201 176 161

Romania................................ 20 11 16 34 24 20 20 18 25

Russia 2................................ 232 293 373 137 93 73 74 88 118

Serbia and Montenegro 

(formerly Yugoslavia) 3................................ 14 17 15 23 10 18 24 10 13

Spain.............................................................. 527 715 860 1,042 1,370 1,020 1,082 1,454 1,803

Sweden................................ 565 339 360 441 417 529 540 567 779

Switzerland................................ 897 1,253 1,462 1,200 886 1,969 1,733 2,419 2,538

Turkey ................................ 236 464 700 383 503 462 516 636 479

United Kingdom................................ 12,535 13,388 20,402 20,343 14,390 14,954 17,955 15,667 15,366

Channel Islands and 

Isle of Man 4 ................................ n.a. n.a. n.a. n.a. n.a. 3 3 - -

Other Europe................................ 251 360 291 362 422 830 774 760 546

Total Europe................................25,540 29,412 39,074 40,140 43,205 48,136 48,712 50,212 43,546

Canada............................................................... 5,120 5,310 8,078 9,011 7,803 8,207 8,784 7,615 8,381

Latin America: 

Argentina................................ 893 896 1,109 810 602 565 562 543 398

Brazil.............................................................. 1,859 2,381 2,784 3,081 3,036 3,133 2,940 3,400 2,735

Chile............................................................... 320 263 302 242 217 184 220 228 382

Colombia................................ 279 349 351 240 240 262 248 273 234

Ecuador................................ 103 82 66 62 112 89 79 85 117

Guatemala................................ 88 85 106 90 79 92 71 83 76

Mexico................................ 2,790 3,476 3,955 4,466 4,180 2,885 3,040 3,317 2,968

Panama................................ 173 168 244 105 79 88 88 123 232

Peru................................................................ 183 148 171 79 69 83 84 64 73

Uruguay................................ 59 68 35 20 30 36 11 13 16

Venezuela................................ 456 487 415 371 392 405 416 356 361

Other Latin America 5................................ 1,176 1,325 842 919 1,102 649 614 546 427

Total Latin America................................ 8,379 9,728 10,380 10,485 10,138 8,471 8,373 9,031 8,019

Caribbean:

Bahamas ................................ 427 1,613 1,390 1,018 1,069 818 626 437 1,075

Bermuda................................ 575 401 395 1,287 1,011 938 1,162 980 1,024

British West Indies 6................................ 24,492 12,280 12,733 33,060 21,547 n.a. n.a. n.a. n.a.

Cayman Islands 6................................n.a. n.a. n.a. n.a. n.a. 25,907 30,750 26,986 20,067

Cuba............................................................... - - 1 2 - 24 6 5 16

Jamaica................................ 45 52 126 93 94 71 85 85 84

Netherlands Antilles................................37 45 84 70 45 12 15 13 32

Trinidad and Tobago................................ 55 46 59 45 54 59 73 81 100

Other Caribbean 5................................n.a. n.a. n.a. n.a. n.a. 1,021 1,023 1,000 951

Total Caribbean................................ 25,631 14,437 14,788 35,575 23,820 28,850 33,740 29,587 23,349

See footnotes at end of table.
80 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 Dec. Mar. June Sept. Dec. p

Asia:

China:

Mainland................................ 825 760 1,096 1,052 867 3,029 1,238 2,288 1,066

Taiwan................................ 770 1,097 1,299 853 696 579 566 655 783

Hong Kong................................ 331 400 593 1,094 682 768 698 672 832

India ................................ 348 599 661 638 743 599 694 752 668

Indonesia................................ 417 408 407 239 280 241 263 170 170

Israel................................ 327 336 458 700 453 567 1,019 531 749

Japan................................ 2,875 5,336 4,427 3,610 3,618 2,667 2,976 3,230 2,955

Korea................................ 1,084 1,378 1,745 1,850 1,738 1,800 1,448 2,003 1,456

Lebanon................................ 26 14 36 16 21 21 17 16 34

Malaysia................................ 492 516 743 645 521 528 551 517 497

Pakistan ................................ 37 23 37 44 17 27 37 39 34

Philippines................................ 148 258 106 1,001 708 780 189 262 743

Singapore................................ 734 1,041 1,065 1,120 1,044 936 808 834 1,152

Syria................................ 12 5 11 11 28 43 2 3 6

Thailand................................ 489 651 344 232 237 208 214 277 253

Oil-exporting countries 7................................ 1,144 1,648 1,104 985 897 707 953 1,013 1,059

Other Asia................................ 160 152 195 189 132 135 200 207 216

Total Asia................................

10,219 14,622 14,327 14,279 12,682 13,635 11,873 13,469 12,673

Africa:

Congo (formerly Zaire)................................ 1 - - - 18 - 8 8 2

Egypt................................ 136 186 266 233 155 128 100 109 176

Ghana................................ 14 6 5 7 9 13 8 8 8

Liberia................................ 11 3 2 28 50 54 101 154 109

Morocco................................ 29 35 49 35 24 30 24 27 27

South Africa................................ 272 323 266 293 273 326 325 268 247

Oil-exporting countries 8................................ 181 186 237 137 120 165 132 170 150

Other Africa................................ 226 178 258 326 330 278 232 369 336

Total Africa................................

870 917 1,083 1,059 979 994 930 1,113 1,055

Other countries:

Australia................................ 1,398 1,889 2,041 2,150 3,540 4,039 3,178 3,332 3,624

New Zealand 9................................n.a. n.a. n.a. n.a. n.a. 176 174 178 208

All other................................

286 351 359 383 393 92 101 84 83

Total other countries................................

1,684 2,240 2,400 2,533 3,933 4,307 3,453 3,594 3,915

Total foreign countries ................................

77,443 76,639 90,130 113,082 102,560 112,600 115,865 114,621 100,938

International and regional orgs.:

International................................ 15 2 2 - 2 11 11 13 11

European regional................................3 - 4 - 1 43 26 26 15

Latin American regional................................ - - - - 1 15 13 18 18

Caribbean regional 10................................ n.a. n.a. n.a. n.a. n.a. 30 9 24 18

Asian regional ................................ - - 12 - - 9 7 5 10

African regional................................ 1 1 2 - 1 1 - - -

Middle Eastern regional................................

- - 7 - 1 2 3 3 1

Total international

 and regional................................

19 3 27 - 6 111 69 89 73

Grand total................................ 77,462 76,642 90,157 113,082 102,566 112,711 115,934 114,710 101,011

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other countries.”

10 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 81

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

Country, December 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.............................................................82 25 57 1,752 1,685 67

Belgium 1................................ 158 - 158 523 347 176

Bulgaria........................................................... 3 - 3 14 - 14

Czech Republic................................ 6 - 6 54 11 43

Denmark ................................ 67 29 38 716 651 65

Finland............................................................35 14 21 176 12 164

France............................................................. 4,414 3,514 900 5,865 3,049 2,816

Germany ................................ 4,386 3,531 855 4,143 2,859 1,284

Greece............................................................ 474 13 461 204 21 183

Hungary ...........................................................11 5 6 53 2 51

Ireland............................................................. 703 663 40 423 252 171

Italy................................................................ 1,154 350 804 4,075 2,773 1,302

Luxembourg 1................................ 678 677 1 115 44 71

Netherlands ................................ 668 284 384 3,186 2,789 397

Norway ............................................................ 445 4 441 315 123 192

Poland.............................................................26 - 26 104 1 103

Portugal........................................................... 7 1 6 161 97 64

Romania................................ 30 - 30 25 - 25

Russia 2...........................................................71 13 58 118 43 75

Serbia and Montenegro 

(formerly Yugoslavia) 3................................ - - - 13 2 11

Spain............................................................... 1,068 557 511 1,803 1,139 664

Sweden........................................................... 656 501 155 779 427 352

Switzerland................................ 1,383 16 1,367 2,538 617 1,921

Turkey ............................................................. 302 5 297 479 326 153

United Kingdom ................................ 28,036 25,011 3,025 15,366 11,438 3,928

Channel Islands and 

Isle of Man 4................................ - - - - - -

Other Europe................................ 182 11 171 546 262 284

Total Europe................................ 45,045 35,224 9,821 43,546 28,970 14,576

Canada............................................................... 3,514 1,348 2,166 8,381 5,311 3,070

Latin America: 

Argentina................................ 125 64 61 398 196 202

Brazil............................................................... 475 242 233 2,735 1,832 903

Chile...............................................................60 7 53 382 193 189

Colombia................................ 71 - 71 234 54 180

Ecuador...........................................................21 - 21 117 23 94

Guatemala................................ 15 - 15 76 30 46

Mexico............................................................. 1,332 34 1,298 2,968 1,629 1,339

Panama...........................................................52 1 51 232 61 171

Peru................................................................15 - 15 73 11 62

Uruguay ........................................................... 4 - 4 16 2 14

Venezuela................................ 332 3 329 361 131 230

Other Latin America 5................................ 98 1 97 427 218 209

Total Latin America................................ 2,600 352 2,248 8,019 4,380 3,639

Caribbean:

Bahamas................................ 14 - 14 1,075 1,049 26

Bermuda........................................................... 1,128 615 513 1,024 564 460

Cayman Islands 6................................ 3,060 3,020 40 20,067 20,015 52

Cuba............................................................... 2 - 2 16 10 6

Jamaica...........................................................17 6 11 84 51 33

Netherlands Antilles................................ 3 - 3 32 24 8

Trinidad and Tobago................................ 16 5 11 100 55 45

Other Caribbean 5................................ 564 - 564 951 67 884

Total Caribbean................................ 4,804 3,646 1,158 23,349 21,835 1,514

See footnotes at end of table.
82 CAPITAL MOVEMENTS

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

Country, December 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................................ 1,129 160 969 1,066 311 755

Taiwan................................ 441 10 431 783 91 692

Hong Kong................................ 554 110 444 832 385 447

India................................................................86 20 66 668 417 251

Indonesia................................ 60 23 37 170 118 52

Israel............................................................... 519 176 343 749 437 312

Japan.............................................................. 6,196 1,826 4,370 2,955 1,194 1,761

Korea.............................................................. 1,331 52 1,279 1,456 899 557

Lebanon...........................................................13 3 10 34 - 34

Malaysia................................ 188 4 184 497 344 153

Pakistan........................................................... 233 - 233 34 - 34

Philippines ................................ 139 6 133 743 617 126

Singapore................................ 1,436 69 1,367 1,152 144 1,008

Syria............................................................... 2 - 2 6 - 6

Thailand...........................................................34 2 32 253 133 120

Other Asia................................ 3,468 57 3,411 1,275 227 1,048

Total Asia................................

15,829 2,518 13,311 12,673 5,317 7,356

Africa:

Congo (formerly Zaire)................................ 86 - 86 2 - 2

Egypt...............................................................28 1 27 176 17 159

Ghana............................................................. 4 - 4 8 - 8

Liberia............................................................. - - - 109 99 10

Morocco...........................................................41 1 40 27 13 14

South Africa................................ 52 20 32 247 179 68

Other Africa................................ 694 101 593 486 111 375

Total Africa................................

905 123 782 1,055 419 636

Other countries:

Australia........................................................... 1,053 608 445 3,624 1,056 2,568

New Zealand 7................................ 71 12 59 208 57 151

All other...........................................................

98 1 97 83 2 81

Total other countries ................................

1,222 621 601 3,915 1,115 2,800

Total foreign countries................................

73,919 43,832 30,087 100,938 67,347 33,591

International and regional orgs.:

International................................ - - - 11 - 11

European regional................................ 16 13 3 15 - 15

Latin American regional................................ - - - 18 - 18

Caribbean regional 8................................ - - - 18 - 18

Asian regional................................ 9 - 9 10 - 10

African regional................................ - - - - - -

Middle Eastern regional................................

- - - 1 - 1

Total international

 and regional................................

25 13 12 73 - 73

Grand total................................ 73,944 43,845 30,099 101,011 67,347 33,664

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia.

4Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Before January 2001, data included in “All other countries.”

8

 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 83

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)

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................................................................ 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827

2003................................................................ 273,017 109,345 164,398 -726 9,244,485 8,971,468 162,806 2,325,512 2,162,706

2004 - Jan. - Mar. p................................ 145,404 76,886 68,415 103 2,672,751 2,527,347 55,919 594,347 538,428

2003 - Mar. r................................ 26,937 1,684 25,304 -51 715,672 688,735 16,358 219,998 203,640

Apr. r................................9,792 160 9,684 -52 597,559 587,767 19,878 227,227 207,349

May ................................41,124 14,838 25,970 316 939,622 898,498 31,944 285,446 253,502

June r................................ 44,034 16,497 27,634 -97 872,971 828,937 7,038 253,221 246,183

July................................44,703 12,338 33,305 -940 917,217 872,514 11,817 232,405 220,588

Aug. r................................ 25,126 -963 25,692 397 964,852 939,726 8,916 219,072 210,156

Sept. r................................ 5,562 8,076 -2,304 -210 843,218 837,656 -3,242 165,875 169,117

Oct ................................12,038 19,451 -7,110 -303 876,911 864,873 9,416 156,916 147,500

Nov.................................33,438 18,883 14,484 71 679,454 646,016 10,600 135,608 125,008

Dec.................................29,760 11,329 18,427 4 684,817 655,057 17,344 139,234 121,890

2004 - Jan................................ 46,903 26,910 19,869 124 808,401 761,498 27,649 164,466 136,817

Feb. p................................ 37,013 16,071 21,067 -125 841,108 804,095 24,316 181,444 157,128

Mar. p................................ 61,488 33,905 27,479 104 1,023,242 961,754 3,954 248,437 244,483

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)

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................................................................ 182,310 820,747 638,437 50,189 3,209,760 3,159,571

2003................................................................ 271,646 1,041,198 769,552 37,527 3,115,236 3,077,709

2004 - Jan. - Mar. p................................................ 64,587 314,350 249,763 1,734 1,017,456 1,015,722

2003 - Mar........................................................... 27,563 86,851 59,288 2,848 236,684 233,836

Apr. r......................................................... 21,890 78,825 56,935 4,362 233,279 228,917

May r........................................................ 27,432 96,390 68,958 6,597 273,269 266,672

June......................................................... 22,850 98,745 75,895 10,308 311,960 301,652

July r......................................................... 27,005 92,103 65,098 -7,858 267,040 274,898

Aug .......................................................... 16,857 77,714 60,857 11,551 252,367 240,816

Sept.......................................................... 19,754 91,029 71,275 -6,274 262,827 269,101

Oct........................................................... 20,930 96,237 75,307 -1,243 308,308 309,551

Nov .......................................................... 29,622 93,554 63,932 8,779 262,481 253,702

Dec .......................................................... 20,400 85,863 65,463 13,330 288,874 275,544

2004 - Jan............................................................ 12,985 89,355 76,370 12,787 323,391 310,604

Feb. p....................................................... 21,272 99,648 78,376 2,408 317,208 314,800

Mar. p....................................................... 30,330 125,347 95,017 -13,461 376,857 390,318

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities.
84 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)

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................................................................ 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287

2003................................................................ -44,566 26,552 2,156,714 2,130,162 -71,118 1,376,162 1,447,280

2004 - Jan. - Mar. p................................-13,921 5,636 790,462 784,826 -19,557 488,375 507,932

2003 - Mar. r......................................................... 2,226 7,484 162,477 154,993 -5,258 91,436 96,694

Apr. r......................................................... -130 -2,394 136,326 138,720 2,264 100,582 98,318

May r................................ 2,764 13,527 230,666 217,139 -10,763 99,932 110,695

June r................................ 6,410 11,564 210,241 198,677 -5,154 117,130 122,284

July r......................................................... -1,556 3,170 208,349 205,179 -4,726 129,599 134,325

Aug. r................................ -12,047 1,581 159,859 158,278 -13,628 112,520 126,148

Sept. r................................ -11,590 -2,401 211,835 214,236 -9,189 134,418 143,607

Oct. r......................................................... -12,857 -5,403 211,616 217,019 -7,454 155,044 162,498

Nov .......................................................... -4,526 -3,638 182,794 186,432 -888 132,486 133,374

Dec .......................................................... -5,021 149 186,718 186,569 -5,170 123,726 128,896

2004 - Jan............................................................ -8,533 4,667 252,613 247,946 -13,200 138,106 151,306

Feb. p................................ -1,688 717 247,295 246,578 -2,405 154,638 157,043

Mar. p................................ -3,700 252 290,554 290,302 -3,952 195,631 199,583
CAPITAL MOVEMENTS 85

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 2004 2003 2004 2003 2004 2003 2004

Country

 Calendar

 year

 2003

 (1)

Oct.

through

Dec.

(2)

Jan.

through

Mar. p

(3)

Calendar

year

2003

(4)

Oct.

through

Dec.

(5)

 Jan.

 through

 Mar. p

 (6)

Calendar

year

2003

(7)

Oct.

through

Dec.

(8)

Jan.

through

Mar. p

(9)

Calendar

year

2003

(10)

Oct.

through

Dec.

(11)

Jan.

through

Mar. p

(12)

Europe:

Austria................................................................ -848 -401 240 657 208 88 423 197 72 -175 18 180

Belgium 1................................ 1,736 182 -1,543 657 -2,342 389 2,439 619 1,265 164 688 46

Bulgaria................................ 47 58 -19 14 - 16 18 -12 66 -2 12 -9

Czech Republic................................281 980 -843 2,097 770 -62 72 - 14 26 17 12

Denmark................................ 2,414 242 1,148 1,560 199 7 1,209 178 268 695 182 304

Finland................................ -430 -9 -181 113 21 60 -111 -166 82 292 -4 -49

France................................................................ -6,752 -1,461 -276 946 997 -507 3,573 967 2,650 6,239 3,612 -281

Germany................................ 7,885 -1,392 -312 -1,065 - -189 3,790 2,326 2,494 -934 -190 -1,831

Greece................................ 736 13 84 -102 -1 22 38 21 15 -49 -75 42

Hungary................................ 44 101 119 2 -40 31 12 -10 16 -6 4 13

Ireland................................................................ 3,787 -682 -859 4,060 2,320 367 9,476 2,125 2,987 7,790 1,789 -132

Italy................................................................ -2,535 -3,339 -66 389 63 -126 2,074 440 268 570 369 481

Luxembourg 1................................ 913 -747 330 2,617 201 -1,025 5,240 789 931 2,052 889 1,368

Netherlands................................ 153 -1,843 -223 -106 191 -1,584 1,274 229 401 69 -159 1,161

Norway................................ 8,296 265 1,559 1,576 561 -335 5,782 1,999 720 5,022 1,052 540

Poland................................................................ 859 352 784 406 388 24 25 13 -2 -5 - -1

Portugal................................ 740 517 83 144 3 -11 -30 13 32 121 65 15

Romania................................ 915 -132 -98 -39 10 60 69 - - - - -

Russia 2................................ -129 110 -472 3,216 1,924 4,007 113 21 49 - 12 2

Serbia and Montenegro

(formerly Yugoslavia) 3................................ 15 -2 21 - - - 9 10 - 2 -1 -

Spain................................................................ -5,134 -2,209 -2,627 -4,028 -2 -359 669 181 291 402 81 265

Sweden................................ 432 -1,413 976 -70 63 232 294 -2 506 3,428 844 -72

Switzerland................................ 4,900 -132 1,711 1,582 379 1,068 6,116 400 1,074 -2,123 1,013 1,754

Turkey................................................................ -1,602 538 4,697 7 -1 19 -344 -350 21 23 -32 2

United Kingdom................................ 30,551 5,181 41,372 25,098 2,036 3,876 108,559 31,960 13,107 676 3,414 1,445

Channel Islands and

Isle of Man 4................................1,555 -288 1,380 1,821 130 354 18,042 371 4,652 97 33 36

Other Europe................................

-1,896 -1,085 -1,814 199 -136 -192 584 202 314 -19 104 -30

Total Europe................................

46,933 -6,596 45,171 41,751 7,942 6,230 169,415 42,521 32,293 24,355 13,737 5,261

Canada................................................................

10,783 1,631 3,871 -1,410 569 3,074 6,851 2,294 1,394 11,723 7,092 358

Latin America:

Argentina................................ 1,536 -253 6 -354 75 -14 789 131 24 -225 61 62

Brazil................................................................ 2,910 874 33 -487 523 64 819 272 247 -24 42 13

Chile................................................................ -237 -312 -294 291 296 199 90 -46 54 74 92 50

Colombia................................ -573 209 106 280 -263 155 188 -161 63 -9 12 16

Ecuador................................ 64 - -42 415 48 163 63 -4 55 26 -1 128

Guatemala................................ 3 -16 -1 62 6 56 8 - -8 -37 -1 3

Mexico................................................................ 5,359 -1,215 2,548 3,584 1,377 450 3,293 676 1,062 -306 -179 -266

Panama ................................ -173 -90 -11 1,475 336 310 331 81 88 -31 44 102

Peru................................................................ 591 99 200 971 224 310 222 72 140 91 -2 -97

Uruguay................................ 802 66 79 464 163 33 429 79 33 251 21 84

Venezuela................................ 321 35 -36 628 141 736 421 116 217 319 -81 2

Other Latin America................................ 456 -103 -57 1,205 190 341 703 61 199 -52 -13 10

Total Latin America................................

11,059 -706 2,531 8,534 3,116 2,803 7,356 1,277 2,174 77 -5 107

Caribbean:

Bahamas................................ -5,994 -2,415 3,124 4,847 1,053 1,460 2,142 317 -283 94 527 2,507

Bermuda................................ 25,386 12,542 -792 8,391 1,711 -1,393 14,300 3,820 2,404 -4,039 -1,680 -1,111

Cayman Islands................................ -10,456 11,026 2,490 12,582 3,692 12,818 32,864 8,602 8,975 1,906 28 -1,673

Cuba................................................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. -2 n.a. n.a.

Jamaica ................................ -1 -18 -60 468 281 1 124 7 337 17 2 10

Netherlands Antilles................................ 6,841 2,507 6,700 -987 -7 138 699 312 402 759 1,356 -623

Trinidad and Tobago................................ 64 53 4 277 53 55 61 23 9 11 2 3

Other Caribbean................................

-2,590 -1,639 -910 3,638 1,155 496 4,671 1,229 1,268 259 572 424

Total Caribbean................................

13,250 4 10,556 29,216 7,938 13,575 54,861 14,310 13,112 -995 807 -463

See footnotes at end of table.
86 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 2004 2003 2004 2003 2004 2003 2004

Country

Calendar

year

2003

(1)

Oct.

through

Dec.

(2)

Jan.

through

Mar. p

(3)

Calendar

year

2003

(4)

Oct.

through

Dec.

(5)

Jan.

through

Mar. p

(6)

Calendar

year

2003

(7)

Oct.

through

Dec.

(8)

Jan.

 through

Mar. p

 (9)

Calendar

year

2003

(10)

Oct.

through

Dec.

(11)

Jan.

through

Mar. p

(12)

Asia:

China:

Mainland................................................................ 30,504 11,363 -5,686 29,629 5,359 4,031 4,626 1,092 1,917 -77 11 -91

Taiwan................................................................ 9,030 3,727 3,282 9,497 1,733 2,324 1,598 311 365 300 17 180

Hong Kong................................................................ 6,048 4,304 603 11,912 3,791 4,346 4,475 765 368 992 307 687

India................................................................485 -90 719 -18 1 - 19 - 10 -72 -27 -12

Indonesia................................................................ 620 -494 -251 498 213 674 49 -2 -64 67 7 3

Israel................................................................ -2,326 34 520 714 115 197 542 187 163 -20 71 158

Japan................................................................ 148,932 66,518 87,359 22,396 5,451 6,025 12,170 5,275 9,860 -2,334 -214 -3,296

Korea................................................................ 5,195 1,424 -2,677 8,344 120 8,313 781 225 393 -20 -5 -22

Lebanon................................................................ 18 -4 1 7 6 -1 8 3 -1 -33 -1 22

Malaysia................................................................ -253 376 -347 -1,176 302 290 7 -4 13 -27 -25 -78

Pakistan................................................................- - - 28 - -1 80 77 6 -5 - -1

Philippines................................................................ 471 -124 16 47 48 -11 89 43 60 -40 -11 6

Singapore................................................................ -1,333 -2,830 2,673 676 -268 1,629 3,348 1,211 1,157 3,386 -2,520 -2,518

Syria................................................................ -1 n.a. - -2 n.a. - -1 n.a. - 2 n.a. 2

Thailand................................................................ -5,988 -5,575 -255 162 -6 -17 399 83 26 -7 4 6

Oil-exporting countries 5................................ -6,910 467 57 1,636 291 1,726 2,107 592 116 494 693 1,228

Other Asia................................................................ 149 -180 -110 4 -58 26 86 8 5 15 -22 17

Total Asia................................................................ 184,641 78,916 85,904 84,354 17,098 29,551 30,383 9,866 14,394 2,621 -1,715 -3,709

Africa:

Congo (formerly Zaire)................................ 7 7 n.a. - - n.a. - - n.a. -9 - n.a.

Egypt................................................................ 48 7 - 86 20 -4 97 34 18 -55 -5 -2

Ghana................................................................ - - n.a. - - n.a. 1 - n.a. 1 1 n.a.

Liberia................................................................-23 -23 -36 710 61 20 202 16 7 23 14 -176

Morocco................................................................ -49 50 n.a. 1 - n.a. -1 - n.a. 187 102 n.a.

South Africa ................................................................ -114 - -27 32 -7 25 -39 -19 -2 7 11 -14

Oil-exporting countries 6................................52 - - 859 300 200 -8 - - -13 -2 -6

Other Africa................................................................ 134 -41 -44 274 -156 -14 142 50 -16 129 41 7

Total Africa................................................................

55 - -107 1,962 218 227 394 81 7 270 162 -191

Other countries:

Australia................................................................ 6,705 2,644 -2,357 -788 221 42 413 319 999 -622 559 156

New Zealand................................................................ -431 -232 -116 -161 -68 20 87 -128 -3 206 242 288

All other countries................................

748 -197 -152 412 167 34 1,107 -108 -49 -75 -26 -85

Total other countries................................

7,022 2,215 -2,625 -537 320 96 1,607 83 947 -491 775 359

Total foreign countries................................

273,743 75,464 145,301 163,870 37,201 55,556 270,867 70,432 64,321 37,560 20,853 1,722

International and regional orgs.:

International................................................................ -446 -87 38 -930 -226 83 630 436 257 -51 -17 7

European regional................................ 114 115 39 - - 24 -3 -1 7 - - 1

Latin American regional................................-38 10 -14 -31 48 10 139 83 -59 -7 -2 3

Caribbean regional................................ -15 n.a. -2 37 n.a. -6 - n.a. - -1 n.a. -

Asian regional................................................................ -351 -266 -5 -126 328 273 2 - - -5 -1 -

African regional................................ 10 - 47 -14 9 -21 11 2 61 - - -

Middle Eastern regional................................ - - - - - - - - - 31 33 1

Total international and regional................................

-726 -228 103 -1,064 159 363 779 520 266 -33 13 12

Grand total................................ 273,017 75,236 145,404 162,806 37,360 55,919 271,646 70,952 64,587 37,527 20,866 1,734

1

 Before January 2001 , combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial 

States).

6

 Includes Algeria, Gabon, Libya, and Nigeria.
CAPITAL MOVEMENTS 87

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During First Quarter 2004, 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 ................................................................ 6,115 3,386 864 207 1,051 316 291 5,474 3,146 776 135 871 193 353

Belgium 1................................................................ 23,039 9,299 3,099 1,990 4,677 2,644 1,330 22,023 10,842 2,710 725 4,631 2,086 1,029

Bulgaria ................................................................ 195 75 16 77 8 16 3 122 94 - 11 17 - -

Czech Republic ................................ 6,406 5,790 313 14 233 - 56 7,255 6,633 375 - 221 - 26

Denmark ................................................................ 12,272 6,527 1,805 698 1,102 1,534 606 10,740 5,379 1,798 430 798 1,732 603

Finland................................................................ 2,203 958 143 115 448 128 411 2,322 1,139 83 33 497 68 502

France ................................................................ 263,947 138,092 1,588 6,352 101,956 3,235 12,724 264,326 138,368 2,095 3,702 102,237 3,258 14,666

Germany................................................................ 88,777 39,404 2,284 5,699 13,061 23,125 5,204 88,311 39,716 2,473 3,205 14,892 21,711 6,314

Greece................................................................ 2,354 1,566 56 21 269 174 268 2,262 1,482 34 6 227 150 363

Hungary ................................................................ 567 311 41 40 52 24 99 348 192 10 24 39 16 67

Ireland................................................................ 112,239 82,019 3,792 6,554 12,429 3,034 4,411 108,429 82,878 3,425 3,567 12,561 2,240 3,758

Italy ................................................................ 23,834 5,666 1,119 466 11,370 2,068 3,145 28,499 5,732 1,245 198 10,889 2,027 8,408

Luxembourg 1................................................................ 24,531 5,968 5,799 3,158 6,439 1,357 1,810 22,507 5,638 6,824 2,227 5,071 1,091 1,656

Netherlands ................................................................ 48,267 19,463 7,442 2,698 10,515 2,343 5,806 47,133 19,686 9,026 2,297 9,354 2,059 4,711

Norway ................................................................ 133,187 121,528 4,474 896 3,043 2,334 912 130,198 119,969 4,809 176 2,503 1,780 961

Poland ................................................................ 2,183 1,657 176 - 29 248 73 1,268 873 152 2 30 118 93

Portugal ................................................................ 4,898 3,488 294 48 395 278 395 4,956 3,405 305 16 380 448 402

Romania ................................................................ 1,436 1,351 60 - 4 21 - 1,481 1,449 - - 4 28 -

Russia 2................................................................ 10,524 131 9,423 65 140 245 520 6,991 603 5,416 16 138 300 518

Serbia and Montenegro (formerly

Yugoslavia) 3................................ 221 173 - - - 48 - 183 152 - - - 31 -

Spain ................................................................ 12,092 3,737 337 333 2,374 3,168 2,143 14,935 6,364 696 42 2,109 3,455 2,269

Sweden ................................................................ 30,770 16,010 4,989 554 6,014 196 3,007 29,455 15,034 4,757 48 6,086 60 3,470

Switzerland ................................................................ 55,208 17,518 2,799 3,534 20,456 3,316 7,585 47,872 15,807 1,731 2,460 18,702 1,886 7,286

Turkey................................................................ 9,489 8,819 24 33 49 301 263 4,692 4,122 5 12 47 196 310

United Kingdom ................................ 2,055,954 980,537 63,840 107,536 229,667 484,715 189,659 2,007,926 939,165 59,964 94,429 228,222 499,527 186,619

Channel Islands and Isle of Man 4................................ 17,137 2,770 1,928 7,411 3,113 1,074 841 10,662 1,390 1,574 2,759 3,077 1,070 792

Other Europe ................................................................

11,665 4,785 767 549 1,389 1,600 2,575 13,170 6,599 959 235 1,419 1,328 2,630

Total Europe ................................

2,959,510 1,481,028 117,472 149,048 430,283 537,542 244,137 2,883,540 1,435,857 111,242 116,755 425,022 546,858 247,806

Canada................................................................

192,693 98,560 5,472 6,233 32,917 29,422 20,089 182,625 94,689 2,398 4,839 32,559 28,461 19,679

Latin America:

Argentina ................................................................ 3,615 369 182 163 1,281 1,048 572 3,360 363 196 139 1,219 982 461

Brazil................................................................ 20,670 8,322 464 422 589 8,387 2,486 21,035 8,289 400 175 576 9,223 2,372

Chile................................................................ 4,581 2,080 427 244 606 860 364 4,389 2,374 228 190 556 727 314

Colombia ................................................................ 2,860 552 685 166 362 1,046 49 2,314 446 530 103 346 843 46

Ecuador................................................................ 1,050 61 273 77 381 85 173 686 103 110 22 253 59 139

Guatemala................................................................ 248 - 62 8 29 133 16 182 1 6 16 26 117 16

Mexico................................................................ 22,837 6,645 2,306 1,826 1,822 6,303 3,935 16,256 4,097 1,856 764 2,088 4,791 2,660

Panama................................................................ 3,007 383 668 269 803 586 298 2,430 394 358 181 701 506 290

Peru ................................................................ 1,384 283 346 199 127 338 91 658 83 36 59 224 154 102

Uruguay ................................................................ 3,141 678 119 161 547 1,421 215 2,591 599 86 128 463 1,144 171

Venezuela ................................................................ 2,844 184 802 344 728 633 153 2,749 220 66 127 726 1,449 161

Other Latin America 5................................ 3,775 1,637 465 368 250 1,004 51 3,086 1,694 124 169 240 821 38

Total Latin America ................................

70,012 21,194 6,799 4,247 7,525 21,844 8,403 59,736 18,663 3,996 2,073 7,418 20,816 6,770

Caribbean:

Bahamas ................................................................ 109,434 54,719 2,899 8,173 25,252 11,658 6,733 102,923 51,595 1,439 8,456 22,745 11,424 7,264

Bermuda................................................................ 424,615 225,829 31,858 15,825 94,982 44,081 12,040 426,646 226,621 33,251 13,421 96,093 45,026 12,234

Cayman Islands 6................................ 1,122,663 315,927 345,383 92,853 228,571 94,901 45,028 1,095,457 313,437 332,565 83,878 230,244 89,882 45,451

Cuba ................................................................- - - - - - - - - - - - - -

Jamaica ................................................................ 874 61 180 344 19 247 23 548 121 179 7 9 211 21

Netherlands Antilles ................................ 47,149 26,640 488 930 15,607 878 2,606 40,782 19,940 350 528 16,230 916 2,818

Trinidad and Tobago................................335 32 56 28 39 171 9 213 28 1 19 36 123 6

Other Caribbean 5................................224,355 42,019 2,099 11,065 145,092 4,289 19,791 222,684 42,929 1,603 9,797 144,668 4,116 19,571

Total Caribbean ................................

1,929,425 665,227 382,963 129,218 509,562 156,225 86,230 1,889,253 654,671 369,388 116,106 510,025 151,698 87,365

See footnotes at end of table.
88 CAPITAL MOVEMENTS

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During First Quarter 2004, 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................................88,282 64,804 18,679 2,337 586 1,550 326 87,068 70,490 14,648 420 677 463 370

Taiwan................................ 41,649 7,187 4,668 541 1,721 1,330 26,202 37,776 3,905 2,344 176 1,541 343 29,467

Hong Kong................................ 79,484 37,168 8,486 1,565 3,289 5,127 23,849 70,976 36,565 4,140 1,197 2,602 4,300 22,172

India................................................................ 5,519 3,458 10 10 80 435 1,526 4,463 2,739 10 - 92 3 1,619

Indonesia................................ 3,863 1,954 1,420 12 87 172 218 3,535 2,205 746 76 84 164 260

Israel................................................................ 9,903 5,549 510 583 1,851 165 1,245 8,735 5,029 313 420 1,693 139 1,141

Japan................................................................ 336,141 212,902 25,054 12,710 11,295 23,793 50,387 249,678 125,543 19,029 2,850 14,591 23,327 64,338

Korea................................................................ 36,518 18,790 11,925 586 137 1,466 3,614 29,857 21,467 3,612 193 159 472 3,954

Lebanon................................ 196 3 1 1 169 8 14 175 2 2 2 147 14 8

Malaysia................................ 2,881 1,211 496 27 109 399 639 3,193 1,558 206 14 187 63 1,165

Pakistan................................ 116 - - 8 64 - 44 107 - 1 2 65 - 39

Philippines................................ 1,734 681 243 125 139 436 110 2,172 665 254 65 133 946 109

Singapore................................ 47,974 23,104 3,567 3,426 5,704 5,474 6,699 41,831 20,431 1,938 2,269 8,222 1,981 6,990

Syria................................................................ 12 - - - 11 - 1 10 - - - 9 - 1

Thailand................................ 1,823 770 302 41 100 38 572 1,969 1,025 319 15 94 17 499

Other Asia................................

18,921 5,190 3,591 1,146 6,520 983 1,491 15,460 5,243 1,839 1,025 5,275 794 1,284

Total Asia................................

675,016 382,771 78,952 23,118 31,862 41,376 116,937 557,005 296,867 49,401 8,724 35,571 33,026 133,416

Africa:

Congo (formerly Zaire)................................ - - - - - - - - - - - - - -

Egypt................................................................ 297 106 3 35 102 21 30 270 106 7 17 104 16 20

Ghana................................................................ 4 - - - - - 4 10 - - - - - 10

Liberia................................................................ 303 1 22 14 171 20 75 510 37 2 7 347 9 108

Morocco................................ 61 - - - 5 50 6 11 - - - 5 - 6

South Africa................................ 1,688 599 50 233 122 164 520 1,654 626 25 235 136 168 464

Other Africa ................................

1,180 317 269 10 226 206 152 919 361 83 26 225 50 174

Total Africa................................

3,533 1,023 344 292 626 461 787 3,374 1,130 117 285 817 243 782

Other countries:

Australia................................ 36,667 16,826 926 1,432 3,647 2,650 11,186 38,040 19,183 884 433 3,491 2,643 11,406

New Zealand................................1,315 218 77 81 492 194 253 1,105 334 57 84 204 122 304

All other countries................................

1,483 638 233 137 273 91 111 1,701 790 199 186 358 87 81

Total other countries................................

39,465 17,682 1,236 1,650 4,412 2,935 11,550 40,846 20,307 1,140 703 4,053 2,852 11,791

Total foreign countries................................

5,869,654 2,667,485 593,238 313,806 1,017,187 789,805 488,133 5,616,379 2,522,184 537,682 249,485 1,015,465 783,954 507,609

International and 

 regional orgs.:

International................................ 5,038 3,633 342 337 169 555 2 4,747 3,595 259 80 162 647 4

European regional................................ 539 166 26 47 3 57 240 705 127 2 40 2 216 318

Latin American regional................................ 369 21 122 99 86 41 - 396 35 112 158 83 8 -

Caribbean regional................................- - - - - - - 8 2 6 - - - -

Asian regional................................ 2,001 1,390 609 - - 2 - 1,731 1,395 336 - - - -

African regional................................129 56 10 61 - 2 - 41 9 31 - - 1 -

Middle Eastern regional................................

11 - - - 11 - - 11 - - - 10 - 1

Total international

 and regional................................

8,087 5,266 1,109 544 269 657 242 7,639 5,163 746 278 257 872 323

Grand total................................ 5,877,741 2,672,751 594,347 314,350 1,017,456 790,462 488,375 5,624,018 2,527,347 538,428 249,763 1,015,722 784,826 507,932

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin 

America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.
CAPITAL MOVEMENTS 89

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2003

[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 ................................................................ 22,691 12,772 2,785 890 2,802 2,316 1,126 22,553 13,620 2,128 467 2,977 2,110 1,251

Belgium 1................................................................ 91,412 32,061 25,524 6,865 19,386 3,056 4,520 86,129 30,325 24,867 4,426 19,222 3,356 3,933

Bulgaria ................................................................ 432 243 27 72 55 7 28 385 196 13 54 57 38 27

Czech Republic ................................ 38,130 34,038 2,733 171 1,011 18 159 35,734 33,757 636 99 985 24 233

Denmark ................................................................ 35,334 17,500 4,083 2,682 5,072 3,607 2,390 27,795 15,086 2,523 1,473 4,377 2,312 2,024

Finland................................................................ 10,846 5,208 585 340 1,454 472 2,787 11,886 5,638 472 451 1,162 1,484 2,679

France ................................................................ 839,611 498,566 6,638 17,247 258,732 15,897 42,531 838,576 505,318 5,692 13,674 252,493 17,905 43,494

Germany................................................................ 333,488 153,356 10,436 17,198 43,628 84,743 24,127 319,273 145,471 11,501 13,408 44,562 82,655 21,676

Greece................................................................ 9,497 6,054 348 131 873 1,392 699 8,351 5,318 450 93 922 784 784

Hungary ................................................................ 1,606 838 112 38 148 178 292 1,471 794 110 26 154 127 260

Ireland................................................................ 401,853 264,729 21,434 24,572 65,043 13,193 12,882 371,609 260,942 17,374 15,096 57,253 8,313 12,631

Italy ................................................................ 108,816 46,243 4,023 3,426 33,217 10,423 11,484 110,321 48,778 3,634 1,352 32,647 12,625 11,285

Luxembourg 1................................ 80,631 14,397 21,947 11,045 21,347 6,825 5,070 66,024 13,484 19,330 5,805 19,295 3,541 4,569

Netherlands ................................................................ 234,996 139,544 24,437 7,174 35,503 9,741 18,597 232,977 139,391 24,543 5,900 35,434 9,950 17,759

Norway ................................................................ 428,220 377,779 14,367 6,773 14,021 12,759 2,521 410,253 369,483 12,791 991 8,999 15,227 2,762

Poland ................................................................ 7,288 4,475 808 30 59 1,739 177 5,869 3,616 402 5 64 1,670 112

Portugal ................................................................ 21,126 16,073 1,452 91 1,499 572 1,439 19,858 15,333 1,308 121 1,378 396 1,322

Romania ................................................................ 4,867 4,332 257 70 26 179 3 3,963 3,417 296 1 26 210 13

Russia 2................................................................ 38,377 6,741 26,941 318 728 797 2,852 34,528 6,870 23,725 205 728 878 2,122

Serbia and Montenegro 

(formerly Yugoslavia) 3................................ 183 145 - 14 4 8 12 159 130 - 5 2 4 18

Spain ................................................................ 52,342 23,990 4,803 1,020 5,917 8,974 7,638 60,112 29,124 8,831 351 5,515 9,535 6,756

Sweden ................................................................ 92,085 43,562 9,614 1,647 23,339 975 12,948 89,139 43,130 9,684 1,353 19,911 760 14,301

Switzerland ................................................................ 180,589 61,557 13,003 11,854 57,947 13,862 22,366 166,584 56,657 11,421 5,738 60,070 9,591 23,107

Turkey................................................................ 10,919 8,546 14 40 229 785 1,305 15,141 10,148 7 384 206 1,966 2,430

United Kingdom ................................6,180,026 3,286,278 181,497 400,845 630,483 1,150,873 530,050 6,017,740 3,255,727 156,399 292,286 629,807 1,146,420 537,101

Channel Islands and Isle

 of Man 4................................................................ 66,192 9,130 11,193 29,435 10,358 4,205 1,871 43,552 7,575 9,372 11,393 10,261 3,112 1,839

Other Europe ................................ 47,179 25,043 4,480 1,701 3,765 3,862 8,328 48,473 26,939 4,281 1,117 3,784 3,543 8,809

Total Europe ................................

9,338,736 5,093,200 393,541 545,689 1,236,646 1,351,458 718,202 9,048,455 5,046,267 351,790 376,274 1,212,291 1,338,536 723,297

Canada................................................................

839,609 457,211 21,806 22,933 167,314 107,552 62,793 803,995 446,428 23,216 16,082 155,591 97,286 65,392

Latin America:

Argentina ................................................................ 14,659 3,016 1,205 1,286 4,208 3,519 1,425 11,839 1,480 1,559 497 4,433 2,416 1,454

Brazil................................................................ 72,047 32,786 2,583 1,314 2,467 27,430 5,467 70,685 29,876 3,070 495 2,491 27,407 7,346

Chile................................................................ 17,173 6,690 1,472 1,620 2,175 4,073 1,143 18,658 6,927 1,181 1,530 2,101 5,763 1,156

Colombia ................................................................ 12,819 3,284 2,789 1,043 960 4,556 187 12,889 3,857 2,509 855 969 4,582 117

Ecuador................................................................ 2,364 241 531 88 1,157 100 247 1,756 177 116 25 1,131 55 252

Guatemala................................................................ 611 46 119 72 90 260 24 557 43 57 64 127 245 21

Mexico................................................................ 75,219 30,605 8,900 5,935 5,781 16,498 7,500 64,432 25,246 5,316 2,642 6,087 18,036 7,105

Panama................................................................ 13,032 1,269 3,633 1,679 2,827 2,696 928 10,450 1,442 2,158 1,348 2,858 1,831 813

Peru ................................................................ 4,333 944 1,167 447 538 929 308 2,669 353 196 225 447 1,078 370

Uruguay ................................................................ 11,213 2,104 896 878 1,726 4,972 637 8,621 1,302 432 449 1,475 4,503 460

Venezuela ................................................................ 10,896 817 1,510 777 3,375 3,925 492 9,799 496 882 356 3,056 4,483 526

Other Latin America 5................................ 13,259 6,245 1,469 1,137 1,894 2,336 178 10,418 5,789 264 434 1,946 1,854 131

Total Latin America ................................

247,625 88,047 26,274 16,276 27,198 71,294 18,536 222,773 76,988 17,740 8,920 27,121 72,253 19,751

Caribbean:

Bahamas ................................................................ 440,478 234,648 39,857 27,172 80,415 39,791 18,595 438,596 240,642 35,010 25,030 80,321 38,734 18,859

Bermuda................................................................ 1,512,670 694,203 188,571 56,484 389,290 139,715 44,407 1,469,607 668,817 180,180 42,184 393,329 140,608 44,489

Cayman Islands 6................................ 3,698,653 1,130,909 1,264,326 256,286 677,650 246,628 122,854 3,670,247 1,141,365 1,251,744 223,422 675,744 257,326 120,646

Cuba ................................................................- - - - - - - 2 - - - 2 - -

Jamaica ................................................................ 2,422 123 1,689 181 119 284 26 1,748 124 1,221 57 102 215 29

Netherlands Antilles ................................ 290,783 153,104 51,040 4,114 67,041 6,489 8,995 283,504 146,263 52,027 3,415 66,282 6,493 9,024

Trinidad and Tobago................................1,228 237 290 106 125 449 21 721 173 13 45 114 350 26

Other Caribbean 5................................493,624 77,733 12,298 32,879 319,440 11,251 40,023 485,759 80,323 8,660 28,208 319,181 9,958 39,429

Total Caribbean ................................

6,439,858 2,290,957 1,558,071 377,222 1,534,080 444,607 234,921 6,350,184 2,277,707 1,528,855 322,361 1,535,075 453,684 232,502

See footnotes at end of table.
90 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 2003, 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................................ 386,771 267,544 102,865 7,130 2,210 6,187 835 319,629 237,040 73,236 2,504 2,287 3,717 845

Taiwan................................102,357 31,775 16,212 2,369 6,746 5,352 39,903 100,440 22,745 6,715 771 6,446 1,466 62,297

Hong Kong................................ 257,224 127,110 28,707 8,317 9,917 21,909 61,264 237,808 121,062 16,795 3,842 8,925 23,097 64,087

India................................................................ 7,669 5,392 17 57 208 145 1,850 7,994 4,907 35 38 280 14 2,720

Indonesia................................ 9,407 6,112 1,442 100 368 720 665 7,727 5,492 944 51 301 269 670

Israel................................ 26,054 15,409 1,266 1,431 4,940 588 2,420 26,951 17,735 552 889 4,960 303 2,512

Japan................................ 1,035,338 582,037 100,559 30,565 49,155 107,489 165,533 886,238 433,105 78,163 18,395 51,489 102,002 203,084

Korea................................ 97,556 51,338 31,313 1,519 567 4,558 8,261 85,086 46,143 22,969 738 587 4,542 10,107

Lebanon................................ 605 79 23 23 308 113 59 634 61 16 15 341 152 49

Malaysia................................ 12,705 8,031 1,342 101 357 1,237 1,637 14,045 8,284 2,518 94 384 657 2,108

Pakistan................................ 381 - 30 80 233 - 38 265 - 2 - 238 11 14

Philippines................................ 7,487 3,453 1,558 286 352 1,452 386 7,238 2,982 1,511 197 392 1,811 345

Singapore................................178,501 84,297 13,411 13,364 36,283 12,241 18,905 170,588 85,630 12,735 10,016 32,897 11,472 17,838

Syria................................................................ 80 26 - - 23 - 31 62 27 2 1 21 - 11

Thailand................................ 18,131 15,030 973 515 292 225 1,096 23,621 21,018 811 116 299 212 1,165

Other Asia................................65,722 23,863 12,132 5,104 18,861 2,415 3,347 66,112 30,624 10,492 2,911 18,352 1,832 1,901

Total Asia................................ 2,205,988 1,221,496 311,850 70,961 130,820 164,631 306,230 1,954,438 1,036,855 227,496 40,578 128,199 151,557 369,753

Africa:

Congo (formerly Zaire)................................ 240 7 - - 230 1 2 255 - - - 239 2 14

Egypt................................ 843 98 92 114 434 64 41 696 50 6 17 489 44 90

Ghana................................ 24 - - 1 13 - 10 22 - - - 12 - 10

Liberia................................ 2,037 116 845 473 314 88 201 1,131 139 135 271 291 91 204

Morocco................................ 534 200 1 - 303 18 12 448 249 - 1 116 50 32

South Africa................................4,061 611 56 864 510 615 1,405 4,306 725 24 903 503 637 1,514

Other Africa ................................5,971 1,681 1,656 209 1,224 766 435 3,947 1,495 523 75 1,108 305 441

Total Africa................................ 13,710 2,713 2,650 1,661 3,028 1,552 2,106 10,805 2,658 688 1,267 2,758 1,129 2,305

Other countries:

Australia................................ 136,111 69,724 6,020 3,636 13,870 12,087 30,774 131,433 63,019 6,808 3,223 14,492 12,373 31,518

New Zealand................................4,714 940 350 310 815 1,184 1,115 4,643 1,371 511 223 609 797 1,132

All other countries................................ 7,898 4,304 891 1,294 652 558 199 5,488 3,556 479 187 727 258 281

Total other countries 148,723 74,968 7,261 5,240 15,337 13,829 32,088 141,564 67,946 7,798 3,633 15,828 13,428 32,931

Total foreign countries 19,234,249 9,228,592 2,321,453 1,039,982 3,114,423 2,154,923 1,374,876 18,532,214 8,954,849 2,157,583 769,115 3,076,863 2,127,873 1,445,931

International and

 regional orgs.:

International ................................16,073 11,966 1,577 902 442 1,160 26 17,458 12,412 2,507 272 493 1,665 109

European regional................................ 1,965 177 - 5 - 530 1,253 1,800 63 - 8 - 494 1,235

Latin American regional................................ 986 235 127 295 274 55 - 954 273 158 156 281 86 -

Caribbean regional................................40 - 40 - - - - 19 15 3 - 1 - -

Asian regional................................5,876 3,505 2,293 3 40 31 4 6,360 3,856 2,419 1 45 34 5

African regional................................ 59 10 22 11 - 15 1 46 - 36 - - 10 -

Middle Eastern regional................................ 59 - - - 57 - 2 26 - - - 26 - -

 Total international

 and regional................................ 25,058 15,893 4,059 1,216 813 1,791 1,286 26,663 16,619 5,123 437 846 2,289 1,349

 Grand total................................ 19,259,307 9,244,485 2,325,512 1,041,198 3,115,236 2,156,714 1,376,162 18,558,877 8,971,468 2,162,706 769,552 3,077,709 2,130,162 1,447,280

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia.

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.
CAPITAL MOVEMENTS 91

CHART CM-C.—Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

0

50

100

150

200

250

300

350

400

450

2000 2001 2002 2003 2004

Jan. - Mar.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2004 with 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

 2004

 Jan. - Mar.

United Kingdom................................ 166,290 183,986 186,691 164,884 59,800

All other Europe................................ 128,577 78,921 57,064 117,570 29,155

Caribbean banking centers 1,2................................ 19,883 57,817 76,144 90,937 35,632

Japan................................................................ 52,006 56,589 91,412 181,164 99,948

All other Asia................................ 52,151 110,995 109,314 120,835 26,192

Subtotal................................

418,907 488,308 520,625 675,390 250,727

All other countries ................................

38,921 32,541 26,940 69,606 16,917

Grand total................................ 457,828 520,849 547,565 744,996 267,644

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format.

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds 

and stocks) as reported to the TIC

reporting system. Foreign 

investors also acquired U.S. 

equities through mergers that 

involve stock swaps. Net foreign 

acquisitions of U.S. equities 

through stock swaps have been 

modest, amounting to $21 billion 

in 2000, $7 billion in both 2001 

and 2002, $2 billion in 2003, and 

$3 billion in the first quarter of 

2004. (Stock swaps data for the 

most recent quarter are Federal 

Reserve Board/Treasury estimates 

and are subject to substantial 

revisions.) These stock swaps are 

not reported under the TIC 

reporting system, but are now 

available on the TIC web site.

The data present aggregate net 

purchases for 2000 through the 

first quarter of 2004. 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 2003, net 

acquisitions (including stock 

swaps) of U.S. securities totaled a 

record $746 billion. Net 

acquisitions in the first quarter of 

2004 were even stronger at $270 

billion.
92 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 2004

Jan. - Mar.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2004

with 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

2004

Jan. - Mar.

Foreign bonds ................................ 5,676 4,054 -30,502 -28,492 -26,552 -5,636

Foreign stocks................................

-15,640 13,088 50,113 1,493 71,118 19,557

Total................................

-9,964 17,142 19,611 -26,999 44,566 13,921

* 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, 

$45 billion in 2001, $3 billion in 

2002, $17 billion in 2003, and $1 

billion in the first quarter of 2004. 

(Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not 

reported under the TIC reporting 

system, but are now available on 

the TIC web site.

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much

variation from year to year. Since 

then, however, U.S. investors’ 

acquisitions of foreign securities 

(including stock swaps) have been 

more modest, with acquisitions of 

$65 billion in 2001, net sales of 

$24 billion in 2002, and 

acquisitions of $62 billion in 

2003. In the first quarter of 2004, 

acquisitions amounted to $15 

billion.
93

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency

holdings of large foreign exchange market participants.

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports.

The information is based on reports of large foreign 

exchange market participants on holdings of five major

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar.

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other”

currency positions of reporting institutions. U.S.-based

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S.

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128,

Subpart C).

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold.

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December).

This information is published in six sections

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports.

Tables I-3 through VI-3 present quarterly consolidated

currency data reported by large market participants 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.
94 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)

10/08/03.............................................................. 364,490 367,545 127 1.3338

10/15/03.............................................................. 371,591 375,839 -1,838 1.3267

10/22/03.............................................................. 376,363 387,702 -2,069 1.3045

10/29/03.............................................................. 380,630 391,611 -2,426 1.3117

11/05/03.............................................................. 391,357 401,237 -2,133 1.3330

11/12/03.............................................................. 389,502 397,175 -2,510 1.3044

11/19/03.............................................................. 401,618 414,380 -1,840 1.3052

11/26/03.............................................................. 397,150 416,035 -2,150 1.3043

12/03/03.............................................................. 405,096 418,563 -2,669 1.2998

12/10/03.............................................................. 417,823 433,580 -3,163 1.3079

12/17/03.............................................................. 390,021 402,273 -4,565 1.3260

12/24/03.............................................................. 368,890 379,578 -3,047 1.3085

12/31/03.............................................................. 368,941 380,583 -2,695 1.2972

01/07/04.............................................................. 390,278 402,920 -2,925 1.2904

01/14/04.............................................................. 393,663 403,246 -2,501 1.2886

01/21/04.............................................................. 402,561 414,303 -2,704 1.3009

01/28/04.............................................................. 420,151 437,691 -2,756 1.3256

02/04/04.............................................................. 413,257 427,210 -2,893 1.3334

02/11/04.............................................................. 419,718 431,984 -2,663 1.3144

02/18/04.............................................................. 420,511 438,120 -3,069 1.3250

02/25/04.............................................................. 425,960 441,910 -2,991 1.3357

03/03/04.............................................................. 432,036 449,809 -2,960 1.3391

03/10/04.............................................................. 438,059 458,922 -1,212 1.3238

03/17/04.............................................................. 409,528 430,297 -3,584 1.3390

03/24/04.............................................................. 402,871 422,329 -3,521 1.3417

03/31/04.............................................................. 415,034 426,283 -1,823 1.3116
FOREIGN CURRENCY POSITIONS 95

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)

2001 - Dec................................ 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921

2002 - Dec................................ 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729

2003 - Apr................................ 375,820 373,693 89,453 87,589 83,407 88,869 75,608 72,442 -2,222 1.4339

May ................................ 433,676 430,456 91,668 89,345 94,149 96,693 85,814 88,526 -1,678 1.3687

June................................ 391,776 387,739 90,460 88,956 89,504 93,614 81,128 81,180 -336 1.3478

July ................................ 413,500 414,638 93,102 90,573 96,856 101,492 89,289 87,788 -1,800 1.4053

Aug ................................ 392,198 377,684 92,275 92,262 88,839 88,958 89,732 72,197 239 1.3857

Sept................................ 363,822 364,278 97,851 96,743 115,801 102,702 96,830 109,118 -1,092 1.3499

Oct................................ 379,415 388,592 93,239 93,537 102,781 97,040 88,000 96,274 -2,539 1.3191

Nov ................................ 377,945 397,298 97,273 95,951 98,787 90,607 82,899 91,831 -2,144 1.2991

Dec ................................ 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972

2004 - Jan................................ 409,120 421,966 110,452 109,461 95,728 88,135 81,874 89,398 -2,664 1.3251

Feb................................ 432,102 454,279 93,073 90,784 82,044 79,127 79,285 78,632 -2,246 1.3358

Mar................................ 420,769 435,736 86,513 86,009 81,054 77,294 74,495 74,971 -2,430 1.3116

TABLE FCP-I-3.—Quarterly Report of Large 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................................ 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................................ 45,680 50,185 52,267 40,973 750 1,069 1,461 1,491 -2 1.4680

June................................ 28,175 34,321 58,229 47,465 1,011 1,440 1,478 1,792 68 1.3478

Sept................................ 28,190 38,076 56,529 n.a. n.a. 556 1,251 726 12 1.3499

Dec ................................ 28,064 37,919 58,459 33,879 n.a. 1,334 1,160 620 -39 1.2972
96 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)

10/08/03.............................................................. 173,321 178,305 403 109.61

10/15/03.............................................................. 172,778 177,811 341 109.57

10/22/03.............................................................. 168,688 172,260 477 108.99

10/29/03.............................................................. 166,459 169,877 429 108.29

11/05/03.............................................................. 172,156 175,332 399 109.97

11/12/03.............................................................. 165,739 169,000 378 108.81

11/19/03.............................................................. 166,805 169,478 232 109.31

11/26/03.............................................................. 161,577 164,662 363 109.00

12/03/03.............................................................. 169,295 173,122 253 108.21

12/10/03.............................................................. 177,501 181,148 204 108.30

12/17/03.............................................................. 164,961 170,453 511 107.44

12/24/03.............................................................. 152,987 157,640 460 107.38

12/31/03.............................................................. 164,431 169,014 403 107.40

01/07/04.............................................................. 164,783 170,338 494 106.30

01/14/04.............................................................. 171,266 175,941 571 106.24

01/21/04.............................................................. 168,369 172,849 457 106.99

01/28/04.............................................................. 169,634 172,475 499 106.06

02/04/04.............................................................. 172,501 175,682 592 105.51

02/11/04.............................................................. 176,057 180,592 480 105.40

02/18/04.............................................................. 173,991 177,391 557 106.91

02/25/04.............................................................. 179,594 182,527 299 109.10

03/03/04.............................................................. 186,655 188,815 348 110.10

03/10/04.............................................................. 187,917 189,776 275 110.81

03/17/04.............................................................. 177,804 180,319 76 108.33

03/24/04.............................................................. 174,276 177,445 55 106.27

03/31/04.............................................................. 185,609 186,833 297 104.33
FOREIGN CURRENCY POSITIONS 97

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)

2001 - Dec................................ 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68

2002 - Dec................................ 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81

2003 - Apr................................ 173,151 176,982 40,159 39,101 27,772 25,116 29,768 32,071 327 118.92

May ................................ 182,527 187,021 40,948 40,080 30,410 29,653 32,058 36,532 -186 119.38

June................................ 178,999 183,110 43,175 41,705 28,216 27,996 35,145 34,606 -21 119.75

July ................................ 176,558 181,479 41,087 40,313 28,944 28,662 32,554 31,970 -18 120.61

Aug ................................ 166,890 171,681 40,105 38,391 28,651 29,068 31,931 31,046 134 116.89

Sept................................ 183,032 187,673 43,968 43,868 33,086 34,433 33,847 32,817 85 111.50

Oct................................ 179,383 183,629 45,291 44,157 33,619 35,561 34,942 34,392 211 109.97

Nov ................................ 171,531 175,608 41,150 40,401 33,219 34,883 37,524 37,031 274 109.64

Dec ................................ 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40

2004 - Jan................................ 176,348 181,033 41,247 40,608 34,835 36,648 37,626 37,339 375 105.80

Feb................................ 193,740 197,058 35,442 35,421 35,701 38,539 39,802 40,509 336 108.98

Mar................................ 200,996 202,453 37,830 38,155 41,797 44,353 45,038 43,921 68 104.33

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................................ 11,996 12,514 4,419 3,828 n.a. n.a. n.a. n.a. -462 118.01

June................................ 11,595 13,077 4,926 3,557 n.a. n.a. n.a. n.a. -633 119.75

Sept ................................ 11,579 12,306 4,868 3,108 662 776 1,249 725 52 111.50

Dec ................................ 9,167 10,775 4,189 2,758 309 469 1,001 527 100 107.40
98 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)

10/08/03............................................................ 330,352 335,838 2,064 1.3128

10/15/03............................................................ 346,297 352,284 1,448 1.3315

10/22/03............................................................ 323,331 329,253 1,685 1.3133

10/29/03............................................................ 336,318 341,757 1,815 1.3306

11/05/03............................................................ 351,557 354,994 449 1.3696

11/12/03............................................................ 357,351 362,163 -773 1.3512

11/19/03............................................................ 381,064 390,230 814 1.3075

11/26/03............................................................ 341,898 352,921 1,011 1.2927

12/03/03............................................................ 369,811 378,910 -226 1.2872

12/10/03............................................................ 418,213 428,253 907 1.2677

12/17/03............................................................ 309,889 320,395 1,017 1.2546

12/24/03............................................................ 302,152 311,047 96 1.2480

12/31/03............................................................ 294,150 303,836 276 1.2407

01/07/04............................................................ 309,184 318,325 617 1.2403

01/14/04............................................................ 316,126 325,826 1,603 1.2338

01/21/04............................................................ 319,775 330,858 1,554 1.2412

01/28/04............................................................ 325,399 337,880 1,549 1.2554

02/04/04............................................................ 326,001 338,577 2,038 1.2515

02/11/04............................................................ 374,273 386,201 2,068 1.2304

02/18/04............................................................ 385,270 395,594 2,562 1.2441

02/25/04............................................................ 410,154 416,576 2,487 1.2601

03/03/04............................................................ 468,547 476,164 1,526 1.2943

03/10/04............................................................ 467,289 472,620 588 1.2872

03/17/04............................................................ 404,561 409,251 1,179 1.2775

03/24/04............................................................ 406,049 411,921 2,312 1.2769

03/31/04............................................................ 387,567 391,834 1,677 1.2657
FOREIGN CURRENCY POSITIONS 99

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)

2001 - Dec................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579

2002 - Dec................................ 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818

2003 - Apr................................ 344,961 345,051 58,382 65,308 59,889 49,829 71,580 77,275 3,166 1.3550

May ................................ 402,291 403,954 50,415 58,380 58,486 50,292 78,951 76,736 2,085 1.3004

June................................ 422,967 426,326 45,768 53,405 66,684 50,684 89,393 95,537 3,630 1.3515

July ................................ 375,694 379,868 49,023 54,214 63,583 49,400 94,567 95,880 3,560 1.3700

Aug ................................ 344,044 347,810 49,440 55,224 63,810 48,911 85,518 86,455 2,277 1.3997

Sept................................ 376,554 384,407 51,966 57,240 66,724 52,170 95,476 96,343 4,829 1.3179

Oct................................ 399,969 404,956 51,878 55,821 64,867 51,100 92,026 89,305 1,123 1.3410

Nov ................................ 373,653 383,569 53,267 56,510 115,489 64,741 92,802 132,667 560 1.2914

Dec ................................ 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407

2004 - Jan................................ 361,493 374,751 50,044 54,182 64,169 58,313 81,923 86,356 547 1.2575

Feb................................ 434,240 441,662 49,379 56,010 63,592 53,649 81,894 82,229 1,072 1.2623

Mar................................ 421,589 429,572 51,290 56,763 64,471 54,824 80,056 78,841 2,014 1.2657

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................................ 27,047 36,026 25,121 9,865 n.a. n.a. 4,229 3,551 -193 1.3506

June................................ 26,534 37,545 25,342 10,194 n.a. n.a. 8,087 3,751 -1,174 1.3515

Sept ................................ 23,694 35,302 26,578 8,455 n.a. n.a. 3,873 1,906 90 1.3179

Dec ................................ 18,366 28,447 26,948 7,817 n.a. n.a. 1,010 694 116 1.2407
100 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)

10/08/03.............................................................. 546,025 549,468 -1,363 1.6649

10/15/03.............................................................. 555,710 561,140 -1,650 1.6671

10/22/03.............................................................. 529,666 532,218 -1,470 1.6931

10/29/03.............................................................. 540,071 539,761 -1,566 1.6988

11/05/03.............................................................. 549,227 551,098 -849 1.6732

11/12/03.............................................................. 532,539 531,257 -895 1.6733

11/19/03.............................................................. 562,442 564,190 -533 1.6976

11/26/03.............................................................. 542,437 540,826 -605 1.7117

12/03/03.............................................................. 548,479 547,116 -622 1.7273

12/10/03.............................................................. 602,175 604,587 -316 1.7428

12/17/03.............................................................. 553,880 546,954 -483 1.7656

12/24/03.............................................................. 512,158 511,556 -387 1.7741

12/31/03.............................................................. 532,097 534,029 -584 1.7856

01/07/04.............................................................. 544,336 543,816 685 1.8192

01/14/04.............................................................. 570,575 568,350 121 1.8320

01/21/04.............................................................. 583,090 580,927 299 1.8302

01/28/04.............................................................. 599,740 597,146 -43 1.8217

02/04/04.............................................................. 601,407 602,780 26 1.8323

02/11/04.............................................................. 596,561 597,923 1,018 1.8905

02/18/04.............................................................. 595,485 595,706 948 1.8860

02/25/04.............................................................. 605,167 606,367 684 1.8696

03/03/04.............................................................. 615,400 615,286 100 1.8303

03/10/04.............................................................. 647,179 641,116 -427 1.8045

03/17/04.............................................................. 586,543 584,626 -238 1.8161

03/24/04.............................................................. 591,446 590,966 16 1.8235

03/31/04.............................................................. 608,375 605,780 306 1.8454
FOREIGN CURRENCY POSITIONS 101

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]

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 

(U.S. dollars

per pound)

(10)

2001 - Dec................................ 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556

2002 - Dec................................ 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094

2003 - Apr................................ 491,683 490,320 195,482 194,548 33,382 28,740 33,464 31,581 -83 1.6001

May ................................ 498,321 502,807 202,730 202,360 31,840 28,611 37,418 35,992 204 1.6354

June................................ 502,896 507,241 211,462 208,868 31,667 32,063 37,818 35,800 -1,206 1.6552

July ................................ 516,799 525,368 199,592 194,450 33,169 32,275 30,698 28,435 -981 1.6095

Aug ................................ 475,064 489,582 189,906 183,034 26,486 27,111 27,035 24,374 -2,580 1.5758

Sept................................ 519,405 528,586 225,961 223,062 31,776 31,734 31,100 29,538 -1,309 1.6639

Oct................................ 565,192 567,601 235,120 270,246 31,292 31,800 32,267 31,459 -788 1.6941

Nov ................................ 527,446 531,441 215,233 222,469 46,894 31,583 29,913 27,518 -528 1.7212

Dec ................................ 562,877 563,000 213,813 215,361 30,379 31,415 27,185 27,154 -568 1.7856

2004 - Jan................................ 592,228 592,822 225,195 228,556 37,478 38,159 31,017 32,466 -446 1.8246

Feb................................ 624,663 630,137 224,186 221,900 40,735 43,465 35,872 33,428 175 1.8669

Mar................................ 622,452 620,333 216,252 216,501 41,106 43,367 35,808 35,910 279 1.8454

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

[In millions of pounds sterling. 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

(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................................ 31,872 34,496 41,345 29,493 1,006 956 3,265 3,327 -105 1.5830

June................................ 31,395 35,463 43,716 28,341 1,245 2,076 4,107 3,675 n.a. 1.6552

Sept ................................ 36,488 38,961 43,007 27,492 950 1,374 3,461 2,835 375 1.6639

Dec ................................ 30,550 31,826 42,812 23,551 841 1,092 3,123 2,837 335 1.7856
102 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)

10/08/03.............................................................. 5,713,891 5,629,354 1,728 n.a.

10/15/03.............................................................. 5,751,555 5,674,390 4,975 n.a.

10/22/03.............................................................. 5,582,129 5,530,598 5,290 n.a.

10/29/03.............................................................. 5,595,720 5,554,647 8,468 n.a.

11/05/03.............................................................. 5,695,016 5,652,435 10,955 n.a.

11/12/03.............................................................. 5,617,931 5,585,076 12,129 n.a.

11/19/03.............................................................. 5,827,551 5,790,759 8,522 n.a.

11/26/03.............................................................. 5,631,476 5,580,982 9,179 n.a.

12/03/03.............................................................. 5,884,122 5,824,143 7,275 n.a.

12/10/03.............................................................. 6,288,287 6,218,371 7,188 n.a.

12/17/03.............................................................. 5,830,552 5,757,817 3,990 n.a.

12/24/03.............................................................. 5,511,684 5,447,401 7,762 n.a.

12/31/03.............................................................. 5,659,516 5,590,059 6,318 n.a.

01/07/04.............................................................. 5,841,078 5,767,362 2,111 n.a.

01/14/04.............................................................. 6,061,851 6,003,725 -129 n.a.

01/21/ 04.............................................................. 6,111,470 6,058,768 -168 n.a.

01/28/04.............................................................. 6,151,779 6,117,983 1,741 n.a.

02/04/04.............................................................. 6,268,096 6,234,091 496 n.a.

02/11/04.............................................................. 6,326,030 6,271,118 -1,411 n.a.

02/18/04.............................................................. 6,318,684 6,266,296 -3,133 n.a.

02/25/04.............................................................. 6,461,755 6,403,771 1,067 n.a.

03/03/04.............................................................. 6,689,106 6,641,505 4,416 n.a.

03/10/04.............................................................. 6,697,026 6,650,984 1,236 n.a.

03/17/04.............................................................. 6,305,444 6,219,170 3,357 n.a.

03/24/04.............................................................. 6,326,256 6,230,914 -1,737 n.a.

03/31/04.............................................................. 6,468,489 6,435,964 -6,826 n.a.
FOREIGN CURRENCY POSITIONS 103

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)

2001 - Dec................................ 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a.

2002 - Dec................................ 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a.

2003 - Apr................................ 5,241,193 5,200,692 - - 747,975 688,209 810,036 831,556 3,388 n.a.

May ................................ 5,828,921 5,774,414 - - 769,305 737,908 887,444 888,996 221 n.a.

June................................ 5,782,487 5,739,111 - - 730,574 768,955 834,438 838,502 2,849 n.a.

July ................................ 5,697,250 5,666,367 - - 756,665 731,062 834,671 828,254 1,204 n.a.

Aug ................................ 5,276,387 5,250,070 - - 736,077 714,386 794,646 804,034 -3,032 n.a.

Sept................................ 5,788,887 5,753,074 - - 795,256 790,721 886,861 884,871 -435 n.a.

Oct................................ 6,038,060 6,009,364 - - 825,558 807,016 928,535 945,850 14,599 n.a.

Nov ................................ 5,775,259 5,729,718 - - 850,150 835,086 929,682 951,992 9,609 n.a.

Dec ................................ 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a.

2004 - Jan................................ 6,303,412 6,266,999 - - 884,230 865,349 952,681 978,290 2,936 n.a.

Feb................................ 6,787,178 6,736,363 - - 934,673 903,152 1,008,346 1,056,438 2,186 n.a.

Mar................................ 6,798,787 6,800,282 - - 987,410 958,155 1,045,595 1,085,024 -5,629 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................................ 415,840 463,387 - - n.a. n.a. n.a. n.a. 1,117 n.a.

June................................ 465,191 453,942 - - n.a. n.a. n.a. n.a. 4,747 n.a.

Sept................................ 460,669 464,236 - - 52,557 44,020 n.a. n.a. 4,230 n.a.

Dec ................................ 419,816 427,851 - - 18,304 12,066 14,903 11,111 2,186 n.a.
104 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)

10/08/03.............................................................. 1,763,177 1,795,329 -767 0.8467

10/15/03.............................................................. 1,766,946 1,805,758 -1,878 0.8597

10/22/03.............................................................. 1,704,667 1,725,085 -1,785 0.8467

10/29/03.............................................................. 1,728,757 1,748,830 -3,405 0.8572

11/05/03.............................................................. 1,740,138 1,790,198 -4,625 0.8744

11/12/03.............................................................. 1,745,422 1,787,772 -4,649 0.8593

11/19/03.............................................................. 1,822,612 1,850,053 -4,659 0.8416

11/26/03.............................................................. 1,751,432 1,795,698 -7,158 0.8377

12/03/03.............................................................. 1,789,712 1,825,525 -4,543 0.8257

12/10/03.............................................................. 1,864,429 1,907,615 -6,278 0.8188

12/17/03.............................................................. 1,728,484 1,773,741 -7,376 0.8063

12/24/03.............................................................. 1,652,237 1,685,561 -9,546 0.8033

12/31/03.............................................................. 1,671,657 1,702,363 -7,357 0.7952

01/07/04.............................................................. 1,772,362 1,801,934 -5,557 0.7914

01/14/04.............................................................. 1,832,768 1,858,349 -3,239 0.7905

01/21/04.............................................................. 1,870,243 1,896,926 -2,678 0.7918

01/28/04.............................................................. 1,843,232 1,858,634 -4,369 0.8008

02/04/04.............................................................. 1,842,345 1,876,532 -5,966 0.7982

02/11/04.............................................................. 1,847,221 1,872,922 -3,087 0.7798

02/18/04.............................................................. 1,835,319 1,861,798 -2,626 0.7898

02/25/04.............................................................. 1,859,629 1,890,108 -3,413 0.8004

03/03/04.............................................................. 1,976,522 2,006,490 -6,210 0.8200

03/10/04.............................................................. 1,944,929 1,978,101 -5,815 0.8169

03/17/04.............................................................. 1,822,244 1,874,239 -4,067 0.8173

03/24/04.............................................................. 1,862,950 1,929,581 -2,305 0.8247

03/31/04.............................................................. 1,899,384 1,945,811 1,323 0.8120
FOREIGN CURRENCY POSITIONS 105

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)

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 - Dec................................ 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527

2003 - Apr................................ 1,789,483 1,839,884 1,189,969 1,140,182 342,837 327,959 288,370 303,812 -7,365 0.8948

May ................................ 1,975,722 2,012,777 1,245,701 1,190,570 387,429 365,088 270,564 298,278 -2,323 0.8497

June................................ 1,921,351 1,962,008 1,154,188 1,122,206 363,616 339,895 276,205 297,784 -5,230 0.8687

July ................................ 1,839,623 1,876,409 1,113,203 1,066,278 330,991 298,960 289,149 313,417 -3,601 0.8895

Aug ................................ 1,683,068 1,724,811 1,042,409 1,000,087 308,732 287,965 279,065 299,826 -3,310 0.9102

Sept................................ 1,848,026 1,868,197 1,113,221 1,072,226 347,440 322,426 294,697 315,887 -2,977 0.8574

Oct................................ 1,863,151 1,916,295 1,114,492 1,078,262 342,348 342,944 293,320 319,239 -5,379 0.8635

Nov ................................ 1,755,327 1,798,108 1,004,678 974,451 337,259 321,529 295,004 311,954 -7,649 0.8342

Dec ................................ 1,770,094 1,801,409 1,061,881 1,035,884 293,589 286,226 260,869 277,574 -8,427 0.7952

2004 - Jan................................ 1,894,931 1,928,622 1,047,977 1,032,053 309,711 305,015 288,041 305,185 -7,077 0.8017

Feb................................ 1,946,797 1,988,434 1,082,050 1,059,011 330,367 314,000 292,105 312,552 -5,963 0.8004

Mar................................ 1,972,916 2,020,924 1,065,583 1,044,221 327,568 305,075 309,389 335,285 557 0.8120

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 ................................ 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527

2003 - Mar................................ 174,780 166,025 179,391 146,012 n.a. n.a. 21,449 15,577 -2,428 0.9153

June................................ 178,659 171,054 197,086 169,715 n.a. n.a. 26,352 17,778 3,663 0.8687

Sept................................ 180,866 166,592 160,878 111,682 n.a. n.a. 18,761 9,813 -2,614 0.8574

Dec ................................ 154,233 143,761 155,657 77,608 8,294 7,684 9,465 6,754 -781 0.7952
106

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President.

Subsequent amendment of the Gold Reserve Act

modified the original purpose somewhat to reflect

termination of the fixed exchange rate system.

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets.

• Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account.

• Table ESF-2 shows the results of operations by

quarter. Figures are in U.S. dollars or their equivalents

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter.

TABLE ESF-1.—Balances as of Sept. 30, 2003, and Dec. 31, 2003

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

 Assets, liabilities, and capital Sept. 30, 2003

Oct. 1, 2003,

through

Dec. 31, 2003 Dec. 31, 2003

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities ................................... 10,502,415 26,768 10,529,183 

Special drawing rights 1............................................... 12,062,467 575,172 12,637,639 

Foreign exchange and securities: 

European euro....................................................... 10,075,954 869,781 10,945,735 

Japanese yen........................................................ 8,475,538 340,494 8,816,032 

Accounts receivable................................................... 102,567 22,871 125,438 

Total assets ..........................................................

41,218,941 1,835,086 43,054,027 

Liabilities and capital

Current liabilities:

Accounts payable................................................... 18,181 79,180 97,361 

Total current liabilities...........................................

18,181 79,180 97,361 

Other liabilities:

SDR certificates..................................................... 2,200,000 - 2,200,000 

SDR allocations ..................................................... 7,005,299 275,256 7,280,555 

Total other liabilities .............................................

9,205, 299 275,256 9,480,555 

Capital:

Capital account...................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF -2).................. 31,795,461 1,480,650 33,276,111 

Total capital....................................................... 31,995,461 1,480,650 33,476,111 

Total liabilities and capital ..................................

41,218,941 1,835,086 43,054,027 

See footnote on the following page.
EXCHANGE STABILIZATION FUND 107

TABLE ESF-2.—Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter

Oct. 1, 2003,

through

Dec. 31, 2003

Fiscal year to date

Oct. 1, 2003,

through

Dec. 31, 2003

Income and expense

Profit (+) or loss (-) on:

Foreign exchange............................................................... 1,167,806 1,167,806 

Adjustment for change in valuation

 of SDR holdings and allocations 1........................................... 202,771 202,771 

Interest (+) or net charges (-) on:

SDRs.............................................................................. 20,500 20,500 

U.S. Government securities .................................................. 26,768 26,768 

Foreign exchange............................................................... 62,805 62,805 

Commissions........................................................................ - -

Income from operations ....................................................... 1,480,650 1,480,650 

Net income (+) or loss (-)................................................... 1,480,650 1,480,650 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974.

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.”
FinancialReportofthe

UnitedStatesGovernment

Excerpt

TrustFunds
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 111

INTRODUCTION: Financial Report of the United States Government

The following pages are excerpted from the 2003

Financial Report of the United States Government (Financial 

Report). The report and accompanying information, prepared 

and published annually by the Financial Management Service, 

are modeled after corporate-type reports and are developed on 

an accrual basis of accounting.

The excerpts represent some of the most noteworthy 

information contained in the Financial Report. Data for the 

Financial Report are compiled from Federal program agency 

accounting systems Governmentwide. Treasury also presents 

a management discussion and analysis, the customary notes 

to the financial statements, a section on stewardship 

information, and supplemental information in the complete 

document.

The General Accounting Office (GAO) is required by 

law to audit the Financial Report. GAO’s report, as well as 

the complete Financial Report, can be accessed easily 

through the internet at www.fms.treas.gov/fr .
112 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Financial Statements

of the United States Government

for the Years Ended September 30, 2003

and September 30, 2002

Statements of Net Cost

These statements present the net cost of fiscal years 2003 and 2002 Government operations. For the purposes of this 

document, “Government” refers to the United States Government. It categorizes costs by Chief Financial Officer Act entities 

and other significant entities. Costs are presented by department on an accrual basis, while the budget presents costs by 

obligations and outlays based on functions on a cash basis. In the Statements of Net Cost, the costs are divided between the 

corresponding departments and entities mentioned above, providing greater accountability by showing the relationship of the 

agencies’ net cost to the Governmentwide net cost. The focus of the budget of the United States is by agency. Budgets are 

prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in assessing the 

budget integrity, operating performance, stewardship, and systems and control of the Federal Government.

These statements contain the following three components:

• Gross cost—This is the full cost of all the departments and entities. These costs are assigned on a cause-and-effect 

basis, or reasonably allocated to the corresponding departments and entities.

• Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price.

• Net cost—This is computed by subtracting earned revenue from gross cost.

Because of their specific functions, most of the costs originally associated with the General Services Administration 

(GSA) and the Office of Personnel Management (OPM) have been allocated to and reflected in the costs of their user 

agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the 

expenses from prior and past costs from health and pension plan amendments, and the actuarial gains and losses for these 

agencies. $123.4 billion has been allocated out of OPM to the agencies. This represents health and pension benefits that are 

not reported in the individual agency statements. The interest on Treasury securities held by the public is part of the 

Department of the Treasury’s (Treasury) responsibilities, but because of its importance, and the dollar amounts, it is reported 

separately in these statements. Net cost for Governmentwide reporting purposes includes GSA and OPM agency allocations, 

and is net of intragovernmental eliminations. For this reason, individual agency net cost amounts will not agree with the 

agency’s financial statements.

The Department of Homeland Security (DHS) Reorganization Plan was enacted on November 25, 2002, and 

beginning with this 2003 Financial Report of the United States Government (Financial Report), DHS is reported as a 

separate entity. Refer to Note 1A—Reporting Entity for further information. Also, refer to the Management’s 

Discussion and Analysis section for information concerning DHS and the mission and organization of the components 

of the Government of the United States.

Statements of Operations and Changes in Net Position

These statements report the results of Government operations. They include unearned revenues that are generated 

principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These statements also cover 

the cost of Government operations, net of revenue earned from the sale of goods and services to the public (earned revenues). 

They further include any adjustments and unreconciled transactions that affect the net position.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 113

Revenue

Individual income tax and tax withholdings consist of Federal Insurance Contributions Act (FICA)/Self-Employment 

Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies.

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and 

imported liquor, tobacco, firearms, and others.

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated 

cost. This category includes revenues generated by the Federal Communications Commission from the sale of 

spectrum licenses to promote open-air communication services to the public (spectrum auctions). It also includes 

rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development of mineral 

resources on public lands.

Net Cost of Government Operations

The net cost of Government operations (which is gross cost less earned revenue) flows through from the Statements of 

Net Cost.

Unreconciled Transactions Affecting the Change

in Net Position

Unreconciled transactions are adjustments needed to bring the change in net position into balance due to unreconciled 

and unaccounted for differences in the consolidated financial statements. Refer to Note 16—Unreconciled Transactions 

Affecting the Change in Net Position for detailed information.

Net Position, Beginning of Period

The net position, beginning of period reflects the net position reported on the prior year’s balance sheet as of the end of 

that fiscal year.

Prior Period Adjustments

Prior period adjustments are revisions to adjust the beginning net position. Refer to Note 1B—Basis of Accounting and 

Revenue Recognition, and Note 17—Change in Accounting Principle and Prior Period Adjustments for detailed information.

Net Position, End of Period

The net position, end of period amount reflects the net position as of the end of the fiscal year.

Reconciliations of Net Operating Cost and Unified Budget 

Deficit

The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget deficit relate 

to each other. The premise of the reconciliation is that the accrual and budgetary accounting basis share transaction data.

These statements report the reconciliation of the results of operations (net operating cost) on the Statements of 

Operations and Changes in Net Position to the unified budget deficit in the President’s budget.
114 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis of 

accounting measures used in the Financial Report. These statements begin with the net results of operations (net operating 

cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of Government 

operations on an accrual basis of accounting. Reconciling items to (1) operating revenues include net accrual related to taxes 

receivables and (2) net cost of Government operations include items such as changes in liabilities for military, veteran and 

civilian benefits, as well as depreciation expenses on fixed assets and changes in environmental liabilities.

Components of Net Operating Cost Not Part of the

Budget Deficit

This information includes the operating components, such as the changes of benefits payable for veterans, military and 

civilian employees, and the environmental liabilities and depreciation expense not included in the budget results.

Components of the Budget Deficit Not Part of Net

Operating Cost

This information includes the budget components, such as capitalized fixed assets, changes in accounts receivable, and 

increases in other assets not included in the operating results. These items are typically part of the balance sheets only, and 

are not part of the operating results.

Statements of Changes in Cash Balance from Unified

Budget and Other Activities

The primary purpose of these statements is to report how the annual unified budget deficit relates to the change in the 

Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit normally would 

not result in an equivalent change in the Government’s operating cash balance.

These statements reconcile the unified budget deficit to the change in operating cash during the fiscal year, and explain 

how the budget deficits (fiscal years 2003 and 2002) are financed. A budget deficit is the result of expenditures exceeding 

receipts (revenue) during a particular fiscal year. 

In depicting how the unified budget deficits were financed, these statements show that in fiscal years 2003 and 2002, the 

greatest amounts were net new borrowings from the public. Other transactions also required cash disbursements and are not 

part of the repayments of the debt. These other transactions, such as the issuance of student loans or premiums on early 

buyback of public debt, required cash payments and contributed to the use of the surplus or deficit. These statements show 

the differences between accrual and cash budgetary basis, mainly because of timing differences in the financial statements.

Balance Sheets

The balance sheets show the Government’s assets and liabilities. When combined with stewardship information, this 

information presents a more comprehensive understanding of the Government’s financial position. All of the line items on 

the balance sheets are described in the Notes to the Financial Statements. 

Assets

Assets included on the balance sheets are resources of the Government that remain available to meet future needs. The 

most significant assets that are reported on the balance sheets are property, plant, and equipment, inventories, and loans 

receivable. There are, however, other significant resources available to the Government that extend beyond the assets 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 115

presented in these financial statements. Those resources include stewardship assets, including natural resources (see 

Stewardship Information section), and the Govern ment’s sovereign powers to tax, regulate commerce, and set monetary 

policy. 

In May 2003, SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment, removed 

national defense assets from Stewardship Information and included it on the balance sheet as part of inventories and related 

property, net and property, plant, and equipment, net. Refer to Note 1B—Basis of Accounting and Revenue Recognition; 

Note 6—Inventories and Related Property, Net; and Note 7—Property, Plant, and Equipment, Net for further information.

Selected assets are highlighted in the Stewardship Information section of this report to demonstrate the Government’s 

accountability for these assets. Stewardship assets include stewardship land and heritage assets.

Liabilities and Net Position

Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most 

significant liabilities reported on the balance sheets are Federal debt securities held by the public and accrued interest and 

Federal employee and veteran benefits payable. Liabilities also include social insurance benefits due and payable as of the 

reporting date.

As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader 

than these reported balance sheet liabilities. They include the social insurance programs disclosed in the Statements of Social 

Insurance in the Stewardship Information section, and a wide range of other programs under which the Government provides 

benefits and services to the people of this Nation, and certain future loss contingencies.

The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections 

relating to the many assumptions of the programs, produce a wide range of possible results. The Stewardship Responsibilities 

section describes the social insurance programs, reports long-range estimates that can be used to assess the financial 

condition of the programs, and explains some of the factors that impact the various programs. Using this information, readers 

can apply their own judgment as to the condition and sustainability of the individual programs.

Each of the social insurance programs has an associated trust fund to account for its activity. The taxes collected for 

specific use are credited to the corresponding trust fund that will use these funds to meet a particular Government purpose. If 

the collections from taxes and other sources exceed the payments to the beneficiaries, the excess collections are invested in 

Treasury securities or “loaned” to the Treasury’s general fund; therefore, the trust fund balances do not represent cash. An 

explanation of the trust funds for social insurance and many of the other large trust funds is included in Note 20—Dedicated 

Collections. That note also contains information about trust fund receipts, disbursements, and assets.

The Government has entered into contractual commitments requiring the future use of financial resources and has 

unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. 

Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the balance sheets, but for 

which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingent 

Liabilities and Note 19—Commitments. 

Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique 

access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the 

Government with the ability to meet present obligations and those that are anticipated from future operations and are not 

reflected in net position.
116 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Statements of Net Cost

for the Years Ended September 30, 2003, and September 30, 2002

 Gross

 Cost

 Earned

 Revenue

Net

Cost

Gross

Cost

Earned

Revenue

Net

Cost

(In billions of dollars) 2003 2002

Department of Agriculture1................................ 95.6 10.7 84.9 80.5 9.6 70.9 

Department of Commerce1................................ 8.8 1.3 7.5 7.4 1.2 6.2 

Department of Defense1................................ 562.4 12.5 549.9 420.4 13.9 406.5 

Department of Education ................................ 59.0 5.0 54.0 49.9 4.8 45.1 

Department of Energy1................................ 2.0 5.3 (3.3) (3.0) 4.8 (7.8)

Department of Health & Human Services1................................ 542.6 29.7 512.9 499.9 27.0 472.9 

Department of Homeland Security ................................ 27.5 2.6 24.9 * * *

Department of Housing & Urban Development................................ 44.1 2.0 42.1 36.3 2.2 34.1 

Department of the Interior ................................ 16.0 4.7 11.3 15.0 0.7 14.3 

Department of Justice1................................ 30.7 1.3 29.4 29.5 2.3 27.2 

Department of Labor................................................................ 68.1 - 68.1 64.7 - 64.7 

Department of State................................................................ 12.7 1.4 11.3 10.9 0.9 10.0 

Department of Transportation1................................ 64.2 1.2 63.0 65.4 1.6 63.8 

Department of the Treasury1................................ 75.0 2.6 72.4 66.0 3.6 62.4 

Interest on Treasury securities held by the 

public ................................................................ 156.8 - 156.8 175.4 - 175.4 

Department of Veterans Affairs ................................ 175.7 2.1 173.6 218.4 2.6 215.8 

U.S. Agency for International Development ................................ 10.3 0.1 10.2 8.0 - 8.0 

Environmental Protection Agency ................................ 9.5 0.4 9.1 8.2 0.5 7.7 

Federal Emergency Management Agency1................................ 2.5 0.8 1.7 6.2 1.8 4.4 

General Services Administration1................................ 0.8 0.3 0.5 (0.1) 0.3 (0.4)

National Aeronautics & Space Administration................................ 12.9 0.1 12.8 14.7 0.1 14.6 

National Science Foundation................................ 4.8 - 4.8 4.2 - 4.2 

U.S. Nuclear Regulatory Commission ................................ 0.7 0.5 0.2 0.6 0.4 0.2 

Office of Personnel Management ................................ 0.3 - 0.3 0.2 - 0.2 

Small Business Administration................................ 3.8 0.7 3.1 1.3 0.5 0.8 

Social Security Administration ................................ 512.6 0.3 512.3 492.9 0.3 492.6 

Export-Import Bank of the United States ................................ 0.1 0.3 (0.2) (1.2) 0.3 (1.5)

Federal Communications Commission ................................ 7.1 1.2 5.9 6.8 1.1 5.7 

Federal Deposit Insurance Corporation................................ (0.2) 0.2 (0.4) 1.8 0.7 1.1 

National Credit Union Administration................................ 0.2 0.5 (0.3) 0.2 0.5 (0.3)

Pension Benefit Guaranty Corporation ................................ 12.3 1.2 11.1 12.7 0.9 11.8 

Railroad Retirement Board ................................ 9.6 - 9.6 9.3 - 9.3 

Tennessee Valley Authority................................ 8.2 7.0 1.2 7.9 6.8 1.1 

United States Postal Service ................................ 81.5 67.6 13.9 83.1 66.4 16.7 

All other entities ................................................................

 32.1 1.2 30.9 22.8 0.8 22.0 

Total ................................................................

 2,650.3 164.8 2,485.5 2,416.3 156.6 2,259.7 

1

 These agencies reorganized and transferred various programs and operations to the newly created Department of Homeland Security. 

* 2002 numbers have not been restated (see Note 1A—Reporting Entity).

The accompanying notes are an integral part of these financial statements.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 117

United States Government 

Statements of Operations and Changes in Net Position

for the Years Ended September 30, 2003, and September 30, 2002

(In billions of dollars) 2003 2002

Revenue:

Individual income tax and tax withholdings ...................................................... 1,481.3 1,538.6 

Corporation income taxes ...............................................................................128.2 143.7 

Unemployment taxes ..................................................................................... 31.2 26.2 

Excise taxes................................................................................................ 67.6 67.9 

Estate and gift taxes ...................................................................................... 21.9 26.4 

Customs duties .............................................................................................. 19.0 18.3 

Other taxes and receipts ................................................................................ 39.8 49.3 

Miscellaneous earned revenues................................................................ 7.0 7.3 

Total revenue.............................................................................................. 1,796.0 1,877.7 

Less net cost of Government operations .................................................. 2,485.5 2,259.7 

Unreconciled transactions affecting the change in

net position (Note 16) .................................................................................. 24.5 17.1 

Net operating cost ..........................................................................................

(665.0) (364.9)

Net position, beginning of period................................................................(6,820.2) (6,458.8)

Change in accounting principle (Note 17)........................................................383.1 

Prior period adjustments (Note 17)................................................................ (2.6) 3.5

Net operating cost..........................................................................................(665.0) (364.9)

Net position, end of period.............................................................................

(7,104.7) (6,820.2)

The accompanying notes are an integral part of these financial statements.
118 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Reconciliations of Net Operating Cost and Unified Budget Deficit 

for the Years Ended September 30, 2003, and September 30, 2002

(In billions of dollars) 2003 2002

Net operating cost.......................................................................................... (665.0) (364.9)

Components of Net Operating Cost Not Part of the Budget Deficit:

Increase in Liability for Military Employee Benefits (Note 11):

Increase in military pension liabilities .............................................................. 9.0 21.7 

Increase in military health liabilities ................................................................ 91.0 11.1 

Increase/(decrease) in other military benefits................................................... 1.1 (0.4)

Increase in liability for military employee benefits............................................. 101.1 32.4 

Increase in Liability for Veterans Compensation and Burial Benefits (Note 11):

Increase in liability for veterans ................................................................ 93.3 147.7 

Increase in liability for survivors ................................................................ 12.5 9.0 

(Decrease)/increase in liability for burial benefits ............................................. (0.2) 0.6 

Increase in liability for veterans compensation................................................. 105.6 157.3 

Increase in Liability for Civilian Employee Benefits (Note 11):

Increase in civilian pension liabilities ............................................................... 56.6 16.9 

Increase in civilian health liabilities................................................................ 23.0 16.2 

Increase in other civilian benefits ................................................................ 0.3 5.8 

Increase in liability for civilian employee benefits ............................................. 79.9 38.9 

Decrease in Environmental Liabilities (Note 12):

(Decrease) in energy's environmental liabilities................................................ (26.2) (28.7)

Increase/(decrease) in all others' environmental liabilities ................................ 3.1 (5.1)

(Decrease) in environmental liabilities ............................................................. (23.1) (33.8)

Depreciation expense....................................................................................... 71.2 20.5 

Property, plant, and equipment disposals and revaluations ................................ 13.0 -

Increase in benefits due and payable (Note 13).................................................. 4.7 9.3 

(Increase) in taxes receivable (Note 5) .............................................................. (1.5) (0.3)

Increase in other liabilities (Note 14)................................................................ 25.1 13.8

Premium on early buyback of public debt ........................................................... - 3.8

Seigniorage and sale of gold............................................................................. (0.6) (1.0)

Increase/(decrease) in accounts payable (Note 9).............................................. 6.4 (0.4)

Components of the Budget Deficit Not Part of Net Operating Cost:

Capitalized Fixed Assets:

Department of Defense.................................................................................. (67.5) (18.1)

Civilian agencies ........................................................................................... (34.5) (22.8)

Total capitalized fixed assets ................................................................ (102.0) (40.9)

(Increase)/decrease in accounts receivable (Note 3) ................................ (1.8) 2.2

Decrease/(increase) in inventory (Note 6).......................................................... 17.5 (8.4)

Increase in other assets (Note 8) ................................................................ (12.3) (2.0)

Principal repayments of precredit reform loans ................................................... 9.1 8.2

Net amount of all other differences ................................................................ (3.5) 1.0

Other:

Prior period adjustments (Note 17)................................................................ 1.4 6.6 

Unified budget deficit.....................................................................................

 (374.8) (157.7)

The accompanying notes are an integral part of these financial statements.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 119

United States Government

Statements of Changes in Cash Balance from Unified Budget and Other Activities

for the Years Ended September 30, 2003, and September 30, 2002 

(In billions of dollars) 2003 2002 

Budget receipts—actual ................................ 1,782.1 1,853.3

Budget outlays—actual ................................ (2,156.9) (2,011.0)

Unified budget deficit ................................ (374.8) (157.7)

Adjustments for Noncash Outlays Included in the Budget:

Interest accrued by Treasury on debt held 

by the public ................................................................ (143.3) (152.0)

Subsidy expense (Note 4)................................ 11.8 4.9

Items Affecting the Cash Balance Not Included in the Budget:

Net Transactions from Financing Activity:

Repayment of debt held by the public................................ 3,914.7 3,570.2

Borrowings from the public................................ (4,289.1) (3,791.0)

Total ................................................................ (374.4) (220.8)

Net Transactions from Monetary Activity:

Increase in special drawing rights................................ 0.4 0.8

Increase/(decrease) in other 

monetary assets................................ (4.3) 14.21

Increase in loans to the IMF................................ 3.2 2.41

Total................................................................ (0.7) 17.4

Net Transactions from Other Activities:

Net direct loan activity ................................1.2 13.7

Interest paid by Treasury on debt 

held by the public ................................ 144.4 158.6

Premium on early buyback of public debt ................................ - 3.8

Net guaranteed loan activity................................ (5.8) (2.3)

Decrease in miscellaneous assets ................................ (0.4) (0.9)

Increase in allocations of special 

drawing rights................................................................ (0.5) (0.2)1

Increase in deposit fund balances ................................ (2.8) (0.4)

Decrease in miscellaneous liabilities................................ .8 3.31

Seigniorage and other equity ................................ (.6) (1.0)

Reclassification of aged unreconciled 

accounts ................................................................ 0.1 -

NRRIT non-Federal securities2................................ 21.3 1.51

Total ................................................................ 157.7 176.1

Disposition of Deficit ................................ (348.9) (174.4)

Increase/(decrease) in operating cash 

balance ................................................................ (25.9) 16.7

Operating Cash: (Note 2)

Operating cash balance beginning of 

period................................................................ 60.9 44.2

Operating cash balance end of period................................ 35.0 60.9

1 Reclassified/restated.

2 For more information, see Railroad Retirement in the Stewardship Information section (page 86).

The accompanying notes are an integral part of these financial statements.
120 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Balance Sheets

as of September 30, 2003, and September 30, 2002

(In billions of dollars) 2003 2002

Assets:

Cash and other monetary assets (Note 2) ....................................................... 119.6 141.6 

Accounts receivable, net (Note 3) ................................................................33.8 32.0 

Loans receivable, net (Note 4)................................................................ 221.1 219.2 

Taxes receivable, net (Note 5)................................................................ 22.9 21.4 

Inventories and related property, net (Note 6) ................................ 241.2 192.2 

Property, plant, and equipment, net (Note 7)................................ 658.2 324.7 

Other assets (Note 8)................................................................ 97.1 65.4 

Total assets ................................................................................................ 1,393.9 996.5 

Liabilities:

Accounts payable (Note 9) ................................................................ 62.2 55.8 

Federal debt securities held by the public and accrued interest 

(Note 10) ................................................................................................ 3,944.9 3,573.2 

Federal employee and veteran benefits payable (Note 11) ............................... 3,880.0 3,589.4 

Environmental and disposal liabilities (Note 12) ................................ 249.9 273.0 

Benefits due and payable (Note 13)................................................................ 100.0 95.3 

Loan guarantee liabilities (Note 4)................................................................34.6 28.1 

Other liabilities (Note 14)................................................................ 227.0 201.9 

Total liabilities ............................................................................................. 8,498.6 7,816.7 

Contingent liabilities (Note 18) and Commitments (Note 19)

Net position ................................................................................................

(7,104.7) (6,820.2)

Total liabilities and net position ................................................................ 1,393.9 996.5 

The accompanying notes are an integral part of these financial statements.
TRUST FUNDS 121

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 fis cal year 2005.

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 

year 2005.

Highway Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2005)........................................................................................ 75.01

less:

Cash balance (fiscal year 2005).................................................................................................................................................... 9.25

Unfunded authorizations (fiscal year 2005).......................................................................................................................................

65.76

24-month revenue estimate (fiscal years 2006 and 2007) ........................................................................................................................ 66.47

Mass Transit Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2005).......................................................................................... 5.14

less:

Cash balance (fiscal year 2005).................................................................................................................................................... 7.46

Unfunded authorizations (fiscal year 2005).......................................................................................................................................

-2.32

24-month revenue estimate (fiscal years 2006 and 2007) .................................................................................................................... 10.36
122 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
123

Glossary

With References to Applicable Sections and Tables

Source: Financial Management Service

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount.

Amounts outstanding and in circulation (USCC)—Includes

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)—In Treasury bill auctions,

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted,

average of all bids accepted in the auction.

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future.

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as

current or permanent. Permanent authority requires no

current action by Congress.

Budget deficit—The total, cumulative amount by which

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-2)—Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders.

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See

Noncompetitive tenders.)

Coupon issue—The issue of bonds or notes (public debt).

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes.

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount.

Debt outstanding subject to limitation (FD -6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of March 2004, 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 
124 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 125

“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 mo re 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).