March 2006 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

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

 and 52-Week Treasury Bills Outstanding............................................................................................................ 36 

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

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

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 43 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 43 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 44

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ........................................................................... 44

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 46 

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

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 48
March 2006 

IV 

Contents 

MARKET YIELDS 

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 50 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 50 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 51

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 in the United States 

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

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

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

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

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

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

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

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

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

 and Country, during (fourth quarter)................................................................................................................. 85 
March 2006 

V

Contents 

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

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

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

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

FOREIGN CURRENCY POSITIONS 

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

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

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

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction.—Financial Report Excerpt........................................................................................................................... 109 

Financial Report Excerpt ................................................................................................................................................... 110 
March 2006 

VI 

Contents 

TRUST FUNDS 

Introduction.—Airport and Airway Trust Fund................................................................................................................. 119 

TF-10.—Airport and Airway Trust Fund .......................................................................................................................... 120 

Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund....................................................... 121 

TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund................................................................. 122 

Introduction.—Black Lung Disability Trust Fund............................................................................................................. 123 

TF-12.—Black Lung Disability Trust Fund ...................................................................................................................... 123 

Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 125 

TF-13.—Harbor Maintenance Trust Fund......................................................................................................................... 125 

Introduction.—Hazardous Substance Superfund............................................................................................................... 127 

TF-14.—Hazardous Substance Superfund......................................................................................................................... 127 

Introduction.—Highway Trust Fund ................................................................................................................................. 129 

TF-15.—Highway Trust Fund ........................................................................................................................................... 130 

Introduction.—Inland Waterways Trust Fund................................................................................................................... 133 

TF-16.—Inland Waterways Trust Fund............................................................................................................................. 133 

Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 134 

TF-17.—Leaking Underground Storage Tank Trust Fund ................................................................................................ 134 

Introduction.—Nuclear Waste Fund.................................................................................................................................. 135 

TF-18.—Nuclear Waste Fund............................................................................................................................................ 135 

TF-D.—Chart: Major Trust Funds, Interest on Investments.............................................................................................. 136 

TF-E.—Chart: Major Trust Funds, Receipts and Expenses............................................................................................... 136 

Introduction.—Reforestation Trust Fund........................................................................................................................... 137 

TF-19.—Reforestation Trust Fund .................................................................................................................................... 137 

Introduction.— Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund)......... 138 

TF-20.—Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund).................... 139 

Introduction.—Oil Spill Liability Trust Fund.................................................................................................................... 141 

TF-21.—Oil Spill Liability Trust Fund ............................................................................................................................. 141 

Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 142 

TF-22.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 142 

Introduction.—Wool Research, Development, and Promotion Trust Fund....................................................................... 143 

TF-23.—Wool Research, Development, and Promotion Trust Fund................................................................................. 143

 

RESEARCH PAPER INDEX............................................................................................................................................ 144

GLOSSARY ...................................................................................................................................................................... 145

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

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

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

SPECIAL REPORTS 

Trust Funds 1-8, previously published in the December 

issue of the Treasury Bulletin, will be discontinued 

effective December 2006. Trust fund information can 

be found in the Monthly Treasury Statement, 

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

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

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic 

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

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

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

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

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

 

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
March 2006 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product 

January’s advance estimate of real gross domestic 

product (GDP) reported annualized growth of 1.1 percent in 

the fourth quarter of 2005, down from the 4.1 percent pace 

registered in the third quarter and the slowest growth rate in 

3 years. Even so, for the entire year, real GDP rose by 3.5 

percent, measured year over year. 

About one percentage point of the slowdown can be 

attributed to the temporary loss of hurricane related oil 

production and to technical factors pertaining to the Federal 

Government’s budget. The timing of certain outlays resulted 

in a steep decline in defense spending. The outlook for the 

first quarter of 2006 is for a resumption of growth more 

consistent with recent trends. 

Consumer spending rose at a 1.1 percent rate in the 

fourth quarter. Weakness was centered in motor vehicle 

purchases as sales slumped after “employee pricing” 

incentives were scaled back or discontinued after boosting 

results for the third quarter. Excluding motor vehicles, real 

consumption grew close to 4 percent at an annual rate. 

Real business fixed investment grew 2.8 percent at an 

annual rate in the fourth quarter. Investment in structures 

edged up 0.7 percent, in line with the tepid performance of 

the past several years. Growth of equipment and software 

spending slowed to 3.5 percent from rates approaching 11 

percent in the previous two quarters. 

The deficit on trade in goods and services widened $33 

billion in real terms, subtracting 1.2 percentage points from 

real GDP growth. The drop partly reflects a large influx of 

petroleum and related products, which subtracted about 0.5 

percentage point from real GDP growth. These imports 

helped replace domestic petroleum production lost to the 

hurricanes. 

There was a sharp 13.1 percent annual rate decrease in 

real defense spending which caused total Federal spending 

to fall at a 7.0 percent pace, largely the result of the technical 

factors mentioned above. Defense outlays are expected to 

snap back in the first quarter. 

Partially offsetting some of the weaker readings in the 

fourth quarter was a rebound in inventory investment, which 

contributed about 1.5 percentage points to real growth, 

following two successive quarterly declines. 

Growth of Real GDP

4.3 4.5 4.7

2.2

0.2

1.9

4.0 3.8

3.1

0

1

2

3

4

5

6

97 98 99 00 01 02 03 04 05

(Percent change, fourth quarter to fourth quarter)
PROFILE OF THE ECONOMY 

March 2006

4 

0

1

2

3

4

5

6

7

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

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

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

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

Inflation 

Consumer price inflation was little changed in 2005 from 

the 2004 pace. Growth in the consumer price index was 

3.4 percent over the 12 months ending in December 2005, 

up fractionally from a 3.3 percent increase over the 12 

months of 2004. Despite declines in each of the last 3 

months of 2005, energy prices were 17.1 percent higher over 

the year due to earlier price gains. Prices rose sharply for 

both energy commodities (up 16.7 percent) and for energy 

services, which include natural gas and electricity (up 17.6 

percent). The 2005 energy price increase compares with a 

16.6 percent hike in 2004, which mostly reflected a 26.7 

percent bump-up in energy commodity prices. In contrast, 

prices for core consumer items (all items less food and 

energy) were relatively benign, rising by a moderate 2.2 

percent over the 12 months of both 2005 and 2004. 

Inflation at the producer level picked up in 2005. 

Finished goods prices rose 5.4 percent over the 12 months of 

the year, up from increases of 4.2 percent during 2004 and 

4.0 percent in 2003. As with consumer prices, rising energy 

prices were a primary contributor to overall price growth. 

Prices of finished energy goods rose 23.9 percent over 2005 

from 13.4 percent during 2004 and 11.4 percent during 

2003. Similar accelerations were evident for intermediate 

and crude energy goods and materials as well. Core producer 

price inflation (less foods and energy) slowed in 2005 from 

the 2004 increases at all stages of production, including 

finished goods (up 1.7 percent in 2005 compared to 2.3 

percent in 2004), intermediate materials (4.5 percent versus 

8.3 percent), and crude materials (up 4.8 percent following a 

20.5 percent jump in 2004). 

Labor cost increases slowed a little in 2005. Hourly 

compensation costs for the nonfarm business sector 

increased 3.3 percent during 2005 compared to the 

5.8 percent gain registered during 2004. The 2005 increase 

was above the 2.3 percent annual rate rise in productivity in 

this sector, and as a result, unit labor costs in the nonfarm 

business sector were 1.0 percent higher during 2005 in 

contrast to a 3.2 percent jump in 2004. The employment cost 

index for total compensation, a fixed-weighted 

compensation measure, increased by 3.0 percent for private 

industry workers during the 12-month period ending in 

December 2005, off from the 3.8 percent increase during the 

12 months ending in December 2004. Almost all of the 

deceleration resulted from a slowing in the rate of increase 

in benefit costs from 6.9 percent to 4.1 percent. Wage and 

salary increases remained subdued at 2.5 percent over the 

past year, just slightly higher than the 2.4 percent increase 

during 2004. 
PROFILE OF THE ECONOMY 

March 2006 

5

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

97 98 99 00 01 02 03 04 05 06

(Percent)

Jan. 2006

4.7%

Payroll Employment

177

-51

-26

-93

-8

-89

-26

18

134

174

199

167 160

210

155

115

-150

-50

50

150

250

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2002 2005 2003 2004

Employment and unemployment 

Labor markets appeared relatively strong at the outset of 

2006. Nonfarm payroll employment increased by 193,000 in 

January. During the 3 months following the hurricanedepressed employment readings of September and October 

2005, job gains averaged a healthy 229,000 per month. As is 

typical for this time of year, the January employment report 

included a benchmark revision and updated seasonal 

adjustment factors to the payroll data. Overall these made 

only minor changes. The revised data showed that 

employment reached its recession-induced low point in 

August 2003 (previously May 2003). Since that trough, the 

economy has generated nearly 4.8 million jobs. 

Employment gains have been fairly widespread among 

sectors in the latest 3 months. Payrolls in professional and 

business services have risen by an average of 54,000 from 

November to January. Over that same period, employment 

in education and health services increased by 34,000 per 

month while the leisure and hospitality industry added an 

average of 27,000 per month. 

Turning to goods-producing industries, construction 

payrolls have risen by an average of 38,000 in the latest 3 

months. January’s strong employment gain of 46,000 jobs 

was aided by unseasonably warm weather. The 

manufacturing sector has posted modest employment gains 

in 3 out of the 4 latest months. Still, this sector shed a total 

of 81,000 jobs in 2005. 

The unemployment rate declined from 4.9 percent in 

December to 4.7 percent in January, the lowest level since 

July 2001. Since reaching a peak of 6.3 percent in mid-2003, 

the unemployment rate has fallen 1.6 percentage points. The 

labor force participation rate (the share of the noninstitutionalized population over 15 years old in the labor 

force) held steady at 66.0 percent in January. This rate had 

dipped to a 17-year low of 65.8 percent in early 2005. 

The average workweek remained unchanged at 33.8 

hours in January. Aggregate production hours edged up 0.2 

percent. Average hourly earnings rose 0.4 percent in January 

and were up 3.3 percent from a year earlier. Adjusting for 

inflation, real earnings were down 0.4 percent in December 

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

available for January.) Still, real earnings increased 1.6 

percent in the last 3 months of 2005. 
PROFILE OF THE ECONOMY 

March 2006

6 

Real disposable personal income and 

consumer spending 

Nominal personal income increased at a rapid 9.4 percent 

annual rate in the fourth quarter of 2005 after rising just 1.8 

percent in the prior quarter. Third-quarter income growth 

was restrained by a spate of severe hurricanes. Rental 

income, which was sharply curtailed by the storm-related 

uninsured losses to residential property in the third quarter, 

bounced back smartly in the fourth quarter and accounted for 

a large part of the acceleration in income growth. 

Proprietors’ income grew by 14.4 percent at an annual rate 

in the fourth quarter, following a 1.8 percent drop in the 

prior quarter that was also due to hurricane-related writeoffs 

of uninsured losses of noncorporate business property. 

Wages and salaries, which account for more than half of 

personal income, rose at a 4.4 percent annual rate in the 

fourth quarter, a shade slower than the 5.0 percent pace 

recorded in the third quarter. Growth of personal interest 

income accelerated to an 11.5 percent annual rate from 6.7 

percent in the third quarter, and dividend income grew by 

12.3 percent in the fourth quarter compared to 11.4 percent 

in the third quarter. 

Disposable (after-tax) income adjusted for inflation 

rebounded to a strong 7.0 percent annual rate in the fourth 

quarter after falling by 2.0 percent in the third quarter 

because of hurricane-related factors. Over the four quarters 

of the year, real disposable income edged up just 0.4 percent. 

Despite the acceleration in income growth at the end of 

2005, real consumer spending slowed in the fourth quarter to 

a 1.1 percent annual rate–the smallest quarterly rise since a 

1.0 percent gain in the second quarter of 2001–as motor 

vehicle purchases fell from a very elevated level in the third 

quarter. With income rising faster than spending, the 

personal saving rate improved to -0.4 percent in the fourth 

quarter from -1.8 percent in the third quarter. For the entire 

year, the personal saving rate was -0.5 percent, the first 

negative annual reading since 1933, when the saving rate 

dipped to -1.5 percent. Unlike the 1933 experience, 

however, the current dissaving partially reflects high wealth 

levels that have allowed households to feel financially 

secure without saving from current income the way that it is 

currently measured in the national accounts. Capital gains 

and mortgage equity extraction are not counted as income in 

the accounts, although spending out of those cash flows is 

counted, which lowers the reported saving rate. 

Industrial production and capacity 

utilization 

Industrial production accelerated in the final quarter of 

2005. Output from factories, mines, and utilities increased 

3.8 percent at an annual rate in the fourth quarter after rising 

at a 1.4 percent annual rate in the third quarter and by 1.6 

percent in the second quarter. Over the 12 months ending in 

December, output increased by 2.8 percent, off from a 4.4 

percent increase during 2004. 

Manufacturing production, which accounts for about 82 

percent of all industrial output, grew 7.9 percent at an annual 

rate in the fourth quarter after a 2.0 percent advance in the 

third quarter and a 1.3 percent gain in the second quarter. 

The fourth quarter was the highest quarterly growth since 

1999, but that partly reflected the post-hurricane rebound 

and recovery from the Boeing strike in September. Output of 

high-technology goods (computers, communications 

equipment, and semiconductors) surged by 24.0 percent at 

an annual rate in the fourth quarter, compared with 27.0 

percent in the third quarter. Output of communications 

equipment, which has jumped over 33 percent at an annual 

rate in each of the past two quarters, led the surge. Gains in 

the technology sector as a whole have averaged 22 percent 

over the past eight quarters. After rising a sharp 13.5 percent 

in the third quarter, production of motor vehicles and parts 

fell 5.4 percent at an annual rate in the fourth quarter as the 

effects of “employee pricing” incentives dissipated. Apart 

from automobiles, manufacturing output rose at an 8.8 

percent annual rate in the fourth quarter. 

Production at utilities, which accounts for 10 percent of 

total industrial output, dropped by a 7.5 percent annual rate 

in the fourth quarter, following a 13.8 percent jump in the 

third quarter. (Weather is usually a factor in this sector, and 

unseasonable weather in quarters often causes sharp swings 

in output from one quarter to the next.) Output at mines (the 

remaining 8 percent of industrial output) fell 17.6 percent in 

the fourth quarter after a 14.9 percent decline in the third, 

reflecting hurricane-related disruptions to oil and gas 

extraction in the Gulf region. 

The capacity utilization rate for the industrial sector rose 

to 80.2 percent in the fourth quarter from 79.8 percent in the 

third quarter. Capacity utilization has trended higher over the 

past 2 years or so, and is now just 0.8 percentage point short 

of its long-term average of 81.0. Capacity utilization ranged 

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

Capacity utilization in the manufacturing sector was 79.6 in 

the fourth quarter, 1.1 percentage points above the 78.5 

percent reading in the third quarter and just 0.2 percentage 

point shy of its long-term average. Utilization in the hightechnology industries remained at 75.3 in the fourth quarter 

as in the third, although it is still roughly 3 percentage points 

below its long-term average of 78.2 percent. 

Nonfarm productivity and unit labor costs 

Productivity declined in the fourth quarter of 2005, but 

its longer-term trend is solid. Preliminary data for the fourth 

quarter showed that nonfarm business productivity (real 

output per hour worked) declined 0.6 percent as nonfarm 

output grew just 0.9 percent while worker hours rose by 1.5 

percent. That was the first quarterly decline in productivity 

since the first quarter of 2001. 

Despite the most recent fallback, productivity has 

advanced 2.3 percent over the most recent four quarters, 

little different than the 2.6 percent increase posted a year 

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

2001, productivity has grown at a strong 3.4 percent annual 
PROFILE OF THE ECONOMY 

March 2006 

7

rate, up from a 2.3 percent annual rate during the preceding 

5-year period. 

Hourly compensation costs in the nonfarm business 

sector rose at a 2.8 percent annual rate in the fourth quarter, 

down from 4.1 percent in the third quarter. These costs were 

up 3.3 percent over the most recent four quarters, which 

includes an outsized 10.2 percent gain in the fourth quarter 

of 2004. 

Unit labor costs, representing the interaction of 

productivity and compensation, increased at 3.5 percent 

annual rate in the fourth quarter after posting declines in the 

previous two quarters. These costs were up by just 1.0 

percent over the latest four quarters, following an increase of 

3.2 percent in the year-earlier four-quarter period. In general, 

the economy is enjoying strong labor productivity growth, 

which has held down unit labor costs and contributed to 

lower inflation. 

Productivity in the manufacturing sector rose at a 3.9 

percent annual rate in the fourth quarter and was up 4.1 

percent over the most recent four quarters. Since 1995, 

factory productivity has averaged a 4.5 percent pace. Hourly 

compensation costs in manufacturing advanced at a 1.9 

percent annual rate in the fourth quarter and were up 4.1 

percent over the most recent four quarters. Factory unit labor 

costs declined at a 1.9 percent annual rate in the fourth 

quarter and were flat over the past four quarters. 

International transactions 

The U.S. current account deficit continued to narrow in 

the third quarter of 2005 even as the merchandise trade 

deficit widened. The nearly $8 billion decrease in the deficit 

to $783 billion at an annual rate (6.2 percent of GDP) from 

$791 billion (6.4 percent of GDP) in the second quarter was 

due primarily to a notable decline in net outflows for 

unilateral transfers (which include government grants and 

pension payments as well as private transfers to and from 

foreigners). Unusually large hurricane-related claims 

received by U.S. firms from foreign insurance companies, 

and to a lesser extent, donations from abroad for hurricane 

relief, accounted for most of the drop. A shift to a surplus on 

income from the prior quarter’s deficit and an increase in the 

surplus on trade in services also contributed to the 

improvement. 

The current account is matched by offsetting transactions 

in the capital and financial accounts, with any differences in 

the recorded flows listed as a statistical discrepancy. Net 

capital account transactions, which consist mainly of debt 

foregiveness and wealth transfers associated with 

immigration, amounted to just over -$1 billion at an annual 

rate in the third quarter. That was down sharply from an 

outsized -$18 billion at the start of the year that reflected 

debt forgiveness for Iraq and is below quarterly gains 

averaging slightly less than -$2 billion in the prior 4 years. 

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows (the difference between net foreign 

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

assets) surged to a record high of $1 trillion at an annual rate 

in the third quarter from $603 billion in the previous 3-

month period. The sharp acceleration reflected the 

combination of a slowdown in U.S. purchases of overseas 

assets to $496 billion at an annual rate and a simultaneous 

increase in foreign acquisitions of assets in the United States 

to over $1-1/2 trillion. Part of the moderation in U.S. 

financial transactions abroad was due to a huge swing in 

U.S. direct investment from a net outflow to a net inflow as 

corporations took advantage of a provision of the American 

Jobs Creation Act of 2004 that allowed them to repatriate 

foreign earnings at a reduced tax rate in 2005. On the other 

side of the balance sheet, the step-up in foreign purchases of 

assets in the U.S. was fueled in large part by a record level 

of private foreign purchases of non-Treasury U.S. securities, 

a pickup in purchases of Treasury securities, and a marked 

increase in foreign direct investment in the United States. 

Exchange rate of the dollar 

Between December 2004 and January 2006, the dollar 

appreciated 1.2 percent relative to a broad index covering 

the currencies of 26 important U.S. trading partners. The 

U.S. currency rose through most of 2005, but dipped in 

December and January 2006. The appreciation during 2005 

occurred, however, after a protracted period of decline that 

began after the dollar’s peak in February 2002. In the 34-

month period between the 2002 peak and December 2004, 

the nominal exchange value of the dollar measured by this 

index depreciated by 16 percent. The dollar’s subsequent 

appreciation has cut its cumulative decline from the 

February 2002 peak to 14.9 percent as of January 2006. 

The aggregate decline between 2002 and 2004 mainly 

reflected dollar weakness against the seven currencies of the 

United States’ major trading partners, including the euro 

area countries, Japan, Canada, the United Kingdom, 

Australia, Sweden, and Switzerland. Between February 2002 

and January 2006, the exchange rate of the dollar compared 

to an index of these currencies fell by 24.6 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 fell 

by 28 percent against the euro and by 13.6 percent against 

the yen. 

With respect to the currencies of many other important 

trading partners, the dollar generally trended up between 

February 2002 and early 2003, but has largely fallen from 

mid-2004 to the present. As of January 2006 the exchange 

value of the dollar was about 1 percent lower than February 

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

by about 7 percent. 
PROFILE OF THE ECONOMY 

March 2006

8 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004 2005 2006

Short-term Interest Rates

Federal funds

rate target

3-month

Treasury bills

(Percent)

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004 2005 2006

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

Interest rates 

At its most recent meeting in January 2006, the Federal 

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

policy-making arm–raised the Federal funds target rate by 

25 basis points to 4.50 percent. It was the fourteenth hike in 

the current cycle of monetary tightening which began in late 

June 2004. Before that, the FOMC had held the Federal 

funds target (the rate that banks and other financial 

institutions charge each other for overnight loans) constant 

at 1 percent for 1 year. The funds target is at its highest level 

since May 2001. 

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

started rising in early May 2004 in anticipation of the latest 

monetary tightening cycle. Over the past 21 months, the rate 

has risen by about 350 basis points, to 4.5 percent in early 

February. Although the 10-year Treasury yield initially rose 

to about 4.8 percent in May 2004 (also in anticipation of 

faster growth and monetary tightening), it has trended lower 

over much of the subsequent period. After dipping slightly 

below 4.0 percent in early June 2005, the rate has fluctuated 

in a higher range. At about 4.5 percent as of early February, 

the rate is still about 30 basis points below its level in spring 

2004. 

Mortgage interest rates have generally followed 

movements of the 10-year Treasury rate and have fluctuated 

in a fairly narrow band around a low level for more than 2 

years. Low mortgage rates have contributed to record home 

sales as well as mortgage refinancings, helping to free 

additional cash for consumption. Mortgage rates started 

trending upwards in the second half of 2005, with the rate 

for a 30-year fixed rate mortgage reaching an average 6.33 

percent in November, its highest level in 2-1/2 years. In the 

most recent months, however, this rate has edged lower, and 

averaged 6.15 percent in January 

Movements in corporate bond yields have also generally 

followed movements in long-term Treasury yields. As of last 

September, Moody’s seasoned Baa yield started moving 

more definitively above the 6.0 percent mark, averaging 6.4 

percent in November, although it has since fallen back to an 

average 6.2 percent in January. The spread between the Baa 

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

risk appetite, has narrowed to an average of about 1.8 

percentage points as of January, where it has remained for 

the past 9 months. This spread had widened to as much as 

4.0 percentage points in October 2002. 
PROFILE OF THE ECONOMY 

March 2006 

9

Housing 

Housing activity moderated in the fourth quarter of 2005 

following an exceptionally strong third quarter. Housing 

starts dipped, real residential investment slowed, and sales of 

single-family homes backed off the record levels achieved in 

the third quarter. Even so, a number of new annual records 

were set in 2005, and the homeownership rate was little 

changed at a historically high level. 

Housing starts fell by 12.0 percent at an annual rate in 

the fourth quarter to a 2.035 million unit pace from a 27-year 

high of 2.101 million units in the third quarter. Starts for the 

entire year totaled 2.065 million, the highest in over 3 

decades. The pace of real residential investment cooled to a 

3.5 percent annual rate in the fourth quarter from 7.3 percent 

in the third quarter reflecting a steep drop in brokers’ 

commissions. 

Sales of new single-family homes eased off the record 

level posted in the third quarter, dipping by 3.4 percent at an 

annual rate to a still strong 1.287 million unit pace in the 

fourth quarter. Resales of existing one-family homes fell by 

17.1 percent at an annual rate to a 6.030 million unit annual 

rate from an all-time high of 6.320 million in the third 

quarter. Nevertheless, combined sales on an annual basis 

reached a new high of 7.457 million in 2005, up 4.1 percent 

from the previous record of 7.165 million in 2004. 

Mortgage interest rates, which have played a key role in 

spurring housing activity to new heights over the past few 

years, still remain relatively favorable despite some upward 

pressure in recent months. The average rate on a 30-year 

conventional mortgage stood at 6.15 percent in January, 

nearly a half percentage point higher than in January 2005 

but still low by historical standards. The housing industry 

expects mortgage rates to rise further in 2006 and is 

forecasting a slower pace of both housing starts and sales as 

a result. 

Federal budget 

Budget results for the first 3 months of fiscal year 2006 

show a slight $1.3 billion increase in the deficit to $119.3 

billion compared with a $118.1 billion deficit in the same 

months of fiscal year 2005. Receipts rose $43 billion, or 

8.8 percent, through 3 months of the fiscal year versus last 

year due to sizable growth in individual income and 

employment tax receipts (partly reflecting year-end 

bonuses), and to the quarterly payment of corporate income 

taxes, which rose about 25 percent from last year due in part 

to strong profit growth. Outlays increased by $44 billion, or 

7.3 percent, in the first 3 months of fiscal year 2005, partly 

reflecting outlays related to assistance following last fall’s 

hurricanes in the Gulf Coast region. Net outlays for national 

defense increased by $10.9 billion through the first 3 months 

of the fiscal year compared to the same 3 months of fiscal 

year 2005, or 8.9 percent. Net interest expenses rose by 

$12.7 billion or 28.9 percent from fiscal year 2004 due in 

part to increased debt levels and higher short-term interest 

rates. Over the 12 months ending in December, the 

cumulative budget deficit amounted to $319.7 billion, down 

from $333.6 billion over the 12 months through November. 

The Administration’s Fiscal Year 2007 Budget was 

released on February 6, 2006. The Federal budget is 

projected to show a deficit of $423 billion in fiscal year 

2006. That would be about $105 billion higher than the 

deficit of $318 billion in fiscal year 2005 and a new record 

in level terms, but as a percent of GDP, the deficit would be 

3.2 percent, well below percentages in the 4 to 6 percent 

range reached in the early 1990s and mid-1980s. The deficit 

is projected to shrink by $69 billion in fiscal year 2007, to 

$354 billion, and continue to diminish each year through 

fiscal year 2010 before rising slightly in fiscal year 2011. 

Receipts are projected to rise 6.1 percent in fiscal year 2006 

and continue to grow at an average pace of 5.8 percent 

through the rest of the forecast horizon to fiscal year 2011. 

Growth in outlays is projected to be 9.6 percent this fiscal 

year but then slow to about 2-1/2 percent on average in the 

next 3 fiscal years before rising about 5 percent on average 

in fiscal years 2010 and 2011. 

The economic projections underpinning the budget 

estimate that real GDP will rise 3.4 percent in calendar 2006 

and increase 3.3 percent in 2007. During the next few years, 

both actual and potential growth are likely to continue to 

moderate to about 3.1 percent–the estimated long-term 

potential rate of growth of the economy–and as a result, the 

unemployment rate is projected to remain at about 

5.0 percent. Inflation is predicted to remain around 

2.4 percent a year through 2011. These assumptions are very 

close to the average of private forecasts. 
PROFILE OF THE ECONOMY 

March 2006

10 

Net national saving and investment 

Net national saving has fallen sharply in recent years 

after a brief period of improvement in the mid to late 1990s. 

Through the first three quarters of 2005, net national saving 

in relation to net national product (NNP) was a modest 0.6 

percent. That was down from 1.3 percent in 2004 and 1.5 

percent in 2003 and well below a recent high of 7.3 percent 

in 1998. (Net national saving and NNP exclude depreciation 

to replace worn-out or obsolete equipment, software and 

structures used in production.) 

Private saving dipped to an average of 3.6 percent of 

NNP in the first three quarters of 2005 from 5.3 percent in 

2004, a shade below the roughly 4-decade low of 3.7 percent 

recorded in 2001. All of the decline in 2005 was in personal 

saving, which fell from 1.5 percent of NNP in 2004 to -0.4 

percent in the first three quarters of 2005, the first negative 

reading in more than 70 years. Corporate saving edged up 

slightly to 4.0 percent of NNP–the highest since 1977. 

The Federal deficit narrowed to an average of 3.1 percent 

in the first three quarters of 2005 from 3.9 percent in each of 

the previous 2 years as the economic expansion boosted tax 

receipts. Along with a small surplus for state and local 

governments, total government deficits amounted to 3.0 

percent of NNP in the first three quarters of 2005, below the 

3.3 percent average from 1980 through 1997. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

dipped to 8.1 percent of NNP in the first three quarters of 

2005 from an annual average of 8.4 percent in 2004. While 

still below the 9.8 percent average posted from 1998 through 

2000, the current rate of net investment is considerably 

higher than readings around 6 percent in the early 1990s. A 

large portion of domestic investment during the past decade 

was financed from abroad. This is reflected in the U.S. 

current account balance, which swung from a small surplus 

of 0.3 percent of NNP in 1991 to a deficit of 6.9 percent in 

the first three quarters of 2005. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05*

Public

Total

(Saving as a percent of NNP)

*First three quarters
March 2006 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

March 2006 

12 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source 

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

First-Quarter Receipts 

The following capsule analysis of budget receipts, 

by source, for the first quarter of fiscal year 2006 

supplements fiscal data reported in the December 

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 $230.4 billion for the first 

quarter of fiscal year 2006. This is an increase of $14.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $12.8 billion and non-withheld receipts 

increased by $1.7 billion during this period. Refunds 

increased by $0.1 billion over the comparable fiscal year 

2005 quarter. There was an increase of $1.0 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2005. 

Corporate income taxes—Net corporate income tax 

receipts were $80.7 billion for the first quarter of fiscal year 

2006. This is an increase of $18.3 billion compared to the 

prior year first quarter. The $18.3 billion change is 

comprised of an increase of $17.1 billion in estimated and 

final payments, and a decrease of $1.2 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2006 were $172.7 billion, an increase of $7.1 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 $2.5 billion, 

respectively. There was a -$3.1 billion accounting 

adjustment for prior years employment tax liabilities made in 

the first quarter of fiscal year 2006, while there was a -$2.0 

billion adjustment in the first quarter of fiscal year 2005. 

Unemployment insurance—Unemployment insurance 

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

2006 were $6.3 billion, an increase of $0.5 billion over the 

comparable quarter of fiscal year 2005. Net State taxes 

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

$5.5 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.9 billion. 
FEDERAL FISCAL OPERATIONS 

March 2006 

13

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

first quarter of fiscal year 2006. This was a negligible 

change from the comparable quarter of fiscal year 2005. 

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2006 were $17.4 billion, an increase of 

$0.8 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.3 billion, an 

increase of $0.1 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.2 billion for the first quarter of fiscal year 2006. 

These receipts represent an increase of $0.4 billion over the 

same quarter in fiscal year 2005. 

Customs duties—Customs duties net of refunds were 

$6.1 billion for the first quarter of fiscal year 2006. This is 

an increase of $0.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2006 were $9.4 billion, an 

increase of $1.3 billion over the comparable prior year 

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

Federal Reserve banks increasing by $0.7 billion.

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

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

First quarter 

Oct. - Dec. 

Actual fiscal 

 year to date 2006 

Budget estimates 

(Feb. 2006) 

full fiscal year 2006 

Total on- and off-budget results: 

Total receipts ................................................................ 530,210 530,210 2,285,491

On-budget receipts ................................................... 400,920 400,920 1,675,526

Off-budget receipts ................................................... 129,290 129,290 609,965

Total outlays.................................................................. 649,519 649,519 2,708,677

On-budget outlays..................................................... 570,823 570,823 2,277,667

Off-budget outlays..................................................... 78,696 78,696 431,010

Total surplus or deficit (-) .............................................. -119,309 -119,309 -423,186

On-budget surplus or deficit (-)................................. -169,903 -169,903 -602,141

Off-budget surplus or deficit (-)................................. 50,595 50,595 178,955

Means of financing: 

Borrowing from the public............................................. 112,248 112,248 426,693

Reduction of operating cash......................................... -945 -945 -

Other means ................................................................. 8,006 8,006 -3,507

Total on- and off-budget financing............................ 119,309 119,309 423,186

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

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

Source Oct. Nov. Dec. 

Individual income taxes...................................................... 74.8 58.7 96.8 

Corporate income taxes..................................................... 6.1 3.3 71.3 

Employment and general retirement.................................. 54.5 58.6 59.6 

Unemployment insurance .................................................. 2.1 3.9 0.4 

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

Excise taxes ....................................................................... 4.7 6.3 6.4 

Estate and gift taxes .......................................................... 2.1 2.2 1.9 

Customs duties .................................................................. 2.1 2.1 1.9 

Miscellaneous receipts....................................................... 2.8 3.5 3.1

Total budget receipts ..................................................... 149.5 138.8 241.9

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

March 2006 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2004-2005

(In billions of dollars) 

-50

0

50

100

150

200

250

DJ F MAMJ J A SOND

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. 

receipts **

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2005

2004 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2004-2005

(In billions of dollars) 

** Receipts for the Department of Energy have been increased and outlays for the 

Department of Treasury correspondingly increased by $18 million for March 2005 

to reflect additional reporting by the Department of Energy. 
FEDERAL FISCAL OPERATIONS 

March 2006 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

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

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

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

2004 ............................ 1,879,783 1,345,039 534,744 r 2,292,628 r 1,913,116 379,512 r -412,845 r -568,077 155,233 r 595,064 

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

 

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

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

 

2004 - Dec................... 215,749 172,486 43,263 218,603 221,581 -2,978 -2,853 -49,095 46,241 70,639 

2005 - Jan ................... 202,217 147,773 54,444 193,639 155,666 37,973 8,578 -7,893 16,471 32,738 

Feb .................. 100,871 57,519 43,352 214,814 172,445 42,368 -113,942 -114,926 984 84,784 

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

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

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

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

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

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

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

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

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

Dec .................. 241,883 197,571 44,312 230,903 233,339 -2,437 10,980 -35,769 46,749 78,153 

 

Fiscal year 2006 to date ... 530,211 400,921 129,290 649,520 570,824 78,696 -119,310 -169,904 50,594 235,528 

 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve position

on the U.S. 

quota in the 

IMF (deduct) 

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

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

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

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

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

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

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

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

 

2004 - Dec............................. 96 71,053 -318 6,657 150 -184 -602 9,162 30 2,853 

2005 - Jan ............................. -129 12,437 20,172 36,643 -285 1,273 -4,232 4,649 - -8,578 

Feb ............................ -222 5,094 79,467 -41,709 -1,616 -410 89 -9,171 - 113,942 

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

Apr............................. -188 9,934 -21,788 53,911 46 181 148 133,785 - 57,711 

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

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

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

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

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

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

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

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

 Fiscal year 2006 to date........... 201 123,479 112,248 946 -36 185 -5,210 2,866 81 119,310 

 

 

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

Management and Budget on February 6, 2006. 

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

March 2006 

16 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

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

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

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

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

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

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

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

 

2004 - Dec..................... 85,390 7,573 1,559 91,405 56,065 2,206 53,859 145,264 57,954 415 57,539 

2005 - Jan ..................... 72,156 41,316 2,645 110,827 8,223 1,524 6,699 117,526 69,679 - 69,679 

Feb .................... 71,841 3,270 44,961 30,150 4,325 2,605 1,719 31,869 54,828 - 54,828 

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

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

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

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

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

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

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

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

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

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

 

Fiscal year 2006 to date... 218,408 22,552 10,587 230,374 89,694 9,017 80,677 311,051 171,687 - 171,687 

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

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

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

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

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

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

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

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

2004 - Dec .................. 421 -1 421 57,960 399 5 395 425 3 428 

2005 - Jan ................... 352 * 352 70,031 1,823 3 1,820 336 4 340 

Feb.................. 424 1 423 55,251 3,215 1 3,214 342 5 347 

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

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

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

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

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

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

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

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

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

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

 

Fiscal year 2006 to date.... 1,045 - 1,044 172,731 6,338 15 6,323 1,093 14 1,107 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

March 2006 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

 

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

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

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

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

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

2006 - Est.................... 73,511 27,523 - 27,523 25,887 - 25,887 27,455 15,307 42,762 1,675,526 609,965 

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

 

2004 - Dec................... 6,022 1,756 68 1,688 1,848 40 1,808 1,181 1,002 2,183 172,486 43,263 

2005 - Jan ................... 5,681 2,251 49 2,201 1,868 61 1,806 1,688 1,124 2,812 147,773 54,444 

Feb .................. 4,535 1,925 71 1,854 1,829 49 1,780 1,162 860 2,022 57,519 43,352 

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

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

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

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

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

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

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

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

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

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

 

Fiscal year 2006 to date.. 17,369 6,364 203 6,161 6,287 219 6,069 5,805 3,595 9,400 400,921 129,290 

 

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

adjustment for revenue uncertainty. 

* Less than $500,000. 

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

Management and Budget on February 6, 2006. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 

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

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

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

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

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

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

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

 

2004 - Dec .................. 58,783 1,053 - 1,053 51 - 51 3,124 - 3,124 1,854 59 1,795

2005 - Jan................... 72,191 777 - 777 47 - 47 3,154 - 3,154 1,755 53 1,703

Feb.................. 58,812 769 18 751 46 - 46 3,045 318 2,728 767 -243 1,010

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

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

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

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

July.................. 59,624 906 - 906 51 - 51 3,344 0 3,344 2,159 701 1,458

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

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

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

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

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

 

Fiscal year 2006 to date.. 180,162 2,066 - 2,066 120 - 120 7,618 -1 7,619 7,821 258 7,563

 
FEDERAL FISCAL OPERATIONS 

March 2006 

18 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

Department of 

Energy 

(7) 

Department of 

Health 

and 

Human 

Services 

(8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

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

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

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

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

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

 

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

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

 

2004 - Dec.............. 373 531 10,325 526 44,255 5,234 1,995 51,947 3,850 3,536 748 1,774 4,802

2005 - Jan .............. 387 429 7,565 580 33,377 8,634 1,052 42,847 2,796 3,494 691 1,930 4,327

Feb ............. 285 423 7,050 426 36,680 5,253 1,459 44,165 2,794 3,017 546 1,782 3,895

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

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

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

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

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

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

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

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

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

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

 

Fiscal year 2006 to 

 date........................... 1,088 1,449 36,313 1,550 128,571 15,133 4,965 144,156 24,338 9,729 2,449 5,915 10,832

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

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

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

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

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

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

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

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

 

2004 - Dec ............. 1,401 4,523 86,912 843 8,549 493 3,913 674 542 173 1,442 

2005 - Jan .............. 842 3,846 15,215 6,479 3,010 495 3,525 487 521 -205 4,809 

Feb............. 686 3,603 15,889 26,834 5,185 83 3,221 542 670 1 586 

Mar............. 998 4,859 15,520 11,621 5,781 312 4,094 883 634 421 1,969 

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

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

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

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

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

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

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

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

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

 

Fiscal year 2006 to 

 date............................ 3,513 14,586 138,783 3,573 17,530 2,288 11,040 1,938 1,543 -24 6,758 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

March 2006 

19

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

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

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

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

2004 ....................... 15,186 5,118 56,533 4,077 530,206 5,833 -53,430 -153,986 -5,105 * r 1,913,116 379,512 

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

 

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

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

 

2004 - Dec ............. 1,308 422 4,535 71 48,397 1,890 -4,759 -72,314 -309 - 221,581 -2,978 

2005 - Jan .............. 1,247 375 5,194 -475 42,946 2,631 -4,675 -164 -573 - 155,666 37,973 

Feb............. 1,172 397 4,559 2,337 46,549 2,019 -4,715 -2,002 -578 - 172,445 42,368 

Mar............. 1,291 417 4,933 67 46,382 642 -4,841 -336 -317 * 178,369 41,583 

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

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

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

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

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

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

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

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

Dec............. 1,293 424 4,735 92 50,606 2,787 -4,174 -75,318 -396 * 233,339 -2,437 

Fiscal year 2006 to 

date ........................ 3,399 1,300 15,051 244 141,841 5,686 -24,058 -80,577 -1,382 - 570,824 78,696 

 

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

Management and Budget on February 6, 2006. 

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

March 2006 

20 

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

December 2005 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 230,372 1 - 230,374 213,872 1 - 213,874

Corporation income taxes........................................... 80,676 - - 80,676 64,338 - - 64,338

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 129,290 129,290 - - 124,794 124,794

Employment and general retirement (on-budget)... - - 43,441 43,441 - - 41,014 41,014

Unemployment insurance ....................................... - - 6,324 6,324 - - 5,840 5,840

Other retirement...................................................... - - 1,107 1,107 - - 1,126 1,126

Excise taxes ................................................................ 6,965 187 10,217 17,369 7,119 161 9,394 16,674

Estate and gift taxes ................................................... 6,162 - - 6,162 5,725 - - 5,725

Customs duties ........................................................... 3,945 1,804 320 6,068 3,754 1,719 282 5,755

Miscellaneous receipts................................................ 6,208 2,886 304 9,399 5,693 2,268 90 8,052

Total receipts....................................................... 334,329 4,878 191,003 530,210 300,502 4,150 182,541 487,192

(On-budget)..................................................... 334,329 4,878 61,713 400,920 300,502 4,150 57,747 362,398

(Off-budget)..................................................... - - 129,290 129,290 - - 124,794 124,794

 

Budget outlays: 

Legislative branch ....................................................... 950 117 21 1,088 939 26 4 968

Judicial branch ............................................................ 1,233 250 -34 1,449 1,154 245 9 1,409

Department of Agriculture ........................................... 18,274 17,987 52 36,313 17,097 15,020 -7 32,111

Department of Commerce........................................... 1,484 65 * 1,550 1,401 63 * 1,465

Department of Defense-military .................................. 125,278 3,271 21 128,570 114,733 2,815 36 117,584

Department of Education ............................................ 15,144 -11 * 15,133 15,781 -13 * 15,768

Department of Energy................................................. 5,454 -489 * 4,965 6,160 -274 * 5,885

Department of Health and Human Services ............... 107,867 86 36,204 144,156 101,625 -13 42,087 143,700

Department of Homeland Security.............................. 14,331 9,946 61 24,338 9,418 497 41 9,956

Department of Housing and Urban Development....... 10,158 -427 -2 9,729 10,434 -11 -2 10,422

Department of the Interior........................................... 2,429 -43 64 2,449 2,108 -280 68 1,896

Department of Justice ................................................. 5,431 459 25 5,915 4,996 422 82 5,501

Department of Labor ................................................... 3,021 -433 8,245 10,832 3,118 241 8,297 11,657

Department of State.................................................... 3,205 132 176 3,512 3,276 51 152 3,479

Department of Transportation..................................... 4,007 16 10,562 14,585 3,946 15 9,299 13,260

Department of the Treasury: 

Interest on the public debt....................................... 138,783 - - 138,783 120,248 - - 120,248

Other ....................................................................... 3,119 343 111 3,573 5,191 -96 92 5,186

Department of Veterans Affairs .................................. 17,681 -346 196 17,531 19,285 -229 186 19,242

Corps of Engineers ..................................................... 2,066 12 210 2,288 1,539 84 193 1,816

Other defense civil programs...................................... 39,817 -15,405 -13,372 11,040 21,381 1,797 -11,891 11,287

Environmental Protection Agency............................... 2,973 -100 -934 1,939 2,862 -31 -912 1,919

Executive Office of the President................................ 1,544 * - 1,544 1,249 * - 1,249

General Services Administration ................................ 47 -70 - -23 45 64 - 109

International Assistance Program............................... 6,782 -193 170 6,758 2,595 -246 286 2,636

National Aeronautics and Space Administration ........ 3,400 * * 3,399 3,592 - * 3,592

National Science Foundation...................................... 1,289 4 6 1,299 1,301 3 -6 1,299

Office of Personnel Management ............................... 2,097 44 12,910 15,051 1,949 -15 12,537 14,471

Small Business Administration ................................... 248 -3 * 244 220 -1 * 219

Social Security Administration .................................... 12,750 * 129,091 141,841 16,865 * 120,771 137,635

Other independent agencies....................................... 2,651 1,276 1,760 5,687 3,029 -2,418 2,049 2,660

Undistributed offsetting receipts: 

Interest .................................................................... - - -80,576 -80,576 - - -76,976 -76,976

Other ....................................................................... -1,383 -11,105 -12,954 -25,442 -1,242 -2,492 -12,671 -16,405

Total outlays........................................................ 552,127 5,380 92,013 649,519 496,298 15,222 93,726 605,247

(On-budget)..................................................... 552,477 5,970 12,377 570,823 496,298 16,786 20,324 533,409

(Off-budget)..................................................... -350 -590 79,635 78,696 - -1,564 73,402 71,838

Surplus or deficit (-)............................................. -217,798 -502 98,991 -119,309 -195,797 -11,073 88,815 -118,054

(On-budget)..................................................... -218,148 -1,091 49,336 -169,903 -195,797 -12,636 37,423 -171,011

(Off-budget)..................................................... 350 590 49,655 50,595 - 1,564 51,392 52,956

- No transactions. 

* Less than $500,000. 

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

21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

2004 ................................................ 7,094,904 469,641 7,565,782 1,168,663 1,166,036 

2005 ................................................ 7,485,532 468,563 7,955,702 1,339,363 1,338,425 

 

2004 - Dec....................................... 653,542 49,944 701,333 149,391 144,888 

2005 - Jan ....................................... 535,535 36,048 572,524 108,352 70,768 

Feb ...................................... 646,100 31,410 677,808 97,231 138,642 

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

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

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

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

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

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

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

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

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

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

 

 

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

March 2006 

22 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note accounts 

(13) 

 

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

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

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

2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 

2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 

 

2004 - Dec............................. 5,912 18,777 7,113 34,745 3,386 700 5,056 15,828 

2005 - Jan ............................. 4,971 56,362 5,912 56,362 4,516 3,358 5,076 23,002 

Feb ............................ 4,673 14,951 6,246 47,948 4,404 54 5,168 14,283 

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

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

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

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

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

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

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

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

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

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

 

 

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. 
March 2006 

23

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

March 2006

24 

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

 Agency 

 securities

 (6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

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

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

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

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

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

 

2004 - Dec ..................... 7,620,403 7,596,143 24,261 3,189,791 3,189,791 1 4,430,612 4,406,352 24,260 

2005 - Jan ...................... 7,651,874 7,627,743 24,131 3,201,711 3,201,711 1 4,450,163 4,426,032 24,130 

Feb..................... 7,737,047 7,713,138 23,909 3,206,773 3,206,773 1 4,530,274 4,506,365 23,908 

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

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

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

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

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

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

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

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

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

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

 

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

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

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

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

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

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

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

 

2004 - Dec...................... 7,620,403 52,130 7,568,274 3,189,791 16,493 3,173,298 4,430,612 35,637 4,394,975

2005 - Jan ...................... 7,651,874 50,991 7,600,883 3,201,711 15,976 3,185,735 4,450,163 35,015 4,415,148

Feb ..................... 7,737,047 51,603 7,685,444 3,206,773 15,944 3,190,829 4,530,274 35,659 4,494,615

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

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

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

March 2006 

25

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. 

savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

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

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

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

2004 ....................................... 204,201 - 5,881 58,528 158,214 29,995 4,669 

2005 ....................................... 203,645 - 3,086 67,961 225,283 29,995 5,214 

 

2004 - Dec.............................. 204,454 - 5,881 58,986 160,682 29,995 4,796 

2005 - Jan .............................. 204,446 - 6,181 60,320 163,754 29,995 4,781 

Feb ............................. 204,471 - 6,181 61,061 164,008 29,995 4,781 

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

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

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

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

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

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

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

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

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

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

 

 

TABLE FD-2.—Debt Held by the Public

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

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

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

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

2004 .................................. 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

2005 .................................. 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

 

2004 - Dec......................... 4,408,389 3,943,593 1,001,189 2,157,067 539,406 245,930 464,796 

2005 - Jan ......................... 4,428,221 3,958,742 984,817 2,167,268 539,402 267,256 469,479 

Feb ........................ 4,508,288 4,037,788 1,028,387 2,205,829 537,234 266,338 470,499 

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

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

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

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

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

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

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

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

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

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

March 2006

26 

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

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

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

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

2004 ..................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

2005 ..................... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

 

2004 - Dec............ 3,034 20,273 12,564 11,067 1,037 333 - 44,115 446,016 

2005 - Jan ............ 3,041 21,989 9,833 10,982 1,135 442 - 41,610 433,626 

 Feb ........... 3,046 23,261 10,062 10,897 1,241 459 - 42,521 436,758 

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

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

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

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

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

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

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

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

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

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

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Bank 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

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

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

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

2004 .............. 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

2005 .............. 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

 

2004 - Dec .... 3,230,551 12,139 32,198 28,512 10,285 186,191 627,770 270,383 23,870 1,500,764 

2005 - Jan ..... 3,243,619 10,823 32,077 28,537 10,305 187,472 638,075 273,910 23,869 1,515,893 

 Feb .... 3,249,385 12,383 32,126 28,807 12,060 186,787 635,265 272,022 24,130 1,517,560 

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

 Apr..... 3,259,619 12,292 31,858 28,830 12,113 188,414 629,793 273,207 24,505 1,543,270 

 May ... 3,282,156 12,327 32,317 29,149 12,074 188,092 626,894 272,750 24,627 1,546,637 

 June .. 3,356,344 12,465 32,229 29,125 12,104 193,669 642,298 282,089 23,111 1,598,784 

 July.... 3,354,424 11,991 32,314 29,174 12,135 193,244 639,651 279,936 22,872 1,604,713 

 Aug.... 3,360,856 11,729 32,707 29,462 15,193 192,751 637,074 277,537 23,029 1,607,330 

 Sept... 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

 Oct..... 3,426,716 10,907 32,641 29,513 15,286 192,198 657,077 278,448 23,355 1,618,658 

 Nov .... 3,432,818 11,084 33,015 29,923 15,267 191,461 654,138 278,417 23,679 1,620,345 

 Dec .... 3,506,577 11,661 32,799 29,996 15,320 195,715 670,101 285,941 23,800 1,663,726 

 
FEDERAL DEBT 

March 2006 

27

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2001 ..................................... 26,948 - 231 775 25,381 - 561 

2002 ..................................... 26,874 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

2005 ..................................... 23,637 - 146 - 23,097 - 394 

 

2004 - Dec ........................... 24,261 - 207 325 23,319 - 409 

2005 - Jan ............................ 24,131 - 211 325 23,184 - 411 

Feb ........................... 23,909 - 217 325 22,967 - 401 

Mar ........................... 24,077 - 139 325 23,208 - 404 

Apr............................ 23,888 - 140 325 23,018 - 405 

May .......................... 23,972 - 143 325 23,101 - 402 

June ......................... 23,738 - 143 - 23,191 - 404 

July........................... 23,672 - 143 - 23,124 - 405 

Aug........................... 23,570 - 143 - 23,030 - 397 

Sept.......................... 23,637 - 146 - 23,097 - 394 

Oct............................ 23,505 - 149 - 22,961 - 395 

Nov........................... 23,643 - 149 - 23,097 - 396 

Dec........................... 23,837 - 161 - 23,278 - 398 

 

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

March 2006

28 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

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

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

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

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

 

2004 - Dec...................... 3,225,653 1,149,591 1,170,576 453,993 250,625 200,868 4 yrs. 10 mos. 

2005 - Jan ...................... 3,240,748 1,132,991 1,195,479 452,642 269,863 189,773 4 yrs. 10 mos. 

Feb ..................... 3,322,699 1,184,006 1,231,825 456,120 269,036 181,712 4 yrs. 9 mos. 

Mar ..................... 3,372,393 1,211,253 1,244,945 465,335 269,072 181,789 4 yrs. 8 mos. 

Apr...................... 3,310,933 1,143,168 1,253,939 462,850 268,951 182,025 4 yrs. 9 mos. 

May..................... 3,311,486 1,132,636 1,250,391 477,013 269,100 182,346 4 yrs. 10 mos. 

June.................... 3,292,256 1,095,354 1,260,365 485,465 268,443 182,629 4 yrs. 10 mos. 

July ..................... 3,314,952 1,130,292 1,233,071 494,373 274,618 182,599 4 yrs. 10 mos. 

Aug ..................... 3,361,958 1,143,059 1,273,564 490,944 281,161 173,230 4 yrs. 9 mos. 

Sept.................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

Oct...................... 3,376,594 1,136,101 1,278,315 508,135 280,839 173,203 4 yrs. 9 mos. 

Nov ..................... 3,426,982 1,201,621 1,248,485 526,593 276,571 173,712 4 yrs. 9 mos. 

Dec ..................... 3,399,628 1,176,549 1,237,702 534,929 276,633 173,815 4 yrs. 9 mos. 

 

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

March 2006 

29

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

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

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

 

2004 - Dec....................................... 8,184,000 7,535,644 7,535,454 191 7,596,144 191 60,690 

2005 - Jan ....................................... 8,184,000 7,567,702 7,567,634 68 7,627,743 68 60,109 

Feb ...................................... 8,184,000 7,652,726 7,652,653 74 7,713,138 74 60,485 

Mar ...................................... 8,184,000 7,715,503 7,715,380 123 7,776,939 123 61,559 

Apr....................................... 8,184,000 7,704,041 7,703,917 124 7,764,537 124 60,621 

May...................................... 8,184,000 7,717,574 7,717,447 127 7,777,880 127 60,433 

June..................................... 8,184,000 7,778,128 7,778,001 127 7,836,496 127 58,494 

July ...................................... 8,184,000 7,829,029 7,828,902 127 7,887,618 127 58,715 

Aug ...................................... 8,184,000 7,868,395 7,868,267 127 7,926,933 127 58,666 

Sept..................................... 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

Oct....................................... 8,184,000 7,964,782 7,964,648 133 8,027,123 133 62,475 

Nov ...................................... 8,184,000 8,028,918 8,028,773 145 8,092,322 145 63,549 

Dec ...................................... 8,184,000 8,107,019 8,106,870 150 8,170,414 150 63,544 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

March 2006

30 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2001 ................................................ 203,201 28,817 15,128 10,168 336 970 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

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

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

 

2004 - Dec ...................................... 216,546 19,478 16,560 11,937 474 1,831 

2005 - Jan ....................................... 219,074 20,857 16,562 11,937 474 1,831 

Feb ...................................... 223,236 22,912 17,365 12,040 474 1,831 

Mar ...................................... 223,597 23,780 17,716 13,148 500 1,831 

Apr....................................... 225,932 23,758 18,298 13,338 500 1,831 

May...................................... 223,440 24,301 18,298 13,338 500 1,831 

June..................................... 221,677 24,881 18,298 13,338 500 1,860 

July ...................................... 231,172 25,111 18,301 13,338 502 1,860 

Aug ...................................... 237,102 25,740 19,382 13,376 504 1,860 

Sept..................................... 211,763 26,851 18,489 12,608 461 1,979 

Oct....................................... 206,224 18,585 18,489 12,608 461 1,121 

Nov ...................................... 224,663 24,050 18,498 12,697 465 1,121 

Dec ...................................... 234,407 27,221 18,725 12,735 469 1,123 

 

 Department 

 of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

 Bonneville Power 

 Administration 

 (8) 

 Federal Housing 

 Administration 

 (9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2001 ................................................ 77,448 2,689 4,544 3,103 27,862 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

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

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

 

2004 - Dec ...................................... 107,811 2,955 7,635 1,203 13,555 

2005 - Jan ....................................... 107,811 2,917 7,635 1,203 13,522 

Feb...................................... 107,811 2,917 7,635 1,203 13,599 

Mar...................................... 113,130 2,777 7,635 1,203 13,065 

Apr....................................... 114,084 2,817 7,635 1,203 12,927 

May ..................................... 110,215 2,737 7,635 1,203 13,035 

June .................................... 111,467 2,707 7,635 1,203 12,535 

July...................................... 120,157 2,707 7,635 1,203 12,542 

Aug...................................... 123,959 2,707 7,635 1,203 12,655 

Sept..................................... 104,471 2,777 7,548 239 12,413 

Oct....................................... 108,816 2,727 7,548 239 12,547 

Nov...................................... 109,384 2,687 7,548 239 12,757 

Dec...................................... 113,474 2,687 7,548 239 12,990 

 
FEDERAL DEBT 

March 2006 

31

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

 (14) 

Other 

(15) 

 

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

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

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

2005 ...................................... 5,848 2,973 7,695 7,411 

 

2004 - Dec ............................ 7,237 3,781 12,189 9,899 

2005 - Jan ............................. 7,237 4,067 12,773 10,248 

Feb ............................ 7,237 4,311 12,744 11,157 

Mar ............................ 5,688 4,587 7,692 10,845 

Apr............................. 5,848 4,862 7,692 11,139 

May ........................... 5,848 5,121 7,692 11,686 

June .......................... 5,848 2,170 7,692 11,543 

July............................ 5,848 2,447 7,695 11,826 

Aug............................ 5,848 2,695 7,695 11,845 

Sept........................... 5,848 2,973 7,695 7,411 

Oct............................. 5,848 3,250 7,695 6,289 

Nov............................ 5,848 3,504 9,506 16,358 

Dec............................ 5,848 3,787 9,506 18,056 

 

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

32 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $5 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

Note: Additional information, including auction 

allotments by investor class for marketable Treasury coupon 

and bill securities, is posted on the 7th business day of each 

month at http://www.treas.gov/offices/domestic-finance/ 

debt-management/investor_class_auction.shtml. 

TREASURY FINANCING: OCTOBER-DECEMBER 

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

O C T O B E R 

Cash Management Bills 

On October 3, 2005, Treasury announced it would 

auction $13,000 million of 11-day bills. They were issued 

October 6 and matured October 17. The issue was to raise 

new cash. Treasury auctioned the bills on October 5. 

Tenders totaled $34,870 million; Treasury accepted $13,000 

million. The high bank discount rate was 3.500 percent. 

Auction of 5-Year Notes 

On October 11, 2005, Treasury announced it would 

auction $13,000 million of 5-year notes of Series P-2010. 

The issue was to raise new cash. 

The notes of Series P-2010 were dated October 15 and 

issued October 17. They are due October 15, 2010, with 

interest payable on April 15 and October 15 until maturity. 

Treasury set an interest rate of 4-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon eastern daylight saving time (e.d.s.t.) for 

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

competitive tenders on October 12. Tenders totaled $35,749 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.270 percent with an 

equivalent price of $99.910409. Treasury accepted in full all 

competitive tenders at yields lower than 4.270 percent. 

Tenders at the high yield were allotted 88.75 percent. The 

median yield was 4.259 percent, and the low yield was 4.220 

percent. Noncompetitive tenders totaled $73 million. 

Competitive tenders accepted from private investors totaled 

$12,927 million. Accrued interest of $0.23352 per $1,000 

must be paid for the period from October 15 to October 17. 

The minimum par amount required for STRIPS of notes of 

Series P-2010 is $1,000. 

Auction of 9-Year 9-Month 1-7/8 Percent Treasury 

Inflation-Protected Security (TIPS) 

On October 11, 2005, Treasury announced it would 

auction $8,000 million of 9-year 9-month TIPS to raise new 

cash. The 9-year 9-month TIPS of Series D-2015 were dated 

July 15 and issued October 17. They are due July 15, 2015, 

with interest payable on January 15 and July 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

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

e.d.s.t. for competitive tenders on October 13. Tenders 

totaled $16,875 million; Treasury accepted $8,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.979 percent with an 

equivalent adjusted price of $99.796392. Treasury accepted 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2006 

33

in full all competitive tenders at yields lower than 1.979. 

Tenders at the high yield were allotted 87.70 percent. The 

median yield was 1.940 percent, and the low yield was 1.000 

percent. Noncompetitive tenders totaled $52 million. 

Competitive tenders accepted from private investors totaled 

$7,948 million. Adjusted accrued interest of $4.82403 per 

$1,000 must be paid for the period from July 15 to October 

17. Both the unadjusted price of $99.080043 and the 

unadjusted accrued interest of $4.78940 were adjusted by an 

index ratio of 1.00723 for the period from July 15 through 

October 17. The minimum par amount required for STRIPS 

of TIPS is $1,000. 

Auction of 4-Year 6-Month 0-7/8 Percent TIPS 

On October 20, 2005, Treasury announced it would 

auction $7,000 million of 4-year 6-month TIPS to raise new 

cash. The 4-year 6-month TIPS of Series D-2010 were dated 

October 15 and issued October 28. They are due April 15, 

2010, with interest payable on April 15 and October 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

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

e.d.s.t. for competitive tenders on October 25. Tenders 

totaled $11,575 million; Treasury accepted $7,000 million at 

the high yield of 1.740 percent with an equivalent adjusted 

price of $99.769334. Tenders at the high yield were allotted 

97.09 percent. The median yield was 1.690 percent, and the 

low yield was 1.600 percent. Noncompetitive tenders totaled 

$68 million. Competitive tenders accepted from private 

investors totaled $6,932 million. Adjusted accrued interest of 

$0.32376 per $1,000 must be paid for the period from 

October 15 to October 28. Both the unadjusted price of 

$96.299657 and the unadjusted accrued interest of $0.31250 

were adjusted by an index ratio of 1.03603 for the period 

from October 15, 2004, through October 28, 2005. The 

minimum par amount required for STRIPS of TIPS is 

$1,000. 

Auction of 2-Year Notes 

On October 24, 2005, Treasury announced it would 

auction $20,000 million of 2-year notes of Series W-2007. 

The issue was to refund $25,817 million of securities 

maturing October 31 and to pay down approximately $5,817 

million. 

The notes of Series W-2007 were dated and issued 

October 31. They are due October 31, 2007, with interest 

payable on April 30 and October 31 until maturity. Treasury 

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

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

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

e.d.s.t. for competitive tenders on October 26. Tenders 

totaled $44,275 million; Treasury accepted $20,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.365 percent with an 

equivalent price of $99.782022. Tenders at the high yield 

were allotted 56.42 percent. The median yield was 4.342 

percent, and the low yield was 4.300 percent. 

Noncompetitive tenders totaled $810 million. Competitive 

tenders accepted from private investors totaled $19,190 

million. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $6,551 million from 

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

minimum par amount required for STRIPS of notes of Series 

W-2007 is $1,000. 

N O V E M B E R 

Cash Management Bills 

On November 4, 2005, Treasury announced it would 

auction $4,000 million of 1-day bills. They were issued 

November 9 and matured November 10. The issue was to 

raise new cash. Treasury auctioned the bills on November 7. 

Tenders totaled $20,513 million; Treasury accepted $4,000 

million. The high bank discount rate was 3.850 percent. 

November Quarterly Financing 

On November 2, 2005, Treasury announced it would 

auction $18,000 million of 3-year notes of Series Q-2008, 

$13,000 million of 5-year notes of Series Q-2010, and 

$13,000 million of 10-year notes of Series F-2015 to refund 

$38,723 million of Treasury securities maturing or called on 

November 15 and to raise new cash of approximately $5,277 

million. 

The 3-year notes of Series Q-2008 were dated and issued 

November 15. They are due November 15, 2008, with 

interest payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 4-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon eastern standard time (e.s.t.) for noncompetitive 

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

November 8. Tenders totaled $43,515 million; Treasury 

accepted $18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 4.458 percent with an equivalent price of $99.769326. 

Treasury accepted in full all competitive tenders at yields 

lower than 4.458 percent. Tenders at the high yield were 

allotted 89.08 percent. The median yield was 4.440 percent, 

and the low yield was 4.410 percent. Noncompetitive 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2006 

34 

tenders totaled $437 million. Competitive tenders accepted 

from private investors totaled $17,563 million. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $3,449 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2008 is $1,000. 

The 5-year notes of Series Q-2010 were dated and issued 

November 15. They are due November 15, 2010, with 

interest payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

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

e.s.t. for competitive tenders on November 9. Tenders 

totaled $33,984 million; Treasury accepted $13,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.525 percent with an 

equivalent price of $99.889244. Treasury accepted in full all 

competitive tenders at yields lower than 4.525 percent. 

Tenders at the high yield were allotted 51.83 percent. The 

median yield was 4.502 percent, and the low yield was 4.450 

percent. Noncompetitive tenders totaled $183 million. 

Competitive tenders accepted from private investors totaled 

$12,717 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $2,961 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2010 is $1,000. 

The 10-year notes of Series F-2015 were dated and 

issued November 15. They are due November 15, 2015, with 

interest payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

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

e.s.t. for competitive tenders on November 10. Tenders 

totaled $29,076 million; Treasury accepted $13,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.578 percent with an 

equivalent price of $99.379727. Treasury accepted in full all 

competitive tenders at yields lower than 4.578 percent. 

Tenders at the high yield were allotted 55.70 percent. The 

median yield was 4.565 percent, and the low yield was 4.500 

percent. Noncompetitive tenders totaled $82 million. 

Competitive tenders accepted from private investors totaled 

$12,818 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $2,221 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2015 is $1,000. 

Auction of 2-Year Notes 

On November 21, 2005, Treasury announced it would 

auction $20,000 million of 2-year notes. The issue was to 

refund $25,348 million of securities maturing November 30 

and to pay down approximately $5,348 million. 

The notes of Series X-2007 were dated and issued 

November 30. They are due November 30, 2007, with 

interest payable on May 31 and November 30 until maturity. 

Treasury set an interest rate of 4-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 11:00 a.m. 

e.s.t. for noncompetitive tenders and before 11:30 a.m. e.s.t. 

for competitive tenders on November 23. Tenders totaled 

$43,165 million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.349 percent with an 

equivalent price of $99.812313. Treasury accepted in full all 

competitive tenders at yields lower than 4.349 percent. 

Tenders at the high yield were allotted 50.03 percent. The 

median yield was 4.319 percent, and the low yield was 4.290 

percent. Noncompetitive tenders totaled $813 million. 

Competitive tenders accepted from private investors totaled 

$19,187 million. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $6,667 million from 

FRBs for their own accounts. The minimum par amount 

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

D E C E M B E R 

Cash Management Bills 

On November 28, 2005, Treasury announced it would 

auction $20,000 million of 14-day bills. They were issued 

December 1 and matured December 15. The issue was to 

raise new cash. Treasury auctioned the bills on November 

29. Tenders totaled $45,658 million; Treasury accepted 

$20,000 million. The high bank discount rate was 3.980 

percent. 

On November 29, Treasury announced it would auction 

$18,000 million of 13-day bills. They were issued December 

2 and matured December 15. The issue was to raise new 

cash. Treasury auctioned the bills on November 30. Tenders 

totaled $58,340 million; Treasury accepted $18,000 million. 

The high bank discount rate was 3.960 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2006 

35

On December 6, Treasury announced it would auction 

$11,000 million of 7-day bills. They were issued December 

8 and matured December 15. The issue was to raise new 

cash. Treasury auctioned the bills on December 7. Tenders 

totaled $33,535 million; Treasury accepted $11,000 million. 

The high bank discount rate was 4.080 percent. 

Auction of 5-Year Notes 

On December 5, 2005, Treasury announced it would 

auction $13,000 million of 5-year notes of Series R-2010. 

The issue was to raise new cash. 

The notes of Series R-2010 were dated and issued 

December 15. They are due December 15, 2010, with 

interest payable on June 15 and December 15 until maturity. 

Treasury set an interest rate of 4-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

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

e.s.t. for competitive tenders on December 7. Tenders totaled 

$30,891 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.435 percent with an 

equivalent price of $99.733563. Treasury accepted in full all 

competitive tenders at yields lower than 4.435 percent. 

Tenders at the high yield were allotted 30.32 percent. The 

median yield was 4.400 percent, and the low yield was 4.300 

percent. Noncompetitive tenders totaled $90 million. 

Competitive tenders accepted from private investors totaled 

$12,910 million. The minimum par amount required for 

STRIPS of notes of Series R-2010 is $1,000. 

Auction of 9-Year 11-Month 4-1/2 Percent Notes 

On December 5, 2005, Treasury announced it would 

auction $8,000 million of 9-year 11-month 4-1/2 percent 

notes of Series F-2015. The issue was to raise new cash. 

The notes of Series F-2015 were dated November 15 and 

issued December 15. They are due November 15, 2015, with 

interest payable on May 15 and November 15 until maturity. 

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 December 8. Tenders totaled 

$17,519 million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.490 percent with an 

equivalent price of $100.072479. Treasury accepted in full 

all competitive tenders at yields lower than 4.490 percent. 

Tenders at the high yield were allotted 10.42 percent. The 

median yield was 4.460 percent, and the low yield was 4.400 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$7,983 million. Accrued interest of $3.72928 per $1,000 

must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of notes 

of notes of Series F-2015 is $1,000. 
PUBLIC DEBT OPERATIONS 

March 2006

36 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2005 

[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 6,928 25,605 

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 26,005 

Apr. 30........................................................... 1 2-1/4%-N note 04/30/04 34,335 8,333 26,001 

May 15, 06-11 ............................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15........................................................... 1 6-7/8%-B note 05/15/96 16,015 4,311 11,704 

May 15........................................................... 1 4-5/8%-E note 05/15/01 27,798 4,064 23,734 

May 15........................................................... 1 2%-G note 05/15/03 22,392 441 21,951 

May 31........................................................... 1 2-1/2%-P note 06/01/04 31,308 7,072 24,236 

June 30.......................................................... 1 2-3/4%-Q note 06/30/04 32,588 7,997 24,591 

July 15........................................................... 1 7%-C note 07/15/96 22,740 5,519 17,222 

July 31........................................................... 1 2-3/4%-R note 08/02/04 31,011 8,454 22,556 

Aug. 15.......................................................... 1 2-3/8%-H note 08/15/03 27,909 5,406 22,503 

Aug. 31.......................................................... 1 2-3/8%-S note 08/31/04 31,814 8,004 23,811 

Sept. 30......................................................... 2-1/2%-T note 09/30/04 31,656 7,999 23,657 

Oct. 15........................................................... 1 6-1/2%-D note 10/15/96 22,460 5,160 17,299 

Oct. 31........................................................... 1 2-1/2%-U note 11/01/04 29,569 7,087 22,482 

Nov. 15, 06-11............................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15.......................................................... 1 3-1/2%-F note 11/15/01 35,380 4,133 31,247 

Nov. 15.......................................................... 1 2-5/8%-J note 11/17/03 26,536 3,293 23,243 

Nov. 30.......................................................... 1 2-7/8%-V note 11/30/04 30,049 6,775 23,274 

Dec. 31.......................................................... 1 3%-W note 12/31/04 31,952 7,948 24,004 

Total ............................. 614,248 130,295 483,952 

2007 

Jan. 15........................................................... 1 3-3/8%-A note 02/06/97 19,811 2,147 17,665 

Jan. 31........................................................... 1 3-1/8%-M note 01/31/05 29,027 5,651 23,376 

Feb. 15 .......................................................... 1 6-1/4% B note 02/18/97 13,104 1,792 11,312 

Feb. 15 .......................................................... 1 2-1/4% H note 02/17/04 25,469 1,666 23,803 

Feb. 28 .......................................................... 1 3-3/8% N note 02/28/05 32,007 8,000 24,007 

Mar. 31 .......................................................... 1 3-3/4%-P note 03/31/05 32,001 8,000 24,001 

Apr. 30........................................................... 1 3-5/8%-Q note 05/02/05 31,998 8,615 23,382 

May 15........................................................... 1 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 1 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 1 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

May 31........................................................... 1 3-1/2%-R note 05/31/05 29,119 7,116 22,003 

June 30.......................................................... 1 3-5/8%-S note 06/30/05 26,664 6,667 19,998 

July 31........................................................... 1 3-7/8%-T note 08/01/05 25,870 5,864 20,005 

Aug. 15.......................................................... 1 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 1 2-3/4%-K note 08/16/04 24,674 3,220 21,453 

Aug. 31.......................................................... 1 4%-U note 08/31/05 26,671 6,667 20,005 

Sept. 30......................................................... 1 4%-V note 09/30/05 26,591 6,585 20,006 

Oct. 31........................................................... 1 4-1/4%-W note 10/31/05 26,553 6,551 20,002 

Nov. 15.......................................................... 1 3%-G note 11/15/02 50,620 6,609 44,010 

Nov. 15, 07-12............................................... 10-3/8% bond 11/15/82 10,126 2,412 7,714 

Nov. 30.......................................................... 1 4-1/4%-X note 11/30/05 26,667 6,667 20,000 

 Total ............................. 573,892 115,380 458,513 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

March 2006 

37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2005, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2008 

Jan. 15........................................................... 1 3-5/8%-A note 01/15/98 20,728 2,293 18,434 

Feb. 15 .......................................................... 1 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 1 3%-E note 02/18/03 27,489 3,512 23,977 

Feb. 15 .......................................................... 1 3-3/8%-M note 02/15/05 23,885 2,433 21,453 

May 15........................................................... 1 5-5/8%-C note 05/15/98 27,191 6,318 20,873 

May 15........................................................... 1 2-5/8%-F note 05/15/03 33,338 583 32,756 

May 15........................................................... 1 3-3/4%-N note 05/16/05 26,708 4,707 22,001 

Aug. 15, 08-13............................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15.......................................................... 1 3-1/4%-G note 08/15/03 21,357 4,097 17,260 

Aug. 15.......................................................... 1 4-1/8%-P note 08/15/05 20,291 2,287 18,004 

Sept. 15......................................................... 1 3-1/8%-H note 09/15/03 16,002 1,221 14,781 

Oct. 15........................................................... 1 3-1/8%-J note 10/15/03 15,996 520 15,476 

Nov. 15.......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,402 15,779 

Nov. 15.......................................................... 1 4-3/8%-Q note 11/15/05 21,450 3,449 18,001 

Dec. 15.......................................................... 1 3-3/8%-L note 12/15/03 16,000 1,322 14,678 

Total............................. 339,200 44,224 294,976 

 

2009 

Jan. 15............................................................ 1 3-7/8%-A note 01/15/99 19,314 2,652 16,663 

Jan. 15............................................................ 1 3-1/4%-D note 01/15/04 16,003 1,176 14,827 

Feb. 15............................................................ 1 3%-E note 02/17/04 17,434 1,755 15,679 

Mar. 15............................................................ 1 2-5/8%-F note 03/15/04 16,001 517 15,485 

Apr. 15 ............................................................ 1 3-1/8%-G note 04/15/04 16,003 150 15,853 

May 15, 09-14................................................. 13-1/4% bond 05/15/84 4,481 944 3,536 

May 15............................................................ 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

May 15............................................................ 1 3-7/8%-H note 05/17/04 18,060 3,995 14,065 

June 15........................................................... 1 4%-J note 06/15/04 15,005 50 14,955 

July 15 ............................................................ 1 3-5/8%-K note 07/15/04 15,005 677 14,328 

Aug. 15, 09-14 ................................................ 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 ........................................................... 1 6%-C note 08/16/99 27,400 5,730 21,670 

Aug. 15 ........................................................... 1 3-1/2%-L note 08/16/04 17,295 2,350 14,944 

Sept. 15 .......................................................... 3-3/8%-M note 09/15/04 15,005 - 15,005 

Oct. 15 ............................................................ 1 3-3/8%-N note 10/15/04 15,005 - 15,005 

Nov. 15, 09-14 ................................................ 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15 ........................................................... 1 3-1/2%-P note 11/15/04 18,752 3,930 14,822 

Dec. 15 ........................................................... 1 3-1/2%-Q note 12/15/04 15,002 249 14,753 

Total............................. 269,962 28,900 241,062 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

March 2006

38 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2005, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2010 

Jan. 15.............................................................. 1 4-1/4%-A note 01/18/00 13,403 1,484 11,919 

Jan. 15.............................................................. 1 3-5/8%-E note 01/18/05 15,005 575 14,430 

Feb. 15.............................................................. 1 6-1/2%-B note 02/15/00 23,356 4,704 18,652 

Feb. 15.............................................................. 1 3-1/2%-F note 02/15/05 16,617 1,811 14,806 

Mar. 15.............................................................. 1 4%-G note 03/15/05 15,005 546 14,460 

Apr. 15 .............................................................. 1 7/8%-D note 10/29/04 29,441 662 28,779 

Apr. 15 .............................................................. 1 4%-H note 04/15/05 15,001 255 14,746 

May 15 ............................................................. 1 3-7/8%-J note 05/16/05 18,749 3,832 14,917 

June 15............................................................. 1 3-5/8%-K note 06/15/05 14,001 404 13,597 

July 15 .............................................................. 1 3-7/8%-L note 07/15/05 13,001 - 13,001 

Aug. 15 ............................................................. 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Aug. 15 ............................................................. 1 4-1/8%-M note 08/15/05 14,963 1,963 13,001 

Sept. 15 ............................................................ 1 3-7/8%-N note 09/15/05 13,001 - 13,001 

Oct. 15 .............................................................. 1 4-1/4%-P note 10/17/05 13,001 - 13,001 

Nov. 15 ............................................................. 1 4-1/2%-Q note 11/15/05 15,961 2,961 13,000 

Dec. 15 ............................................................. 1 4-3/8%-R note 12/15/05 13,001 - 13,001 

Total ............................. 265,943 22,792 243,152 

 

2011 

Jan. 15 ............................................................ 1 3-1/2%-A note 01/16/01 12,590 465 12,126 

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 ............................. 62,662 7,253 55,409 

 

2012 

Jan. 15.............................................................. 1 3-3/8%-A note 01/15/02 6,735 101 6,634 

Feb. 15.............................................................. 1 4-7/8%-B note 02/15/02 24,780 4,100 20,680 

July 15 .............................................................. 1 3%-C note 07/15/02 25,500 2,644 22,856 

Aug. 15 ............................................................. 1 4-3/8%-D note 08/15/02 19,648 3,222 16,426 

Nov. 15 ............................................................. 1 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 94,776 10,302 84,474 

 

2013 

Feb. 15.............................................................. 1 3-7/8%-A note 02/18/03 19,498 1,587 17,912 

May 15.............................................................. 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1 1-7/8%-C note 07/15/03 21,699 318 21,382 

Aug. 15 ............................................................. 1 4-1/4%-D note 08/15/03 33,521 4,404 29,117 

Nov. 15 ............................................................. 1 4-1/4%-E note 11/17/03 30,637 2,036 28,601 

Total ............................. 123,609 8,596 115,013 

 

2014 

Jan. 15.............................................................. 1 2%-A note 01/15/04 22,640 582 22,058 

Feb. 15.............................................................. 1 4%-B note 02/17/04 28,081 1,192 26,889 

May 15.............................................................. 1 4-3/4%-C note 05/17/04 27,303 2,643 24,660 

July 15 .............................................................. 1 2%-D note 07/15/04 20,080 - 20,080 

Aug. 15 ............................................................. 1 4-1/4%-E note 08/16/04 24,722 1,718 23,004 

Nov. 15. ............................................................ 1 4-1/4%-F note 11/15/04 25,473 2,471 23,002 

Total ............................. 148,298 8,606 139,691 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

March 2006 

39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2005, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2015 

Jan. 15 ........................................................... 1 1-5/8%-A note 01/18/05 19,821 - 19,821 

Feb. 15............................................................ 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Feb. 15............................................................ 1 4%-B note 02/15/05 24,215 1,212 23,003 

May 15............................................................ 1 4-1/8%-C note 05/16/05 24,472 2,471 22,001 

July 15 ............................................................ 1 1-7/8%-D note 07/15/05 17,409 - 17,409 

Aug. 15 ........................................................... 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Aug. 15 ........................................................... 1 4-1/4%-E note 08/15/05 22,470 1,472 20,998 

Nov. 15 ........................................................... 1 4-1/2%-F note 11/15/05 23,221 2,221 21,000 

Nov. 15 ........................................................... 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

 Total ......................... 151,736 11,395 140,342 

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 1,724 17,099 

Nov. 15............................................................ 1 7-1/2% bond 11/17/86 18,787 2,588 16,199 

 Total ......................... 43,043 5,349 37,694 

 

2017 

May 15............................................................ 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ........................................................... 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total ......................... 26,528 4,813 21,715 

 

2018 

May 15............................................................ 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ........................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total ......................... 13,892 2,293 11,599 

 

2019 

Feb. 15............................................................ 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total ......................... 32,031 5,214 26,817 

 

2020 

Feb. 15............................................................ 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total ......................... 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ........................................................... 1 8% bond 11/15/91 30,632 4,596 26,036

Total ......................... 60,281 9,401 50,880 

 

2022 

Aug. 15 ........................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ......................... 17,551 3,110 14,442 

 

2023 

Feb. 15............................................................ 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15 ........................................................... 1 6-1/4% bond 08/16/93 22,659 2,378 20,282 

Total ......................... 38,441 5,013 33,428 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

March 2006

40 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2005, 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) 

 

2024 

Nov. 15 ............................................................. 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total ........................... 9,604 1,615 7,989 

 

2025 

Jan. 15.............................................................. 1 2-3/8% bond 07/30/04 29,589 3,323 26,265 

Feb. 15.............................................................. 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15 ............................................................. 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total ........................... 50,285 6,716 43,569 

 

2026 

Feb. 15.............................................................. 1 6% bond 02/15/96 12,838 1,545 11,293 

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 4,883 27,626 

 

2027 

Feb. 15.............................................................. 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ............................................................. 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15 ............................................................. 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ........................... 40,740 6,473 34,267 

 

2028 

Apr. 15 .............................................................. 1 3-5/8% bond 04/15/98 20,669 3,125 17,545 

Aug. 15 ............................................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ............................................................. 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total ........................... 43,393 6,507 36,885 

 

2029 

Feb. 15.............................................................. 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 .............................................................. 1 3-7/8% bond 04/15/99 23,623 3,261 20,363 

Aug. 15 ............................................................. 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ........................... 46,152 6,601 39,552 

 

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 5,625 293 5,332

Total ........................... 5,625 293 5,332 

 

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 

March 2006 

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) 

2005 - Oct. 06 .................. 2005 - Nov. 03 28 28,578.6 11,636.7 7,890.6 109.5 99.743722 3.295 3.349

 2006 - Jan. 05 91 42,411.7 24,277.3 14,844.7 1,895.4 99.108958 3.525 3.606

 2006 - Apr. 06 182 36,459.1 21,364.4 13,199.4 1,486.0 98.043500 3.870 4.002

Oct. 13.................. 2005 - Nov. 10 28 35,393.4 13,615.7 9,885.5 114.8 99.730889 3.460 3.518

 2006 - Jan. 12 91 42,955.3 25,078.4 15,849.3 1,849.5 99.082417 3.630 3.714

 2006 - Apr. 13 182 33,848.8 22,365.6 14,378.3 1,322.2 98.003056 3.950 4.086

Oct. 20................. 2005 - Nov. 17 28 38,721.4 16,766.8 12,867.8 126.2 99.726222 3.520 3.579

 2006 - Jan. 19 91 43,384.7 24,533.6 15,906.3 1,863.8 99.043236 3.785 3.875

 2006 - Apr. 20 182 39,697.4 22,493.5 14,226.1 1,480.5 97.970194 4.015 4.155

Oct. 27................. 2005 - Nov. 25 29 41,468.3 21,258.3 17,874.4 125.7 99.707181 3.635 3.696

 2006 - Jan. 26 91 47,423.1 26,299.3 16,881.6 1,936.0 99.026806 3.850 3.942

 2006 - Apr. 27 182 43,203.1 23,707.7 15,248.6 1,452.3 97.944917 4.065 4.208

Nov. 03 ................ 2005 - Dec. 01 28 42,632.7 17,761.9 14,848.2 151.9 99.710278 3.725 3.788

 2006 - Feb. 02 91 51,818.3 26,158.0 16,874.6 2,005.4 99.016694 3.890 3.983

 2006 - May 04 182 40,831.0 23,777.7 15,154.6 1,502.6 97.914583 4.125 4.271

Nov. 10 ................ 2005 - Dec. 08 28 47,078.4 24,544.1 21,813.1 186.9 99.702889 3.820 3.885

 2006 - Feb. 09 91 50,346.5 25,678.0 16,799.0 2,085.8 99.021750 3.870 3.963

 2006 - May 11 182 40,840.4 23,702.5 15,309.6 1,463.2 97.899417 4.155 4.303

Nov. 17 ................ 2005 - Dec. 15 28 54,156.9 26,791.4 23,820.3 179.8 99.694333 3.930 3.997

 2006 - Feb. 16 91 45,285.1 25,201.7 15,862.2 1,987.5 99.011639 3.910 4.004

 2006 - May 18 182 44,532.2 22,418.2 14,232.9 1,609.1 97.879194 4.195 4.345

Nov. 25 ................ 2005 - Dec. 22 27 57,958.3 26,891.3 23,839.6 160.5 99.709375 3.875 3.940

 2006 - Feb. 23 90 53,825.8 25,213.3 15,707.9 2,142.2 99.015000 3.940 4.034

 2006 - May 25 181 46,765.6 22,433.1 14,148.0 1,565.2 97.910958 4.155 4.303

Dec. 01 ................ 2005 - Dec. 29 28 41,406.3 23,334.4 19,847.2 152.9 99.695111 3.920 3.987

 2006 - Mar. 02 91 48,539.3 24,474.1 15,663.5 1,680.9 99.014167 3.900 3.994

 2006 - June 01 182 43,385.4 22,484.8 13,712.3 1,354.0 97.899417 4.155 4.303

Dec. 08 ................ 2006 - Jan. 05 28 40,281.4 18,933.9 15,795.6 204.5 99.708333 3.750 3.813

 2006 - Mar. 09 91 48,706.3 24,633.5 15,977.4 1,864.6 99.006583 3.930 4.025

 2006 - June 08 182 46,483.7 22,562.0 14,261.6 1,491.8 97.884250 4.185 4.335

Dec. 15 ................ 2006 - Jan. 12 28 36,908.3 17,487.9 13,854.3 145.8 99.722333 3.570 3.630

 2006 - Mar. 16 91 48,208.1 24,480.6 15,953.6 1,700.5 99.034389 3.820 3.911

 2006 - June 15 182 40,165.2 22,383.2 14,295.4 1,427.6 97.886778 4.180 4.330

Dec. 22 ................ 2006 - Jan. 19 28 35,923.0 13,987.1 10,832.1 168.1 99.728167 3.495 3.553

 2006 - Mar. 23 91 46,121.9 24,722.3 15,980.4 1,733.0 99.015431 3.895 3.988

 2006 - June 22 182 40,893.3 22,241.1 14,287.1 1,364.6 97.866556 4.220 4.372

Dec. 29 ................ 2006 - Jan. 26 28 30,527.9 13,671.4 9,825.5 174.5 99.730111 3.470 3.528

 2006 - Mar. 30 91 43,578.4 23,522.5 15,006.3 1,676.4 99.012903 3.905 3.999

 2006 - June 29 182 35,748.5 20,968.3 13,183.3 1,414.2 97.876667 4.200 4.351

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

March 2006 

42 

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) 

 

01/11/05 01/13/05 2.040% bill—01/18/05 5d 22,127 4,000 

01/12/05 01/18/05 3-5/8% note—01/15/10-E 5y 35,559 15,000 3.731 - 99.520732 

01/13/05 01/18/05 1-5/8% TIPS—01/15/15-A 10y 18,848 10,000 1.725 - 99.090640 

01/25/05 01/31/05 2-3/8% TIPS—01/15/25 20y 15,041 11,000 2.000 - 107.552000 

01/26/05 01/31/05 3-1/8% note—01/31/07-M 2y 53,236 29,000 3.245 - 99.769428 

02/09/05 02/11/05 2.380% bill—02/14/05 3d 22,655 5,000 

02/08/05 02/15/05 3-3/8% note—01/15/08-M 3y 46,180 23,883 3.470 - 99.731536 

02/09/05 02/15/05 3-1/2% note—02/15/10-F 5y 39,513 16,616 3.618 - 99.464692 

02/10/05 02/15/05 4% note—02/15/15-B 10y 29,949 15,212 4.049 - 99.600335 

02/24/05 02/28/05 3-3/8% note—02/28/07-N 2y 54,425 32,000 3.498 - 99.764391 

03/02/05 03/03/05 2.440% bill—03/15/05 12d 33,622 11,000 

03/07/05 03/08/05 2.465% bill—03/15/05 7d 35,760 13,000 

03/09/05 03/15/05 4% note—03/15/10-G 5y 38,767 15,000 4.080 - 99.641447 

03/10/05 03/15/05 4% note—02/15/15-F 9y 11m 21,172 9,000 4.504 - 95.996638 

03/30/05 03/31/05 3-3/4% note—03/31/07-P 2y 56,769 32,000 3.860 - 99.790219 

03/30/05 04/01/05 2.720% bill—04/15/05 14d 58,567 25,000 

04/06/05 04/07/05 2.660% bill—04/15/05 8d 43,337 15,001 

04/13/05 04/14/05 2.640% bill—04/18/05 4d 23,130 7,000 

04/13/05 04/15/05 4% note—04/15/10-H 5y 27,853 15,000 4.046 - 99.793649 

04/14/05 04/15/05 1-5/8% TIPS—-01/15/15-A 9y 9m 17,699 9,000 1.750 - 99.020489 

04/26/05 04/29/05 0-7/8% TIPS—04/15/10-D 5y 16,910 9,000 1.200 - 99.624026 

04/27/05 05/02/05 3-5/8% note—04/30/07-Q 2y 50,381 31,995 3.650 - 99.951975 

05/10/05 05/16/05 3-3/4% note—05/15/08-N 3y 57,124 26,707 3.821 - 99.800526 

05/11/05 05/16/05 3-7/8% note—05/15/10-J 5y 40,821 18,748 3.890 - 99.932269 

05/12/05 05/16/05 4-1/8% note—05/15/15-C 10y 35,109 16,471 4.220 - 99.231425 

05/25/05 05/31/05 3-1/2% note—05/31/07-R 2y 58,948 29,116 3.615 - 99.780029 

05/31/05 06/01/05 2.895% bill—06/15/05 14d 26,005 10,000 

06/02/05 06/03/05 2.935% bill—06/15/05 12d 32,955 16,000 

06/06/05 06/07/05 2.940% bill—06/15/05 8d 33,055 12,000 

06/08/05 06/15/05 3-5/8% note—06/15/10-K 5y 36,382 14,000 3.705 - 99.637908 

06/09/05 06/15/05 4-1/8% note—05/15/15-C 9y 11m 20,013 8,000 3.990 - 101.091049 

06/29/05 06/30/05 3-5/8% note—06/30/07-S 2y 51,251 26,667 3.650 - 99.952201 

06/29/05 07/01/05 3.165% bill—07/15/05 14d 46,260 18,000 

07/13/05 07/15/05 3-7/8% note—07/15/10-L 5y 30,815 13,000 3.970 - 99.572992 

07/14/05 07/15/05 1-7/8% TIPS—07/15/15-D 10y 15,149 9,000 1.939 - 99.420765 

07/26/05 07/29/05 2-3/8% TIPS—01/15/25 19y 6m 10,233 6,000 2.090 - 107.821718 

07/27/05 08/01/05 3-7/8% note—07/31/07-T 2y 53,458 25,864 3.975 - 99.809598 

08/08/05 08/15/05 4-1/8% note—08/15/08-P 3y 43,832 20,287 4.204 - 99.779503 

08/10/05 08/15/05 4-1/8% note—08/15/10-M 5y 39,874 14,963 4.223 - 99.562410 

08/11/05 08/15/05 4-1/4% note—08/15/15-E 10y 35,166 14,472 4.350 - 99.196069 

08/24/05 08/31/05 4% note—08/31/07-U 2y 52,196 26,667 4.014 - 99.973350 

08/30/05 09/01/05 3.470% bill—09/15/05 14d 40,910 18,000 

08/31/05 09/02/05 3.470% bill—09/15/05 13d 50,180 20,000 

09/06/05 09/08/05 3.450% bill—09/14/05 6d 29,075 8,000 

09/07/05 09/15/05 3-7/8% note—09/15/10-N 5y 33,968 13,000 3.902 - 99.878424 

09/08/05 09/15/05 4-1/4% note—08/15/15-E 9y 11m 21,445 8,000 4.134 - 100.929850 

09/28/05 09/30/05 4% note—09/30/07-V 2y 58,147 26,585 4.095 - 99.819341 

10/05/05 10/06/05 3.500% bill—10/17/05 11d 34,870 13,000 

10/12/05 10/17/05 4-1/4% note—10/15/10-P 5y 35,749 13,000 4.270 - 99.910409 

10/13/05 10/17/05 1-7/8% TIPS—07/15/15-D 9y 9m 16,875 8,000 1.979 - 99.796392 

10/25/05 10/28/05 0-7/8%TIPS—04/15/10-D 4y 6m 11,575 7,000 1.740 - 99.769334 

10/26/05 10/31/05 4-1/4% note—10/31/07-W 2y 50,825 26,551 4.365 - 99.782022 

11/07/05 11/09/05 3.850% bill—11/10/05 1d 20,513 4,000 

11/08/05 11/15/05 4-3/8% note—11/15/08-Q 3y 46,964 21,449 4.458 - 99.769326 

11/09/05 11/15/05 4-1/2% note—11/15/10-Q 5y 36,945 15,961 4.525 - 99.889244 

11/10/05 11/15/05 4-1/2% note—11/15/15-F 10y 31,297 15,221 4.578 - 99.379727 

11/23/05 11/30/05 4-1/4% note—11/30/07-X 2y 49,832 26,667 4.349 - 99.812313 

11/29/05 12/01/05 3.980% bill—12/15/05 14d 45,658 20,000 

11/30/05 12/02/05 3.960% bill—12/15/05 13d 58,340 18,000 

12/07/05 12/08/05 4.080% bill—12/15/05 7d 33,535 11,000 

12/07/05 12/15/05 4-3/8% note—12/15/10-R 5y 30,891 13,000 4.435 - 99.733563 

12/08/05 12/15/05 4-1/2% note—11/15/15-F 9y 11m 17,519 8,000 4.490 - 100.072479 

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. 
March 2006 

43

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. As of September 1, 2004, 

investors are no longer able to reinvest H and HH bonds or 

exchange E and EE bonds for HH bonds. Series A-D were 

sold from March 1, 1935, through April 30, 1941. Series E 

was on sale from May 1, 1941, through December 31, 1979 

(through June 1980 to payroll savers only). Series F and G 

were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through December 31, 1979. 

Series HH bonds were sold for cash from January 1, 1980, 

through October 31, 1982. Series J and K were sold from 

May 1, 1952, through April 30, 1957. U.S. savings notes 

were on sale May 1, 1967, through June 30, 1970. The notes 

were eligible for purchase by individuals with the 

simultaneous purchase of series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through December 31, 2005 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

 Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus accrued 

discount 

(3) 

 Redemptions 1 

 (4) 

 Interest- 

 bearing debt 

 (5) 

 Matured 

 non-interest- 

 bearing debt

 (6) 

 

Savings bonds: 

Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 404,524 250,777 655,301 482,119 159,330 13,855 

Series I............................................................ 31,282 3,918 35,200 3,361 31,837 - 

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - - 

Savings notes ................................................. 862 679 1,541 1,462 - 79 

Total ............................................................ 472,569 257,751 730,320 525,214 191,167 13,936 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings 

notes for series H bonds beginning January 1972; however, they exclude exchanges of 

series E and EE bonds for series H and HH bonds. 
U.S. SAVINGS BONDS AND NOTES 

March 2006 

44 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-02 .............................. 439,288 235,077 674,365 481,113 338,363 142,749 185,495 7,757 

2003 ................................... 13,187 7,274 20,461 12,212 5,573 6,639 192,563 8,938 

2004 2 ................................. 10,334 6,924 17,258 14,618 6,276 8,342 194,062 10,078 

2005 2 ................................. 6,501 6,728 13,229 13,783 6,614 7,170 189,912 13,673 

 

Calendar years: 

1935-02 .............................. 441,981 236,934 678,914 484,042 339,746 144,295 184,698 10,174 

2003 ................................... 13,924 7,169 21,092 12,164 5,456 6,708 192,160 11,641 

2004 ................................... 8,711 6,806 15,517 14,922 6,520 8,402 191,674 12,721 

2005 2 ................................. 7,955 6,843 14,797 14,089 6,883 7,206 191,167 13,936 

 

2004 - Dec.......................... 743 522 1,265 1,236 653 583 191,674 12,721 

2005 - Jan .......................... 735 618 1,354 1,362 577 784 191,968 12,419 

Feb ......................... 471 561 1,032 1,007 450 557 192,181 12,231 

Mar ......................... 444 512 956 1,179 563 616 192,153 12,035 

Apr.......................... 463 631 1,094 1,136 540 596 190,965 13,182 

May......................... 719 503 1,223 1,122 540 583 190,959 13,289 

June........................ 559 541 1,099 1,190 601 589 190,869 13,289 

July ......................... 463 619 1,082 1,154 573 582 190,536 13,548 

Aug ......................... 461 568 1,029 1,365 688 677 190,141 13,608 

Sept........................ 378 541 919 1,082 505 578 189,912 13,673 

Oct.......................... 594 659 1,253 1,008 488 520 190,035 13,795 

Nov ......................... 1,364 525 1,889 1,200 675 525 190,636 13,884 

Dec ......................... 1,303 564 1,867 1,284 685 599 191,167 13,936 

 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

2

 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. 

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

bonds for H 

and HH 

bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-02 ............. 380,453 231,285 611,738 418,094 297,226 146,885 26,017 160,038 7,588 

2003 .................. 3,740 6,683 10,422 9,415 4,152 6,600 1,336 158,536 8,761 

2004 2 ................ 3,037 5,890 8,927 10,403 4,614 8,274 2,485 153,433 9,903 

2005 2 ................ 2,554 5,553 8,107 11,414 4,474 7,062 122 146,482 13,426 

 

Calendar years: 

1941-02 ............. 381,988 233,007 614,995 418,864 305,656 141,309 28,101 158,083 9,948 

2003 .................. 3,366 6,459 9,825 9,513 4,052 6,666 1,204 155,722 11,417 

2004 2 ................ 2,951 5,788 8,740 10,704 4,710 8,326 2,332 150,352 12,490 

2005 2 ................ 2,430 5,523 7,953 11,757 4,678 7,085 6 145,349 13,682 

 

2004 - Dec......... 358 438 796 1,053 487 576 9 150,352 12,490 

2005 - Jan ......... 250 530 780 1,166 393 776 3 150,254 12,199 

 Feb ........ 188 465 654 848 299 550 2 150,240 12,017 

 Mar ........ 197 414 611 979 373 607 1 150,059 11,827 

 Apr......... 264 531 794 942 355 587 - 148,799 12,940 

 May........ 225 398 623 926 354 572 - 148,390 13,046 

 June....... 159 431 590 982 404 578 - 147,997 13,046 

 July ........ 156 509 665 964 392 571 - 147,447 13,298 

 Aug ........ 162 455 617 1,141 476 665 - 146,861 13,360 

 Sept....... 149 424 573 887 320 566 - 146,482 13,426 

 Oct......... 202 537 739 828 319 509 - 146,273 13,545 

 Nov ........ 184 398 582 1,012 497 515 - 145,757 13,632 

 Dec ........ 294 431 726 1,083 495 588 - 145,349 13,682 

1

 Exchange of E and EE bonds for H and HH bonds are not included in sales and 

redemption figures. 

2

 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. 
U.S. SAVINGS BONDS AND NOTES 

March 2006 

45

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 and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series H and HH 

 

Fiscal years: 

1952-02 ........... 14,077 - 14,077 26,683 26,683 - 26,017 13,361 50 

2003 ................ -9 - -9 902 902 - 1,336 13,765 71 

2004 2 .............. -1 - -1 952 952 - 2,485 15,286 82 

2005 2 .............. -7 - -7 1,073 1,073 - 122 14,247 164 

 

Calendar years: 

1952-02 ........... 13,815 - 13,815 28,311 28,311 - 28,101 13,496 110 

2003 ................ -10 - -10 890 890 - 1,204 13,789 121 

2004 2 .............. -16 - -16 980 980 - 2,332 15,107 140 

2005 2 .............. - - - 1,100 1,100 - 6 13,981 173 

 

2004 - Dec....... - - - 85 85 - 9 15,107 140 

2005 - Jan ....... - - - 94 94 - 3 15,026 130 

 Feb ...... - - - 82 82 - 2 14,950 125 

 Mar ...... - - - 104 104 - 1 14,853 120 

 Apr....... - - - 91 91 - - 14,728 154 

 May...... - - - 91 91 - - 14,634 156 

 June..... - - - 95 95 - - 14,540 156 

 July ...... - - - 88 88 - - 14,443 165 

 Aug ...... - - - 104 104 - - 14,342 164 

 Sept..... - - - 94 94 - - 14,247 164 

 Oct....... - - - 83 83 - - 14,161 168 

 Nov ...... - - - 84 84 - - 14,075 170 

 Dec ...... - - - 91 91 - - 13,981 173 

 

Series I 

 

Fiscal years: 

1998-02 ........... 11,937 735 12,672 576 553 23 - 12,096 - 

2003 ................ 8,120 591 8,711 545 517 28 - 20,262 - 

2004 2 .............. 4,813 1,034 5,847 766 708 58 - 25,343 - 

2005 2 .............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - 

 

Calendar years: 

1998-02 ........... 12,957 869 13,826 706 677 29 - 13,120 - 

2003 ................ 9,363 710 10,073 544 513 31 - 22,649 - 

2004 2 .............. 3,444 1,017 4,462 896 829 66 - 26,215 - 

2005 2 .............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 

 

2004 - Dec....... 376 84 460 87 81 7 - 26,215 - 

2005 - Jan ....... 482 89 571 97 90 8 - 26,688 - 

 Feb ...... 281 96 377 74 68 6 - 26,991 - 

 Mar ...... 246 98 344 94 87 8 - 27,241 - 

 Apr....... 199 100 300 102 93 9 - 27,438 - 

 May...... 494 105 600 104 94 9 - 27,934 - 

 June..... 400 110 509 112 102 10 - 28,331 - 

 July ...... 306 110 416 102 93 10 - 28,646 - 

 Aug ...... 299 113 412 120 108 12 - 28,938 - 

 Sept..... 230 117 346 101 91 10 - 29,183 - 

 Oct....... 391 122 514 97 86 10 - 29,600 - 

 Nov ...... 1,180 127 1,307 103 93 10 - 30,804 - 

 Dec ...... 1,009 133 1,142 109 98 11 - 31,837 - 

 

1

 Exchange of EE and E bonds are not included in sales and redemption figures. 

2

 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. 

3

 Due to H and HH securities no longer being issued, this will be the final publication in 

Table SBN-3. The summary of the H and HH securities can still be found in Table SBN-1 

and in the Monthly Statement of the Public Debt, Table III, Nonmarketable. 
March 2006 

46 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

March 2006 

47

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2001 ................................................ 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

2005 ................................................ 7,956,346 7,932,710 r 3,331,333 1 r 3,331,332 733,439 

 

2004 - Dec....................................... 7,620,404 7,596,143 3,189,090 142 3,188,948 715,507 

2005 - Jan ....................................... 7,651,874 7,627,743 3,201,711 142 3,201,569 715,507 

Feb ...................................... 7,737,047 7,713,138 3,206,773 1 3,206,772 715,210 

Mar ...................................... 7,801,016 7,776,939 3,204,543 1 3,204,542 714,999 

Apr....................................... 7,788,426 7,764,537 3,213,845 1 3,213,844 708,904 

May...................................... 7,801,852 7,777,880 3,235,855 1 3,235,854 721,852 

June..................................... 7,860,234 7,836,496 3,308,866 1 3,308,865 721,922 

July ...................................... 7,911,290 7,887,618 3,306,665 1 3,306,664 716,058 

Aug ...................................... 7,950,504 7,926,933 3,310,040 1 3,310,039 727,592 

Sept..................................... 7,956,346 7,932,710 r 3,331,333 1 r 3,331,332 733,439 

Oct....................................... 8,050,629 8,027,123 3,376,354 1 3,376,353 737,557 

Nov ...................................... 8,115,965 8,092,322 3,382,666 1 3,382,665 740,849 

Dec ...................................... 8,194,251 8,170,413 3,455,808 1 3,455,807 732,861 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

2005 .................................................................... r 3,867,938 r 3,351,440 r 516,498 23,637 23,637 

 

2004 - Dec........................................................... 3,691,547 3,244,132 447,414 24,261 24,261 

2005 - Jan ........................................................... 3,710,525 3,259,316 451,210 24,131 24,131 

Feb .......................................................... 3,791,155 3,339,104 452,051 23,909 23,909 

Mar .......................................................... 3,857,397 3,388,837 468,560 24,077 24,077 

Apr........................................................... 3,841,788 3,361,781 480,007 23,888 23,888 

May.......................................................... 3,820,173 3,328,310 491,862 23,972 23,972 

June......................................................... 3,805,708 3,309,173 496,535 23,738 23,738 

July .......................................................... 3,864,895 3,361,845 503,049 23,672 23,672 

Aug .......................................................... 3,889,301 3,378,858 510,443 23,570 23,570 

Sept......................................................... r 3,867,938 r 3,351,440 r 516,498 23,637 23,637 

Oct........................................................... 3,913,212 3,393,738 519,475 23,505 23,505 

Nov .......................................................... 3,968,807 3,444,413 524,393 23,643 23,643 

Dec .......................................................... 3,981,745 3,451,097 530,647 23,837 23,837 

 
OWNERSHIP OF FEDERAL SECURITIES 

March 2006 

48 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 141.8 225.0 244.2 210.6 350.5 707.0 831.4 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.7 217.2 245.0 202.5 313.7 762.5 855.2 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 142.1 211.3 245.2 211.6 304.3 820.4 836.8 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.9 208.2 241.5 225.1 289.8 835.2 864.6 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.5 213.5 239.4 240.9 283.6 908.1 848.7 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.8 221.1 229.5 230.6 283.3 929.7 810.3 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.5 213.4 226.8 226.8 263.7 993.4 829.9 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 140.2 212.8 214.1 227.4 257.0 1,102.1 794.0 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.9 248.1 1,157.6 786.2 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 142.2 214.9 183.1 216.8 243.3 1,182.7 707.8 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.2 223.5 186.8 221.6 235.2 1,230.5 681.7 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.4 219.0 176.6 232.4 239.3 1,241.6 674.5 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 136.9 212.1 169.4 234.7 238.1 1,250.5 701.2 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 129.9 213.2 160.6 230.7 258.5 1,256.0 623.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.5 207.8 151.3 231.8 271.8 1,224.2 674.3 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 113.6 212.6 141.7 253.5 280.8 1,278.7 629.2 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 110.8 211.5 137.5 254.0 288.6 1,272.3 619.0 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 114.1 213.8 133.6 227.9 298.8 1,258.8 525.1 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 117.2 204.8 128.0 224.4 299.6 1,281.4 492.6 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 118.9 198.8 123.4 228.7 305.1 1,268.7 555.3 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 114.7 196.9 120.0 222.2 307.1 1,106.9 691.9 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 115.3 194.9 116.5 204.5 310.1 1,082.0 557.2 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 115.2 185.5 113.7 205.7 308.7 1,057.9 544.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 113.7 179.1 110.2 221.8 310.9 1,034.2 524.3 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 115.6 177.3 109.1 221.8 317.9 1,029.9 548.4 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 116.3 183.1 108.1 218.7 325.7 1,000.5 396.8 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 119.7 166.8 106.8 232.5 321.9 1,005.5 450.9 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 121.1 155.1 105.7 259.4 329.3 1,051.2 426.1 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 123.7 163.3 114.0 266.0 328.7 1,067.1 407.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.6 192.7 125.6 153.9 122.0 253.8 334.4 1,135.4 327.4 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 131.2 156.3 130.4 256.6 339.3 1,200.8 306.5 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 135.0 158.9 139.7 280.9 355.6 1,246.8 283.9 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.1 196.9 139.0 162.1 139.5 296.5 350.7 1,286.3 345.8 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 138.2 161.3 138.7 302.8 348.7 1,382.8 347.6 

 Sept........ 6,783.2 3,515.3 3,268.0 146.9 201.5 139.9 155.1 137.4 287.8 357.9 1,454.2 387.2 

 Dec......... 6,998.0 3,620.1 3,377.9 154.0 203.8 141.2 147.9 136.5 281.5 363.9 1,533.0 416.0 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.7 204.5 143.3 142.5 141.0 281.6 373.7 1,677.1 376.4 

 June ....... 7,274.3 3,742.8 3,531.5 159.9 204.6 146.4 133.6 144.1 259.4 379.7 1,777.5 326.2 

 Sept........ 7,379.1 3,772.0 3,607.0 139.9 204.2 150.8 130.5 147.4 255.7 379.4 1,836.6 362.5 

 Dec......... 7,596.1 3,929.0 3,667.1 127.5 204.4 151.5 130.4 149.7 254.9 386.4 1,890.7 371.7 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 142.1 204.2 153.8 130.2 153.3 262.3 407.5 1,983.5 418.5 

 June ....... 7,836.5 4,033.5 3,803.0 127.2 204.2 157.6 130.3 154.6 249.5 434.3 2,017.2 328.1 

 Sept........ 7,932.7 4,067.8 3,864.9 125.7 203.6 161.0 131.0 157.7 248.0 456.4 2,070.0 311.5 

 Dec......... 8,170.4 4,199.8 3,970.6 n.a. 205.6 n.a. n.a. n.a. n.a. n.a. 2,180.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, and the 

June 2004 benchmark to March 2005. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
March 2006 

49

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.shtml. The yield curve is 

fitted daily using a hermite 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. 

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: 

2005 - Jan....................................... 2.05 2.37 2.68 2.86 3.22 3.39 3.71 3.97 4.22 4.77

Feb...................................... 2.36 2.58 2.85 3.03 3.38 3.54 3.77 3.97 4.17 4.61

Mar...................................... 2.65 2.80 3.09 3.30 3.73 3.91 4.17 4.33 4.50 4.89

Apr ...................................... 2.64 2.84 3.14 3.32 3.65 3.79 4.00 4.16 4.34 4.75

May ..................................... 2.65 2.90 3.17 3.33 3.64 3.72 3.85 3.94 4.14 4.56

June.................................... 2.83 3.04 3.22 3.36 3.64 3.69 3.77 3.86 4.00 4.35

July ..................................... 3.10 3.29 3.53 3.64 3.87 3.91 3.98 4.06 4.18 4.48

Aug ..................................... 3.34 3.52 3.78 3.87 4.04 4.08 4.12 4.18 4.26 4.53

Sept .................................... 3.23 3.49 3.79 3.85 3.95 3.96 4.01 4.08 4.20 4.51

Oct ...................................... 3.51 3.79 4.13 4.18 4.27 4.29 4.33 4.38 4.46 4.74

Nov ..................................... 3.91 3.97 4.30 4.33 4.42 4.43 4.45 4.48 4.54 4.83

Dec ..................................... 3.69 3.97 4.33 4.35 4.40 4.39 4.39 4.41 4.47 4.73

 

End of month: 

2005 - Jan....................................... 2.06 2.51 2.79 2.96 3.29 3.43 3.71 3.92 4.14 4.64

Feb...................................... 2.51 2.76 3.01 3.20 3.59 3.75 4.00 4.18 4.36 4.79

Mar...................................... 2.63 2.79 3.13 3.35 3.80 3.96 4.18 4.33 4.50 4.88

Apr ...................................... 2.70 2.90 3.17 3.33 3.66 3.73 3.90 4.03 4.21 4.61

May ..................................... 2.80 2.99 3.18 3.32 3.60 3.65 3.76 3.86 4.00 4.40

June.................................... 2.99 3.13 3.34 3.45 3.66 3.67 3.72 3.80 3.94 4.28

July ..................................... 3.25 3.42 3.69 3.80 4.02 4.06 4.12 4.19 4.28 4.56

Aug ..................................... 3.41 3.52 3.74 3.77 3.84 3.83 3.87 3.93 4.02 4.30

Sept .................................... 3.15 3.55 3.93 4.01 4.18 4.18 4.18 4.23 4.34 4.62

Oct ...................................... 3.77 3.98 4.26 4.31 4.40 4.41 4.45 4.49 4.57 4.84

Nov ..................................... 4.00 3.95 4.31 4.34 4.42 4.41 4.42 4.45 4.49 4.81

Dec ..................................... 4.01 4.08 4.37 4.38 4.41 4.37 4.35 4.36 4.39 4.61

 

* Rates are from the Treasury yields curve. 
March 2006 

50 

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, December 31, 2005 

[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 .............................. $943,050,043,848 $907,012,947,990 $906,510,339,045 $254,538,866 $248,070,079

Less amounts held by: 

The Treasury....................................... 219,443,958 22,981,414 22,799,288 7,505 174,621

FRBs ................................................... 148,838,302,254 148,152,010,024 148,152,003,984 - 6,040

Amounts in circulation............................. $793,992,297,636 $758,837,956,552 $758,335,535,773 $254,531,361 $247,889,418

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $36,037,095,858 $3,505,529,008 $32,531,566,850 

Less amounts held by: 

The Treasury....................................... 196,462,544 164,270,544 32,192,000 

FRBs ................................................... 686,292,230 78,749,351 607,542,879 

Amounts in circulation............................. $35,154,341,084 $3,262,509,113 $31,891,831,971 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

March 2006 

51

TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2005 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,756,319,224 $8,612,015,299 $143,503 $144,160,422 

$2 ...................................................................... 1,468,602,658 1,336,366,164 132,223,918 12,576 

$5 ...................................................................... 10,272,241,950 10,134,835,840 109,198,110 28,208,000 

$10 .................................................................... 15,533,863,480 15,512,495,170 6,300 21,362,010 

$20 .................................................................... 115,406,431,540 115,386,323,600 3,840 20,104,100 

$50 .................................................................... 62,132,080,200 62,120,579,500 500 11,500,200 

$100 .................................................................. 544,954,975,400 544,920,039,200 12,944,600 21,991,600 

$500 .................................................................. 142,463,500 142,268,000 5,500 190,000 

$1,000 ............................................................... 165,753,000 165,543,000 5,000 205,000 

$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 ............................................... $758,837,956,552 $758,335,535,773 $254,531,361 $247,889,418 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Dec. 31, 2005....................................................................................... 793,992 $2,666

Nov. 30, 2005....................................................................................... 780,209 2,620

Oct. 31, 2005........................................................................................ 768,103 2,584

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30,1970 ....................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

 5 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
March 2006 

55

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

 

2005 - Jan .......................................................................... 81,366 11,042 13,342 41,735 15,247 

Feb ......................................................................... 80,168 11,042 11,727 42,063 15,336 

Mar ......................................................................... 78,942 11,041 11,564 41,061 15,276 

Apr.......................................................................... 79,525 11,041 11,610 41,452 15,422 

May ........................................................................ 77,742 11,041 11,385 39,910 15,406 

June ....................................................................... 76,594 11,041 11,243 39,036 15,274 

July......................................................................... 74,620 11,041 11,206 38,935 13,438 

Aug......................................................................... 72,244 11,041 8,304 39,563 13,336 

Sept........................................................................ 71,273 11,041 8,245 38,742 13,245 

Oct.......................................................................... 70,219 11,041 8,224 38,234 12,720 

Nov......................................................................... 68,773 11,041 8,180 37,455 12,097 

Dec......................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 - Jan .......................................................................... 65,593 11,043 8,302 38,609 7,639 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

March 2006 

56 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,576,611 805,904 301,358 430,243 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 - June 8 .......... 3,597,378 1,177,090 379,114 610,122 2,876 184,978 1,431,589 961,169 452,617 508,552 27,530 

Series Break .......... 3,604,050 1,233,387 379,114 650,336 2,876 201,061 1,431,589 911,397 452,617 458,780 27,677 

2003 ....................... 3,863,633 1,340,623 401,856 719,302 2,613 216,852 1,439,484 1,057,445 518,962 538,483 26,081 

2004 - June 8 ......... 4,469,893 1,559,811 483,415 844,444 1,568 230,384 1,559,518 1,326,933 666,476 660,457 23,631 

Series Break ......... 4,443,613 1,648,168 483,415 910,456 1,569 252,728 1,559,518 1,205,604 666,476 539,128 30,323 

 

2004 - Dec. r .......... 4,856,065 1,775,080 515,586 986,454 1,630 271,410 1,677,951 1,372,857 805,483 567,374 30,177 

2005 - Jan. r........... 4,807,674 1,786,229 511,640 994,075 1,640 278,874 1,633,510 1,354,524 764,751 589,773 33,411 

Feb. r .......... 4,913,735 1,776,695 483,497 1,005,346 1,650 286,202 1,672,697 1,429,014 807,573 621,441 35,329 

Mar. r .......... 4,892,428 1,769,195 490,391 990,366 1,661 286,777 1,630,407 1,461,177 796,893 664,284 31,649 

Apr. r........... 4,998,655 1,807,439 516,454 1,004,274 1,671 285,040 1,682,670 1,478,365 804,480 673,885 30,181 

May r........... 5,075,479 1,813,792 509,534 1,011,089 1,682 291,487 1,713,906 1,514,414 819,296 695,118 33,367 

June r.......... 5,108,656 1,819,526 493,629 1,027,755 911 297,231 1,789,869 1,467,301 773,556 693,745 31,960 

July ............. 5,148,032 1,826,824 490,257 1,031,371 917 304,279 1,779,576 1,510,150 791,665 718,485 31,482 

Aug ............. 5,218,166 1,831,652 490,944 1,034,594 923 305,191 1,830,823 1,523,799 780,521 743,278 31,892 

Sept ............ 5,263,801 1,828,984 484,949 1,033,460 929 309,646 1,846,074 1,555,045 788,716 766,329 33,698 

Oct .............. 5,292,375 1,845,593 488,796 1,038,356 936 317,505 1,825,107 1,586,718 795,858 790,860 34,957 

Nov. p ......... 5,428,694 1,863,272 500,663 1,042,087 942 319,580 1,908,555 1,623,457 781,851 841,606 33,410 

Dec. p ......... 5,430,048 1,869,597 496,520 1,047,697 948 324,432 1,909,668 1,616,551 762,569 853,982 34,232 

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, and end-June 2004, 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 

March 2006 

57

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

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 .............................................................................. 2,613 2,613 768 1,102 743 

 

2004 - Dec..................................................................... 1,630 1,630 825 - 805 

2005 - Jan ..................................................................... 1,640 1,640 830 - 810 

Feb .................................................................... 1,650 1,650 835 - 815 

Mar .................................................................... 1,661 1,661 840 - 821 

Apr..................................................................... 1,671 1,671 845 - 826 

May.................................................................... 1,682 1,682 850 - 832 

June................................................................... 911 911 74 - 837 

July .................................................................... 917 917 74 - 843 

Aug .................................................................... 923 923 75 - 848 

Sept................................................................... 929 929 75 - 854 

Oct..................................................................... 936 936 76 - 860 

Nov .................................................................... 942 942 76 - 866 

Dec .................................................................... 948 948 77 - 871 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

March 2006 

58 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial 

banks, securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the 

reporting forms and instructions may be obtained from the 

Office of Program Services, Office of the Assistant Secretary 

for International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of the 

Federal Reserve System, Washington, D.C. 20551; or district 

FRBs. Reporting forms and instructions also may be 

downloaded from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. The only exception is 

information pertaining to the Bank for International 

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 

March 2006 

59

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to 

foreigners in countries not shown separately on the monthly 

reports. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated 

foreigners. Separate reports are filed for financial balances 

and for commercial balances. Effective for reports filed as of 

March 31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar 

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting 

coverage was expanded as outlined in Section I. 

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector. 

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed 

semiannually as of the end of June and December. 

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than 
CAPITAL MOVEMENTS 

March 2006 

60 

banks, other depository institutions, and securities brokers 

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States. 

Historically, the information does not include any 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of 

reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

March 2006 

61

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 

Type of Liability 

 Calendar 

 Year 

 2004 r June r July Aug. Sept. Oct. Nov. Dec. p 

Total liabilities to all foreigners............................... 3,017,873 3,075,525 3,079,543 3,120,575 3,139,936 3,130,785 3,210,475 3,188,691 

Payable in dollars............................................... 2,911,516 2,960,651 2,964,669 3,005,701 3,016,701 3,007,550 3,087,240 3,065,456 

Foreign official institutions 1 ........................... 515,586 493,629 490,257 490,944 484,949 488,796 500,663 496,520 

Deposits, excluding negotiable CDs.......... 26,613 39,098 38,951 40,882 39,338 40,730 44,587 45,276 

U.S. Treasury bills and certificates ............ 245,199 204,897 203,174 205,404 195,367 199,801 214,852 201,863 

Other liabilities............................................ 243,774 249,634 248,132 244,658 250,244 248,265 241,224 249,381 

Foreign banks (including own foreign 

 offices) and other foreigners ........................ 2,380,276 2,450,384 2,458,200 2,498,303 2,513,858 2,500,033 2,569,474 2,551,305 

Deposits, excluding negotiable CDs.......... 922,361 945,912 931,170 980,854 999,996 940,198 1,000,514 995,871 

U.S. Treasury bills and certificates ............ 71,705 70,469 65,488 63,956 54,710 57,524 59,628 56,627 

Other liabilities............................................ 1,386,210 1,434,003 1,461,542 1,453,493 1,459,152 1,502,311 1,509,332 1,498,807 

International and regional organizations 2 ..... 15,654 16,638 16,212 16,454 17,894 18,721 17,103 17,631 

Deposits, excluding negotiable CDs.......... 6,098 5,359 5,020 5,781 5,615 5,888 3,730 4,865 

U.S. Treasury bills and certificates ............ 1,879 2,247 2,122 2,131 2,097 939 1,026 1,085 

Other liabilities............................................ 7,677 9,032 9,070 8,542 10,182 11,894 12,347 11,681 

Payable in foreign currencies 3 .......................... 106,357 114,874 114,874 114,874 123,235 123,235 123,235 123,235 

Sector: 

Banks and other foreigners........................ 103,158 113,041 113,041 113,041 120,932 120,932 120,932 120,932 

International and regional organizations 2 ...... 3,199 1,833 1,833 1,833 2,303 2,303 2,303 2,303 

Major currencies: 

Canadian dollars ........................................ 6,627 8,848 8,848 8,848 9,067 9,067 9,067 9,067 

Euro............................................................ 51,014 55,724 55,724 55,724 58,952 58,952 58,952 58,952 

United Kingdom pounds sterling................ 7,268 8,585 8,585 8,585 9,859 9,859 9,859 9,859 

Japanese yen............................................. 23,623 19,231 19,231 19,231 20,649 20,649 20,649 20,649 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars........................................................... 2,082,981 2,152,354 2,178,789 2,236,964 2,252,429 2,227,495 2,305,839 2,285,326 

Liabilities to own foreign offices..................... 1,349,777 1,423,818 1,429,151 1,481,935 1,509,917 1,459,021 1,537,183 1,557,176 

Liabilities collaterized by repurchase 

 agreements ............................................. 665,127 674,633 677,002 690,063 719,088 729,065 726,434 700,881 

Foreign official institutions 1 ................... 109,506 112,646 121,674 117,948 120,107 122,053 120,091 111,485 

Foreign banks and other foreigners....... 553,550 559,077 552,459 569,094 596,680 604,377 603,159 585,739 

International and regional organizations 2..... 2,071 2,910 2,869 3,021 2,301 2,635 3,184 3,657 

Reported by IBFs ....................................... 369,576 408,982 394,751 466,788 453,230 400,660 457,428 447,884 

Respondents’ own liabilities payable in 

 foreign currencies 3 ...................................... 98,349 102,989 102,989 102,989 108,305 108,305 108,305 108,305 

Reported by IBFs ....................................... 36,689 35,178 35,178 35,178 38,554 38,554 38,554 38,554 

Liabilities held in custody for domestic 

 customers..................................................... 836,543 820,182 797,765 780,622 779,202 794,985 796,331 795,060

Payable in dollars....................................... 828,535 808,297 785,880 768,737 764,272 780,055 781,401 780,130 

Payable in foreign currencies 3 .................. 8,008 11,885 11,885 11,885 14,930 14,930 14,930 14,930 

 

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
CAPITAL MOVEMENTS 

March 2006 

62 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 

Country 2002 2003 2004 r Aug. Sept. Oct. Nov. Dec. p 

Europe: 

Austria ............................................... 2,862 4,841 4,355 4,174 4,203 5,351 4,249 3,701

Belgium 1 ........................................... 9,641 9,642 13,649 15,779 18,649 19,826 19,619 16,800

Bulgaria ............................................. 219 224 221 146 96 95 116 139

Czech Republic................................. 531 2,359 1,661 1,347 743 1,406 1,476 1,470

Denmark............................................ 5,115 3,744 3,151 2,015 2,371 1,772 2,420 1,544

Finland............................................... 1,711 1,821 1,116 2,067 865 1,090 1,485 3,730

France ............................................... 44,098 41,727 83,951 93,672 84,275 94,150 94,680 77,856

Germany............................................ 42,235 53,617 76,040 85,461 83,843 80,808 79,261 76,098

Greece............................................... 2,996 1,266 1,179 1,529 1,197 1,459 1,321 1,318

Hungary............................................. 439 345 770 963 317 1,008 585 536

Ireland ............................................... 33,146 30,888 64,199 59,214 59,956 63,705 62,578 68,744

Italy.................................................... 6,098 6,643 7,683 9,513 7,029 8,254 11,323 8,534

Luxembourg 1 .................................... 32,943 37,005 52,548 57,173 59,610 60,774 65,486 56,572

Netherlands....................................... 11,419 17,150 20,272 20,779 20,844 20,842 24,348 16,721

Norway .............................................. 18,907 22,471 32,907 22,093 31,506 24,918 20,345 25,988

Poland ............................................... 4,205 3,724 5,680 5,937 5,661 5,862 5,590 6,375

Portugal............................................. 3,676 1,011 1,676 3,143 2,879 3,946 3,059 2,916

Romania............................................ 1,919 575 1,636 1,579 534 318 327 567

Russia 2 ............................................. 23,158 41,694 70,203 83,634 86,041 89,005 90,735 101,354

Serbia and Montenegro (formerly 

Yugoslavia) 3 ................................. 301 162 110 111 102 100 111 119

Spain ................................................. 14,499 10,329 9,078 12,648 9,825 11,314 11,664 9,951

Sweden ............................................. 4,697 7,377 6,144 5,330 3,214 4,095 4,807 4,907

Switzerland........................................ 133,546 111,678 100,660 160,890 148,892 97,510 151,281 141,049

Turkey ............................................... 12,132 13,749 5,189 6,614 5,751 6,962 10,230 9,911

United Kingdom................................. 203,237 345,235 501,721 563,367 568,829 590,975 597,129 595,863

Channel Islands and Isle of Man 4 .... 47,820 20,814 21,327 25,947 27,685 27,301 29,639 29,640

Other Europe..................................... 25,108 17,478 26,369 21,514 20,954 22,544 23,994 23,592

Total Europe.................................. 686,658 807,569 1,113,495 1,266,639 1,255,871 1,245,390 1,317,858 1,285,995

Canada.................................................. 32,221 37,780 36,499 43,471 41,908 41,916 40,811 36,670

Latin America: 

Argentina........................................... 10,938 9,880 10,932 9,675 9,432 9,680 10,093 9,712

Brazil ................................................. 11,332 17,839 16,912 17,281 14,246 15,140 18,980 13,354

Chile .................................................. 6,194 4,504 7,368 7,404 7,151 6,897 7,631 9,060

Colombia ........................................... 4,174 4,277 6,353 6,107 6,172 7,075 6,750 6,479

Ecuador............................................. 2,307 2,611 2,707 2,594 2,861 2,985 3,053 3,386

Guatemala......................................... 1,396 1,557 1,544 1,860 1,648 1,652 1,642 1,653

Mexico............................................... 37,374 36,952 51,954 43,412 41,428 43,182 50,677 43,929

Panama............................................. 3,903 4,125 4,641 4,451 4,602 4,819 5,019 5,310

Peru................................................... 1,366 1,406 1,975 3,765 3,198 3,150 2,628 3,078

Uruguay............................................. 2,822 3,688 4,189 5,042 5,028 4,894 5,020 4,710

Venezuela ......................................... 22,540 21,546 24,861 26,207 25,844 28,057 28,681 27,665

Other Latin America 5........................ 6,415 6,014 6,422 7,896 7,782 8,040 8,506 8,610

Total Latin America ....................... 110,761 114,399 139,858 135,694 129,392 135,571 148,680 136,946

Caribbean: 

Bahamas ........................................... 164,133 157,689 188,604 187,617 194,665 197,996 206,085 215,229

Bermuda............................................ 25,281 39,229 93,040 65,383 63,965 63,647 54,293 52,438

Cayman Islands 6 .............................. 639,443 745,754 894,069 898,692 930,072 924,328 918,218 923,473

Cuba.................................................. 91 96 110 115 116 116 118 120

Jamaica............................................. 840 720 922 812 1,016 864 819 952

Netherlands Antilles .......................... 5,011 8,739 5,867 5,944 4,948 5,241 4,702 5,742

Trinidad and Tobago......................... 1,420 1,259 1,630 2,390 2,909 2,549 2,450 2,838

Other Caribbean 5 ............................. 11,757 27,662 40,297 31,984 31,217 31,695 32,658 33,147

Total Caribbean............................. 847,976 981,148 1,224,539 1,192,937 1,228,908 1,226,436 1,219,343 1,233,939

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2006 

63

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 

Country 2002 2003 2004 r Aug. Sept. Oct. Nov. Dec. p 

 

Asia: 

China: 

Mainland..................................... 15,483 13,236 52,768 52,204 57,495 50,031 42,496 46,459

Taiwan........................................ 18,708 26,835 26,524 21,951 20,009 20,746 20,511 23,304

Hong Kong ..................................... 33,365 49,974 43,913 43,906 38,444 39,421 37,418 35,817

India................................................ 7,968 14,535 11,178 12,746 11,589 11,190 12,111 13,765

Indonesia........................................ 14,123 14,374 5,905 2,298 2,807 3,228 3,523 4,308

Israel............................................... 7,505 12,231 11,238 7,256 6,709 6,518 5,998 9,823

Japan.............................................. 176,331 170,315 173,872 155,209 157,738 156,632 155,891 159,212

Korea.............................................. 8,978 12,659 12,457 19,491 20,677 21,207 26,204 27,187

Lebanon ......................................... 651 676 777 1,016 798 811 807 797

Malaysia ......................................... 1,221 1,640 2,837 4,221 3,214 3,538 3,590 2,283

Pakistan.......................................... 2,093 2,963 1,196 1,080 1,178 1,542 1,368 1,816

Philippines...................................... 1,813 1,690 2,956 2,607 2,596 3,171 3,004 3,774

Singapore....................................... 17,676 23,766 28,912 20,197 20,311 17,798 20,828 20,720

Syria ............................................... 35 22 21 24 24 26 27 28

Thailand.......................................... 7,607 7,232 11,356 9,247 10,398 12,290 11,033 9,974

Oil-exporting countries 7................. 18,893 24,787 41,263 45,859 48,756 51,419 54,803 51,448

Other Asia ...................................... 6,819 7,656 6,841 7,360 7,336 7,469 6,973 7,304

Total Asia ................................... 339,269 384,591 434,014 406,672 410,079 407,037 406,585 418,019

Africa: 

Congo (formerly Zaire)................... 2 18 4 5 4 5 12 7

Egypt .............................................. 2,655 2,336 2,711 3,385 2,437 2,261 3,316 4,980

Ghana............................................. 312 596 468 520 405 412 456 572

Liberia............................................. 141 181 266 366 343 278 360 253

Morocco.......................................... 306 376 156 131 166 151 105 138

South Africa.................................... 1,118 3,734 3,477 3,232 3,766 3,823 3,389 3,051

Oil-exporting countries 8................. 4,466 3,608 4,347 4,608 5,216 4,689 6,158 6,929

Other Africa .................................... 3,361 3,113 3,369 3,430 3,274 3,706 3,991 4,321

Total Africa ................................. 12,361 13,962 14,798 15,677 15,611 15,325 17,787 20,251

Other countries: 

Australia ......................................... 12,055 14,087 23,579 25,397 19,247 19,134 19,892 18,083

New Zealand 9................................ 1,918 2,592 3,725 3,125 3,049 3,280 4,342 3,351

All other .......................................... 263 4,174 8,513 12,676 15,674 15,672 15,771 15,503

Total other countries .................. 14,236 20,853 35,817 41,198 37,970 38,086 40,005 36,937

Total foreign countries ........... 2,043,482 2,360,302 2,999,020 3,102,288 3,119,739 3,109,761 3,191,069 3,168,757

International and regional 

 organizations: 

International ................................... 20,464 18,437 14,550 14,262 15,533 16,261 14,805 14,932

European regional.......................... 1,511 449 568 416 436 462 398 688

Latin American regional ................. 507 502 2,184 2,365 3,203 3,380 2,714 2,235

Caribbean regional 10 ..................... 67 63 113 59 70 81 102 94

Asian regional ................................ 85 2,221 358 343 292 226 299 1,033

African regional .............................. 15 496 989 694 507 511 955 837

Middle Eastern regional ................. - - 91 148 156 103 133 115

Total international 

 and regional ............................ 22,649 22,168 18,853 18,287 20,197 21,024 19,406 19,934

Grand total ............................. 2,066,131 2,382,470 3,017,873 3,120,575 3,139,936 3,130,785 3,210,475 3,188,691

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

March 2006 

64 

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2005, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 

Payable 

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria..................................... 3,701 3,593 108 953 2,640 322 346 2,592 279 11 43 17 2,197

Belgium 4 ................................. 16,800 16,043 757 9,923 6,120 3,454 2,512 5,194 275 41 4,567 1,203 2,870

Bulgaria................................... 139 139 - 138 1 92 - 30 16 - 1 - 1

Czech Republic....................... 1,470 1,416 54 101 1,315 40 1,200 142 33 - 1 4 115

Denmark.................................. 1,544 1,537 7 1,175 362 115 225 984 180 32 1 - 91

Finland .................................... 3,730 3,612 118 3,021 591 2,899 189 339 52 3 130 2,861 176

France..................................... 77,856 71,331 6,525 60,375 10,956 10,894 7,264 35,908 1,400 359 15,506 41,795 225

Germany ................................. 76,098 56,905 19,193 50,234 6,671 17,679 3,254 30,321 1,690 405 3,556 33,816 1,688

Greece .................................... 1,318 1,234 84 1,167 67 656 - 36 480 9 53 599 18

Hungary................................... 536 519 17 414 105 289 - 72 53 14 91 102 3

Ireland ..................................... 68,744 68,670 74 13,807 54,863 2,781 73 3,087 4,286 2,070 56,373 454 10,990

Italy.......................................... 8,534 7,094 1,440 4,526 2,568 1,938 1,940 2,429 713 34 40 1,642 563

Luxembourg 4.......................... 56,572 55,562 1,010 26,987 28,575 5,030 3,275 5,954 910 906 39,487 20,318 5,123

Netherlands............................. 16,721 14,606 2,115 8,780 5,826 1,207 127 1,703 1,460 931 9,178 5,487 1,324

Norway.................................... 25,988 25,981 7 23,349 2,632 221 207 24,877 128 140 408 4 753

Poland..................................... 6,375 6,320 55 1,940 4,380 116 2,652 3,470 65 - 17 70 1

Portugal................................... 2,916 2,717 199 2,143 574 1,837 318 105 201 1 255 131 10

Romania.................................. 567 552 15 257 295 54 - 468 30 - - 13 -

Russia 5 ................................... 101,354 101,335 19 22,323 79,012 4,112 368 96,493 352 3 7 58 4

Serbia and Montenegro 

 (formerly Yugoslavia) 6......... 119 119 - 118 1 38 - 55 21 - 5 - 1

Spain....................................... 9,951 9,487 464 5,571 3,916 2,256 1,565 4,061 1,220 40 345 2,448 2,268

Sweden ................................... 4,907 4,771 136 1,535 3,236 176 183 3,179 225 12 996 67 2,759

Switzerland.............................. 141,049 139,151 1,898 131,348 7,803 121,502 3,762 6,741 4,263 1,609 1,274 126,378 713

Turkey ..................................... 9,911 9,895 16 2,374 7,521 1,529 7,478 655 217 5 11 75 11

United Kingdom....................... 595,863 558,266 37,597 542,790 15,476 104,051 1,264 266,985 14,170 3,704 168,092 414,460 2,353

Channel Islands and Isle 

 of Man 7 ................................. 29,640 29,569 71 27,201 2,368 23,303 105 1,384 227 293 4,257 23,212 363

Other Europe ............................. 23,592 23,463 129 14,676 8,787 9,514 6,210 4,578 1,013 876 1,272 180 31

Total Europe.......................... 1,285,995 1,213,887 72,108 957,226 256,661 316,105 44,517 501,842 33,959 11,498 305,966 675,394 34,651

Canada........................................... 36,670 33,190 3,480 24,077 9,113 3,394 2,453 13,400 3,677 1,783 8,483 10,188 1,597

Latin America: 

Argentina.................................... 9,712 9,600 112 8,625 975 477 7 374 7,691 536 515 403 199

Brazil .......................................... 13,354 11,968 1,386 11,271 697 5,109 66 1,750 4,287 149 607 2,029 43

Chile ........................................... 9,060 8,896 164 7,482 1,414 3,185 202 1,547 2,976 569 417 831 57

Colombia.................................... 6,479 6,429 50 4,088 2,341 504 149 2,008 2,736 187 845 155 87

Ecuador...................................... 3,386 3,357 29 3,193 164 659 23 674 1,845 7 149 182 27

Guatemala ................................. 1,653 1,643 10 1,221 422 172 136 307 941 27 60 22 216

Mexico........................................ 43,929 42,585 1,344 28,544 14,041 8,269 7,670 4,633 17,174 683 4,156 664 556

Panama...................................... 5,310 5,260 50 3,854 1,406 1,189 3 531 2,162 374 1,001 590 176

Peru............................................ 3,078 3,063 15 2,909 154 1,068 8 650 1,194 19 124 65 19

Uruguay ..................................... 4,710 4,669 41 3,982 687 951 164 1,238 1,718 249 349 1,139 76

Venezuela.................................. 27,665 27,216 449 25,456 1,760 11,715 27 1,425 12,150 172 1,727 227 158

Other Latin America .................. 8,610 8,552 58 6,857 1,695 3,326 153 1,643 2,988 190 252 120 789

Total Latin America............... 136,946 133,238 3,708 107,482 25,756 36,624 8,608 16,780 57,862 3,162 10,202 6,427 2,403

Caribbean: 

Bahamas.................................... 215,229 212,764 2,465 209,354 3,410 135,568 187 61,870 2,299 704 12,136 187,335 175

Bermuda .................................... 52,438 52,166 272 35,534 16,632 2,168 342 6,048 4,095 2,738 36,775 15,620 1,745

Cayman Islands 8 ...................... 923,473 910,676 12,797 701,332 209,344 301,017 95 420,732 20,184 4,364 164,284 581,634 1,322

Cuba........................................... 120 120 - 120 - 14 - 5 91 - 10 - -

Jamaica...................................... 952 917 35 903 14 431 9 237 227 - 13 90 1

Netherlands Antilles .................. 5,742 5,733 9 3,122 2,611 1,494 2,321 415 574 29 900 564 24

Trinidad and Tobago................. 2,838 2,830 8 2,442 388 1,140 14 1,049 356 16 255 273 73

Other Caribbean........................ 33,147 32,377 770 17,701 14,676 4,648 473 1,018 8,910 4,069 13,259 245 3,018

Total Caribbean .................. 1,233,939 1,217,583 16,356 970,508 247,075 446,480 3,441 491,374 36,736 11,920 227,632 785,761 6,358

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2006 

65

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2005, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities 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 ...................... 46,459 46,458 1 17,354 29,104 4,880 12,851 27,039 1,173 47 468 1,581 1,034

Taiwan ......................... 23,304 23,277 27 20,521 2,756 4,172 1,679 12,346 4,201 57 822 1,004 344

Hong Kong....................... 35,817 34,400 1,417 17,872 16,528 11,172 4,621 12,712 2,539 299 3,057 9,466 538

India.................................. 13,765 13,737 28 6,177 7,560 3,544 3,603 5,300 772 6 512 3,511 11

Indonesia ......................... 4,308 4,306 2 2,430 1,876 860 1,852 811 776 - 7 282 4

Israel................................. 9,823 9,789 34 6,008 3,781 726 2,874 3,265 2,034 226 664 947 108

Japan ............................... 159,212 155,515 3,697 49,961 105,554 18,014 96,472 28,700 4,657 1,532 6,140 38,897 247

Korea................................ 27,187 27,091 96 8,098 18,993 4,799 10,536 10,844 745 - 167 1,803 1,002

Lebanon........................... 797 789 8 784 5 312 - 363 110 1 3 8 3

Malaysia........................... 2,283 2,281 2 1,551 730 708 562 778 110 10 113 89 6

Pakistan ........................... 1,816 1,807 9 1,611 196 630 78 951 111 - 37 220 5

Philippines........................ 3,774 3,770 4 2,638 1,132 1,773 645 308 563 29 452 169 52

Singapore......................... 20,720 18,195 2,525 14,707 3,488 7,606 648 5,075 879 700 3,287 9,978 420

Syria ................................. 28 28 - 28 - 1 - - 27 - - - -

Thailand ........................... 9,974 9,973 1 8,658 1,315 288 761 8,053 440 362 69 135 8

Other Asia........................ 58,752 56,833 1,919 25,518 31,315 13,709 22,971 14,314 1,339 284 4,216 8,136 2,387

Total Asia..................... 418,019 408,249 9,770 183,916 224,333 73,194 160,153 130,859 20,476 3,553 20,014 76,226 6,169

Africa: 

Congo (formerly Zaire).... 7 7 - 7 - 5 - - 2 - - 4 -

Egypt ................................ 4,980 4,980 - 1,813 3,167 956 3,097 610 250 - 67 223 40

Ghana .............................. 572 572 - 373 199 86 199 252 35 - - - -

Liberia............................... 253 251 2 145 106 3 - 22 118 32 76 1 16

Morocco ........................... 138 138 - 121 17 63 - 29 31 2 13 1 -

South Africa ..................... 3,051 3,048 3 2,675 373 910 312 1,649 168 4 5 1,795 56

Other Africa...................... 11,250 11,221 29 7,697 3,524 4,319 2,318 3,375 782 114 313 814 226

Total Africa .................. 20,251 20,217 34 12,831 7,386 6,342 5,926 5,937 1,386 152 474 2,838 338

Other countries: 

Australia ........................... 18,083 17,767 316 14,049 3,718 3,499 84 11,502 602 656 1,424 316 131

New Zealand ................... 3,351 3,122 229 2,239 883 299 402 1,748 159 179 335 - 20

All other............................ 15,503 572 14,931 548 24 81 2 210 272 1 6 26 1

Total other countries ... 36,937 21,461 15,476 16,836 4,625 3,879 488 13,460 1,033 836 1,765 342 152

Total foreign 

countries.............. 3,168,757 3,047,825 120,932 2,272,876 774,949 886,018 225,586 1,173,652 155,129 32,904 574,536 1,557,176 51,668

International and 

 regional orgs.: 

International..................... 14,932 12,828 2,104 10,741 2,087 - - - 4,230 579 8,019 - 873

European regional........... 688 688 - 431 257 - - - 410 255 23 - -

Latin American regional.... 2,235 2,036 199 309 1,727 - - - 198 166 1,672 - 874

Caribbean regional.......... 94 94 - 48 46 - - - 6 15 73 - -

Asian regional.................. 1,033 1,033 - 883 150 - - - 9 1 1,023 - 1

African regional................ 837 837 - 38 799 - - - 12 13 812 - 63

Middle Eastern regional .. 115 115 - - 115 - - - - 56 59 - 30

Total international 

and regional ............ 19,934 17,631 2,303 12,450 5,181 - - - 4,865 1,085 11,681 - 1,841

Grand total............... 3,188,691 3,065,456 123,235 2,285,326 780,130 886,018 225,586 1,173,652 159,994 33,989 586,217 1,557,176 53,509

 

1

 These data as of September 30, 2005. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other 

Liabilities.” 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

 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. 

7 Before January 2001, data included in United Kingdom. 

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
CAPITAL MOVEMENTS 

March 2006 

66 

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 2001 2002 2003 2004 Dec. 2005 

 

United Kingdom............................ 222,032 203,237 345,235 501,721 595,863

All other Europe............................ 334,586 483,421 462,334 611,774 690,132

Caribbean banking centers 1,2 ...... 641,952 837,771 955,536 1,186,221 1,202,192

Japan............................................ 173,640 176,331 170,315 173,872 159,212

All other Asia ................................ 140,329 162,938 214,276 260,142 258,807

Subtotal ...................................... 1,512,539 1,863,698 2,147,696 2,733,730 2,906,206

All other countries......................... 197,241 202,433 234,774 284,143 282,485

Grand total.................................. 1,709,780 2,066,131 2,382,470 3,017,873 3,188,691

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 longterm securities, were 

recorded at $3.2 trillion in 

December 2005, an increase 

of $171 billion from yearend 

2004. U.S. banking liabilities 

increased about $635 billion 

in 2004 and about $316 

billion in 2003. Much of the 

increase in liabilities to 

foreigners in 2003 reflects 

changes to the reporting 

scope of the TIC reporting 

system effective February 

2003. Between March and 

December of 2003, when 

data were reported on a 

consistent basis, banking 

liabilities increased about 

$136 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more 

than half of U.S. banking 

liabilities is currently 

recorded against the United 

Kingdom and banking 

centers in the Caribbean. 

These financial centers have 

recorded most of the growth 

in banking liabilities in 

recent years. Foreigners 

domiciled in the rest of 

Europe and in Asia account 

for about one-third of U.S. 

banking liabilities. 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

2001 2002 2003 2004 Dec. 2005

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

March 2006 

67

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

Table CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 

Type of Claim 

 Calendar 

 Year 

 2003 Sept. r Dec. r Mar. r June Sept. p 

Total claims.............................................................. 1,706,438 2,036,133 2,188,441 2,154,003 2,333,838 2,436,372 

Payable in dollars.................................................. 1,603,404 1,908,778 2,026,841 2,002,679 2,179,354 2,288,755 

Own claims on foreigners................................... 1,322,363 1,590,875 1,664,223 1,605,031 1,787,969 1,862,561 

Foreign official institutions............................... 53,328 64,936 71,892 72,625 81,822 78,942 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 979,597 1,172,330 1,187,954 1,136,415 1,295,801 1,375,163 

All other foreigners .......................................... 289,438 353,609 404,377 395,991 410,346 408,456 

Claims of domestic customers.............................. 281,041 317,903 362,618 397,648 391,385 426,194 

Payable in foreign currencies .................................. 103,034 127,355 161,600 151,324 154,484 147,617 

Own claims on foreigners ..................................... 81,669 99,897 129,544 110,063 109,277 102,541 

of which: 

Canadian dollars.............................................. 12,716 14,703 15,336 12,528 11,866 13,237 

Euros................................................................ 39,661 46,507 62,138 60,447 56,733 54,064 

United Kingdom pounds sterling...................... 6,882 7,822 10,388 10,962 10,572 11,591 

Japanese yen................................................... 16,610 22,621 34,207 18,593 21,408 15,321 

Claims of domestic customers.............................. 21,365 27,458 32,056 41,261 45,207 45,076 

of which: 

Canadian dollars.............................................. 3,360 1,863 3,225 3,417 2,678 2,875 

Euros................................................................ 8,554 14,292 17,865 26,865 30,501 32,413 

United Kingdom pounds sterling...................... 2,602 2,772 3,805 5,631 7,130 4,572 

Japanese yen................................................... 3,909 4,956 3,716 2,398 2,085 633 

Memoranda: 

Total own claims on foreigners ............................. 1,404,032 1,690,772 1,793,767 1,715,094 1,897,246 1,965,102 

Non-negotiable deposits .................................... 538,187 638,168 719,284 704,510 784,347 765,821 

Short-term negotiable instruments 

 (payable in dollars)........................................... 5,704 8,145 7,858 9,521 11,895 12,983 

Resale agreements ............................................ 344,753 443,072 479,422 478,582 527,196 527,668 

Other................................................................... 515,388 601,387 587,203 522,481 573,808 658,630 

Claims on own foreign offices............................... 934,166 1,045,012 1,097,873 1,059,019 1,201,764 1,283,649 

Claims reported by IBFs ....................................... 321,674 412,725 411,693 368,613 426,620 468,136 

Payable in dollars............................................... 293,898 374,746 365,267 336,281 395,648 440,893 

Payable in foreign currencies............................. 27,776 37,979 46,426 32,332 30,972 27,243 

Total claims held for domestic customers ............ 302,406 345,361 394,674 438,909 436,592 471,270 

Non-negotiable deposits .................................... 141,003 146,300 161,039 186,866 178,878 191,828 

Short-term negotiable instruments 

 (payable in dollars)........................................... 135,303 166,071 195,956 218,771 218,434 238,101 

Other ..................................................................... 26,100 32,990 37,679 33,272 39,280 41,341 

 

 
CAPITAL MOVEMENTS 

March 2006 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 

Country 

Calendar 

year 

2003 Mar. June r Sept. r Dec. r Mar. r June Sept. p

 

Europe: 

Austria .................................................... 5,650 5,674 5,527 6,084 5,732 6,167 5,686 6,007

Belgium 1 ................................................ 11,353 13,689 14,154 13,558 11,676 15,231 17,574 17,866

Bulgaria .................................................. 59 12 20 39 106 45 22 51

Czech Republic ...................................... 232 107 234 185 746 1,124 1,134 2,247

Denmark................................................. 3,606 2,536 3,248 3,626 2,736 1,668 2,001 2,895

Finland.................................................... 8,489 9,088 11,126 13,036 12,365 14,362 11,180 9,640

France .................................................... 89,151 103,563 103,108 97,154 126,728 121,628 141,641 134,986

Germany................................................. 41,851 49,486 51,736 46,788 47,300 58,578 47,559 56,140

Greece.................................................... 244 212 263 278 140 132 319 146

Hungary.................................................. 78 158 106 101 192 47 125 112

Ireland..................................................... 12,721 16,324 18,481 15,565 23,245 26,694 24,776 29,757

Italy ......................................................... 10,553 15,380 16,069 18,554 21,748 22,615 23,615 23,387

Luxembourg 1 ......................................... 7,595 7,944 5,992 7,414 9,151 8,588 7,717 10,065

Netherlands ............................................ 29,533 33,847 32,803 31,601 35,244 26,362 28,748 34,468

Norway ................................................... 18,713 22,898 31,016 27,605 27,739 19,253 34,345 25,570

Poland .................................................... 53 1,121 956 1,794 222 1,370 765 1,666

Portugal .................................................. 2,765 2,812 1,972 1,983 2,039 2,007 2,160 2,058

Romania ................................................. 192 187 194 226 264 245 265 276

Russia 2 .................................................. 1,259 1,057 1,127 981 1,104 1,175 1,022 1,038

Serbia and Montenegro (formerly 

Yugoslavia) 3........................................ - 24 - - - - - -

Spain ...................................................... 5,199 5,093 9,106 9,807 11,365 17,576 15,618 13,444

Sweden................................................... 20,044 24,292 24,701 23,188 28,445 30,875 27,955 29,414

Switzerland............................................. 82,948 106,867 95,979 112,891 118,486 96,119 127,332 179,991

Turkey..................................................... 2,209 3,327 3,296 2,393 2,604 2,618 3,012 3,328

United Kingdom...................................... 385,701 460,654 476,445 515,395 567,001 538,809 589,292 618,968

Channel Islands and Isle of Man 4 ......... 43,415 51,345 49,392 48,652 31,814 32,646 32,735 33,509

Other Europe.......................................... 3,443 4,693 5,841 6,502 6,424 18,221 17,903 17,355

Total Europe ........................................ 787,056 942,390 962,892 1,005,400 1,094,616 1,064,155 1,164,501 1,254,384

Canada...................................................... 79,059 81,535 81,243 76,957 78,707 75,880 76,281 87,228

Latin America: 

Argentina ................................................ 4,426 3,712 3,467 2,975 2,442 2,315 2,275 2,610

Brazil....................................................... 16,571 18,664 17,310 16,514 14,659 17,622 15,724 14,347

Chile ....................................................... 6,167 6,023 6,246 5,831 6,279 6,673 6,788 6,484

Colombia ................................................ 2,123 2,173 2,240 2,530 2,708 2,658 2,629 2,707

Ecuador.................................................. 419 425 453 447 493 509 588 549

Guatemala.............................................. 817 846 824 764 891 831 893 753

Mexico .................................................... 14,113 13,472 12,278 13,206 14,179 14,735 14,900 14,081

Panama .................................................. 1,946 1,928 1,742 1,559 2,020 2,160 2,376 2,103

Peru ........................................................ 1,398 1,383 1,665 1,647 1,550 1,393 1,543 1,349

Uruguay.................................................. 478 412 408 392 422 359 447 475

Venezuela .............................................. 3,093 2,990 2,945 2,736 3,086 2,874 2,690 2,706

Other Latin America 5 ............................. 2,438 2,571 2,665 2,401 2,753 2,542 2,496 2,374

Total Latin America.............................. 53,989 54,599 52,243 51,002 51,482 54,671 53,349 50,538

Caribbean: 

Bahamas ................................................ 104,469 100,823 96,490 88,390 126,048 130,744 156,067 150,218

Bermuda................................................. 15,410 21,171 16,390 26,448 34,495 29,562 29,515 23,911

Cayman Islands 6 ................................... 489,806 545,927 577,874 592,248 587,781 593,361 640,895 643,013

Cuba....................................................... -- - - -- - -

Jamaica .................................................. 379 388 457 378 351 391 437 422

Netherlands Antilles ............................... 6,736 5,401 5,459 5,357 5,610 5,725 4,940 5,100

Trinidad and Tobago .............................. 701 829 900 691 760 690 734 830

Other Caribbean 5 .................................. 5,108 6,047 6,838 7,051 7,843 9,140 9,787 9,549

Total Caribbean................................... 622,609 680,586 704,408 720,563 762,888 769,613 842,375 833,043

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2006 

69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 

Country 

 Calendar 

 year 

 2003 Mar. June r Sept. r Dec. r Mar. r June Sept. p 

 

Asia: 

China: 

Mainland .................................... 4,320 9,836 9,067 12,030 9,425 13,355 10,744 17,488

Taiwan ....................................... 9,952 9,401 11,312 10,140 10,935 12,578 10,753 8,234

Hong Kong ................................... 7,927 9,505 6,402 4,457 6,316 3,703 8,588 7,530

India.............................................. 1,781 2,141 2,481 2,402 2,298 2,532 2,467 2,866

Indonesia...................................... 877 958 937 639 617 554 587 633

Israel............................................. 7,186 7,444 5,257 5,883 3,119 5,851 3,419 4,857

Japan............................................ 74,174 69,503 81,777 91,539 102,859 89,021 93,721 89,766

Korea............................................ 12,416 20,890 15,320 14,117 16,194 16,134 16,009 17,083

Lebanon........................................ 72 72 60 56 49 44 42 46

Malaysia ....................................... 1,028 1,170 1,351 1,131 1,539 1,603 1,728 1,418

Pakistan........................................ 74 52 88 64 37 57 37 40

Philippines .................................... 1,751 1,580 1,316 957 1,023 853 953 1,113

Singapore ..................................... 8,291 9,075 8,975 6,625 6,604 7,330 7,116 8,936

Syria ............................................. 2 2 21 5 6 2 2 2

Thailand........................................ 1,303 1,198 809 965 1,450 1,667 6,090 8,778

Oil-exporting countries 7 ............... 8,748 6,466 8,239 10,215 10,755 8,578 8,852 13,151

Other Asia .................................... 194 122 173 243 234 111 139 219

Total Asia................................... 140,096 149,415 153,585 161,468 173,460 163,973 171,247 182,160

Africa: 

Congo (formerly Zaire) ................. - - - - - - - -

Egypt ............................................ 251 228 212 201 246 361 521 553

Ghana........................................... 17 11 11 19 22 16 18 15

Liberia........................................... 317 257 201 265 273 251 232 228

Morocco........................................ 66 66 71 88 95 90 73 83

South Africa.................................. 3,672 3,876 434 350 631 463 300 310

Oil-exporting countries 8 ............... 158 218 162 208 249 328 298 360

Other Africa .................................. 278 201 279 213 191 208 452 168

Total Africa ................................ 4,759 4,857 1,370 1,344 1,707 1,717 1,894 1,717

Other countries: 

Australia........................................ 10,599 13,417 11,277 11,015 15,211 12,148 13,946 13,501

New Zealand ................................ 2,964 2,590 1,865 1,697 2,243 2,895 2,036 2,788

All other ........................................ 46 61 39 79 82 221 109 167

Total other countries.................. 13,609 16,068 13,181 12,791 17,536 15,264 16,091 16,456

Total foreign countries ............ 1,701,177 1,929,450 1,968,922 2,029,525 2,180,396 2,145,273 2,325,738 2,425,526

International and regional orgs: 

International.................................. 3,971 5,260 2,382 4,770 6,856 6,095 6,792 10,485

European regional........................ 127 834 661 191 761 1,698 861 28

Latin American regional ............... 265 283 232 143 279 311 144 135

Caribbean regional....................... - - - - - - - -

Asian regional............................... 898 712 273 1,463 149 626 303 198

African regional ............................ - - 35 35 - - - -

Middle Eastern regional ............... - - - 6 - - - -

Total international 

 and regional............................ 5,261 7,089 3,583 6,608 8,045 8,730 8,100 10,846

Grand total .............................. 1,706,438 1,936,539 1,972,505 2,036,133 2,188,441 2,154,003 2,333,838 2,436,372

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 
CAPITAL MOVEMENTS 

March 2006 

70 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2005 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 6,007 4,578 1,452 3,099 139 27 1,429 1,349 80

Belgium 1 ........................................... 17,866 16,542 14,921 1,384 9,849 237 1,324 990 334

Bulgaria ............................................. 51 50 17 1 - 32 1 1 -

Czech Republic ................................. 2,247 2,241 2,209 21 55 11 6 - 6

Denmark............................................ 2,895 2,543 2,228 265 784 50 352 267 85

Finland............................................... 9,640 9,254 8,851 163 8,675 240 386 244 142

France ............................................... 134,986 106,893 72,310 17,321 65,545 17,262 28,093 25,331 2,762

Germany............................................ 56,140 37,735 18,693 14,081 9,894 4,961 18,405 13,986 4,419

Greece............................................... 146 139 17 91 - 31 7 7 -

Hungary............................................. 112 105 42 3 12 60 7 - 7

Ireland................................................ 29,757 17,658 6,468 10,240 4,500 950 12,099 11,484 615

Italy .................................................... 23,387 19,634 16,873 383 13,609 2,378 3,753 3,742 11

Luxembourg 1 .................................... 10,065 7,565 3,174 3,847 2,128 544 2,500 2,145 355

Netherlands ....................................... 34,468 22,523 9,847 10,454 10,624 2,222 11,945 8,034 3,911

Norway .............................................. 25,570 21,094 19,310 1,418 507 366 4,476 4,367 109

Poland ............................................... 1,666 1,659 1,520 6 25 133 7 1 6

Portugal ............................................. 2,058 1,955 1,038 274 261 643 103 101 2

Romania ............................................ 276 263 28 214 - 21 13 4 9

Russia 2 ............................................. 1,038 1,025 543 470 100 12 13 13 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3 ................................... - - - - - - - - -

Spain ................................................. 13,444 10,958 9,605 207 8,917 1,146 2,486 2,466 20

Sweden.............................................. 29,414 12,038 8,752 2,227 8,781 1,059 17,376 16,945 431

Switzerland........................................ 179,991 173,041 167,067 3,229 165,192 2,745 6,950 6,906 44

Turkey................................................ 3,328 3,312 2,577 651 104 84 16 9 7

United Kingdom................................. 618,968 497,769 345,810 117,127 386,728 34,832 121,199 117,010 4,189

Channel Islands and Isle of Man 4 ........ 33,509 28,500 24,017 4,256 24,058 227 5,009 2,936 2,073

Other Europe..................................... 17,355 2,134 1,417 310 4 407 15,221 21 15,200

Total Europe ................................... 1,254,384 1,001,208 738,786 191,742 720,491 70,680 253,176 218,359 34,817

Canada................................................. 87,228 66,914 46,292 10,187 40,874 10,435 20,314 17,039 3,275

Latin America: 

Argentina ........................................... 2,610 2,385 175 2,167 171 43 225 208 17

Brazil.................................................. 14,347 14,158 7,603 6,057 3,895 498 189 164 25

Chile .................................................. 6,484 6,445 2,435 3,791 523 219 39 37 2

Colombia ........................................... 2,707 2,671 1,726 927 12 18 36 28 8

Ecuador............................................. 549 526 152 374 2 - 23 23 -

Guatemala......................................... 753 738 275 456 34 7 15 15 -

Mexico ............................................... 14,081 13,869 1,604 12,019 481 246 212 162 50

Panama ............................................. 2,103 1,926 1,334 571 208 21 177 152 25

Peru ................................................... 1,349 1,334 379 952 158 3 15 14 1

Uruguay............................................. 475 464 153 306 131 5 11 4 7

Venezuela ......................................... 2,706 2,685 716 1,786 - 183 21 21 -

Other Latin America 5 ........................ 2,374 2,346 1,056 1,289 209 1 28 28 -

Total Latin America......................... 50,538 49,547 17,608 30,695 5,824 1,244 991 856 135

Caribbean: 

Bahamas ........................................... 150,218 98,041 94,359 3,196 93,831 486 52,177 52,159 18

Bermuda............................................ 23,911 22,256 425 21,181 1,283 650 1,655 1,572 83

Cayman Islands 6 .............................. 643,013 515,118 404,715 100,983 337,010 9,420 127,895 124,092 3,803

Cuba.................................................. - - - - - - - - -

Jamaica ............................................. 422 422 61 357 133 4 - - -

Netherlands Antilles .......................... 5,100 5,022 1,661 3,345 1,409 16 78 62 16

Trinidad and Tobago ......................... 830 830 285 541 169 4 - - -

Other Caribbean 5 ............................. 9,549 9,402 381 8,725 40 296 147 146 1

Total Caribbean.............................. 833,043 651,091 501,887 138,328 433,875 10,876 181,952 178,031 3,921

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2006 

71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2005, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

 Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 17,488 17,426 16,454 966 788 6 62 62 - 

Taiwan ............................................ 8,234 8,098 7,379 555 782 164 136 17 119 

Hong Kong ........................................ 7,530 7,296 2,775 4,199 1,218 322 234 68 166 

India................................................... 2,866 2,765 2,420 318 662 27 101 92 9 

Indonesia........................................... 633 601 188 384 39 29 32 3 29 

Israel.................................................. 4,857 3,221 2,989 197 1,321 35 1,636 1,629 7 

Japan................................................. 89,766 87,655 72,110 11,370 60,358 4,175 2,111 1,491 620 

Korea................................................. 17,083 16,989 15,259 1,410 3,152 320 94 67 27 

Lebanon............................................. 46 45 41 4 - - 1 1 - 

Malaysia ............................................ 1,418 1,379 1,210 139 1 30 39 7 32 

Pakistan............................................. 40 36 10 24 1 2 4 4 - 

Philippines ......................................... 1,113 1,099 981 104 18 14 14 11 3 

Singapore .......................................... 8,936 7,017 4,758 1,014 4,124 1,245 1,919 954 965 

Syria .................................................. 2 - - - - - 2 2 - 

Thailand............................................. 8,778 8,521 8,300 18 169 203 257 18 239 

Other Asia ......................................... 13,370 13,179 8,704 2,903 6,944 1,572 191 191 - 

Total Asia........................................ 182,160 175,327 143,578 23,605 79,577 8,144 6,833 4,617 2,216 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - - - - 

Egypt ................................................. 553 482 366 87 132 29 71 29 42 

Ghana................................................ 15 6 4 2 - - 9 9 - 

Liberia................................................ 228 220 2 208 - 10 8 8 - 

Morocco............................................. 83 73 33 - - 40 10 10 - 

South Africa....................................... 310 267 90 128 5 49 43 8 35 

Other Africa ....................................... 528 482 130 350 21 2 46 42 4 

Total Africa ..................................... 1,717 1,530 625 775 158 130 187 106 81 

Other countries: Australia............................................. 13,501 8,523 4,789 3,052 2,846 682 4,978 4,391 587 

New Zealand ..................................... 2,788 1,198 535 313 - 350 1,590 1,547 43 

All other ............................................. 167 93 5 88 4 - 74 74 - 

Total other countries....................... 16,456 9,814 5,329 3,453 2,850 1,032 6,642 6,012 630 

Total foreign countries ................. 2,425,526 1,955,431 1,454,105 398,785 1,283,649 102,541 470,095 425,020 45,075 

International and regional orgs: 

International....................................... 10,485 9,403 - 9,403 - - 1,082 1,081 1 

European regional............................. 28 23 - 23 - - 5 5 - 

Latin American regional .................... 135 47 - 47 - - 88 88 - 

Caribbean regional............................ - - - - - - - - - 

Asian regional.................................... 198 198 - 198 - - - - - 

African regional ................................. - - - - - - - - - 

Middle Eastern regional .................... - - - - - - - - - 

Total international and regional...... 10,846 9,671 - 9,671 - - 1,175 1,174 1 

Grand total ................................... 2,436,372 1,965,102 1,454,105 408,456 1,283,649 102,541 471,270 426,194 45,076 

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 

March 2006 

72 

 

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2001 2002 2003 2004 Sept. 2005 

United Kingdom...................... 300,665 293,642 385,701 567,001 618,968

All other Europe ...................... 362,960 406,139 401,355 527,615 635,416

Caribbean banking centers 1,2 422,615 533,194 618,367 755,954 824,345

Japan ...................................... 40,047 59,792 74,174 102,859 89,766

All other Asia........................... 57,326 53,952 65,922 70,601 92,394

Subtotal................................. 1,183,613 1,346,719 1,545,519 2,024,030 2,260,889

All other countries................... 167,986 170,023 160,919 164,411 175,483

Grand total ............................ 1,351,599 1,516,742 1,706,438 2,188,441 2,436,372

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 September 2005, U.S. 

banking claims on foreigners, 

excluding long-term securities, 

amounted to about $2.4 trillion, 

an increase of $248 billion from 

the level recorded at yearend 

2004. U.S. banking claims 

increased $482 billion in 2004 

and $190 billion in 2003. In 

large part, the increase in 

claims in 2003 reflects changes 

to the reporting scope of the 

TIC reporting system effective 

February 2003. Between March 

and December of 2003, when 

data were reported on a 

consistent basis, banking claims 

increased $18 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently. 

0

100

200

300

400

500

600

700

800

900

2001 2002 2003 2004 Sept. 2005

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

March 2006 

73

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar year 2005 Calendar year 2005 

Country 2003 2004 June 2003 2004 June 

 

Other Europe: 

Cyprus.............................................................. 183 163 389 184 171 83 

Iceland.............................................................. 241 259 222 16 n.a. 8 

Monaco............................................................. 366 271 190 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba................................................................ 425 438 322 179 149 160 

Barbados.......................................................... 11,114 10,436 9,959 631 163 134 

Belize................................................................ 167 219 212 18 21 51 

Bolivia............................................................... 1,045 1,128 1,824 216 182 174 

Costa Rica........................................................ 964 970 1,082 700 698 665 

Dominica .......................................................... 69 n.a. 55 n.a. n.a. n.a. 

Dominican Republic ......................................... 1,744 2,485 2,876 551 416 439 

El Salvador....................................................... 1,321 1,297 1,469 806 1,089 946 

French West Indies and French Guiana.......... 40 21 30 - n.a. n.a. 

Haiti .................................................................. 350 385 403 43 54 43 

Honduras.......................................................... 1,284 1,636 1,819 245 263 275 

Nicaragua......................................................... 135 132 165 60 65 64 

Paraguay.......................................................... 726 799 848 62 49 46 

Suriname.......................................................... 158 88 104 n.a. n.a. 2 

Other Asia: 

Afghanistan ...................................................... 49 102 95 - - n.a. 

Burma............................................................... 5 7 7 - - - 

Jordan .............................................................. 1,575 1,016 1,672 99 45 27 

Macau............................................................... 97 n.a. 238 6 9 - 

Sri Lanka .......................................................... 548 n.a. 233 n.a. n.a. 16 

Yemen.............................................................. 333 235 139 n.a. 13 15 

Other Africa: 

Angola .............................................................. 139 n.a. n.a. n.a. - - 

Cameroon......................................................... 18 14 13 20 26 24 

Ethiopia ............................................................ 349 n.a. 537 - - - 

Guinea.............................................................. 16 28 35 12 n.a. n.a. 

Ivory Coast ....................................................... 77 76 83 n.a. 2 - 

Kenya ............................................................... 124 245 261 n.a. 6 n.a. 

Mauritius........................................................... 113 546 156 9 n.a. n.a. 

Mozambique..................................................... 202 144 116 - - - 

Rwanda ............................................................ 64 141 n.a. n.a. - - 

Senegal ............................................................ n.a. 36 20 n.a. n.a. n.a. 

Somalia ............................................................ n.a. n.a. n.a. - - - 

Sudan............................................................... 82 n.a. n.a. - - - 

Tanzania........................................................... 452 172 159 9 5 - 

Tunisia.............................................................. 43 n.a. 89 67 54 60 

Uganda............................................................. 167 228 199 n.a. - - 

Zambia ............................................................. 93 71 75 - - 2 

Zimbabwe......................................................... 61 66 76 - n.a. - 

All other: 

Papua New Guinea.......................................... n.a. n.a. n.a. n.a. - n.a. 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
CAPITAL MOVEMENTS 

March 2006 

74 

SECTION IV.—Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Type of liability or claim 2001 2002 2003 Sept. Dec. Mar. June Sept. p 

Total liabilities ................................................ 66,679 67,664 83,240 103,204 108,339 109,178 108,077 108,220 

Payable in dollars....................................... 42,925 45,087 52,687 69,707 71,716 72,508 80,255 79,832 

Financial................................................. 18,763 18,844 25,055 43,617 45,905 42,618 46,891 45,081 

Short-term negotiable securities........ n.a. n.a. 1,895 2,867 1,410 1,262 1,827 832 

Other .................................................. n.a. n.a. 23,160 40,750 44,495 41,356 45,064 44,249 

Commercial............................................ 24,162 26,243 27,632 26,090 25,811 29,890 33,364 34,751 

Trade payables .................................. 10,893 13,469 16,000 17,054 16,705 20,257 21,484 22,903 

Advance receipts and other............... 13,269 12,774 11,632 9,036 9,106 9,633 11,880 11,848 

Payable in foreign currencies .................... 23,754 22,577 30,553 33,497 36,623 36,670 27,822 28,388 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. 1,630 2,222 2,623 2,496 1,917 2,000 

Euros.................................................. n.a. n.a. 11,159 8,708 10,125 12,185 17,211 17,396

United Kingdom pounds sterling........ n.a. n.a. 12,031 18,020 19,041 17,182 4,780 4,103 

Japanese yen..................................... n.a. n.a. 2,702 1,944 1,860 1,693 1,723 2,056 

Other .................................................. n.a. n.a. 3,031 2,603 2,974 3,114 2,191 2,833 

By type of liability: 

Financial............................................. 22,271 20,717 28,095 30,201 33,272 33,447 24,948 25,602 

Short-term negotiable securities.... n.a. n.a. 12,107 8,548 10,349 8,791 12,237 11,049 

Other .............................................. n.a. n.a. 15,988 21,653 22,923 24,656 12,711 14,553 

Commercial........................................ 1,483 1,860 2,458 3,296 3,351 3,223 2,874 2,786 

Trade payables .............................. 888 1,230 1,174 1,308 1,476 1,421 1,367 1,298 

Advance receipts and other........... 595 630 1,284 1,988 1,875 1,802 1,507 1,488 

Total claims.................................................... 113,082 102,566 165,901 192,336 197,696 r 201,771 182,146 188,520 

Payable in dollars....................................... 103,864 91,551 148,373 152,500 149,348 153,194 140,192 144,843 

Financial................................................. 74,471 65,070 122,879 124,592 121,909 125,119 111,366 116,909 

Non-negotiable deposits .................... n.a. n.a. 33,944 48,986 42,005 45,007 42,391 43,650 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. n.a. 3,047 7,436 9,739 11,768 8,541 11,513 

Other .................................................. n.a. n.a. 85,888 68,170 70,165 68,344 60,434 61,746 

Commercial............................................ 29,393 26,481 25,494 27,908 27,439 28,075 28,826 27,934 

Trade receivables .............................. 25,828 22,635 21,245 24,123 24,778 24,383 25,565 24,871 

Advance payments and other............ 3,565 3,846 4,249 3,785 2,661 3,692 3,261 3,063 

Payable in foreign currencies .................... 9,218 11,015 17,528 39,836 48,348 48,577 41,954 43,677 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. 2,469 1,724 1,841 7,715 10,438 11,209 

Euros.................................................. n.a. n.a. 4,318 14,155 22,212 19,123 12,377 12,939

United Kingdom pounds sterling........ n.a. n.a. 4,429 10,787 10,805 8,797 8,812 9,633 

Japanese yen..................................... n.a. n.a. 1,420 8,020 7,583 6,350 4,160 4,264 

Other .................................................. n.a. n.a. 4,892 5,150 5,907 6,592 6,167 5,632 

By type of claim: 

Financial............................................. 6,816 6,319 9,453 35,960 43,072 43,824 37,629 39,968 

Non-negotiable deposits ................ n.a. n.a. 1,976 1,328 5,878 7,309 6,584 7,703 

Short-term negotiable securities.... n.a. n.a. 164 159 153 144 353 332 

Other .............................................. n.a. n.a. 7,313 34,473 37,041 36,371 30,692 31,933 

Commercial........................................ 2,402 4,696 8,075 3,876 5,276 4,753 4,325 3,709 

Trade receivables .......................... 1,685 3,750 7,373 3,223 4,451 3,928 3,490 3,181 

Advance payments and other........ 717 946 702 653 825 825 835 528 

Memoranda: 

Financial liabilities and claims: 

Positions with unaffiliated entities: 

Financial liabilities .............................. 41,034 39,561 43,610 57,142 62,847 52,835 45,841 42,708 

Financial claims ................................. 81,287 71,389 67,347 101,867 110,517 115,412 101,634 111,939 

Selected positions with affiliated 

 entities: 1 

Financial liabilities .............................. n.a. n.a. 9,540 16,676 16,330 23,230 25,998 27,975 

Financial claims ................................. n.a. n.a. 64,985 58,685 54,464 53,531 47,361 44,938 

 

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 

March 2006 

75

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Country 2000 2001 2002 2003 Sept. Dec. Mar. June Sept. p 

Europe: 

Austria.................................. 111 151 64 82 83 146 147 124 137

Belgium 1 .............................. 440 253 285 163 98 74 68 191 88

Bulgaria................................ 2 3 4 3 2 2 4 3 -

Czech Republic.................... 7 10 13 6 26 34 37 28 13

Denmark............................... 149 148 522 67 72 41 75 118 76

Finland ................................. 91 86 56 47 39 38 25 11 28

France.................................. 2,459 3,575 6,008 4,443 3,340 2,368 3,150 2,762 2,888

Germany .............................. 3,215 3,249 3,704 4,386 4,356 3,935 6,296 8,556 8,833

Greece ................................. 400 410 403 474 284 248 232 436 475

Hungary................................ 8 27 32 11 10 14 10 3 11

Ireland .................................. 1,216 1,264 785 856 1,635 1,070 1,228 1,455 1,388

Italy....................................... 1,773 1,395 1,271 1,154 892 795 947 972 1,390

Luxembourg 1....................... n.a. n.a. n.a. 705 712 824 622 553 603

Netherlands.......................... 2,316 3,117 2,415 668 655 668 735 532 709

Norway................................. 286 320 406 445 4,664 1,365 873 3,365 829

Poland.................................. 42 43 46 26 154 151 179 186 225

Portugal................................ 16 16 17 7 23 22 29 29 28

Romania............................... 178 17 20 30 43 33 16 3 6

Russia 2 ................................ 91 48 38 71 61 74 47 106 115

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 11 14 9 - 1 2 3 3 7

Spain.................................... 468 423 403 1,068 1,292 591 347 397 388

Sweden ................................ 117 97 115 656 746 800 221 495 432

Switzerland .......................... 606 884 494 1,884 1,047 1,078 1,022 1,064 1,165

Turkey .................................. 408 133 101 302 123 180 104 114 150

United Kingdom ................... 29,209 25,131 25,180 26,911 31,292 32,878 29,619 20,812 19,444

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. n.a. - 1 2 - 46 502

Other Europe ....................... 182 211 201 188 326 287 381 283 381

Total Europe .................... 43,801 41,025 42,592 44,653 51,977 47,720 46,417 42,647 40,311

Canada..................................... 2,344 2,577 2,179 3,405 3,951 4,578 4,426 4,265 4,906

Latin America: 

Argentina.............................. 146 50 62 125 75 59 90 181 118

Brazil .................................... 262 325 318 475 283 321 360 433 284

Chile ..................................... 52 56 55 60 62 91 196 232 325

Colombia.............................. 131 82 50 118 136 84 93 56 146

Ecuador................................ 32 4 5 21 38 26 31 9 28

Guatemala ........................... 10 13 13 15 9 10 4 6 8

Mexico.................................. 867 935 1,201 1,332 1,949 1,968 2,184 2,230 1,968

Panama................................ 32 49 61 52 27 7 23 30 49

Peru...................................... 24 41 21 15 18 17 17 25 67

Uruguay................................ 2786412432

Venezuela ............................ 286 168 178 332 499 451 651 527 768

Other Latin America 5 ........... 1,994 284 503 98 77 113 72 78 93

Total Latin America............. 3,863 2,015 2,473 2,647 3,174 3,149 3,725 3,810 3,856

Caribbean: 

Bahamas.............................. 37 209 74 14 35 32 66 79 74

Bermuda................................... 2,020 1,551 1,528 1,224 3,017 9,230 1,312 889 698

British West Indies 6................. 482 1,672 401 n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. n.a. 3,154 4,620 7,279 7,900 7,659 6,597

Cuba..................................... 20 42 29 2 2 - - - -

Jamaica................................ 16 12 28 17 13 24 19 11 72

Netherlands Antilles............. 32 46 11 3 39 14 17 13 14

Trinidad and Tobago............ 36 38 33 16 12 15 40 8 13

Other Caribbean 5 ................ n.a. n.a. n.a. 564 702 729 891 993 888

Total Caribbean ............... 2,643 3,570 2,104 4,994 8,440 17,323 10,245 9,652 8,356

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2006 

76 

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Country 2000 2001 2002 2003 Sept. Dec. Mar. June Sept. p 

Asia: 

China: 

Mainland............................. 497 735 1,252 1,129 3,439 3,983 3,591 2,923 2,691

Taiwan................................ 970 819 659 441 539 491 620 786 701

Hong Kong ............................. 640 560 495 583 736 668 644 685 713

India........................................ 309 179 160 86 139 103 80 101 135

Indonesia................................ 81 44 100 60 43 74 71 88 68

Israel....................................... 468 195 350 519 377 302 365 255 223

Japan...................................... 8,973 5,850 6,124 6,196 5,952 5,869 6,689 7,315 7,684

Korea...................................... 941 897 548 1,331 692 723 695 1,693 1,729

Lebanon ................................. 53 57 53 13 37 35 34 33 35

Malaysia ................................. 162 393 140 188 311 256 283 283 387

Pakistan.................................. 96 94 158 233 109 171 142 171 194

Philippines.............................. 114 1,100 108 139 120 117 107 96 102

Singapore............................... 2,280 1,793 1,796 1,436 1,165 822 1,247 1,136 1,653

Syria ....................................... 27 6 13 2 38 21 3 3 2

Thailand.................................. 203 105 118 34 24 79 86 64 194

Oil-exporting countries 7......... 2,844 2,649 3,993 3,184 3,342 2,946 3,933 4,273 3,949

Other Asia .............................. 290 83 247 284 233 303 227 163 306

Total Asia ........................... 18,948 15,559 16,314 15,858 17,296 16,963 18,817 20,068 20,766

Africa: 

Congo (formerly Zaire)........... - 1 1 86 - - - - -

Egypt ...................................... 166 117 128 28 131 132 137 130 121

Ghana..................................... 6 3 2 4 3 2 5 1 -

Liberia..................................... 18 30 1 - - 14 5 48 2

Morocco.................................. 11 34 42 41 42 44 39 34 40

South Africa............................ 135 111 130 52 41 36 51 36 53

Oil-exporting countries 8......... 483 441 496 464 581 518 542 723 555

Other Africa ............................ 181 152 158 230 277 332 288 146 203

Total Africa ......................... 1,000 889 958 905 1,075 1,078 1,067 1,118 974

Other countries: 

Australia ................................. 344 584 732 1,053 464 1,047 1,075 399 964

New Zealand 9........................ n.a. n.a. n.a. 71 53 51 65 27 29

All other .................................. 898 430 238 98 96 98 109 86 80

Total other countries .......... 1,242 1,014 970 1,222 613 1,196 1,249 512 1,073

Total foreign countries ... 73,841 66,649 67,590 73,684 86,526 92,007 85,946 82,072 80,242

International and regional orgs: 

International ........................... 1 - 22 - - - - - -

European regional.................. 45 30 3 16 2 2 2 2 1

Latin American regional ......... - - 46 - - - - 5 -

Caribbean regional 10 ............. n.a. n.a. n.a. - - - - - -

Asian regional ........................ 9 - 3 - - - - -2

African regional ...................... 8 - - - - - - - -

Middle Eastern regional ......... - - - - - - - - -

Total international 

 and regional ..................... 63 30 74 16 2 2 2 7 3

Grand total ..................... 73,904 66,679 67,664 73,700 86,528 92,009 85,948 82,079 80,245

 

 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 

March 2006 

77

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Country 2000 2001 2002 2003 Sept. Dec. Mar. r June Sept. p 

Europe: 

Austria....................................... 498 1,985 1,770 1,752 1,841 1,816 2,325 2,302 2,071

Belgium 1 ................................... 748 893 991 523 457 2,307 2,828 2,126 823

Bulgaria..................................... 6 13 9 14 28 37 28 24 26

Czech Republic......................... 67 79 62 54 48 64 41 43 47

Denmark.................................... 229 138 112 716 235 494 212 522 325

Finland ...................................... 224 238 624 176 139 617 237 263 728

France....................................... 4,301 4,371 6,411 5,865 6,202 3,713 6,044 6,826 6,361

Germany ................................... 2,830 2,726 5,447 4,132 3,630 6,787 8,603 6,018 4,774

Greece ...................................... 332 339 409 204 160 199 218 210 168

Hungary..................................... 47 66 51 53 38 46 41 76 33

Ireland ....................................... 616 821 516 423 387 1,672 419 1,051 885

Italy............................................ 1,114 1,434 2,963 4,069 3,546 2,434 2,329 3,063 3,118

Luxembourg 1............................ n.a. n.a. n.a. 115 133 127 189 274 374

Netherlands............................... 3,125 2,667 5,138 3,184 3,545 7,883 8,182 2,199 3,652

Norway...................................... 308 257 286 315 3,415 229 256 1,401 381

Poland....................................... 67 77 79 104 61 57 51 59 51

Portugal..................................... 83 71 222 161 144 146 126 130 123

Romania.................................... 16 34 24 25 38 47 28 17 25

Russia 2 ..................................... 373 137 93 118 148 157 137 202 307

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 15 23 10 13 17 14 16 7 12

Spain......................................... 860 1,042 1,370 1,803 1,612 1,242 1,504 1,566 1,737

Sweden ..................................... 360 441 417 779 867 648 625 662 582

Switzerland ............................... 1,462 1,200 886 2,538 1,803 2,506 2,322 2,643 2,901

Turkey ....................................... 700 383 503 474 499 594 471 480 609

United Kingdom ........................ 20,402 20,343 14,390 15,366 30,417 27,699 29,309 20,966 26,375

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. n.a. - 39 25 10 337 70

Other Europe ............................ 291 362 422 546 591 611 1,454 1,686 2,183

Total Europe ......................... 39,074 40,140 43,205 43,522 60,040 62,171 68,005 55,153 58,741

Canada.......................................... 8,078 9,011 7,803 8,381 8,085 8,429 13,507 14,047 16,294

Latin America: 

Argentina................................... 1,109 810 602 398 420 406 430 366 367

Brazil ......................................... 2,784 3,081 3,036 2,735 2,738 2,758 2,888 2,438 2,821

Chile .......................................... 302 242 217 382 286 346 321 427 304

Colombia................................... 351 240 240 234 288 295 318 209 280

Ecuador..................................... 66 62 112 117 85 86 93 71 75

Guatemala ................................ 106 90 79 76 92 90 125 72 114

Mexico....................................... 3,955 4,466 4,180 2,968 3,294 3,756 3,586 3,230 3,780

Panama..................................... 244 105 79 232 180 177 220 192 183

Peru........................................... 171 79 69 73 87 95 114 89 163

Uruguay..................................... 35 20 30 16 15 13 66 11 29

Venezuela ................................. 415 371 392 361 402 474 529 455 557

Other Latin America 5 ................ 842 919 1,102 427 519 504 520 453 513

Total Latin America................... 10,380 10,485 10,138 8,019 8,406 9,000 9,210 8,013 9,186

Caribbean: 

Bahamas................................... 1,390 1,018 1,069 1,075 1,404 1,631 1,940 3,465 3,829

Bermuda......................................... 395 1,287 1,011 1,024 1,829 5,358 2,719 1,897 1,611

British West Indies 6....................... 12,733 33,060 21,547 n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. n.a. n.a. 20,067 35,312 36,320 31,237 30,591 32,062

Cuba.......................................... 1 2 - 16 2 8 2 5 1

Jamaica..................................... 126 93 94 84 80 67 69 65 67

Netherlands Antilles.................. 84 70 45 32 36 37 13 15 17

Trinidad and Tobago................. 59 45 54 100 117 120 160 151 135

Other Caribbean 5 ..................... n.a. n.a. n.a. 951 1,046 1,085 1,053 1,053 1,259

Total Caribbean .................... 14,788 35,575 23,820 23,349 39,826 44,626 37,193 37,242 38,981

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2006 

78 

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2004 2005 

Country 2000 2001 2002 2003 Sept. Dec. Mar. r June Sept. p

 

Asia: 

China: 

Mainland............................. 1,096 1,052 867 1,066 2,900 3,688 3,714 3,201 3,803 

Taiwan................................ 1,299 853 696 783 880 892 834 883 865 

Hong Kong ............................. 593 1,094 682 832 607 701 668 811 887 

India ....................................... 661 638 743 668 659 643 626 548 551 

Indonesia................................ 407 239 280 170 423 393 587 744 627 

Israel ...................................... 458 700 453 749 586 482 480 427 475 

Japan ..................................... 4,427 3,610 3,618 2,951 2,897 2,848 3,186 3,764 3,311 

Korea...................................... 1,745 1,850 1,738 1,456 1,472 1,569 1,632 1,499 1,301 

Lebanon ................................. 36 16 21 34 18 15 20 19 18 

Malaysia................................. 743 645 521 497 573 549 521 503 522 

Pakistan ................................. 37 44 17 34 52 43 46 58 96 

Philippines.............................. 106 1,001 708 743 255 503 914 672 420 

Singapore............................... 1,065 1,120 1,044 1,162 1,267 1,600 1,420 1,733 1,528 

Syria ....................................... 11 11 28 6 4 14 6 7 5 

Thailand ................................. 344 232 237 250 282 326 270 271 302 

Oil-exporting countries 7......... 1,104 985 897 1,046 1,099 1,208 1,281 1,431 1,364 

Other Asia .............................. 195 189 132 222 260 309 293 257 317 

Total Asia ........................... 14,327 14,279 12,682 12,669 14,234 15,783 16,498 16,828 16,392 

Africa: 

Congo (formerly Zaire)........... - - 18 2 5 1 1 2 2 

Egypt...................................... 266 233 155 176 238 159 226 264 166 

Ghana .................................... 5 7 9 8 11 4 25 5 12 

Liberia .................................... 2 28 50 109 52 102 100 89 92 

Morocco ................................. 49 35 24 27 46 33 32 24 14 

South Africa ........................... 266 293 273 247 148 193 148 135 162 

Oil-exporting countries 8......... 237 137 120 150 212 162 221 249 289 

Other Africa............................ 258 326 330 336 329 281 304 387 398 

Total Africa......................... 1,083 1,059 979 1,055 1,041 935 1,057 1,155 1,135 

Other countries: 

Australia ................................. 2,041 2,150 3,540 3,619 1,458 1,588 2,045 1,757 2,204 

New Zealand 9........................ n.a. n.a. n.a. 208 403 441 546 401 439 

All other.................................. 359 383 393 83 146 245 178 183 199 

Total other countries .......... 2,400 2,533 3,933 3,910 2,007 2,274 2,769 2,341 2,842 

Total foreign countries ... 90,130 113,082 102,560 100,905 133,639 143,218 148,239 134,779 143,571 

International and regional orgs : 

International ........................... 2 - 2 1 2 3 1 1 1 

European regional.................. 4 - 1 2 - 1 - - 1 

Latin American regional......... - - 1 6 5 6 - 5 - 

Caribbean regional 10 ............. n.a. n.a. n.a. - - 1 - - - 

Asian regional ........................ 12 - - 2 5 3 - - - 

African regional...................... 2 - 1 - - - - - - 

Middle Eastern regional......... 7 - 1 - - - - - 9 

Total international 

 and regional ..................... 27 - 6 11 12 14 1 6 11 

Grand total ..................... 90,157 113,082 102,566 100,916 133,651 143,232 148,240 134,785 143,582 

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 

March 2006 

79

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

Country, September 30, 2005, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

 

Europe: 

Austria ........................................... 137 24 113 2,071 1,984 87 

Belgium 1 ....................................... 88 - 88 823 648 175 

Bulgaria ......................................... - - - 26 24 2 

Czech Republic............................. 13 - 13 47 16 31 

Denmark........................................ 76 2 74 325 261 64 

Finland........................................... 28 12 16 728 442 286 

France ........................................... 2,888 1,070 1,818 6,361 4,338 2,023 

Germany........................................ 8,833 7,827 1,006 4,774 3,335 1,439 

Greece........................................... 475 89 386 168 68 100 

Hungary......................................... 11 6 5 33 2 31 

Ireland ........................................... 1,388 1,325 63 885 621 264 

Italy................................................ 1,390 337 1,053 3,118 1,936 1,182 

Luxembourg 1 ................................ 603 567 36 374 153 221 

Netherlands................................... 709 380 329 3,652 3,313 339 

Norway .......................................... 829 301 528 381 305 76 

Poland ........................................... 225 - 225 51 8 43 

Portugal......................................... 28 3 25 123 87 36 

Romania........................................ 6 - 6 25 - 25 

Russia 2 ......................................... 115 10 105 307 187 120 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 7 1 6 12 - 12 

Spain ............................................. 388 33 355 1,737 1,149 588 

Sweden ......................................... 432 303 129 582 391 191 

Switzerland.................................... 1,165 53 1,112 2,901 1,475 1,426 

Turkey ........................................... 150 13 137 609 442 167 

United Kingdom............................. 19,444 15,857 3,587 26,375 23,059 3,316 

Channel Islands and 

Isle of Man 4 .............................. 502 500 2 70 60 10 

Other Europe................................. 381 65 316 2,183 1,907 276 

Total Europe.............................. 40,311 28,778 11,533 58,741 46,211 12,530 

Canada.............................................. 4,906 2,058 2,848 16,294 14,290 2,004 

Latin America: 

Argentina....................................... 118 5 113 367 78 289 

Brazil ............................................. 284 141 143 2,821 1,793 1,028 

Chile .............................................. 325 3 322 304 83 221 

Colombia ....................................... 146 4 142 280 35 245 

Ecuador......................................... 28 - 28 75 17 58 

Guatemala..................................... 8 - 8 114 41 73 

Mexico........................................... 1,968 47 1,921 3,780 1,968 1,812 

Panama......................................... 49 1 48 183 120 63 

Peru............................................... 67 64 3 163 89 74 

Uruguay......................................... 2 - 2 29 1 28 

Venezuela ..................................... 768 30 738 557 167 390 

Other Latin America 5 .................... 93 11 82 513 237 276 

Total Latin America ....................... 3,856 306 3,550 9,186 4,629 4,557 

Caribbean: 

Bahamas ....................................... 74 - 74 3,829 3,802 27 

Bermuda............................................. 698 77 621 1,611 1,113 498 

Cayman Islands 6............................. 6,597 6,497 100 32,062 31,768 294 

Cuba.............................................. - - - 1 - 1 

Jamaica......................................... 72 61 11 67 39 28 

Netherlands Antilles ...................... 14 - 14 17 - 17 

Trinidad and Tobago..................... 13 4 9 135 90 45 

Other Caribbean 5 ......................... 888 39 849 1,259 202 1,057 

Total Caribbean......................... 8,356 6,678 1,678 38,981 37,014 1,967 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2006 

80 

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

Country, September 30, 2005, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China: 

Mainland.................................... 2,691 1,973 718 3,803 2,802 1,001 

Taiwan....................................... 701 15 686 865 85 780 

Hong Kong .................................... 713 80 633 887 475 412 

India............................................... 135 20 115 551 151 400 

Indonesia....................................... 68 10 58 627 469 158 

Israel.............................................. 223 2 221 475 110 365 

Japan............................................. 7,684 1,792 5,892 3,311 1,562 1,749 

Korea............................................. 1,729 58 1,671 1,301 633 668 

Lebanon ........................................ 35 3 32 18 6 12 

Malaysia ........................................ 387 1 386 522 297 225 

Pakistan......................................... 194 1 193 96 19 77 

Philippines..................................... 102 9 93 420 367 53 

Singapore...................................... 1,653 113 1,540 1,528 352 1,176 

Syria .............................................. 2 - 2 5 - 5 

Thailand......................................... 194 5 189 302 165 137 

Other Asia ..................................... 4,255 61 4,194 1,681 171 1,510 

Total Asia .................................... 20,766 4,143 16,623 16,392 7,664 8,728 

Africa: 

Congo (formerly Zaire).................. - - - 2 - 2 

Egypt ............................................. 121 1 120 166 2 164 

Ghana............................................ - - - 12 - 12 

Liberia............................................ 2 - 2 92 86 6 

Morocco......................................... 40 2 38 14 2 12 

South Africa................................... 53 10 43 162 60 102 

Other Africa ................................... 758 110 648 687 197 490 

Total Africa ................................ 974 123 851 1,135 347 788 

Other countries: 

Australia ........................................ 964 613 351 2,204 1,651 553 

New Zealand 7............................... 29 8 21 439 95 344 

All other ......................................... 80 1 79 199 38 161 

Total other countries ................. 1,073 622 451 2,842 1,784 1,058 

Total foreign countries .......... 80,242 42,708 37,534 143,571 111,939 31,632 

International and regional orgs: 

International .................................. - - - 1 - 1 

European regional......................... 1 - 1 1 - 1 

Latin American regional ................ - - - - - - 

Caribbean regional 8 ..................... - - - - - - 

Asian regional ............................... 2 - 2 - - - 

African regional ............................. - - - - - - 

Middle Eastern regional ................ - - - 9 - 9 

Total international 

 and regional ............................ 3 - 3 11 - 11 

Grand total ............................ 80,245 42,708 37,537 143,582 111,939 31,643 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 

March 2006 

81

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchase 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

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 ......................................... 263,580 103,838 159,685 57 8,001,517 7,737,937 155,800 1,440,289 1,284,489 

2004 r ....................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 - Jan. - Dec. p.................. 350,825 61,243 286,608 2,974 10,181,933 9,831,108 226,775 1,125,979 899,204 

 

2004 - Dec................................ 8,354 6,976 1,552 -174 763,555 755,201 26,607 74,481 47,874 

2005 - Jan. r............................. 30,487 7,621 22,399 467 788,361 757,874 26,029 87,354 61,325 

Feb. r............................ 42,623 11,271 31,668 -316 838,757 796,134 16,111 86,059 69,948 

Mar. r ............................ 27,924 -14,980 42,843 61 929,509 901,585 7,477 89,838 82,361 

Apr. r............................. 24,266 13,908 9,601 757 832,086 807,820 6,657 85,740 79,083 

May r ............................ 28,000 6,815 21,233 -48 955,525 927,525 22,493 82,745 60,252 

June r ........................... 16,537 16,666 -1,373 1,244 937,242 920,705 19,942 88,544 68,602 

July r............................. 28,304 3,616 24,740 -52 759,634 731,330 37,792 100,538 62,746 

Aug............................... 28,184 3,223 24,793 168 845,441 817,257 15,698 96,238 80,540 

Sept.............................. 21,813 -1,134 23,051 -104 1,029,282 1,007,469 20,799 100,624 79,825 

Oct................................ 29,859 4,896 24,531 432 808,962 779,103 34,889 117,091 82,202 

Nov. p........................... 54,548 3,731 50,746 71 844,542 789,994 9,073 92,954 83,881 

Dec. p........................... 18,280 5,610 12,376 294 612,592 594,312 9,815 98,254 88,439 

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) 

 

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 .............................................................................. 265,743 979,923 714,180 34,737 3,104,232 3,069,495 

2004 r ............................................................................ 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 - Jan. - Dec. p....................................................... 391,734 1,272,055 880,321 79,142 4,469,257 4,390,115 

 

2004 - Dec..................................................................... 40,948 117,597 76,649 7,939 352,844 344,905 

2005 - Jan. r .................................................................. 18,549 90,480 71,931 13,638 328,646 315,008 

Feb. r................................................................. 31,625 110,150 78,525 1,373 330,558 329,185 

Mar. r ................................................................. 21,416 115,041 93,625 1,322 390,379 389,057 

Apr. r.................................................................. 17,994 93,098 75,104 3,909 396,508 392,599 

May r ................................................................. 19,857 97,147 77,290 521 366,192 365,671 

June r ................................................................ 54,585 138,706 84,121 4,394 365,052 360,658 

July r.................................................................. 26,841 89,473 62,632 7,804 329,205 321,401 

Aug .................................................................... 40,194 109,069 68,875 1,736 361,820 360,084 

Sept................................................................... 49,898 114,230 64,332 22,982 409,963 386,981 

Oct..................................................................... 36,131 100,732 64,601 7,969 418,950 410,981 

Nov. p................................................................ 37,300 108,432 71,132 4,774 380,635 375,861 

Dec. p................................................................ 37,344 105,497 68,153 8,720 391,349 382,629 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
CAPITAL MOVEMENTS 

March 2006 

82

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

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 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 - Jan. - Dec. p.............................. -137,819 -16,234 1,502,078 1,518,312 -121,585 2,186,871 2,308,456 

 

2004 - Dec............................................ -22,378 -8,293 118,920 127,213 -14,085 143,604 157,689 

2005 - Jan. r......................................... -4,404 718 115,922 115,204 -5,122 133,638 138,760 

Feb. r........................................ -14,050 1,370 128,668 127,298 -15,420 152,744 168,164 

Mar. r ........................................ -19,490 -4,709 135,292 140,001 -14,781 193,573 208,354 

Apr. r......................................... -7,925 -5,230 117,741 122,971 -2,695 170,620 173,315 

May r ........................................ -14,298 -9,827 128,633 138,460 -4,471 160,010 164,481 

June r ....................................... -13,413 -1,529 147,371 148,900 -11,884 161,197 173,081 

July r......................................... -13,838 -5,512 111,960 117,472 -8,326 162,039 170,365 

Aug ........................................... 677 16,862 129,874 113,012 -16,185 182,782 198,967 

Sept.......................................... -16,203 -9,684 128,208 137,892 -6,519 191,205 197,724 

Oct............................................ -3,200 2,788 147,259 144,471 -5,988 227,055 233,043 

Nov. p....................................... -14,119 2,247 108,458 106,211 -16,366 229,795 246,161 

Dec. p....................................... -17,556 -3,728 102,692 106,420 -13,828 222,213 236,041 

 
 CAPITAL MOVEMENTS 

March 2006 

83

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2005 2005 2005 2005 

Country 

 Calendar 

 year 

 2004 r 

 (1) 

Jan. 

through 

Dec. 

(2) 

 Oct. 

 through 

 Dec. p 

 (3) 

Calendar 

year 

2004 r 

(4) 

 Jan. 

 through

 Dec. 

 (5) 

 Oct. 

 through

 Dec. p 

 (6) 

 Calendar 

 year 

 2004 r 

 (7) 

 Jan. 

 through

 Dec. 

 (8) 

 Oct. 

 through 

 Dec. p 

 (9) 

Calendar 

year 

2004 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct 

through 

Dec. p 

(12) 

Europe: 

Austria............................. 701 96 275 -332 23 166 266 -124 -188 -133 -190 -10

Belgium 1 ........................ 118 502 834 5,649 -398 224 5,838 3,667 833 -348 5,792 1,373

Bulgaria........................... -213 -108 13 -6 34 9 63 -12 -3 -12 -11 -5

Czech Republic............... 1,189 3,072 930 10 145 -280 18 -57 - -12 7 11

Denmark ......................... -299 436 -402 70 641 198 1,023 156 25 308 693 358

Finland............................ -68 -348 96 255 52 37 159 -76 -74 -195 435 39

France............................. -10,219 9,456 3,332 -239 622 -1,315 7,608 14,767 5,067 -876 7,283 2,517

Germany ......................... 8,804 14,579 3,797 -123 5,964 1,569 12,247 7,113 2,750 -2,360 -3,770 -373

Greece............................ -1,350 128 160 62 16 16 115 42 5 79 48 -28

Hungary .......................... 230 19 16 -3 -26 -30 -7 190 16 149 -23 -14

Ireland............................. 933 -506 933 4,224 3,660 501 10,222 14,708 4,277 2,153 1,758 -161

Italy ................................. - 4,508 124 -278 726 170 703 126 18 -1,696 -2,515 -613

Luxembourg 1.................. -575 1,668 52 799 1,707 -504 5,787 6,856 1,866 4,534 7,907 1,889

Netherlands .................... -3,153 -6,387 -2,588 -163 1,277 182 2,092 2,911 353 1,697 -2,275 -1,113

Norway............................ 10,046 6,397 3,544 1,569 1,239 -13 3,510 3,385 916 1,590 2,271 943

Poland............................. -254 2,352 685 105 -708 - -33 -15 -13 2 - -

Portugal .......................... 1,962 -227 -399 49 42 38 80 58 6 25 -102 -1

Romania ......................... 172 107 113 1,037 -145 25 185 - - - -1 -

Russia 2 .......................... -281 1,892 -96 14,783 6,264 1,837 161 5 3 -45 -48 -6

Serbia and Montenegro 

(formerly Yugoslavia) 3.... 135 217 94 - 1 - - 1 - -3 - -

Spain............................... -1,965 4,010 1,582 -374 218 -100 2,047 7,094 3,517 60 88 -31

Sweden........................... 3,236 1,907 -565 148 286 38 1,057 -352 65 785 -393 -754

Switzerland ..................... 5,342 -4,070 -1,352 3,008 -738 414 3,964 4,429 1,480 -1,194 1,153 1,142

Turkey............................. 4,326 403 -395 30 8 5 31 2 14 -27 -47 -15

United Kingdom .............. 78,661 134,271 49,979 53,183 40,887 9,414 107,060 172,929 48,821 15,208 19,953 4,575

Channel Islands and 

Isle of Man 4................ 1,175 702 397 575 -119 -181 5,902 14,681 4,136 -180 375 149

Other Europe .................. -10,222 -472 1,187 192 -904 53 1,935 999 243 62 492 105

Total Europe ............... 88,431 174,604 62,346 84,230 60,774 12,473 172,033 253,483 74,133 19,571 38,880 9,977

Canada ............................... 16,098 21,458 5,692 5,980 12,653 4,138 6,115 4,923 1,750 1,292 16,342 4,426

Latin America: 

Argentina ........................ 415 414 65 159 113 26 391 1,414 281 -84 70 -51

Brazil............................... 1,543 12,272 1,192 1,767 636 34 747 688 114 109 -220 3

Chile ............................... 475 -1,465 103 -616 343 28 269 335 67 29 111 83

Colombia......................... 214 1,448 -411 139 551 392 390 352 107 52 79 34

Ecuador .......................... -32 13 6 142 3 6 42 252 87 -11 -5 -

Guatemala ...................... 35 364 34 49 42 5 3 3 -1 -3 -1 1

Mexico ............................ 8,352 9,821 299 3,849 12,107 2,508 15,084 1,647 19 -195 -274 -455

Panama .......................... -492 22 167 882 496 68 733 969 142 7 244 87

Peru ................................ 482 -34 -29 569 773 105 483 579 189 -101 15 -22

Uruguay .......................... -29 406 613 332 540 126 349 772 170 108 58 18

Venezuela....................... -15 540 344 351 6 -5 910 756 65 60 -104 -37

Other Latin America ........ 70 -420 -171 968 127 -62 457 800 183 -69 23 -4

Total Latin America..... 11,018 23,381 2,212 8,591 15,737 3,231 19,858 8,567 1,423 -98 -4 -343

Caribbean: 

Bahamas......................... 4,682 28,119 10,264 2,529 -17 790 -398 1,231 564 2,381 2,204 463

Bermuda ......................... -20,155 33,187 6,702 1,663 1,299 -219 10,766 5,640 1,390 1,593 4,656 525

Cayman Islands .............. 19,456 -13,482 -7,639 21,541 12,300 -5,448 33,905 34,172 5,555 -4,869 4,901 2,220

Cuba ............................... - - -. - - -. - - - - - -

Jamaica .......................... -79 -74 -67 52 295 76 400 167 - 10 8 -2

Netherlands Antilles ........ 11,596 834 988 162 -462 -5 450 83 160 1,206 2,651 844

Trinidad and Tobago....... 140 24 123 259 162 57 105 -30 3 -26 8 -7

Other Caribbean ............. 6,886 9,136 2,637 3,387 3,304 1,348 2,724 196 281 434 -93 555

Total Caribbean .......... 22,526 57,744 13,008 29,593 16,881 -3,401 47,952 41,459 7,953 729 14,335 4,598

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2006 

84

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2005 2005 2005 2005 

Country 

Calendar 

year 

2004 r 

(1) 

Jan. 

through 

Dec. 

(2) 

Oct. 

through 

Dec. p 

(3) 

Calendar 

year 

2004 r 

(4) 

Jan. 

through 

Dec. 

(5) 

Oct. 

 through 

Dec. p 

 (6) 

Calendar 

year 

2004 r 

(7) 

Jan. 

through 

Dec. 

(8) 

Oct. 

 through 

Dec. p 

 (9) 

Calendar 

year 

2004 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct. 

through 

Dec. p 

(12) 

Asia: 

China: 

Mainland................................ 18,895 38,729 10,678 16,387 24,820 6,705 12,337 27,283 7,628 -307 -463 -103

Taiwan................................... 7,155 3,763 -539 3,187 8,868 2,177 1,562 3,246 830 -311 -361 -54

Hong Kong................................. 1,079 11,869 4,535 11,289 16,972 4,512 5,714 11,560 2,905 -778 842 467

India........................................... -127 526 115 11 7 6 8 8 1 -159 -171 -23

Indonesia................................... 1,166 1,225 774 1,693 -191 -223 -74 35 10 21 -64 -26

Israel.......................................... 2,237 669 -1,149 722 282 50 422 991 335 97 1,248 521

Japan......................................... 166,377 -4,047 -3,670 44,442 59,147 23,316 33,463 26,284 9,566 2,832 218 1,201

Korea......................................... 5,856 2,610 225 10,868 3,902 1,206 1,646 899 299 -46 -78 21

Lebanon..................................... -4 2 -1 1 -3 -1 10 6 - -2 62 18

Malaysia .................................... 439 921 760 551 1,782 139 124 1,346 418 -106 -169 -41

Pakistan..................................... -297 -231 -9 24 36 6 1 17 12 -10 -5 -4

Philippines ................................. 140 972 24 610 377 42 186 70 -18 28 144 -10

Singapore .................................. 3,469 1,282 -732 2,070 1,667 575 4,244 1,619 941 -1,722 7,142 396

Syria .......................................... 4 - - 1 - - - - - 3 -3 -

Thailand..................................... -443 8,324 1,636 254 436 1 81 -1 6 17 -22 1

Oil-exporting countries 5............. 9,041 1,920 3,532 4,353 1,713 -1,433 349 962 380 6,485 1,325 184

Other Asia.................................. -199 475 195 -33 153 27 57 -27 13 123 -36 -11

Total Asia .............................. 214,788 69,009 16,374 96,430 119,968 37,105 60,130 74,298 23,326 6,165 9,609 2,537

Africa: 

Congo (formerly Zaire)............... -1 - - - - - - - - - - -

Egypt ......................................... -20 59 51 13 21 11 23 34 21 18 102 5

Ghana........................................ - - - - - - - 1 - -2 -1 -1

Liberia........................................ -34 -11 -15 -431 -264 -68 261 137 13 -151 41 -39

Morocco..................................... 248 51 -248 - - - 2 -1 - 7 -2 -3

South Africa ............................... 31 63 54 85 71 36 -175 5 -32 21 -20 -

Oil-exporting countries 6............. 249 2,027 1,455 299 4 - 200 85 25 -21 -11 -6

Other Africa ............................... 204 -31 -14 95 82 -71 140 207 60 87 18 8

Total Africa ............................ 677 2,158 1,283 61 -86 -92 451 468 87 -41 127 -36

Other countries: 

Australia..................................... -2,213 -1,278 526 370 682 233 1,416 5,580 1,181 334 -59 395

New Zealand.............................. -326 746 460 47 -122 -21 69 58 24 793 102 -80

All other countries ...................... 361 29 -11 220 9 -3 -124 27 37 -129 -147 -33

Total other countries.............. -2,178 -503 975 637 569 209 1,361 5,665 1,242 998 -104 282

Total foreign countries ....... 351,360 347,851 101,890 225,522 226,496 53,663 307,900 388,863 109,914 28,616 79,185 21,441

International and regional orgs: 

International............................... 2 2,570 793 365 85 -19 1,206 1,747 403 -135 -42 17

European regional ..................... 62 -34 -9 9 20 12 120 229 101 -2 - -

Latin American regional ............. 11 19 11 168 96 7 112 200 41 1 -4 4

Caribbean regional .................... -37 -27 -3 40 19 -1 -3 2 - - - -

Asian regional............................ 634 -57 -10 217 76 80 48 416 254 -1 3 1

African regional.......................... 47 503 15 2 -106 -4 104 273 62 - -1 -1

Middle Eastern regional ............. - - - 78 89 39 13 4 - -3 1 1

Total international and regional.. 719 2,974 797 879 279 114 1,600 2,871 861 -140 -43 22

Grand total......................... 352,079 350,825 102,687 226,401 226,775 53,777 309,500 391,734 110,775 28,476 79,142 21,463

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 

March 2006 

85

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2005, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

 Stocks 

 (7) 

Total 

 sales 

 (8) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks 

 (12) 

Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria ....................................... 5,216 2,608 751 201 886 201 569 4,940 2,333 585 389 896 77 660 

Belgium 1 ................................... 27,464 4,239 11,308 1,867 5,638 1,108 3,304 24,020 3,405 11,084 1,034 4,265 399 3,833 

Bulgaria...................................... 58 41 9 - 5 2 1 42 28 - 3 10 1 - 

Czech Republic.......................... 3,289 2,939 30 - 224 5 91 2,651 2,009 310 - 213 5 114 

Denmark .................................... 6,193 1,507 346 442 2,216 321 1,361 5,584 1,909 148 417 1,858 209 1,043 

Finland....................................... 2,976 1,235 201 6 442 91 1,001 2,886 1,139 164 80 403 33 1,067 

France ....................................... 301,747 188,542 3,304 6,744 86,328 2,229 14,600 294,769 185,210 4,619 1,677 83,811 3,618 15,834 

Germany.................................... 70,112 24,646 2,163 4,578 27,047 4,073 7,605 62,961 20,849 594 1,828 27,420 3,329 8,941 

Greece....................................... 1,058 283 17 54 258 66 380 897 123 1 49 286 91 347 

Hungary ..................................... 462 79 - 40 201 18 124 558 63 30 24 215 7 219 

Ireland........................................ 151,178 98,163 3,106 10,807 11,187 23,593 4,322 143,913 97,230 2,605 6,530 11,348 22,388 3,812 

Italy............................................ 21,447 5,967 841 180 8,785 351 5,323 21,653 5,843 671 162 9,398 241 5,338 

Luxembourg 1............................. 30,041 3,611 9,017 4,886 8,282 1,073 3,172 27,827 3,559 9,521 3,020 6,393 1,394 3,940 

Netherlands ............................... 30,009 8,844 2,278 1,813 9,846 1,585 5,643 33,838 11,432 2,096 1,460 10,959 1,618 6,273 

Norway....................................... 49,432 34,923 5,940 1,485 4,294 518 2,272 43,962 31,379 5,953 569 3,351 688 2,022 

Poland ....................................... 2,171 1,622 25 - 97 323 104 1,222 937 25 13 97 47 103 

Portugal ..................................... 2,167 1,337 100 51 402 66 211 2,536 1,736 62 45 403 56 234 

Romania .................................... 1,061 750 25 - 4 282 - 928 637 - - 4 284 3 

Russia 2 ..................................... 14,645 752 13,096 4 421 50 322 13,006 848 11,259 1 427 100 371 

Serbia and Montenegro 

 (formerly Yugoslavia) 3 ........... 230 230 - - - - - 136 136 - - - - - 

Spain ......................................... 39,630 10,808 10,890 11,910 1,325 1,022 3,675 37,529 9,226 10,990 8,393 1,356 3,114 4,450 

Sweden...................................... 29,222 6,312 590 404 6,520 375 15,021 33,723 6,877 552 339 7,274 557 18,124 

Switzerland ................................ 42,795 8,226 2,071 3,443 18,123 2,071 8,861 41,408 9,578 1,657 1,963 16,981 1,737 9,492 

Turkey........................................ 4,872 4,367 5 43 25 108 324 5,554 4,762 - 29 40 200 523 

United Kingdom ......................... 1,907,623 986,916 67,934 142,336 285,469 174,130 250,838 1,793,837 936,937 58,520 93,515 280,894 171,370 252,601 

Channel Islands and Isle of Man 4.... 22,460 2,234 695 9,089 4,554 4,839 1,049 17,815 1,837 876 4,953 4,405 4,617 1,127 

Other Europe ............................. 14,324 6,983 369 328 1,668 943 4,033 13,396 5,796 316 85 1,563 1,132 4,504 

Total Europe.......................... 2,781,882 1,408,164 135,111 200,711 484,247 219,443 334,206 2,631,591 1,345,818 122,638 126,578 474,270 217,312 344,975 

Canada........................................... 222,471 97,894 7,988 8,671 30,767 41,129 36,022 209,652 92,202 3,850 6,921 26,341 40,666 39,672 

Latin America: 

Argentina ................................... 3,768 382 68 368 969 1,097 884 3,345 317 42 87 1,020 951 928 

Brazil.......................................... 17,599 10,226 41 394 982 2,212 3,744 17,805 9,034 7 280 979 1,962 5,543 

Chile .......................................... 6,107 3,804 397 170 601 526 609 6,245 3,701 369 103 518 474 1,080 

Colombia.................................... 4,683 2,033 548 278 237 1,339 248 4,456 2,444 156 171 203 1,207 275 

Ecuador ..................................... 484 24 19 169 31 46 195 990 18 13 82 31 680 166 

Guatemala ................................. 470 386 7 4 28 35 10 441 352 2 5 27 44 11 

Mexico ....................................... 23,374 9,313 3,689 1,574 2,334 3,125 3,339 21,486 9,014 1,181 1,555 2,789 2,106 4,841 

Panama ..................................... 3,078 478 406 422 776 517 479 3,603 311 338 280 689 1,633 352 

Peru ........................................... 1,068 47 106 215 90 516 94 1,109 76 1 26 112 599 295 

Uruguay ..................................... 3,290 1,500 165 223 345 800 257 2,226 887 39 53 327 671 249 

Venezuela.................................. 2,585 704 38 376 417 870 180 2,565 360 43 311 454 1,189 208 

Other Latin America 5................. 5,500 4,621 39 296 235 258 51 5,554 4,792 101 113 239 262 47 

Total Latin America................ 72,006 33,518 5,523 4,489 7,045 11,341 10,090 69,825 31,306 2,292 3,066 7,388 11,778 13,995 

Caribbean: 

Bahamas.................................... 122,291 79,510 2,000 1,965 30,756 2,678 5,382 110,118 69,246 1,210 1,401 30,293 3,381 4,587 

Bermuda .................................... 347,577 136,402 9,835 9,109 154,232 7,742 30,257 339,147 129,700 10,054 7,719 153,707 8,038 29,929 

Cayman Islands 6 ....................... 769,292 253,841 55,423 47,054 308,081 35,823 69,070 773,622 261,480 60,871 41,499 305,861 37,786 66,125 

Cuba .......................................... - - - - - - - - - - - - - - 

Jamaica ..................................... 1,814 867 175 16 213 521 22 1,709 934 99 16 215 423 22 

Netherlands Antilles ................... 25,783 5,942 199 370 14,516 973 3,783 23,274 4,954 204 210 13,672 993 3,241 

Trinidad and Tobago.................. 1,578 592 606 46 22 292 20 1,465 469 549 43 29 353 22 

Other Caribbean 5 ...................... 172,242 13,791 2,016 4,829 121,690 2,737 27,179 167,992 11,154 668 4,548 121,135 3,611 26,876 

Total Caribbean..................... 1,440,577 490,945 70,254 63,389 629,510 50,766 135,713 1,417,327 477,937 73,655 55,436 624,912 54,585 130,802 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2006 

86

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2005, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

Total 

 sales 

(8) 

Marketable 

Treasury 

and 

Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

Bonds 

 (13) 

Stocks 

 (14) 

Asia: 

China: 

Mainland............................ 82,658 49,614 21,197 8,716 681 1,985 465 56,548 38,936 14,492 1,088 784 497 751

Taiwan............................... 14,350 2,009 3,494 1,015 2,281 1,069 4,482 13,058 2,548 1,317 185 2,335 168 6,505

Hong Kong............................. 77,687 31,570 8,851 3,815 4,305 3,295 25,851 66,365 27,035 4,339 910 3,838 2,898 27,345

India....................................... 4,155 688 6 1 79 65 3,316 3,243 573 - - 102 10 2,558

Indonesia ............................... 2,486 1,328 23 18 69 695 353 2,135 554 246 8 95 857 375

Israel...................................... 7,247 2,132 99 1,113 2,444 59 1,400 7,521 3,281 49 778 1,923 55 1,435

Japan..................................... 272,760 89,056 42,751 14,648 13,186 19,955 93,164 258,959 92,726 19,435 5,082 11,985 19,513 110,218

Korea ..................................... 22,066 9,363 5,126 792 161 811 5,813 20,538 9,138 3,920 493 140 772 6,075

Lebanon................................. 329 10 8 4 243 9 55 300 11 9 4 225 15 36

Malaysia................................. 4,795 2,927 188 444 71 131 1,034 3,477 2,167 49 26 112 61 1,062

Pakistan................................. 76 15 6 13 20 - 22 170 24 - 1 24 - 121

Philippines ............................. 2,262 731 626 58 144 571 132 2,163 707 584 76 154 446 196

Singapore .............................. 31,377 12,332 2,173 2,564 3,823 3,286 7,199 30,038 13,064 1,598 1,623 3,427 2,280 8,046

Syria ...................................... - - - - - - - - - - - - - -

Thailand................................. 4,190 3,366 4 7 122 88 603 2,908 1,730 3 1 121 321 732

Other Asia.............................. 20,645 9,567 1,763 692 6,306 1,166 1,151 17,158 5,840 3,169 299 6,133 863 854

Total Asia........................... 547,083 214,708 86,315 33,900 33,935 33,185 145,040 484,581 198,334 49,210 10,574 31,398 28,756 166,309

Africa: 

Congo (formerly Zaire)........... - - - - - - - 2 - - - - - 2

Egypt ..................................... 795 63 11 26 165 23 507 670 12 - 5 160 21 472

Ghana.................................... - - - - - - - 2 - - - 1 - 1

Liberia.................................... 970 3 192 109 461 17 188 1,108 18 260 96 500 25 209

Morocco................................. 82 60 - - 15 - 7 362 308 - - 18 - 36

South Africa ........................... 945 90 47 17 74 32 685 1,353 36 11 49 74 22 1,161

Other Africa............................ 2,700 1,622 32 372 209 148 317 1,574 181 103 287 207 115 681

Total Africa ........................ 5,492 1,838 282 524 924 220 1,704 5,071 555 374 437 960 183 2,562

Other countries: 

Australia................................. 40,538 15,272 2,268 1,905 3,721 1,899 15,473 40,274 14,746 2,035 724 3,326 3,332 16,111

New Zealand.......................... 1,663 559 161 42 288 247 366 1,184 99 182 18 368 189 328

All other countries .................. 335 19 3 53 95 58 107 330 30 6 16 128 27 123

Total other countries .......... 42,536 15,850 2,432 2,000 4,104 2,204 15,946 41,788 14,875 2,223 758 3,822 3,548 16,562

Total foreign countries ........ 5,112,047 2,262,917 307,905 313,684 1,190,532 358,288 678,721 4,859,835 2,161,027 254,242 203,770 1,169,091 356,828 714,877

International and 

 regional orgs: 

International........................... 4,125 3,020 194 481 314 20 96 2,861 2,227 213 78 297 1 45

European regional.................. 472 7 40 101 - 83 241 629 16 28 - - 267 318

Latin American regional ......... 134 11 8 42 60 13 - 59 - 1 1 56 1 -

Caribbean regional................. 6 - 4 - - - 2 8 3 5 - - - -

Asian regional ........................ 357 - 80 264 11 - 2 33 10 - 10 10 2 1

African regional...................... 265 141 29 89 1 5 - 191 126 33 27 2 3 -

Middle Eastern regional ......... 56 - 39 - 16 - 1 19 - - - 15 - 4

Total international 

 and regional................... 5,415 3,179 394 977 402 121 342 3,800 2,382 280 116 380 274 368

Grand total..................... 5,117,462 2,266,096 308,299 314,661 1,190,934 358,409 679,063 4,863,635 2,163,409 254,522 203,886 1,169,471 357,102 715,245

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 

March 2006 

87

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2005 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Markeable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Marketable 

 Treasury 

 and 

 Federal 

 Financing 

Bank bonds

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria.................................. 17,888 7,558 2,449 763 3,250 1,471 2,397 17,813 7,462 2,426 887 3,440 1,274 2,324

Belgium 1.............................. 99,619 16,005 39,946 8,326 20,522 2,827 11,993 88,794 15,503 40,344 4,659 14,730 1,236 12,322

Bulgaria................................ 305 190 42 3 31 34 5 373 298 8 15 42 6 4

Czech Republic .................... 28,365 26,520 640 - 798 8 399 25,227 23,448 495 57 791 31 405

Denmark .............................. 19,111 5,872 1,151 1,875 5,027 1,359 3,827 16,934 5,436 510 1,719 4,334 912 4,023

Finland ................................. 12,271 6,693 663 102 1,742 186 2,885 12,761 7,041 611 178 1,307 62 3,562

France.................................. 1,303,507 804,943 12,581 25,544 385,543 17,238 57,658 1,276,749 795,487 11,959 10,777 378,260 18,644 61,622

Germany .............................. 289,483 114,295 9,378 17,980 85,875 37,289 24,666 266,286 99,716 3,414 10,867 89,645 36,071 26,573

Greece ................................. 4,133 670 49 204 1,095 291 1,824 3,715 542 33 162 1,047 157 1,774

Hungary ............................... 2,424 295 67 606 668 267 521 2,303 276 93 416 691 277 550

Ireland .................................. 607,809 417,550 14,785 32,040 46,865 82,333 14,236 582,614 418,056 11,125 17,332 45,107 78,543 12,451

Italy ...................................... 94,568 30,453 3,257 1,194 38,329 5,519 15,816 92,864 25,945 2,531 1,068 40,844 5,340 17,136

Luxembourg 1 ....................... 121,852 31,106 24,572 17,673 28,789 9,840 9,872 100,155 29,438 22,865 10,817 20,882 6,996 9,157

Netherlands.......................... 131,073 50,154 9,644 7,244 36,337 6,329 21,365 136,408 56,541 8,367 4,333 38,612 5,569 22,986

Norway................................. 288,281 225,341 30,482 6,813 13,577 4,314 7,754 274,111 218,944 29,243 3,428 11,306 4,496 6,694

Poland.................................. 9,395 7,098 299 24 534 842 598 7,480 4,746 1,007 39 534 538 616

Portugal................................ 15,347 11,364 833 148 1,646 438 918 16,141 11,591 791 90 1,748 207 1,714

Romania............................... 4,032 3,249 140 - 6 381 256 3,965 3,142 285 - 7 488 43

Russia 2................................ 40,137 5,099 31,133 13 1,598 974 1,320 33,170 3,207 24,869 8 1,646 1,662 1,778

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 861 859 1 1 - - - 642 642 - - - - -

Spain.................................... 140,928 32,425 29,396 55,155 5,993 6,020 11,939 133,349 28,415 29,178 48,061 5,905 8,704 13,086

Sweden ................................ 106,568 37,013 5,228 1,256 22,879 1,532 38,660 112,428 35,106 4,942 1,608 23,272 2,752 44,748

Switzerland........................... 167,638 40,939 6,513 14,252 67,352 8,512 30,070 169,246 45,009 7,251 9,823 66,199 8,511 32,453

Turkey.................................. 20,131 16,835 13 126 127 972 2,058 23,074 16,432 5 124 174 4,136 2,203

United Kingdom.................... 7,881,712 4,376,143 224,684 594,606 1,133,184 709,866 843,229 7,555,352 4,241,872 183,797 421,677 1,113,231 724,744 870,031

Channel Islands and Isle 

 of Man 4 ............................ 82,651 8,085 2,209 31,890 17,284 19,114 4,069 66,211 7,383 2,328 17,209 16,909 18,443 3,939

Other Europe........................ 61,107 31,380 2,625 1,770 6,103 5,314 13,915 64,753 31,852 3,529 771 5,611 7,224 15,766

Total Europe .................... 11,551,196 6,308,134 452,780 819,608 1,925,154 923,270 1,122,25011,082,918 6,133,530 392,006 566,125 1,886,274 937,023 1,167,960

Canada..................................... 892,400 441,438 34,242 31,525 118,222 150,490 116,483 838,261 419,980 21,589 26,602 101,880 148,316 119,894

Latin America: Argentina.............................. 15,441 1,668 341 1,898 3,500 5,103 2,931 13,415 1,254 228 484 3,430 5,135 2,884

Brazil.................................... 82,602 57,443 1,085 1,412 3,002 7,954 11,706 80,596 45,171 449 724 3,222 15,073 15,957

Chile..................................... 22,077 12,753 1,836 898 1,861 2,805 1,924 23,665 14,218 1,493 563 1,750 3,233 2,408

Colombia.............................. 18,714 8,616 1,257 898 996 6,232 715 17,354 7,168 706 546 917 7,498 519

Ecuador................................ 2,752 164 272 598 233 300 1,185 3,194 151 269 346 238 1,042 1,148

Guatemala............................ 1,406 1,017 68 20 86 192 23 1,079 653 26 17 87 268 28

Mexico.................................. 101,446 37,864 21,728 5,760 9,231 14,646 12,217 82,742 28,043 9,621 4,113 9,505 17,790 13,670

Panama................................ 13,931 1,848 3,144 2,012 2,730 2,553 1,644 13,708 1,826 2,648 1,043 2,486 3,918 1,787

Peru ..................................... 3,967 129 816 736 341 1,632 313 4,154 163 43 157 326 2,869 596

Uruguay ............................... 10,848 3,379 847 1,030 1,356 3,367 869 9,034 2,973 307 258 1,298 3,268 930

Venezuela ............................ 9,904 1,677 191 1,547 2,590 3,106 793 9,799 1,137 185 791 2,694 4,300 692

Other Latin America 5 ........... 20,013 15,648 514 1,149 835 1,647 220 19,806 16,068 387 349 812 1,996 194

Total Latin America.......... 303,101 142,206 32,099 17,958 26,761 49,537 34,540 278,546 118,825 16,362 9,391 26,765 66,390 40,813

Caribbean: Bahamas.............................. 444,511 292,375 5,138 7,587 107,051 14,657 17,703 411,835 264,256 5,155 6,356 104,847 15,037 16,184

Bermuda .............................. 1,451,909 677,528 37,092 34,787 579,486 25,161 97,855 1,411,035 644,341 35,793 29,147 574,830 25,557 101,367

Cayman Islands 6 ................. 2,991,744 1,107,437 243,536 203,624 1,086,912 148,628 201,607 2,946,684 1,120,919 231,236 169,452 1,082,011 144,458 198,608

Cuba .................................... - - - - - - - - - - - - - - Jamaica................................ 4,078 1,369 652 225 275 1,532 25 3,481 1,443 357 58 267 1,331 25

Netherlands Antilles ............. 103,150 34,916 1,401 1,360 48,349 5,575 11,549 99,631 34,082 1,863 1,277 45,698 5,822 10,889

Trinidad and Tobago ............ 5,393 1,805 1,947 107 137 1,238 159 5,138 1,781 1,785 137 129 1,149 157

Other Caribbean 5 ................ 631,423 83,265 6,559 21,405 420,494 10,605 89,095 617,735 74,129 3,255 21,209 420,587 11,239 87,316

Total Caribbean ............... 5,632,208 2,198,695 296,325 269,095 2,242,704 207,396 417,993 5,495,539 2,140,951 279,444 227,636 2,228,369 204,593 414,546

See footnotes at end of table. 
88 CAPITAL MOVEMENTS

March 2006 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2005, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds 

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

 (13) 

 Stocks 

 (14) 

Asia: 

China: 

Mainland ....................... 325,130 200,437 78,622 31,029 2,589 10,836 1,617 229,456 161,708 53,802 3,746 3,052 2,197 4,951

Taiwan .......................... 58,864 14,631 15,551 4,281 8,239 3,541 12,621 48,249 10,868 6,683 1,035 8,600 878 20,185

Hong Kong ........................ 279,822 111,403 34,608 16,714 13,630 14,528 88,939 244,305 99,534 17,636 5,154 12,788 13,531 95,662

India .................................. 14,035 3,452 8 16 247 146 10,166 14,409 2,926 1 8 418 106 10,950

Indonesia........................... 7,619 3,613 510 50 297 1,086 2,063 7,916 2,388 701 15 361 2,339 2,112

Israel ................................. 29,562 12,316 572 3,282 8,905 396 4,091 27,647 11,647 290 2,291 7,657 533 5,229

Japan ................................ 1,080,601 500,614 132,373 45,378 50,269 97,195 254,772 1,033,600 504,661 73,226 19,094 50,051 91,978 294,590

Korea ................................ 84,352 40,053 16,171 3,767 531 4,694 19,136 75,889 37,443 12,269 2,868 609 2,533 20,167

Lebanon ............................ 1,009 23 16 16 741 80 133 928 21 19 10 679 54 145

Malaysia............................ 20,326 11,291 2,325 1,590 415 1,272 3,433 15,900 10,370 543 244 584 655 3,504

Pakistan ............................ 381 102 62 51 88 8 70 707 333 26 34 93 11 210

Philippines......................... 12,493 5,556 2,774 342 703 2,344 774 11,192 4,584 2,397 272 559 2,570 810

Singapore.......................... 153,422 70,883 8,038 10,509 23,317 11,445 29,230 140,641 69,601 6,371 8,890 16,175 7,469 32,135

Syria.................................. 1 - - - 1 - - 4 - - - 4 - -

Thailand ............................ 18,171 14,061 461 42 477 156 2,974 10,534 5,737 25 43 499 709 3,521

Other Asia ......................... 72,799 27,195 9,064 2,856 24,747 5,350 3,587 64,667 24,800 7,198 1,921 23,458 4,034 3,256

Total Asia...................... 2,158,587 1,015,630 301,155 119,923 135,196 153,077 433,606 1,926,044 946,621 181,187 45,625 125,587 129,597 497,427

Africa: 

Congo (formerly Zaire).......... - - - - - - - 2 - - - - - 2

Egypt................................. 2,590 109 23 52 925 56 1,425 2,425 50 2 18 823 99 1,433

Ghana ............................... 1 - - 1 - - - 3 - - - 1 - 2

Liberia ............................... 3,774 13 451 329 2,237 88 656 3,848 24 715 192 2,196 83 638

Morocco ............................ 455 364 - - 62 4 25 471 313 - 1 64 - 93

South Africa....................... 3,986 274 103 114 345 539 2,611 5,822 211 32 109 365 925 4,180

Other Africa....................... 8,366 4,817 348 807 721 806 867 5,820 2,821 262 515 714 384 1,124

Total Africa.................... 19,172 5,577 925 1,303 4,290 1,493 5,584 18,391 3,419 1,011 835 4,163 1,491 7,472

Other countries: 

Australia ............................ 150,053 54,581 6,679 8,293 13,576 13,322 53,602 155,887 55,859 5,997 2,713 13,635 20,619 57,064

New Zealand..................... 6,786 2,375 418 159 952 1,503 1,379 6,036 1,629 540 101 850 1,491 1,425

All other countries.............. 1,896 152 79 77 740 475 373 1,819 123 70 50 887 243 446

Total other countries...... 158,735 57,108 7,176 8,529 15,268 15,300 55,354 163,742 57,611 6,607 2,864 15,372 22,353 58,935

Total foreign 

 countries ............... 20,715,399 10,168,788 1,124,702 1,267,941 4,467,595 1,500,563 2,185,810 19,803,441 9,820,937 898,206 879,078 4,388,410 1,509,763 2,307,047

International and 

 regional orgs.: 

International ......................... 17,948 12,106 837 2,548 1,305 913 239 13,707 9,536 752 801 1,347 998 273

European regional ................. 1,778 17 73 446 - 432 810 8,672 51 53 217 - 7,222 1,129

Latin American regional............ 750 56 112 208 276 98 - 651 37 16 8 280 310 -

Caribbean regional ................ 39 4 31 2 - - 2 43 31 12 - - - -

Asian regional........................ 768 135 99 441 28 62 3 279 192 23 25 25 13 1

African regional ..................... 1,339 827 36 465 1 10 - 666 324 142 192 2 6 -

Middle Eastern regional......... 152 - 89 4 52 - 7 57 - - - 51 - 6

 Total international 

 and regional................. 22,774 13,145 1,277 4,114 1,662 1,515 1,061 24,075 10,171 998 1,243 1,705 8,549 1,409

 Grand total................... 20,738,173 10,181,933 1,125,979 1,272,055 4,469,257 1,502,078 2,186,871 19,827,516 9,831,108 899,204 880,321 4,390,115 1,518,312 2,308,456

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 

March 2006 

89

0

50

100

150

200

250

300

350

400

450

500

2002 2003 2004 2005

Jan.-Dec.

2005

Oct.-Dec.

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 2005 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 

 2005 

Jan. - Dec. 

2005 

Oct - Dec. 

United Kingdom............................ 186,691 167,329 254,112 368,040 112,789 

All other Europe ........................... 57,064 114,433 110,153 159,701 46,140 

Caribbean banking centers 1,2...... 76,144 78,538 87,638 119,047 17,618 

Japan............................................ 91,412 176,587 247,114 81,602 30,413 

All other Asia ................................ 109,314 116,980 130,399 191,282 48,929 

Subtotal .................................... 520,625 653,867 829,416 919,672 255,889 

All other countries ........................ 26,940 65,993 87,040 128,804 32,813 

Grand total ............................... 547,565 719,860 916,456 1,048,476 288,702 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds and 

stocks) as reported to the TIC 

reporting system. Foreign investors 

also acquired U.S. equities through 

mergers and reincorporations that 

involve stock swaps. Net foreign 

acquisitions of U.S. equities through 

stock swaps have been modest, 

amounting to about $7 billion in 

both 2001 and 2002, $2 billion in 

2003, $36 billion in 2004, and $6 

billion in 2005. (Stock swaps data 

for the most recent quarter are 

Federal Reserve Board/Treasury 

estimates and are subject to 

substantial revisions.) These stock 

swaps and certain other adjustments 

for principal repayment flows of 

asset-backed securities are not 

reported under the TIC reporting 

system, but are now available on the 

TIC web site. 

Annual net foreign purchases of 

U.S. securities first surpassed $100 

billion in 1993. In 2004, net foreign 

acquisitions (including stock swaps) 

of U.S. securities totaled a record 

$953 billion. Net acquisitions in 

2005 were even stronger, reaching a 

new record of $1,055 billion. 
90 CAPITAL MOVEMENTS

March 2006 

The data on this page represent 

U.S. investors’ purchases and sales 

of long-term foreign securities as 

reported to the TIC reporting 

system. However, in the past 

several years, U.S. investors also 

have acquired a substantial amount 

of foreign stocks, mostly 

European, through mergers that 

involve stock swaps. In addition, 

when foreign firms reincorporate 

in the United States, the associated 

stock swap reduces U.S. holdings 

of foreign equity. Net acquisitions 

through stock swaps amounted to 

$80 billion in 2000, $47 billion in 

2001, $3 billion in 2002, $17 

billion in 2003, -$12 billion in 

2004, and $4 billion in 2005. 

(Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not reported 

under the TIC reporting system, 

but are now available on the TIC 

web site. 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. U.S. 

investors’ acquisitions of foreign 

securities (including stock swaps) 

then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $142 billion in 

2005. 

-50

0

50

100

150

200

2001 2002 2003 2004 2005

Jan.-Dec.

2005

Oct.-Dec.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2005

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2001 2002 2003 2004 

2005 

Jan. - Dec. 

2005 

Oct. - Dec. 

Foreign bonds ...... -30,502 -28,492 -32,046 67,872 16,234 -1,307

Foreign stocks...... 50,113 1,493 88,587 84,970 121,585 36,182

Total ................... 19,611 -26,999 56,541 152,842 137,819 34,875

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
March 2006 

91

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

March 2006

92 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

07/06/05 .................................................................... 426,923 429,310 152 1.2368 

07/13/05 .................................................................... 449,717 451,482 -287 1.2075 

07/20/05 .................................................................... 443,766 446,709 1,047 1.2220 

07/27/05 .................................................................... 470,357 470,659 420 1.2343 

 

08/03/05 .................................................................... 457,751 457,573 882 1.2131 

08/10/05 .................................................................... 451,679 451,160 1,630 1.2115 

08/17/05 .................................................................... 471,152 470,370 1,004 1.2076 

08/24/05 .................................................................... 472,766 471,650 999 1.1960 

08/31/05 .................................................................... 489,385 487,948 987 1.1895 

 

09/07/05 .................................................................... 531,594 532,204 54 1.1856 

09/14/05 .................................................................... 562,383 561,658 171 1.1824 

09/21/05 .................................................................... 471,637 470,376 -76 1.1685 

09/28/05 .................................................................... 476,433 477,132 -236 1.1783 

 

10/05/05 .................................................................... 487,336 494,821 187 1.1794 

10/12/05 .................................................................... 497,798 505,739 454 1.1706 

10/19/05 .................................................................... 496,022 502,765 1,376 1.1781 

10/26/05 .................................................................... 516,705 526,190 1,110 1.1703 

 

11/02/05 .................................................................... 505,326 513,147 930 1.1806 

11/09/05 .................................................................... 514,135 521,417 2,232 1.1857 

11/16/05 .................................................................... 520,105 529,521 2,799 1.1918 

11/23/05 .................................................................... 535,229 547,074 2,624 1.1720 

11/30/05 .................................................................... 545,323 555,359 2,669 1.1670 

 

12/07/05 .................................................................... 565,568 572,850 3,662 1.1582 

12/14/05 .................................................................... 579,879 587,971 2,739 1.1531 

12/21/05 .................................................................... 479,417 487,160 3,065 1.1691 

12/28/05 .................................................................... 461,625 469,786 2,727 1.1636 

 
FOREIGN CURRENCY POSITIONS 

March 2006 

93

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 

2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - Jan ................... 430,788 432,654 120,759 101,894 57,617 65,659 62,650 62,309 -2,397 1.2406 

Feb .................. 463,409 464,011 117,701 107,786 55,301 63,886 59,477 56,845 -2,910 1.2298 

Mar .................. 418,173 418,758 118,320 109,973 59,256 65,599 63,753 61,384 -3,111 1.2097 

Apr................... 460,570 461,436 116,407 107,377 58,883 66,432 59,200 56,823 -1,922 1.2570 

May.................. 484,466 485,145 120,346 113,012 58,962 72,958 85,041 78,961 -1,054 1.2512 

June................. 421,895 425,778 120,893 114,235 59,535 70,588 84,405 82,327 16 1.2257 

July .................. 449,846 451,407 131,302 125,252 66,175 75,204 92,481 91,465 886 1.2258 

Aug .................. 489,949 489,772 133,911 126,316 75,232 85,741 98,522 98,816 1,011 1.1895 

Sept................. 480,298 483,359 123,960 117,811 75,008 83,323 95,767 96,183 -172 1.1608 

Oct................... 502,884 514,528 153,407 134,295 80,140 87,957 92,076 90,371 -137 1.1796 

Nov .................. 540,825 549,962 148,363 126,720 71,368 73,116 69,578 69,059 2,806 1.1670 

Dec .................. 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 

2003 - Mar................... 45,629 50,134 53,084 41,777 750 1,069 1,461 1,491 -2 1.4680 

June................. 28,134 34,279 60,747 49,932 1,011 1,440 1,478 1,792 68 1.3478 

Sept................. 27,882 36,685 59,073 43,044 n.a. 556 1,251 726 12 1.3499 

Dec .................. 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 26,156 32,898 101,524 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

June ................. 28,892 40,197 136,998 86,955 507 n.a. 2,805 762 n.a. 1.2257 

Sept.................. 25,885 32,855 100,061 63,591 665 1,575 2,515 718 n.a. 1.1608 

 
FOREIGN CURRENCY POSITIONS 

March 2006

94 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

07/06/05 .................................................................. 212,048 215,629 684 112.08 

07/13/05 .................................................................. 216,263 219,847 608 112.09 

07/20/05 .................................................................. 222,157 225,338 612 113.42 

07/27/05 .................................................................. 219,636 222,295 685 112.31 

 

08/03/05 .................................................................. 223,894 226,832 610 111.06 

08/10/05 .................................................................. 230,893 234,283 449 110.68 

08/17/05 .................................................................. 230,966 233,081 573 109.64 

08/24/05 .................................................................. 227,670 230,144 466 110.38 

08/31/05 .................................................................. 232,849 236,094 491 110.85 

 

09/07/05 .................................................................. 247,060 250,078 516 110.08 

09/14/05 .................................................................. 250,235 254,578 622 110.29 

09/21/05 .................................................................. 223,134 226,750 565 111.34 

09/28/05 .................................................................. 229,631 232,616 485 113.28 

 

10/05/05 .................................................................. 226,900 229,039 654 113.73 

10/12/05 .................................................................. 226,718 228,195 517 114.36 

10/19/05 .................................................................. 234,507 236,700 536 115.50 

10/26/05 .................................................................. 234,201 235,647 695 115.81 

 

11/02/05 .................................................................. 234,997 237,093 31 116.76 

11/09/05 .................................................................. 243,999 245,770 152 117.51 

11/16/05 .................................................................. 246,164 248,327 121 119.17 

11/23/05 .................................................................. 226,573 228,928 147 118.76 

11/30/05 .................................................................. 264,807 267,153 226 119.66 

 

12/07/05 .................................................................. 268,314 269,996 127 120.93 

12/14/05 .................................................................. 289,534 291,223 -27 116.85 

12/21/05 .................................................................. 250,327 252,089 -399 117.40 

12/28/05 .................................................................. 234,807 237,307 -413 117.62 

 
FOREIGN CURRENCY POSITIONS 

March 2006 

95

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2002 - Dec................... 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 

2003 - Dec................... 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

2004 - Dec................... 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - Jan ................... 218,329 221,044 45,228 42,013 63,038 64,705 53,867 52,278 140 103.57 

Feb .................. 227,481 230,528 45,394 45,323 59,963 63,005 53,570 50,726 65 104.27 

Mar .................. 214,412 217,078 43,661 45,062 59,379 61,810 53,329 50,800 7 107.25 

Apr................... 234,852 238,074 43,931 44,599 50,692 53,153 53,617 52,489 816 104.65 

May.................. 214,316 217,173 47,069 48,109 53,640 54,936 53,512 53,419 695 108.00 

June................. 237,680 241,045 50,062 50,386 49,583 50,689 54,139 54,634 777 110.92 

July .................. 239,594 242,334 48,317 48,867 51,268 52,989 52,528 53,723 708 112.27 

Aug .................. 252,629 255,063 49,383 49,931 54,236 55,666 53,585 53,329 345 110.85 

Sept................. 248,598 250,676 51,371 52,754 51,660 52,088 53,157 53,658 716 113.31 

Oct................... 256,320 258,052 53,648 54,732 51,696 53,838 67,532 66,826 -396 116.36 

Nov.................. 284,309 286,789 54,894 53,600 53,909 54,342 54,477 53,570 -40 119.66 

Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2002 - Dec................... 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 

2003 - Mar................... 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01 

June................. 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75 

Sept................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 

Dec .................. 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 

Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,673 7,384 5,620 3,017 307 297 544 264 n.a. 107.25 

June ................. 8,576 8,485 5,570 2,995 407 352 597 281 -406 110.92 

Sept.................. 8,073 8,966 6,359 3,312 373 368 734 291 -557 113.31 

 
FOREIGN CURRENCY POSITIONS 

March 2006

96 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

07/06/05 .................................................................. 535,929 546,631 1,321 1.3046 

07/13/05 .................................................................. 569,968 575,766 1,293 1.2902 

07/20/05 .................................................................. 577,121 580,641 140 1.2974 

07/27/05 .................................................................. 583,773 589,626 -298 1.2989 

 

08/03/05 .................................................................. 572,121 579,784 303 1.2617 

08/10/05 .................................................................. 572,656 579,698 152 1.2610 

08/17/05 .................................................................. 566,442 574,671 479 1.2600 

08/24/05 .................................................................. 588,919 597,414 -434 1.2685 

08/31/05 .................................................................. 604,460 614,275 1,208 1.2547 

 

09/07/05 .................................................................. 643,416 654,107 1,277 1.2402 

09/14/05 .................................................................. 690,687 700,648 2,339 1.2582 

09/21/05 .................................................................. 537,598 550,732 2,740 1.2712 

09/28/05 .................................................................. 546,688 558,926 3,257 1.2962 

 

10/05/05 .................................................................. 562,690 576,506 2,526 1.2924 

10/12/05 .................................................................. 573,328 585,274 2,566 1.2850 

10/19/05 .................................................................. 592,607 607,328 2,568 1.2947 

10/26/05 .................................................................. 584,213 600,814 3,244 1.2810 

 

11/02/05 .................................................................. 609,112 623,078 3,328 1.2780 

11/09/05 .................................................................. 603,262 616,360 2,987 1.3115 

11/16/05 .................................................................. 614,805 628,778 3,058 1.3255 

11/23/05 .................................................................. 527,451 542,175 2,884 1.3144 

11/30/05 .................................................................. 634,800 648,887 2,230 1.3148 

 

12/07/05 .................................................................. 683,148 697,117 1,621 1.3134 

12/14/05 .................................................................. 735,110 751,365 2,006 1.2790 

12/21/05 .................................................................. 580,086 591,466 1,587 1.3153 

12/28/05 .................................................................. 530,167 546,579 1,810 1.3129 

 
FOREIGN CURRENCY POSITIONS 

March 2006 

97

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818 

2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - Jan ................... 586,149 593,598 53,513 57,250 61,591 62,391 56,706 50,204 2,962 1.1880 

Feb .................. 643,727 652,833 62,280 67,060 65,712 64,044 58,165 48,732 1,743 1.1589 

Mar .................. 491,686 501,555 56,418 59,111 63,362 59,179 57,278 47,309 3,110 1.1956 

Apr................... 529,555 539,042 62,644 65,455 89,667 84,655 60,050 49,488 3,155 1.1904 

May.................. 502,899 508,015 54,748 57,156 104,110 103,349 86,152 71,474 1,359 1.2449 

June................. 554,022 564,714 54,926 58,070 103,375 101,358 82,758 71,669 1,718 1.2829 

July .................. 590,744 594,262 58,496 61,473 111,163 114,540 82,099 72,698 -830 1.2873 

Aug .................. 630,945 639,047 60,960 63,154 118,307 115,350 83,678 71,693 674 1.2547 

Sept................. 578,535 588,492 56,065 59,954 108,513 101,922 57,801 49,774 3,430 1.2891 

Oct................... 608,329 620,749 61,422 64,259 110,535 106,318 84,209 71,116 2,538 1.2900 

Nov .................. 651,659 666,250 55,424 49,847 90,053 83,866 63,868 53,043 2,193 1.3148 

Dec .................. 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 

2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 

June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 

Sept................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 

Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 

Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,896 29,821 38,291 10,119 491 658 1,623 493 n.a. 1.1956 

June ................. 17,850 31,127 53,000 10,181 538 n.a. 1,415 n.a. n.a. 1.2829 

Sept.................. 14,928 24,850 56,802 9,593 n.a. n.a. 460 230 n.a. 1.2891 

 
FOREIGN CURRENCY POSITIONS 

March 2006

98 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

07/06/05 .................................................................. 699,193 693,080 n.a. 1.7583 

07/13/05 .................................................................. 720,099 718,356 3,402 1.7554 

07/20/05 .................................................................. 749,955 744,075 3,801 1.7303 

07/27/05 .................................................................. 738,431 742,025 3,526 1.7438 

 

08/03/05 .................................................................. 725,418 723,729 4,125 1.7808 

08/10/05 .................................................................. 732,625 727,823 4,139 1.7922 

08/17/05 .................................................................. 738,711 740,284 4,059 1.8076 

08/24/05 .................................................................. 746,390 747,088 4,315 1.7965 

08/31/05 .................................................................. 758,939 760,480 4,252 1.8012 

 

09/07/05 .................................................................. 798,427 800,539 4,194 1.8394 

09/14/05 .................................................................. 812,400 814,666 4,501 1.8244 

09/21/05 .................................................................. 719,409 721,083 3,933 1.8097 

09/28/05 .................................................................. 727,827 727,578 3,952 1.7639 

 

10/05/05 .................................................................. 729,488 724,963 4,262 1.7655 

10/12/05 .................................................................. 756,457 749,323 5,679 1.7532 

10/19/05 .................................................................. 756,970 759,070 6,087 1.7627 

10/26/05 .................................................................. 777,988 781,337 5,378 1.7766 

 

11/02/05 .................................................................. 772,578 774,897 6,171 1.7755 

11/09/05 .................................................................. 762,726 763,316 5,738 1.7415 

11/16/05 .................................................................. 789,580 800,910 4,204 1.7166 

11/23/05 .................................................................. 728,017 738,275 5,103 1.7214 

11/30/05 .................................................................. 803,677 813,049 4,170 1.7321 

 

12/07/05 .................................................................. 815,163 822,431 4,422 1.7350 

12/14/05 .................................................................. 864,188 875,790 4,129 1.7737 

12/21/05 .................................................................. 753,556 764,788 3,601 1.7402 

12/28/05 .................................................................. 720,557 725,543 2,966 1.7226 

 
FOREIGN CURRENCY POSITIONS 

March 2006 

99

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2002 - Dec................... 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094 

2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 

2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - Jan ................... 679,431 668,728 233,635 221,171 41,784 39,146 34,094 36,884 1,372 1.8850 

Feb .................. 710,790 700,896 247,649 234,939 37,725 35,175 32,941 36,574 1,852 1.9249 

Mar .................. 651,827 643,792 231,793 219,823 37,851 36,279 36,356 39,891 1,391 1.8888 

Apr................... 689,982 690,704 229,252 215,073 60,876 60,130 58,794 65,500 1,971 1.9122 

May.................. 672,862 670,510 222,727 210,566 61,151 57,461 63,736 70,856 379 1.8231 

June................. 709,800 711,603 227,427 216,639 58,788 55,392 63,288 68,753 1,830 1.7930 

July .................. 750,997 757,340 227,710 215,931 61,777 62,561 73,161 79,285 3,848 1.7593 

Aug .................. 772,514 782,246 240,342 225,976 62,345 58,888 76,215 81,358 4,249 1.8012 

Sept................. 748,475 755,953 235,467 220,837 64,491 56,309 76,771 80,730 4,563 1.7696 

Oct................... 761,450 775,272 287,499 256,854 68,502 59,856 82,301 85,893 4,536 1.7689 

Nov .................. 795,767 806,868 273,944 257,257 70,294 64,813 81,263 84,796 4,670 1.7321 

Dec .................. 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2002 - Dec................... 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 

2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 

June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 

Sept................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 

Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 

Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,551 42,100 47,135 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

June ................. 38,438 53,284 91,683 53,088 n.a. 553 3,874 3,555 n.a. 1.7930 

Sept.................. 23,723 35,977 56,557 n.a. n.a. 518 2,639 2,027 -754 1.7696 

 
FOREIGN CURRENCY POSITIONS 

March 2006

100

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

07/06/05 ................................................................ 7,812,304 7,798,380 -20,952 n.a. 

07/13/05 ................................................................ 8,038,546 8,016,976 -21,606 n.a. 

07/20/05 ................................................................ 8,083,721 8,079,963 -26,076 n.a. 

07/27/05 ................................................................ 8,160,323 8,158,102 -23,050 n.a. 

 

08/03/05 ................................................................ 8,159,587 8,159,338 -22,474 n.a. 

08/10/05 ................................................................ 8,240,445 8,223,571 -16,945 n.a. 

08/17/05 ................................................................ 8,340,545 8,352,056 -12,610 n.a. 

08/24/05 ................................................................ 8,387,431 8,401,711 -12,269 n.a. 

08/31/05 ................................................................ 8,623,039 8,631,362 -13,301 n.a. 

 

09/07/05 ................................................................ 9,033,138 9,039,398 -11,406 n.a. 

09/14/05 ................................................................ 9,261,176 9,249,525 -12,041 n.a. 

09/21/05 ................................................................ 8,195,831 8,206,069 -11,847 n.a. 

09/28/05 ................................................................ 8,329,953 8,327,314 -14,103 n.a. 

 

10/05/05 ................................................................ 8,241,382 8,279,215 -9,342 n.a. 

10/12/05 ................................................................ 8,320,639 8,342,203 -8,213 n.a. 

10/19/05 ................................................................ 8,489,259 8,518,769 -17,809 n.a. 

10/26/05 ................................................................ 8,623,162 8,644,749 -22,525 n.a. 

 

11/02/05 ................................................................ 8,658,458 8,680,025 -10,687 n.a. 

11/09/05 ................................................................ 8,684,199 8,710,920 -13,690 n.a. 

11/16/05 ................................................................ 8,784,570 8,821,695 -12,093 n.a. 

11/23/05 ................................................................ 8,125,500 8,166,530 -15,583 n.a. 

11/30/05 ................................................................ 9,227,780 9,289,895 -14,874 n.a. 

 

12/07/05 ................................................................ 9,257,060 9,323,565 -15,862 n.a. 

12/14/05 ................................................................ 9,807,555 9,857,355 -16,263 n.a. 

12/21/05 ................................................................ 8,661,813 8,728,275 -11,888 n.a. 

12/28/05 ................................................................ 8,153,781 8,247,064 -10,287 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2006 

101

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 

2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

2004 - Dec................... 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

2005 - Jan ................... 7,969,071 7,973,126 - - 1,208,933 1,170,552 1,314,675 1,357,263 6,552 n.a. 

Feb .................. 8,355,432 8,386,945 - - 1,222,120 1,207,448 1,274,898 1,301,192 -1,020 n.a. 

Mar .................. 7,878,352 7,912,104 - - 1,262,340 1,220,219 1,236,568 1,263,695 1,522 n.a. 

Apr................... 8,293,742 8,356,941 - - 1,396,743 1,288,031 1,183,632 1,176,618 -8,357 n.a. 

May.................. 7,754,831 7,782,474 - - 1,344,379 1,294,560 1,209,690 1,233,083 -10,716 n.a. 

June................. 8,345,528 8,353,702 - - 1,347,555 1,312,386 1,170,162 1,176,726 -16,891 n.a. 

July .................. 8,660,426 8,660,142 - - 1,277,090 1,288,403 1,108,409 1,176,757 -21,157 n.a. 

Aug .................. 9,161,206 9,191,265 - - 1,158,387 1,192,576 1,258,131 1,279,228 -12,590 n.a. 

Sept................. 8,842,754 8,904,256 - - 1,145,876 1,164,272 1,150,844 1,168,598 -16,290 n.a. 

Oct................... 9,175,337 9,222,161 - - 1,194,152 1,210,907 1,408,923 1,420,156 -5,214 n.a. 

Nov .................. 9,613,292 9,676,066 - - 1,194,640 1,209,079 1,166,477 1,188,580 -13,615 n.a. 

Dec .................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 

2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. 

June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. 

Sept................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. 

Dec .................. 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. 

Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 447,805 454,607 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

June.................. 466,298 478,539 - - 13,864 12,139 15,821 10,600 10,440 n.a. 

Sept .................. 439,417 424,241 - - 12,959 11,423 8,008 7,764 9,741 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2006

102

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

07/06/05 .................................................................. 2,472,741 2,504,017 7,144 0.8391 

07/13/05 .................................................................. 2,580,457 2,602,305 7,247 0.8271 

07/20/05 .................................................................. 2,603,258 2,625,270 8,909 0.8302 

07/27/05 .................................................................. 2,596,723 2,620,542 7,638 0.8300 

 

08/03/05 .................................................................. 2,608,862 2,638,719 7,195 0.8106 

08/10/05 .................................................................. 2,589,809 2,611,333 3,993 0.8100 

08/17/05 .................................................................. 2,654,551 2,659,728 2,246 0.8137 

08/24/05 .................................................................. 2,695,548 2,711,740 2,695 0.8171 

08/31/05 .................................................................. 2,736,058 2,746,934 3,118 0.8110 

 

09/07/05 .................................................................. 2,837,762 2,842,389 1,968 0.8039 

09/14/05 .................................................................. 2,925,802 2,934,922 215 0.8142 

09/21/05 .................................................................. 2,563,662 2,568,029 818 0.8191 

09/28/05 .................................................................. 2,635,960 2,655,675 3,862 0.8322 

 

10/05/05 .................................................................. 2,602,831 2,600,864 2,368 0.8345 

10/12/05 .................................................................. 2,636,148 2,646,903 4,533 0.8306 

10/19/05 .................................................................. 2,704,317 2,710,106 3,465 0.8342 

10/26/05 .................................................................. 2,740,994 2,748,452 2,941 0.8277 

 

11/02/05 .................................................................. 2,732,889 2,734,818 3,653 0.8287 

11/09/05 .................................................................. 2,792,156 2,795,119 4,218 0.8512 

11/16/05 .................................................................. 2,807,797 2,820,996 3,470 0.8568 

11/23/05 .................................................................. 2,664,710 2,669,808 5,756 0.8475 

11/30/05 .................................................................. 2,985,218 2,988,092 6,166 0.8482 

 

12/07/05 .................................................................. 3,018,669 3,019,878 15,257 0.8531 

12/14/05 .................................................................. 3,194,264 3,196,163 15,653 0.8306 

12/21/05 .................................................................. 2,820,531 2,805,652 6,524 0.8463 

12/28/05 .................................................................. 2,669,348 2,649,624 6,356 0.8421 

 
FOREIGN CURRENCY POSITIONS 

March 2006 

103

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

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 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 

2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - Jan ................... 2,336,298 2,385,448 1,106,604 1,058,238 326,898 293,256 306,125 334,474 -965 0.7663 

Feb .................. 2,442,907 2,477,006 1,123,307 1,085,590 291,464 285,805 313,536 339,762 -3,790 0.7534 

Mar .................. 2,323,661 2,339,046 1,096,419 1,065,712 316,547 295,261 311,445 341,831 -5,566 0.7711 

Apr................... 2,484,698 2,484,953 1,119,763 1,100,777 327,186 288,319 331,656 371,566 -3,307 0.7741 

May.................. 2,289,976 2,308,066 1,158,512 1,133,710 353,316 304,575 353,750 410,408 1,564 0.8098 

June................. 2,604,992 2,624,294 1,238,831 1,207,527 371,521 301,145 383,421 449,945 6,374 0.8266 

July .................. 2,678,150 2,704,008 1,225,893 1,197,828 361,960 309,904 384,320 457,217 7,000 0.8245 

Aug .................. 2,820,963 2,828,909 1,269,850 1,243,375 341,456 290,872 398,245 443,589 3,252 0.8110 

Sept................. 2,685,515 2,708,412 1,244,507 1,193,680 347,230 296,777 396,192 431,940 2,508 0.8293 

Oct................... 2,803,470 2,810,865 1,322,375 1,281,551 374,295 323,139 512,573 552,082 3,046 0.8337 

Nov .................. 3,005,763 3,002,145 1,208,602 1,145,199 390,570 347,311 413,338 460,223 7,573 0.8482 

Dec .................. 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 

2003 - Mar................... 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153 

June................. 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687 

Sept................. 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574 

Dec .................. 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 

Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 140,145 149,484 217,956 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

June ................. 161,252 178,581 283,116 153,746 9,419 6,000 8,969 8,659 -476 0.8266 

Sept.................. 126,262 152,457 222,890 129,434 6,319 4,585 7,799 6,168 245 0.8293 

 
March 2006 

104

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of June 30, 2005, and Sept. 30, 2005 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital June 30, 2005 

July 1, 2005, 

through 

Sept. 30, 2005 Sept. 30, 2005 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 12,103,822 3,134,059 15,237,881 

Special drawing rights 1 ........................................................... 11,289,825 -3,004,393 8,285,432 

Foreign exchange and securities: 

European euro ..................................................................... 10,874,529 31,735 10,906,264 

Japanese yen....................................................................... 8,516,671 -178,616 8,338,055 

Accounts receivable................................................................. 118,381 70 118,451 

Total assets.......................................................................... 42,903,228 -17,145 42,886,083 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 29,614 2,558 32,172 

Total current liabilities ...................................................... 29,614 2,558 32,172 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,136,704 -35,031 7,101,673 

Total other liabilities ......................................................... 9,336,704 -35,031 9,301,673 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 33,336,910 15,328 33,352,238 

Total capital...................................................................... 33,536,910 15,328 33,552,238 

Total liabilities and capital............................................ 42,903,228 -17,145 42,886,083 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

March 2006 

105

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2005, 

through 

Sept. 30, 2005 

Fiscal year to date 

Oct. 1, 2004, 

through 

Sept. 30, 2005 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -215,920 -568,846 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... 26,256 41,587 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 17,729 104,623 

U.S. Government securities......................................................... 118,155 321,983 

Foreign exchange ........................................................................ 69,108 284,247 

Commissions ............................................................................... - - 

Income from operations............................................................... 15,328 183,594 

Net income (+) or loss (-)............................................................. 15,328 183,594 

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.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

109

INTRODUCTION: Financial Report of the United States Government

The following pages are excerpted from the 2005 

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 Government Accountability 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.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

110 

Financial Statements 

of the United States Government 

for the Years Ended September 30, 2005, 

and September 30, 2004 

Statements of Net Cost 

These statements present the net cost of fiscal years 2005 and 2004 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 and earned revenues are presented by department on an accrual basis, while the budget 

presents costs and revenues by obligations and outlays on a cash basis. In the Statements of Net Cost, the costs and earned 

revenues 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. 

Net cost for Governmentwide reporting purposes includes the General Services Administration (GSA) and the Office of 

Personnel Management (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. Because of their specific functions, most of 

the costs originally associated with GSA and 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. 

Health and pension benefits that are not reported in the individual agency statements have been allocated out of OPM to the 

agencies. The interest on Department of the Treasury (Treasury) securities held by the public is part of Treasury’s 

responsibilities, but because of its importance, and the dollar amounts, it is reported separately in these statements. 

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. 

Revenue 

Individual income tax and tax withholdings includes 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 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

111

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 17—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 and balances presented on the prior year 

financial statements. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 18—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. 

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 

receivable, 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. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

112 

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 2005 and 2004) 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 2005 and 2004, 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 payment of interest on debt held by the public, 

required cash payments and contributed to the use of cash. 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 

presented in these financial statements. Those resources include stewardship assets, including natural resources (see 

Stewardship Information section), and the Government’s sovereign powers to tax, regulate commerce, and set monetary 

policy. 

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. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

113

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, as well as 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 21—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 19—Contingencies and 

Note 20—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. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

114 

United States Government 

Statements of Net Cost 

for the Years Ended September 30, 2005, and September 30, 2004 

 Gross

 Cost 

 Earned 

 Revenue 

Net 

Cost 

Gross 

Cost 

Earned 

Revenue 

 Net 

 Cost 

(In billions of dollars) 2005 2004 

Department of Defense................................ 703.9 26.9 677.0 672.1 22.3 649.8 

Department of Health & Human Services.... 623.4 39.6 583.8 583.9 33.4 550.5 

Social Security Administration...................... 572.1 (2.0) 574.1 534.9 2.6 532.3 

Department of Veterans Affairs.................... 276.6 3.4 273.2 51.1 3.2 47.9 

Interest on Treasury Securities held by 

the public ................................................... 181.2 - 181.2 158.3 - 158.3 

Department of Agriculture ............................ 112.6 19.9 92.7 84.1 7.6 76.5 

Department of the Treasury ......................... 82.3 3.1 79.2 79.2 4.0 75.2 

Department of Education ............................. 75.6 4.7 70.9 63.9 4.8 59.1 

Department of Homeland Security............... 74.6 6.7 67.9 45.7 5.7 40.0 

Department of Transportation ...................... 62.4 0.6 61.8 56.7 0.6 56.1 

Department of Labor .................................... 50.0 - 50.0 58.6 - 58.6 

Department of Energy.................................. 46.8 3.7 43.1 27.3 4.9 22.4 

Department of Housing and Urban 

Development ............................................. 43.6 1.3 42.3 41.8 1.3 40.5 

Department of Justice .................................. 27.3 0.8 26.5 35.4 0.8 34.6 

Office of Personnel Management ................ 33.1 14.4 18.7 22.3 13.9 8.4 

National Aeronautics and Space 

Administration............................................ 16.5 0.1 16.4 17.3 0.1 17.2 

Department of the Interior ............................ 19.5 3.2 16.3 18.8 2.2 16.6 

Department of State..................................... 15.6 2.0 13.6 13.9 1.3 12.6 

Agency for International Development......... 13.0 0.2 12.8 10.7 0.1 10.6 

Railroad Retirement Board........................... 9.5 - 9.5 9.3 - 9.3 

Environmental Protection Agency................ 9.3 0.4 8.9 9.5 0.3 9.2 

Department of Commerce............................ 9.2 1.5 7.7 9.1 1.4 7.7 

Federal Communications Commission ........ 7.2 0.6 6.6 7.6 0.8 6.8 

National Science Foundation ....................... 5.5 - 5.5 5.2 - 5.2 

Federal Deposit Insurance Corporation....... 1.4 0.2 1.2 0.8 0.2 0.6 

Small Business Administration...................... 1.4 0.4 1.0 2.1 0.5 1.6 

Pension Benefit Guaranty Corporation ........ 5.1 4.3 0.8 16.9 3.9 13.0 

U.S. Nuclear Regulatory Commission ......... 0.9 0.5 0.4 0.8 0.5 0.3 

Tennessee Valley Authority........................... 8.6 8.7 (0.1) 8.6 8.3 0.3 

National Credit Union Administration ........... 0.1 0.2 (0.1) 0.2 0.1 0.1 

General Services Administration .................. 0.2 0.4 (0.2) - 0.5 (0.5) 

Export-Import Bank of the United States ..... (0.2) 2.5 (2.7) 1.3 2.7 (1.4) 

U.S. Postal Service ........................................ 56.0 68.9 (12.9) 54.0 68.0 (14.0) 

All other entities .............................................. 30.3 7.6 22.7 30.6 11.1 19.5 

Total........................................................... 3,174.6 224.8 2,949.8 2,732.0 207.1 2,524.9 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

115

United States Government 

Statements of Operations and Changes in Net Position 

for the Years Ended September 30, 2005, and September 30, 2004 

(In billions of dollars) 2005 2004 

Revenue: 

Individual income tax and tax withholdings..................................................... 1,690.1 1,512.3 

Corporation income taxes ............................................................................... 271.8 183.8 

Unemployment taxes....................................................................................... 40.0 36.8 

Excise taxes .................................................................................................... 71.0 72.5 

Estate and gift taxes........................................................................................ 24.7 24.8 

Customs duties................................................................................................ 22.0 21.0 

Other taxes and receipts ................................................................................. 46.7 47.7 

Miscellaneous earned revenues ..................................................................... 19.2 13.8 

Total revenue................................................................................................ 2,185.5 1,912.7 

 

Less net cost of Government operations................................................. 2,949.8 2,524.9 

Unreconciled transactions affecting the change in 

net position (Note 17) ................................................................................... 4.3 (3.4) 

Net operating cost ........................................................................................... (760.0) (615.6) 

 

Net position, beginning of period .................................................................. (7,709.8) (7,094.2) 

Change in accounting principle (Note 18)....................................................... 3.6 - 

Prior period adjustments (Note 18) ................................................................. 7.5 - 

Net operating cost ........................................................................................... (760.0) (615.6) 

 

Net position, end of period ............................................................................. (8,458.7) (7,709.8) 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

116 

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit 

for the Years Ended September 30, 2005, and September 30, 2004 

(In billions of dollars) 2005 2004 

Net operating cost ..................................................................................... (760.0) (615.6) 

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........................................................ 57.7 98.7 

Increase in military health liabilities........................................................... 108.6 42.3 

Increase in other military benefits ............................................................. 3.3 2.4 

Increase in liability for military employee benefits..................................... 169.6 143.4 

 

Increase/(Decrease) in Liability for Veterans Compensation (Note 11):

Increase/(decrease) in liabilities for veterans............................................ 150.1 (39.7) 

Increase in liabilities for survivors ............................................................. 47.2 9.6 

Increase in liabilities for burial benefits ..................................................... 0.5 0.1 

Increase/(decrease) in liability for veteran’s compensation ...................... 197.8 (30.0) 

 

Increase in Liabilities for Civilian Employee Benefits (Note 11): 

Increase in civilian pension liabilities......................................................... 43.6 39.8 

Increase in civilian health liabilities ........................................................... 24.6 21.7 

(Decrease)/increase in other civilian benefits ........................................... (5.9) 7.2 

Increase in liabilities for civilian employee benefits................................... 62.3 68.7 

 

Increase/(Decrease) in Environmental Liabilities (Note 12): 

Increase/(decrease) in Energy’s environmental liabilities......................... 8.1 (1.7) 

Increase in all others' environmental liabilities.......................................... 2.5 1.0 

Increase/(decrease) in environmental liabilities ........................................ 10.6 (0.7) 

 

Depreciation expense .................................................................................. 79.7 89.9 

Property, plant, and equipment disposals and revaluations........................ 47.8 0.2 

Increase in benefits due and payable.......................................................... 14.1 2.9 

Increase in insurance programs .................................................................. 31.0 37.0 

Increase/(decrease) in other liabilities ......................................................... 15.1 (4.7) 

Seigniorage and sale of gold ....................................................................... (0.8) (0.7) 

Increase/(decrease) in accounts payable.................................................... 7.8 (2.1) 

(Increase)/decrease in accounts and taxes receivable ............................... (9.7) 0.3 

Components of the Budget Deficit Not Part of Net Operating Cost: 

Capitalized Fixed Assets: 

Department of Defense ............................................................................. (110.2) (83.2) 

Civilian agencies ....................................................................................... (36.4) (28.9) 

Total capitalized fixed assets.................................................................. (146.6) (112.1) 

 

Increase in inventory.................................................................................... (10.5) (8.8) 

Increase in securities and investments........................................................ (18.2) - 

Increase in other assets............................................................................... (5.0) (11.7) 

Principal repayments of precredit reform loans .......................................... 9.7 8.5 

Net amount of all other differences.............................................................. (13.2) 23.2 

 

Unified budget deficit ................................................................................ (318.5) (412.3) 

 

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

117

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2005, and September 30, 2004 

(In billions of dollars) 2005 2004 

Unified budget deficit.............................. (318.5) (412.3)

 

Adjustments for Noncash Outlays Included in the Budget: 

Interest accrued by Treasury on debt held 

by the public ............................................... (154.4) (145.6) 

Subsidy expense (Note 4)....................... 14.4 6.6 

 

Items Affecting the Cash Balance Not Included in the Budget: 

Net Transactions from Financing Activity: 

Repayment of debt held by the public..... 4,317.4 4,379.5 

Borrowings from the public ...................(4,614.1) (4,759.2) 

Total ................................................... (296.7) (379.7) 

 

Net Transactions from Monetary Activity: 

(Decrease)/increase in special 

drawing rights..................................... (4.5) 0.7 

Decrease in other monetary assets...... (0.1) (1.3) 

Decrease in loans to the IMF ...................... (6.2) (4.6) 

Total............................................................. (10.8) (5.2) 

 

Net Transactions from Other Activities: 

Net direct loan activity .......................... - 5.5 

Interest paid by Treasury on debt 

held by the public............................... 152.2 144.7 

Net guaranteed loan activity................. (20.1) (16.7) 

Increase in miscellaneous assets......... 0.3 0.5 

Decrease/(increase) in allocations of 

special drawing rights ........................ 0.1 (0.2) 

Increase in deposit fund balances........ (2.0) (2.9) 

(Increase)/decrease in miscellaneous 

liabilities ................................................. - (1.2) 

Seigniorage and other equity ............... (0.9) (0.7) 

Reclassification of aged unreconciled 

accounts............................................. - - 

NRRIT non-Federal securities1

............. 2.1 2.4 

Total ................................................... 131.7 131.4 

 

Disposition of deficit............................... (315.8) (392.5)

 

Decrease in operating cash balance....... (2.7) (19.8)

 

Operating Cash: (Note 2)

Operating cash balance beginning of 

period.................................................... 31.0 50.8 

Operating cash balance end of period.... 28.3 31.0 

 1 For more information, see Railroad Retirement in the Stewardship Information section (page 66). 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2006 

118 

United States Government 

Balance Sheets 

as of September 30, 2005, and September 30, 2004 

 

(In billions of dollars) 2005 2004 

Assets: 

Cash and other monetary assets (Note 2)...................................... 85.8 97.0 

Accounts and taxes receivable, net (Note 3).................................. 66.1 56.4 

Loans receivable, net (Note 4)........................................................ 221.8 220.9 

Inventories and related property, net (Note 5)................................ 272.0 261.5 

Property, plant, and equipment, net (Note 6).................................. 678.4 652.7 

Securities and investments (Note 7)............................................... 75.3 57.1 

Other assets (Note 8)...................................................................... 56.7 51.7 

Total assets .................................................................................. 1,456.1 1,397.3 

Liabilities: 

Accounts payable (Note 9).............................................................. 67.9 60.1 

Federal debt securities held by the public and accrued interest 

(Note 10)....................................................................................... 4,624.2 4,329.4 

Federal employee and veteran benefits payable (Note 11)............ 4,491.8 4,062.1 

Environmental and disposal liabilities (Note 12) ............................. 259.8 249.2 

Benefits due and payable (Note 13) ............................................... 117.0 102.9 

Insurance program liabilities (Note 14) ........................................... 93.2 62.2 

Loan guarantee liabilities (Note 4) .................................................. 47.7 43.1 

Other liabilities (Note 15) ................................................................ 213.2 198.1 

Total liabilities ............................................................................... 9,914.8 9,107.1 

Contingencies (Note 19) and Commitments (Note 20) 

Net position...................................................................................... (8,458.7) (7,709.8)

Total liabilities and net position.................................................. 1,456.1 1,397.3 

 

 

The accompanying notes are an integral part of these financial statements. 
TRUST FUNDS 

March 2006 

119

 INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of Treasury in fiscal year 1971, according to 

provisions of the Airport and Airway Revenue Act of 1970 

[49 United States Code 1742(a), repealed]. The Tax Equity 

and Fiscal Responsibility Act of 1982 (Public Law 97-248, 

dated September 3, 1982) reestablished the trust fund in the 

Internal Revenue Code (26 United States Code 9502) 

effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. 

The Taxpayers Relief Act of 1997 (Public Law 105-35), 

effective October 1, 1997, extended the aviation excise 

taxes for 10 years. The Act included other provisions that: 

• Retained the existing freight waybill and general 

aviation fuel/gas taxes. It also retained a special rule applied 

to flights between the continental United States and Alaska 

or Hawaii. The $6 departure tax is indexed to the Consumer 

Price Index. Effective calendar year 2005, the tax is $7.00. 

• Converted the 10 percent ad valorem tax on 

domestic passenger tickets to a combination of ad 

valorem/flight segment tax over 3 years, beginning October 

1, 1997. Beginning October 1999 through September 30, 

2007, the tax is 7.5 percent, plus in calendar year 2005, a 

$3.20 tax per segment. 

• Imposed a new 7.5 percent tax on payments to 

airlines for frequent flyer and similar awards by banks and 

credit card companies, merchants and frequent flyer 

program partners, such as other airlines, hotels and rental 

car companies, and other businesses. 

• Increased the $6 international departure tax to $12 

per passenger and added a $12 international arrival tax, 

indexed to the Consumer Price Index. Effective 2005, the 

tax is $14.10. 

• Lowered tax rates on flights to certain rural airports 

to 7.5 percent without a flight segment component. 

• Transferred revenues from the 4.3 cents-per-gallon 

aviation fuel tax dedicated to reducing the national deficit 

from the general fund to the Airport and Airway Trust 

Fund. 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by law, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year 

and those expected during the next 5 fiscal years. 
TRUST FUNDS 

March 2006 

120

TABLE TF-10.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2004 ................................................................................................................................................................................................ $11,667,092,012

Receipts: 

Excise taxes (transferred from general fund): 

Liquid fuel other than gasoline.............................................................. 4041............................................................................................ 572,794,000

Gasoline................................................................................................ 4081............................................................................................ 398,015,815

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)................................................................................. 7,061,330,000

Use of international travel facilities....................................................... 4261 (c)....................................................................................... 1,922,368,000

Transportation of property, cargo ......................................................... 4271............................................................................................ 460,563,000

Gross excise taxes ....................................................................................................................................................................................... 10,415,070,815

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline.................................................................. 4041.............................................................................................. 94,652,000

Gasoline................................................................................................................................................................................................................ 5,976,000

Total refunds of taxes ....................................................................................................................................................................................... 100,628,000

Net taxes........................................................................................................................................................................................................... 10,314,442,815

Interest on investments......................................................................................................................................................................................... 429,459,613

Total receipts .................................................................................................................................................................................................... 10,743,902,428

Offsetting collections................................................................................................................................................................................................. 86,944,111

Expenses: 

Operations ............................................................................................................................................................................................................ 4,882,900,744

Grants in aid.......................................................................................................................................................................................................... 3,529,625,086

Facilities and equipment....................................................................................................................................................................................... 2,517,004,253

Research, engineering, and development............................................................................................................................................................ 138,334,075

Air carriers............................................................................................................................................................................................................. 52,999,991

Total expenses.................................................................................................................................................................................................. 11,120,864,149

Offsetting collections................................................................................................................................................................................................. 86,944,111

Balance Sept. 30, 2005 ............................................................................................................................................................................................ $11,290,130,291

 

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010 

[In millions of dollars. Source: DOT] 

2006 2007 2008 2009 2010 

Balance Oct. 1 ............................................................................ 11,290 10,199 10,029 11,075 13,134

Receipts: 

Excise taxes, net of refunds.................................................... 10,651 11,341 11,995 12,694 13,436

Interest on investments........................................................... 438 446 458 472 499

Offsetting collections............................................................... 152 210 146 146 144

Total receipts ...................................................................... 11,241 11,997 12,599 13,312 14,079

Expenses: 

Gross Outlays ......................................................................... 12,332 12,167 11,553 11,253 10,592

Balance Sept. 30......................................................................... 10,199 10,029 11,075 13,134 16,621
TRUST FUNDS 

March 2006 

121

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year 1993, according to provisions of the 

Energy Policy Act of 1992 (42 United States Code 2297g). 

Receipts represent (1) fees collected from domestic public 

utilities based on their pro rata share of purchases of 

separative work units from the Department of Energy (DOE) 

and (2) appropriations toward the Government contribution 

based on the balance of separative work unit purchases. 

Expenditures from the fund are for the purpose of (1) 

decontamination and decommissioning of the three gaseous 

diffusion plants, (2) remedial actions and related 

environmental restoration costs at the gaseous diffusion 

plants, and (3) reimbursement to uranium/thorium producers 

for the costs of decontamination, decommissioning, 

reclamation, and remedial action of uranium/thorium sites 

that are incident to sales to the U.S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

congruent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

The Secretary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to 

Congress, after consultation with the Secretary of Energy. 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-1, as amended) authorizes funding to ensure annual 

deposits to the fund of $518.2 million before adjustments for 

inflation. The Act stipulates that the Government deposit 

$369.6 million, adjusted for inflation, annually. The Act also 

calls for deposits of $150 million from domestic public 

utility assessments. Between the fiscal years of 1993 and 

2005, the total Government contribution amount authorized 

by the Act was $5,237.6 million. During that time span, the 

Government contributed only $4,464.0 million to the fund. 

The resulting shortfall in authorized Government 

contributions is, therefore, $773.6 million. 
TRUST FUNDS 

March 2006 

122

TABLE TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal Year 2005 

[Source: DOE] 

Balance Oct. 1, 2004 ................................................................................................................................................................................. $197 

Receipts: 

 

Fees collected........................................................................................................................................................................................ 657,483,364 

Penalties collected ................................................................................................................................................................................. - 

Interest on investments.......................................................................................................................................................................... 123,421,119 

Total receipts...................................................................................................................................................................................... 780,904,483 

Outlays: 

 

DOE, decontamination and decommissioning activities........................................................................................................................ 533,658,759 

Cost of investments................................................................................................................................................................................ 232,255,142 

Total outlays....................................................................................................................................................................................... 765,913,901 

Balance Sept. 30, 2005.............................................................................................................................................................................. $14,990,779 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010 

[In thousands of dollars. Source: DOE] 

 2006 2007 2008 2009 2010

Balance Oct. 1 ......................................................................... 14,990 1 1 1 1

Receipts: 

 

Fees collected...................................................................... 651,730 657,130 474,000 474,700 -

Interest collected.................................................................. 145,146 152,975 158,118 160,743 156,431

Total receipts ................................................................... 796,876 810,105 632,118 635,443 156,431

Outlays: 

 

DOE, decontamination and decommissioning fund ............ 559,681 608,477 489,844 562,816 275,729

Costs of investments ........................................................... 252,184 201,628 142,274 72,627 -119,298

Total outlays..................................................................... 811,865 810,105 632,118 635,443 156,431

Balance Sept. 30...................................................................... 1 1 1 1 1
TRUST FUNDS 

March 2006 

123

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established 

on the books of the Treasury in fiscal year 1978 according to 

the Black Lung Benefits Revenue Act of 1977 (Public Law 

95-227). The Black Lung Benefits Revenue Act of 1981 

(Public Law 97-119) reestablished the fund in the Internal 

Revenue Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year 

moratorium on interest payments ended on September 30, 

1990. Payment of interest on advances resumed in fiscal 

year 1991. The Omnibus Budget Reconciliation Act of 1987 

(Public Law 100-203, title X, section 10503), signed 

December 22, 1987, extends the temporary increase in the 

coal tax through December 31, 2013. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to 

the trust fund subject to adjustments in later transfers to 

actual tax receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the 

Treasury in interest-bearing public debt securities. Any 

interest earned will be credited to the fund. Also credited, if 

necessary, will be repayable advances from the general fund 

to meet outlay requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund 

are administrative expenses incurred by the Department of 

Health and Human Services (HHS) and the Treasury, 

repayments of advances from the general fund and interest 

on advances. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress after consultation with 

the Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the 

past fiscal year and the expected condition and operations of 

the fund during the next 5 fiscal years. 

TABLE TF-12.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: DOL] 

Balance Oct. 1, 2004 ........................................................................................................................................................................................... $43,777,478 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 235,264,000 

$0.55 tax on surface coal............................................................................................................................................................................. 132,563,000 

4.4 percent tax on underground coal........................................................................................................................................................... 106,087,000 

4.4 percent tax on surface coal.................................................................................................................................................................... 135,962,000 

Form 990-BL ................................................................................................................................................................................................ 10,000 

Fines, penalties, and interest....................................................................................................................................................................... 822,073 

Collection—responsible mine operators...................................................................................................................................................... 2,517,743 

Recovery of prior year funds........................................................................................................................................................................ - 

Repayable advances from the general fund................................................................................................................................................ 446,000,000 

Total receipts............................................................................................................................................................................................ 1,059,225,816 

Net receipts .............................................................................................................................................................................................. 1,059,225,816 

Outlays: 

Treasury administrative expenses................................................................................................................................................................... 210,343 

Salaries and expenses—DOL—departmental management .......................................................................................................................... 23,705,000 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 342,000 

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 32,614,594 

Total outlays................................................................................................................................................................................................. 56,871,937 

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 329,862,535 

Interest on repayable advances....................................................................................................................................................................... 674,893,681 

Total expenses............................................................................................................................................................................................. 1,004,756,216 

Balance Sept. 30, 2005 ........................................................................................................................................................................................ 41,375,141 

Cumulative debt, end of year ............................................................................................................................................................................... $9,186,556,899 
TRUST FUNDS 

March 2006 

124

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010* 

[In thousands of dollars. Source: DOL] 

 2006 2007 2008 2009 2010 

Balance Oct. 1 ........................................................................................ 41,375 - - - -

Receipts: 

Excise taxes....................................................................................... 602,000 617,000 634,000 646,000 653,000

Advances from the general fund........................................................ 423,000 452,000 450,000 453,000 461,000

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 1,027,000 1,071,000 1,086,000 1,101,000 1,116,000

Outlays: 

Benefit payments ............................................................................... 315,386 293,897 282,582 270,191 257,698

Administrative expenses.................................................................... 57,989 60,103 62,418 64,809 67,302

Interest on repayable advances ........................................................ 695,000 717,000 741,000 766,000 791,000

Total outlays................................................................................... 1,068,375 1,071,000 1,086,000 1,101,000 1,116,000

Balance Sept. 30.................................................................................... - - - - -

Cumulative debt, end of year................................................................. 9,609,557 10,061,557 10,511,557 10,964,557 11,425,557

 

Note.—Detail may not add to totals due to rounding. * These numbers do not include the administration’s legislative proposal to restructure the 

trust fund’s debt, thus enabling the debt to be retired in fiscal year 2040. 
TRUST FUNDS 

March 2006 

125

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriation acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal year 

1995 (Public Law 103-331, September 28, 1994), section 

339, waived collection of charges or tolls on the Saint 

Lawrence Seaway in accordance with section 13(b) of the 

Act of May 13, 1954 (as in effect on April 1, 1987). 

Legislation was passed in the North American Free Trade 

Agreement Implementation Act (Public Law 103-182, 

section 683), which amends paragraph (3) of section 9505(c) 

of the IRC of 1986, to authorize payment of up to $5 million 

annually to Treasury for all expenses of administration 

incurred by the Treasury, the U.S. Army Corps of Engineers 

and the Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance fee unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause 

5) and enjoined the Customs Service from collecting the fee. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next 5 fiscal years. 

TABLE TF-13.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2004 ............................................................................................................................................................................................................ $2,389,814,977 

Receipts: 

Excise taxes: 

Imports .......................................................................................................................................................................................................................... 841,674,770 

Exports.......................................................................................................................................................................................................................... 18,176 

Domestic ....................................................................................................................................................................................................................... 59,764,767 

Passengers ................................................................................................................................................................................................................... 8,444,805 

Foreign trade................................................................................................................................................................................................................. 137,959,140 

Interest on investments................................................................................................................................................................................................. 53,663,780 

Total receipts ............................................................................................................................................................................................................ 1,101,525,438 

Expenses: 

Corps of Engineers ........................................................................................................................................................................................................... 687,249,274 

Saint Lawrence Seaway Development Corporation/DOT................................................................................................................................................ 15,706,800 

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................. 3,000,000 

Operating expenses, miscellaneous returns .................................................................................................................................................................... - 

Total expenses.............................................................................................................................................................................................................. 705,956,074 

Balance Sept. 30, 2005 ........................................................................................................................................................................................................ $2,785,384,341 

* The source for fiscal year 2004 beginning and ending balance is from the Bureau of Public 

Debt, Office of Public Debt Accounting, Division of Federal Investments, Trust Fund 

Management Branch. 

*
TRUST FUNDS 

March 2006 

126

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2006 2007 2008 2009 2010 

Balance Oct. 1 ..................................................................................................... 2,786.0 3,369.0 4,047.0 4,888.0 5,873.0

Receipts: 

Harbor maintenance fee .................................................................................. 1,133.0 1,228.0 1,329.0 1,451.0 1,590.0

Interest on investments.................................................................................... 142.0 175.0 213.0 232.0 306.0

Total receipts ............................................................................................... 1,275.0 1,403.0 1,542.0 1,683.0 1,896.0

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo..................................................................................... -----

Corps of Engineers operation, maintenance, 

and administrative expenses ....................................................................... 665.0 707.0 683.0 680.0 670.0

Corps of Engineers construction ..................................................................... 9.0 - - - -

Saint Lawrence Seaway Development Corporation/DOT............................... 15.0 15.0 15.0 15.0 16.0

Administrative expenses for Department of Homeland Security 

(Customs Service).................................................................................................... 3.0 3.0 3.0 3.0 3.0

Total outlays................................................................................................. 692.0 725.0 701.0 698.0 689.0

Balance Sept. 30.................................................................................................. 3,369.0 4,047.0 4,888.0 5,873.0 7,080.0

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenditures. 
TRUST FUNDS 

March 2006 

127

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million, expired in 1995. To implement the Superfund 

program, amounts are appropriated from the Superfund to 

the Environmental Protection Agency (EPA) for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 

TABLE TF-14.—Hazardous Substance Superfund 

Results of Operations, Fiscal Year 2005 

[Source: EPA] 

Balance Oct. 1, 2004 ...................................................................................................................................................................................... $227,152 

Receipts: 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ 3,700,000 

General fund appropriation ......................................................................................................................................................................... 1,247,500,000 

Cost recoveries ........................................................................................................................................................................................... 63,000,000 

Fines and penalties..................................................................................................................................................................................... 2,400,000 

Interest on investments............................................................................................................................................................................... 48,300,000 

Offsetting collections................................................................................................................................................................................... - 

Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. - 

Total receipts........................................................................................................................................................................................... 1,364,900,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,247,500,000 

Other expenses........................................................................................................................................................................................... 22,327,152 

Total expenses........................................................................................................................................................................................ 1,269,827,152 

Balance Sept. 30, 2005................................................................................................................................................................................... $95,300,000 

Note.—Reporting in this superfund trust fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the actual 

results of operations for this trust fund. As a result, this table may be revised in future 

reports and other resources should be utilized for accurate trust fund reporting. 
TRUST FUNDS 

March 2006 

128

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010 

[In millions of dollars. Source: EPA] 

2006 2007 2008 2009 2010

Balance Oct. 1 ................................................................................................. 95 170 197 224 251

Receipts: 

Interest ......................................................................................................... 91 52 52 52 52

Recoveries, fines, and penalties.................................................................. 56 56 56 56 56

Taxes ........................................................................................................... - - - - -

Offsetting collections.................................................................................... - - - - -

General revenues ........................................................................................ 1,170 1,178 1,178 1,178 1,178

Total receipts ........................................................................................... 1,317 1,286 1,286 1,286 1,286

Appropriations.................................................................................................. 1,242 1,259 1,259 1,286 1,259

Balance Sept. 30.............................................................................................. 170 197 224 251 278

Note.—Reporting in this superfund trust fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the current or 

projected status of this trust fund. As a result, other resources should be utilized for accurate 

trust fund reporting. 
TRUST FUNDS 

March 2006 

129

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to provisions 

of the Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway surface transportation and other acts 

since 1959. Section 1110(d) of the Safe, Accountable, 

Flexible, Efficient Transportation Equity Act: A Legacy For 

Users (SAFETEA-LU) (Public Law 109-59) extended the 

Highway Trust Fund to be available for making expenditures 

before September 30, 2009 (October 1, 2009, in the case of 

expenditures for administrative expenses). 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund. These transfers are made twice 

monthly based on estimates by the Secretary of the Treasury, 

subject to later adjustments to reflect the amount of actual 

tax receipts. Amounts available in the fund exceeding outlay 

requirements are invested in non-interest-bearing public debt 

securities. 

Within the fund is a mass transit account, funded by a 

portion of the excise tax collections under sections 4041 and 

4081 of the IRC (title 26 United States Code). The funds 

from this account are used for expenditures in accordance 

with chapter 53 of title 49 United States Code, the 

Intermodal Surface Transportation Efficiency Act of 1991 

(Public Law 102-240), the Transportation Equity Act for the 

21st Century (TEA-21), and SAFETEA-LU. The remaining 

excise taxes are included in a separate account within the 

trust fund commonly referred to as the highway account. 

Expenditures from this account are made according to the 

provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next 5 fiscal 

years. 
TRUST FUNDS 

March 2006 

130

TABLE TF-15.—Highway Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

 

Balance Oct. 1, 2004 ........................................................................................................................................................................................... r $14,581,008,644 

Receipts: Excise taxes: Gasoline ........................................................................................................4081 ......................................................................................... 23,420,989,000 

Gasohol.........................................................................................................6427 ......................................................................................... 1,797,493,000 

Diesel and special motor fuels......................................................................4041 ......................................................................................... 9,551,359,000 

Highway tires.................................................................................................4071 ......................................................................................... 467,079,000 

Retail tax on trucks........................................................................................4051 ......................................................................................... 2,992,692,000 

Heavy vehicle use.........................................................................................4081 ......................................................................................... 1,089,886,000 

Total excise taxes .................................................................................................................................................................................... 39,319,498,000 

Less refunds and tax credits (reimbursed to general fund): 

Diesel fuel, bus use......................................................................................................................................................................................... 26,246,000 

Diesel .............................................................................................................................................................................................................. 639,083,000 

Gasohol........................................................................................................................................................................................................... 17,063,000 

Gasoline used to make gasohol ..................................................................................................................................................................... 11,500,000 

Gasoline .......................................................................................................................................................................................................... 308,508,000 

Special fuel...................................................................................................................................................................................................... 4,454,000 

Total refunds and tax credits ................................................................................................................................................................... 1,006,854,000 

Less transfers: 

To Land and Water Conservation Fund ...................................................................................................................................................... 1,000,000 

To Aquatic Resources Trust Fund............................................................................................................................................................... 320,127,000 

To general fund............................................................................................................................................................................................ 113,994,000 

Total transfers .......................................................................................................................................................................................... 435,121,000 

Other income: 

Fines and penalties...................................................................................................................................................................................... 14,070,333 

Cash Management Improvement Act interest income ................................................................................................................................ 1,054,777 

International Mass Transportation Program revenue.................................................................................................................................. - 

Total other income ................................................................................................................................................................................... 15,125,110 

Net receipts .......................................................................................................................................................................................... 37,892,648,110 

Expenses: 

Federal Highway Administration: 

Federal aid to highways............................................................................................................................................................................... 31,235,421,927 

Right-of-way revolving fund ......................................................................................................................................................................... -2,169,716 

Other ............................................................................................................................................................................................................ 244,799,290 

Total ......................................................................................................................................................................................................... 31,478,051,502 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 353,414,118 

Federal Transit Administration..................................................................................................................................................................... 7,768,332,340 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 110,980,705 

Highway traffic safety grants.................................................................................................................................................................... 216,702,122 

National driver register............................................................................................................................................................................. 2,496,194 

Total ..................................................................................................................................................................................................... 330,179,021 

Federal Railroad Administration .................................................................................................................................................................. - 

Other agencies............................................................................................................................................................................................. 1,182,318 

Total expenses......................................................................................................................................................................................... 39,931,159,299 

Balance Sept. 30, 2005........................................................................................................................................................................................ $12,542,497,455 

Note: Detail may not add to totals due to rounding. 
TRUST FUNDS 

March 2006 

131

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010 

[In millions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2006 2007 2008 2009 2010

Balance Oct. 1 ............................................................... 12.5 16.1 14.4 10.4 4.6

Receipts: 

Excise taxes, net of refunds....................................... 39.1 39.7 40.6 41.4 42.2

Interest, net ................................................................ - - - - -

Other .......................................................................... 0.2 0.2 0.2 0.2 0.2

Total receipts ......................................................... 39.3 39.9 40.8 41.6 42.4

Outlays........................................................................... 35.7 41.6 44.8 47.4 49.5

Balance Sept. 30............................................................ 16.1 14.4 10.4 4.6 -2.6

 

Mass Transit Account 

 2006 2007 2008 2009 2010

 

Balance Oct. 1 .................................................................... 2.0 5.9 7.8 8.0 6.9

Receipts: 

Excise taxes, net of refunds............................................ 5.0 5.0 5.1 5.2 5.3

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5.0 5.0 5.1 5.2 5.3

Outlays................................................................................ 1.0 3.1 4.9 6.4 7.5

Balance Sept. 30................................................................. 5.9 7.8 8.0 6.9 4.7

 

Highway Account 

 2006 2007 2008 2009 2010

 

Balance Oct. 1 ......................................................................... 10.6 10.2 6.6 2.4 -2.8

Receipts: 

Excise taxes, net of refunds................................................. 34.1 34.6 35.4 36.1 36.9

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 34.1 34.6 35.4 36.1 36.9

Outlays..................................................................................... 34.5 38.2 39.7 40.9 41.9

Balance Sept. 30...................................................................... 10.2 6.6 2.3 -2.3 -7.3

Unfunded authorizations (EOY)............................................... 71.9 80.4 88.6 87.8 94.8

48-month revenue estimate..................................................... 143.1 146.0 148.9 151.6 154.3

 

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

March 2006 

132

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2007. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2007. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 87.0 

less: 

 

Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 6.6 

Unfunded authorizations (fiscal year 2007)........................................................................................................................................................................ 80.4 

48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)............................................................................................................................ 146.0 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 10.2 

less: 

 

Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.8 

Unfunded authorizations (fiscal year 2007)........................................................................................................................................................................ 2.3 

48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)........................................................................................................................... 21.1 

Note: Detail may not add to totals due to rounding. 
TRUST FUNDS 

March 2006 

133

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury in fiscal year 1984, pursuant to section 203 of the 

Inland Waterways Revenue Act of 1978 (Public Law 95-

502) and continued pursuant to section 1405 of the Water 

Resources Development Act of 1986 (Public Law 99-662, 

codified at 26 United States Code 9506). Under 26 United 

States Code 9506(b), amounts from taxes on fuel used in 

commercial transportation on inland waterways, as 

determined by the Secretary of the Treasury, are 

appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. These 

amounts are transferred quarterly from the general fund 

based on estimates made by the Secretary, subject to 

adjustments in later transfers to the amounts of actual tax 

receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. The Inland Waterways Revenue Act of 1978 (Public 

Law 95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for 

construction and rehabilitation expenditures for navigation 

on the inland and intracoastal waterways of the United States 

described in 33 United States Code 1804. Expenditures must 

be otherwise authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next 5 fiscal years. 

TABLE TF-16.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2004........................................................................................................................................................................................... $382,026,253

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 91,287,000

Interest on investments.................................................................................................................................................................................... 7,662,324

Total receipts................................................................................................................................................................................................ 98,949,324

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 128,373,217

Balance Sept. 30, 2005........................................................................................................................................................................................ $352,602,360

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2006 2007 2008 2009 2010 

 

Balance Oct. 1....................................................................................................... 353 274 259 242 223 

Receipts: 

Fuel taxes.......................................................................................................... 92 93 93 94 94 

Interest on investments..................................................................................... 13 11 11 10 10 

Total receipts................................................................................................. 105 104 104 104 104 

Transfers: 

Corps of Engineers ........................................................................................... 184 119 121 123 126 

Balance Sept. 30................................................................................................... 274 259 242 223 201 

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

March 2006 

134

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-

510, codified at 26 United States Code 9508), as amended 

by the Superfund Amendments and Re-authorization Act of 

1986 (Public Law 99-499, dated October 17, 1986), sections 

13163(c) and 13242(d)(42) of the Omnibus Budget 

Reconciliation Act of 1993 (Public Law 103-66, dated 

August 10, 1993), and section 1032(e)(13) of the Taxpayer 

Relief Act of 1987 (Public Law 105-34, dated August 5, 

1997). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 

TABLE TF-17.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: EPA] 

Balance Oct. 1, 2004...................................................................................................................................................................................... $2,147,000,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 189,000,000 

Interest........................................................................................................................................................................................................ 82,000,000 

Gross tax receipts .................................................................................................................................................................................. 271,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... - 

Total undisbursed balances ................................................................................................................................................................... - 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 69,000,000 

Total expenses....................................................................................................................................................................................... 69,000,000 

Balance Sept. 30, 2005.................................................................................................................................................................................. $2,349,000,000 

NOTE.—Reporting in this trust fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the 

status of this trust fund. As a result, this table may be revised in future reports and other 

resources should be utilized for accurate trust fund reporting. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010 1

[In millions of dollars. Source: EPA] 

 2006 2 2007 2008 2009 2010 

 

Balance Oct. 1................................................................................................................. 2,349 2,554 2,764 2,974 3,184 

Receipts: 

Taxes........................................................................................................................... 202 196 196 196 196 

Interest ........................................................................................................................ 84 87 87 87 87 

Total receipts........................................................................................................... 286 283 283 283 283 

Appropriations ................................................................................................................. 81 73 73 73 73 

Balance Sept. 30............................................................................................................. 2,554 2,764 2,974 3,184 3,394 

 

1

 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of this trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

2

 Includes payment from general fund for Hurricane Disaster Supplemental. 
TRUST FUNDS 

March 2006 

135

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222(c)]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate, taking into 

consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except that the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

TABLE TF-18.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2005 

[Source: DOE] 

Balance Sept. 30, 2004........................................................................................................................................................................................ $758,069 

Receipts: 

Fees collected.................................................................................................................................................................................................. 736,074,217 

Penalties and interest on fee payments........................................................................................................................................................... - 

Interest on investments.................................................................................................................................................................................... 1,149,076,308 

Total receipts................................................................................................................................................................................................ 1,885,150,525 

Nonexpenditure transfers: 

SF-1151 transfers in (+)................................................................................................................................................................................... - 

SF-1151 transfers out (-).................................................................................................................................................................................. - 

Net nonexpenditure transfers....................................................................................................................................................................... - 

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 286,744,765 

Cost investments.............................................................................................................................................................................................. 1,595,505,749 

Total outlays................................................................................................................................................................................................. 1,882,250,514 

Balance Sept. 30, 2005........................................................................................................................................................................................ $3,658,080 

 
TRUST FUNDS 

March 2006 

136

CHARTS TF-D and E.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various 

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18.] 

0

300

600

900

1200

1500

1800

Nuclear

Waste

Fund

Airport

and

Airway

Trust Fund

Hazardous

Substance

Superfund

2004

2005 Interest on

Investments,

Fiscal Years

2004-2005

(In millions of dollars)

0

5

10

15

20

25

30

35

40

45

Highway

Trust Fund

Airport

and

Airway

Trust Fund

Nuclear

Waste

Fund

Hazardous

Substance

Superfund

Black

Lung

Trust Fund

Receipts

Expenses

Receipts and

Expenses,

Fiscal Year

2005

(In billions of dollars)
TRUST FUNDS 

March 2006 

137

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606a(c) (1) to be submitted by the Secretary of the 

Treasury, after consultation with the Secretary of 

Agriculture, on the financial condition and the results of the 

operations of the trust fund during the past fiscal year and on 

its expected condition and operations during the next fiscal 

year. 

TABLE TF-19.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: Department of Agriculture] 

Balance Oct. 1, 2004 ........................................................................................................................................................................................... $26,257,061 

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 29,999,541 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts................................................................................................................................................................................................ 29,999,541 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 30,582,961 

Total expenses............................................................................................................................................................................................. 30,582,961 

Adjustment *......................................................................................................................................................................................................... 1,647 

Balance Sept. 30, 2005........................................................................................................................................................................................ $25,675,288 

* The adjustment in the amount of $1,647 for Reforestation is caused by the 

Nonexpenditure Transfer of $1,647.28. 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2006 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 25,675 

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000 

Redemption of investment .............................................................................................................................................................................. - 

Total receipts............................................................................................................................................................................................... 30,000 

Outlays ................................................................................................................................................................................................................ 30,000 

Balance Sept. 30................................................................................................................................................................................................. 25,675 
TRUST FUNDS 

March 2006 

138

INTRODUCTION: Sport Fish Restoration and Boating Safety Trust Fund 

(Formerly Aquatic Resources Trust Fund)

The Aquatic Resources Trust Fund (ARTF) was 

established on the books of the Treasury pursuant to the 

Deficit Reduction Act of 1984 [Public Law 98-369, division 

A, title X, section 1016(a), approved July 18, 1984]. The 

ARTF was restructured and renamed the Sport Fish 

Restoration and Boating Trust Fund by the Safe, 

Accountable, Flexible, Efficient Transportation Equity Act: 

A Legacy for Users or “SAFETEA-LU” [Public Law 109-

59, title XI, subtitle B, part 2, section 11115, approved 

August 10, 2005,] as amended by the Sportfishing and 

Recreational Boating Safety Amendments Act of 2005 

[Public Law 109-74, approved September 29, 2005]. 

Funding of ARTF programs was extended several times 

before a transportation bill was finally enacted—P.L. 109-14 

(through June 30, 2005), P.L. 109-20 (through July 19, 

2005), P.L. 109-35 (through July 21, 2005), P.L. 109-37 

(through July 27, 2005), P.L. 109-40 (through July 30, 

2005), and P.L. 109-42 (through August 14, 2005). P.L. 109-

59 (The Transportation Equity Act) comprehensively 

amended and reauthorized the Sport Fish Restoration 

Program to (beginning in fiscal year 2006) permanently 

appropriate boat safety funding and modify distribution of 

funds whereby all accounts will annually receive a fixed 

percentage of the total fund revenue, eliminated the ARTF to 

create a Sport Fish Restoration and Boating Trust Fund, and 

modified the excise tax on certain sport fishing equipment. 

P.L. 109-74 funded sport fishing and boating safety 

programs from the Highway Trust Fund through the end of 

fiscal year 2005. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, section 11211(i)(2) and (3)] were 

transferred from the Highway Trust Fund to the Sport Fish 

Restoration and Boating Trust Fund. In addition, amounts 

equivalent to the excise taxes received on sport fishing 

equipment and import duties on fishing tackle, yachts, and 

pleasure craft are appropriated into the fund. 

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950, the purposes of section 13106 of title 46, 

United States Code, the purpose of section 7404)d) of the 

Transportation Equity Act for the 21st Century, and the 

Coastal Wetlands Planning, Protection and Restoration Act 

(as amended by SAFETEA-LU). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities with the 

interest credited to the fund. 

Annual reports to Congress required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 
TRUST FUNDS 

March 2006 

139

TABLE TF-20.—Sport Fish Restoration and Boating Safety Trust Fund 

Sport Fish Restoration Results of Operations, Fiscal Year 2005 

(Formerly Aquatic Resources Trust Fund)

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2004 ............................................................................................................................................................................................ $470,982,406

Revenue: 

Tax revenue: 

Gas, motorboat ............................................................................................................................................................................................. 246,128,000

Fish equipment.............................................................................................................................................................................................. 103,335,000

Electric trolling sonar..................................................................................................................................................................................... 3,137,000

Customs/import duties .................................................................................................................................................................................. 40,812,373

Gas, motorboat small engines ...................................................................................................................................................................... 73,999,000

Outboard motors ........................................................................................................................................................................................... 1,535,000

Fishing tackle boxes ..................................................................................................................................................................................... 638,000

Total, tax revenue ..................................................................................................................................................................................... 469,584,373

Investment revenue: 

Interest on investments................................................................................................................................................................................. 31,881,095

Loss on sale of securities.............................................................................................................................................................................. -

Total, investment revenue......................................................................................................................................................................... 31,881,095

Total revenue ............................................................................................................................................................................................ 501,465,468

Nonexpenditure transfers: 

Transfer to Interior......................................................................................................................................................................................... 338,697,607

Transfer to U.S. Coast Guard ....................................................................................................................................................................... 64,000,000

Transfer to Corps of Engineers..................................................................................................................................................................... 58,054,803

Total nonexpenditure transfers ................................................................................................................................................................. 460,752,410

Balance Sept. 30, 2005......................................................................................................................................................................................... $511,695,464

Sport Fish Restoration and Boating Safety Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2006-2010 

[In thousands of dollars. Source: Department of the Interior] 

2006 2007 2008 2009 2010 

Balance Oct. 1 ....................................................................................... 511,695 602,984 624,712 647,090 674,406

Receipts/revenue: 

Taxes ............................................................................................ 555,000 571,000 587,000 605,000 622,000

Interest .......................................................................................... 36,452 42,180 48,558 57,874 64,932

Transfers....................................................................................... - - - - -

Total receipts ............................................................................ 591,452 613,180 635,558 662,874 686,932

Expenses: 

Expenses/transfers ....................................................................... 500,163 591,452 613,180 635,558 662,874

Total expenses.......................................................................... 500,163 591,452 613,180 635,558 662,874

Balance Sept. 30............................................................................... 602,984 624,712 647,090 674,406 698,464
 TRUST FUNDS 

March 2006 

140

Sport Fish Restoration and Boating Safety Trust Fund 

Boat Safety Results of Operations, Fiscal Year 2005 

(Formerly Aquatic Resources Trust Fund)

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2004........................................................................................................................................................................................... $92,437,176 

Revenue: 

Investment revenue: 

Interest on investments ................................................................................................................................................................................... 2,298,086 

Loss on sale of securities................................................................................................................................................................................ - 

Total investment revenue................................................................................................................................................................................ 2,298,086 

Total revenue .............................................................................................................................................................................................. 2,298,086 

Nonexpenditure transfers: 

U.S. Coast Guard............................................................................................................................................................................................ - 

Total nonexpenditure transfers ................................................................................................................................................................... - 

Balance Sept. 30, 2005....................................................................................................................................................................................... $94,735,262 

Sport Fish Restoration and Boating Safety Trust Fund 

Boat Safety Expected Condition and Results of Operations, Fiscal Years 2006-2010 

[In thousands of dollars. Source: Department of Transportation] 

2006 2007 2008 2009 2010 

Balance Oct. 1 ............................................................................. 94,735 68,996 48,308 32,359 20,924

Receipts/revenue: 

Taxes ....................................................................................... - - - - -

Interest ..................................................................................... 2,416 1,731 1,190 852 336

Transfers.................................................................................. - - - - -

Total receipts ....................................................................... 2,416 1,731 1,190 852 336

Expenses: 

Expenses/transfers .................................................................. 28,155 22,419 17,139 12,287 21,260

Total expenses..................................................................... 28,155 22,419 17,139 12,287 21,260

Balance Sept. 30.......................................................................... 68,996 48,308 32,359 20,924 -

Note.—Estimates for fiscal years 2006-2010 are subject to change by 

appropriation and/or legislation to reauthorize transfer of motorboat fuel 

taxes to the Boat Safety Account. 
TRUST FUNDS 

March 2006 

141

INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus Budget 

Reconciliation Act of 1986 (Public Law 99-509). It was made 

effective on January 1, 1990, by section 7811(m)(3) of the 

Omnibus Budget Reconciliation Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollution 

Act of 1990 (Public Law 101-380). The Energy Policy Act of 

2005 (Public Law 109-58) reinstated the tax on petroleum to 

ensure continued viability of the fund. 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. The tax is not applied during any calendar quarter if the 

Secretary of the Treasury estimates that, as of the close of the 

preceding calendar quarter, the unobligated balance in the 

fund exceeds $2.7 billion. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) are 

met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

TABLE TF-21.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2004 ..................................................................................................................................................................................................... $679,327,138 

Revenue: 

Tax on crude oil/petroleum products ......................................................................................................................................................................... - 

Other income.............................................................................................................................................................................................................. - 

Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... - 

Cost recoveries .......................................................................................................................................................................................................... 14,035,220 

Fines and penalties.................................................................................................................................................................................................... 17,925,110 

Net revenue before interest ................................................................................................................................................................................... 31,960,330 

Investment Income: 

Interest on investments.............................................................................................................................................................................................. 21,655,442 

Realized gain ............................................................................................................................................................................................................. - 

Total investment income ........................................................................................................................................................................................ 21,655,442 

Total revenue ......................................................................................................................................................................................................... 53,615,772 

Expenditures: 

Treasury administrative expense – BPD ................................................................................................................................................................... 50,794 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. 4,252,043 

Transfer to Interior...................................................................................................................................................................................................... 7,006,294 

Transfer to EPA.......................................................................................................................................................................................................... 15,872,000 

Transfer to DOT-Research and Special Programs Administration ........................................................................................................................... 14,880,000 

Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 12,555,056 

Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 51,000,000 

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... 46,500,000 

Transfer to North Pacific ............................................................................................................................................................................................ - 

Total nonexpenditures transfers ............................................................................................................................................................................ 152,065,393 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 152,116,187 

Balance Sept. 30, 2005.................................................................................................................................................................................................. $580,826,723 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010 

[In millions of dollars. Source: Department of Transportation] 

2006 2007 2008 2009 2010

 Balance Oct. 1 .................................................................................................... 581 389 378 414 456

 Estimated receipts .............................................................................................. 117 207 216 228 238

 Estimated expenses ........................................................................................... 309 218 180 186 182

 Balance Sept. 30 ................................................................................................ 389 378 414 456 512
TRUST FUNDS 

March 2006 

142

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was 

created on the books of the Treasury by section 9202 of the 

Revenue Act of 1987 (Public Law 100-203, approved 

December 22, 1987). Excise taxes on diphtheria, pertussis, 

tetanus, measles, mumps, rubella, polio, hepatitis B, 

haemophilus influenza type b, varicella, rotavirus, 

pneumococcal conjugate vaccines, hepatitis A (26 United 

States Code 4131), and trivalent influenza are appropriated 

into the trust fund, which is the source of funds to pay 

compensation awards for a vaccine-related injury or death 

occurring after October 1, 1988, as well as program 

administrative expenses. 

Annual reports to Congress, required by 26 United 

States Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 

TABLE TF-22.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2005 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2004 ........................................................................................................................................................................................... $2,082,694,123 

Receipts: 

Excise tax receipts ........................................................................................................................................................................................... 123,431,500 

Interest on investments.................................................................................................................................................................................... 72,546,375 

Total receipts................................................................................................................................................................................................ 195,977,875 

Outlays: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... 3,298,000 

U.S. Department of Justice expenses ............................................................................................................................................................. 9,191,667 

Total outlays................................................................................................................................................................................................. 12,489,667 

Nonexpenditure transfers: 

Transfer to health resources............................................................................................................................................................................ 62,000,000 

Total outlays/transfers.................................................................................................................................................................................. 74,489,667 

Balance Sept. 30, 2005........................................................................................................................................................................................ $2,204,182,331 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2006-2010 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2006 2007 2008 2009 2010 

Balance Oct. 1 ........................................................................................................... 2,204,182 2,329,689 2,459,336 2,593,247 2,731,550

Receipts (from tax) .................................................................................................... 127,134 130,948 134,876 138,923 143,090

Interest on investments.......................................................................................... 74,722 76,964 79,273 81,651 84,101

Total receipts ..................................................................................................... 201,856 207,912 214,149 220,574 227,191

Outlays: 

U.S. Court of Federal Claims expenses ................................................................ 3,298 3,298 3,298 3,298 3,298

U.S. Department of Justice expenses ................................................................... 9,191 9,191 9,191 9,191 9,191

Total outlays....................................................................................................... 12,489 12,489 12,489 12,489 12,489

Nonexpenditure transfers: 

Transfers to health resources................................................................................ 63,860 65,776 67,749 69,782 71,875

Total outlays/transfers ....................................................................................... 76,349 78,265 80,238 82,271 84,364

Balance Sept. 30........................................................................................................ 2,329,689 2,459,336 2,593,247 2,731,550 2,874,377

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

March 2006 

143

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal year 2000 with a sunset 

provision effective January, 1, 2004, according to provisions 

of the Trade and Development Act of 2000 (Public Law 

106-200, signed May 18, 2000). The Trade Act of 2002 

(Public Law 107-210, signed August 6, 2002) extended the 

sunset provision to January 1, 2006. The miscellaneous 

Trade and Technical Corrections Act of 2004 (Public Law 

108-429, signed December 3, 2004) extended the sunset 

provision to 2008. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,500,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide 

grants to a nationally recognized council established for the 

development of the United States wool market for the 

development of the United States wool market for the 

following purposes: 

• Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

• Disseminate information on improvements to United 

States wool producers. 

• Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 

TABLE TF-23.—Wool Research, Development, and Promotion Trust Fund 

Results of Operations, Fiscal Year 2005 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2004................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30, 2005............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2006 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1.......................................................................................................................................................................................................... - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30...................................................................................................................................................................................................... - 
TECHNICAL PAPERS 

March 2006 

144

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
March 2006 

145

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 December 2005, the 

debt limit was $8,184,000 million; the limit may change from 

year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 
GLOSSARY 

March 2006 

146

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 

March 2006 

147

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-3)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (FD-2)—(SLUGs) 

Special nonmarketable certificates, notes, and bonds offered 

to State and local governments as a means to invest proceeds 

from their own tax-exempt financing. Interest rates and 

maturities comply with IRS arbitrage provisions. SLUGs are 

offered in both time deposit and demand deposit forms. Time 

deposit certificates have maturities of up to 1 year. Notes 

mature in 1 to 10 years and bonds mature in more than 10 

years. Demand deposit securities are 1-day certificates rolled 

over with a rate adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).