Produced and Published by

BULLETIN

FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

JUNE 2008
Additional Financial Management Service 

Releases on Federal Finances

Sold on a subscription basis only (exceptions noted) by the Superintendent of 

Documents, U.S. Government Printing Office, Washington, D.C. 20402.†

Monthly Treasury Statement of Receipts and Outlays of the United States 

Government. Provides Federal budget results, including receipts and outlays of 

funds, the surplus or deficit, and the means of financing the deficit or disposing of 

the surplus. Preparation based on agency reporting. Subscription price: $58.00 per 

year (domestic), $81.20 (foreign). 

Combined Statement of Receipts, Outlays, and Balances of the United States 

Government. This statement presents budget results and the cash-related assets 

and liabilities of the Federal Government with supporting details. Single copy 

price: $55.00 (domestic), $77.00 (foreign). 

Financial Report of the United States Government. Annual report provides 

information about Government financial operations on the accrual basis. Single 

copy price: $26.00 (domestic), $36.40 (foreign). 

† Subscription order form on inside back cover. 
BULLETIN

The Treasury Bulletin is for sale

by the Superintendent of Documents

U.S. Government Printing Office

Washington, D.C. 20402.
June 2008 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations.............................................................................................................................. 8 

Analysis.—Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source ..................... 9 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 11 

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 11 

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 12 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 13 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 15 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 17

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 18 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 18

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 20 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 21 

FD-2.—Debt Held by the Public ......................................................................................................................................... 22 

FD-3.—Government Account Series................................................................................................................................... 23 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 24 

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

 Private Investors .................................................................................................................................................... 25 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 26 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 27

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 29 

TREASURY FINANCING ................................................................................................................................................. 29 

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 33 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 34 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 35 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 36 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 37

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 38 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 38

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 39 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 39 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 40
June 2008 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 43 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 43 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 44 

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

 Residents of Foreign Countries.............................................................................................................................. 45

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 46 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 49 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 50 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 52 

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

 with Respect to Selected Countries...................................................................................................................... 54 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 55 

CM-II-2.—Total Claims by Country ................................................................................................................................... 56 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 58 

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

 with Respect to Selected Countries...................................................................................................................... 60

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

 in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 61 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 62 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 64 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 66 

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 68 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 69 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 70 

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

 and Country, during (fourth quarter)................................................................................................................. 72 

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

 and Country, during (calendar year) ................................................................................................................. 74 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 76 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 77 

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 78

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 79 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 80 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 81 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Country ................. 82
June 2008 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 83 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 84 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 85 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 85 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 86 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 87 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 87 

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund....................................................................................................................... 96 

ESF-1.—Balance Sheet ....................................................................................................................................................... 96 

ESF-2.—Income and Expense............................................................................................................................................. 97

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 101 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 101

RESEARCH PAPER SERIES........................................................................................................................................... 102

GLOSSARY ...................................................................................................................................................................... 104

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. 
June 2008 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic 

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
June 2008 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of May 15, 2008 

Introduction 

The U.S. economy slowed significantly since last 

summer, buffeted by a downturn in housing, related 

concerns about credit quality in financial markets, and a 

surge in energy prices. Consumer spending has slowed 

considerably and business investment spending edged lower 

early in 2008. Exports continued to provide key support to 

the economy with foreign markets showing strong growth. 

The unemployment rate moved higher, and headline price 

inflation has increased, led by steep increases in food and 

energy prices. Core inflation remains contained, but higher 

headline inflation has eroded purchasing power and rising 

prices for food and energy have dampened consumer 

spending. More recently, credit market risks appear to have 

eased since mid-March although concerns about short term 

liquidity remain, and problems also persist for the housing 

market. Private analysts indicate that economic growth is 

likely to improve in the second half of 2008, aided by lower 

interest rates and a boost to consumer income and business 

investment from the Economic Stimulus Act of 2008. 

Growth 

Growth in the U.S. economy slowed sharply in the fourth 

quarter of 2007 and slow growth continued through the first 

quarter of 2008. After averaging a rapid 4.4 percent at an 

annual rate during the middle quarters of 2007, real growth 

in gross domestic product (GDP) slowed to 0.6 percent at an 

annual rate in both the fourth quarter of 2007 and the first 

quarter of 2008. Growth in the first quarter was buoyed by a 

large swing in private inventory investment and to a lesser 

extent, public sector spending. Growth slowed in the other 

components of GDP, personal consumption expenditures 

and net exports, and there were significant declines in 

business investment spending and homebuilding activity. 

Growth of consumer spending–which accounts for about 

70 percent of GDP–has slowed noticeably in recent quarters. 

Consumer spending moderated to a 1.0 percent annual rate 

in the first quarter from 2.3 percent in the fourth quarter, 

reflecting slower growth in disposable personal income and 

declining consumer optimism. 

Residential investment-mostly residential homebuildingaccounts for only about 5 percent of GDP, but investment 

plunged by nearly 27 percent in the first quarter (following 

a 25 percent decline in the fourth quarter), subtracting 

more than 1 percentage point from real GDP growth for a 

third straight quarter. Home sales remain sluggish, and 

inventories of unsold homes are at historically high levels. 

Housing starts and building permits are down sharply, and 

the level of permits remains below starts, 

Growth of Real GDP

2.4

1.1

2.1

3.8

4.9

0.6

3.0

0.6

2.8 3.1

0.6

3.6

4.8

3.5

2.5

4.5

1.2

0

2

4

6

8

10

2004 2005 2006 2007 2008

(Quarterly percent change at annual rate)

suggesting further declines ahead. Single-family starts are 

more than 60 percent below their peak in January 2006. 

Homebuilder optimism is close to a record low. 

House prices continue to fall. According to figures from 

the Office of Federal Housing Enterprise Oversight, prices 

for purchased homes edged up slightly in February after 7 

consecutive months of decline, but remained 2.4 percent 

lower than a year earlier. Other measures such as the CaseShiller indices indicate that home prices are declining in 

most major U.S. cities, and a 10 city average of prices 

showed a 13.6 percent decline through the 12 months ending 

in February. 

Mortgage delinquencies and foreclosures are up. 

Subprime adjustable rate mortgages are largely responsible 

for this trend, but foreclosure starts on prime loans have also 

risen, suggesting that credit difficulties have spread. In 

summary, the housing market will likely be a drag on growth 

throughout 2008. 

Business activity outside of homebuilding appears to be 

cooling. After growing by 6 percent in the fourth quarter and 

by an average 10.2 percent over the previous two quarters, 

nonresidential fixed investment–about 10 percent of GDP–

fell by 2.5 percent in the first quarter, led by a decline in 

outlays for structures. 

Export growth has continued to be solid. Exports account 

for about 12 percent of GDP, while imports, which 

constitute a drag on growth, account for about 17 percent. 

Export growth remained solid in the first quarter, rising by 

5.5 percent on top of a 6.5 percent gain in the fourth quarter. 

However, with a rebound in import growth to 2.5 percent, 

following a decline of 1.4 percent in the fourth quarter, trade 
PROFILE OF THE ECONOMY 

June 2008

4 

Payroll Employment

-80

109 105

71 80

151

206

88

255

206

151

257

230

-150

-100

-50

0

50

100

150

200

250

300

350

2005 2006 2007 2008

(Average monthly change in thousands

from end of quarter to end of quarter)

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

00 01 02 03 04 05 06 07 08

(Percent)

Apr. 2008

5.0%

added only 0.2 percentage point to real growth in the first 

quarter after contributing 1.2 percentage points on average in 

the prior three quarters. 

Public sector purchases–which account for roughly 20 

percent of GDP–grew 2.0 percent in the first quarter, 

matching the fourth quarter’s pace but slowing from the 4.0 

percent average of the middle quarters of 2007. Federal 

spending accelerated from 0.7 percent in the fourth quarter 

to 2.6 percent in the first quarter, while state and local 

spending slowed somewhat from 2.3 percent in fourth 

quarter to 2.0 percent in the first quarter. 

Labor Markets 

Labor market conditions have deteriorated since late 

2007, and payrolls fell for a fourth straight month in April. 

The decreases reflected job losses in a variety of sectors, 

with significant declines in construction and manufacturing. 

Payrolls fell by 20,000 in April, but the decline was notably 

less than the 80,000 average monthly loss posted in the first 

quarter–these are the first declines since August 2003. The 

unemployment rate has trended higher, and reached a 2-1/2 

year high in March of 5.1 percent. The unemployment rate 

eased by 0.1 percentage point to 5.0 percent in April, but 

remains 0.6 percentage point higher than the March 2007 

low of 4.4 percent. 
June 2008 

5

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

Food

Inflation 

Rising energy and food prices have boosted headline 

inflation, but core inflation remains contained. Consumer 

prices were up 3.9 percent in the 12 months ending in April, 

compared with a year-earlier change of 2.6 percent. Core 

consumer prices rose just 2.3 percent over the latest 12 

months, the same as a year ago. The core personal 

consumption expenditure price deflator was up 2.1 percent 

in the 12 months through March, slightly below its yearearlier increase of 2.3 percent. 

Energy prices have reached record highs. The retail price 

of regular gasoline jumped to a record $3.72 a gallon in midMay. The front-month futures price for West Texas 

Intermediate (WTI) crude oil averaged $112 per barrel in 

April, up about $48 (or 76 percent) from a year ago. In midMay, WTI’s spot (cash) price closed at a record $125.96 per 

barrel. 

Food price inflation began rising much more rapidly in 

early 2007, and has been above the overall inflation rate in 

the U.S. Analysts have pointed to several factors behind the 

recent rise in food prices, including strong increases in 

demand for food worldwide, rising input costs–especially 

energy and fertilizer prices–droughts in key producing 

countries, and rising demand for corn for use as a fuel. Food 

prices rose by 5.1 percent in the 12 months through April. 

Federal Budget 

The federal budget deficit declined to $162 billion (1.2 

percent of GDP) in fiscal year 2007. During the first half of 

fiscal year 2008, the deficit rose to $311 billion, $53 million 

more than the same period in fiscal year 2007. The economic 

growth package (see below) and the slowing economy are 

partly responsible for the near-term increase, as spending 

increases concurrent with slower growth in tax receipts. 

Over the entire fiscal year 2008-fiscal year 2012 budget 

horizon, spending growth will average 1.8 percent annually 

while receipts grow by 6.3 percent. In fiscal year 2009, 

growth of outlays is expected to decelerate and receipts 

growth is expected to pick up, such that the deficit is 

projected to ease to $407 billion (2.7 percent of GDP). The 

budget balance is expected to return to a small surplus in 

fiscal year 2012. 

The Economic Stimulus Act of 2008–signed in midFebruary–will provide a boost of more than $150 billion to 

individuals and businesses. Payments to individuals began in 

early May, and about 130 million payments to households 

will be sent out by the end of June. This expansionary fiscal 

policy, in combination with programs to support the housing 

market, will help support economic growth more broadly as 

adjustments continue in the housing sector and in credit 

markets.
June 2008 

6 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2003 2004 2005 2006 2007 2008

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

2003 2004 2005 2006 2007 2008

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

Interest Rates 

In August 2007, financial markets came under significant 

stress that was triggered in large measure by growing 

concerns about the quality of debt instruments backed by 

subprime mortgages. Concern quickly spread beyond the 

traditional home-mortgage lending sector, and especially 

affected banks, which had extended mortgage lenders credit 

directly as well as through financing conduits. Uncertainty 

about the scope of potential losses increased the perceived 

risks of lending and liquidity tailed off sharply, which led to 

pronounced swings in asset prices, yields, and interest and 

lending rates. 

Partly in response to rising financial market stress as well 

as signs of slowing in the broader economy, the Federal 

Reserve began easing monetary policy in August 2007, and 

has since cut the federal funds rate target by 325 basis 

points. At the latest Federal Open Market Committee 

meeting in late April, the Federal Reserve cut the federal 

funds target rate by 25 basis points to 2.0 percent–bringing 

the target to its lowest level since December 2004. The 

Federal Reserve is also using a variety of additional tools to 

increase liquidity in credit markets, including the Term 

Auction Facility, the Term Securities Lending Facility, and 

the Primary Dealer Credit Facility. 

Long- and short-term Treasury interest rates have 

trended lower since last summer, partly reflecting flight-toquality flows in response to financial market pressures. The 

10-year Treasury note yield was trading at about 5.1 percent 

in July 2007, then declined to 3.3 percent in mid-March 

before partially retracing to 3.9 percent in early May. 

Likewise, then 3-month Treasury bill yield was fluctuating 

around 5 percent in late July 2007, then dropped to 1.1 

percent in mid-April before rising to about 1.5 percent most 

recently. 

Key interest rates on private securities have risen relative 

to Treasury rates. The widening spreads are reflecting an 

increase in financial risk, anticipation of slower economic 

growth, and concerns by financial market participants about 

short-term liquidity difficulties facing some institutions. The 

spread between the 3-month London Inter-bank Offered 

Rate and the 3-month Treasury bill rate (the TED spread, a 

measure of inter-bank liquidity and credit risk) widened 

from about 40 basis points last July to about 165 basis points 

as of mid-April. The TED spread has since narrowed to 

about 127 basis points as of early May, reflecting some 

improvement in credit market risk, but remains elevated 

nonetheless. The spread between the Baa corporate bond 

yield and the 10-year Treasury yield, another measure of 

investor risk appetite, was quite stable through most of 2007 

at 1.7 percentage points, but the spread widened steadily 

from last fall, reaching 3.4 percentage points in mid-March. 

Since then, the spread has narrowed to 3.0 percentage points 

as of early May. 

Rates for conforming mortgages have continued to move 

in tandem with the 10-year Treasury, but rates for jumbo 

mortgages have remained elevated, so the spread between 

jumbo and conforming mortgage rates has widened further 

this year. The average interest rate for a 30-year conforming 

fixed-rate mortgage fell from a recent high of 6.7 percent in 

July 2007 to a low of 5.5 percent in late January, but as of 

early May, was averaging around 6 percent. The jumboconforming spread had widened late last year to about 100 

basis points, well up from the more typical 20 to 25 basis 

point spread seen prior to the onset of the housing and credit 

market problems, and has continued to widen this year, to 

about 150 basis point as of early May. 
June 2008 

7

 Foreign Trade and Exchange Rates 

Although the U.S. trade balance (which measures trade 

in goods) and current account (which measures trade in 

goods, services, and investment income flows as well as 

unilateral transfers) remain in deficit, both deficits have 

narrowed appreciably in recent years, largely due to an 

improvement in the trade balance. The merchandise trade 

deficit reached $838 billion in 2006, but declined to $815 

billion in 2007. However, as of February 2008, the trade 

deficit widened as continued strong export growth was more 

than offset by a surge in nonoil imports. The current account 

balance has been in deficit almost continuously since the 

early 1980s, and in 2006, reached a record $811 billion, 

equivalent to 6.2 percent of GDP. In 2007, the deficit 

narrowed to $739 billion, or 5.3 percent of GDP. 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002. Between February 2002, and 

April 2008, the exchange value of the dollar compared to an 

index of these currencies fell by about 37 percent. Over this 

period, the dollar depreciated by 25 percent against the yen, 

and by 44 percent to an all-time low against the euro. The 

dollar has also depreciated, but by a far lesser amount, 

against an index of currencies of 19 other important trading 

partners (including China, India, and Mexico). Between 

February 2002, and April 2008, the dollar depreciated by 

about 10 percent against this basket of currencies. 
June 2008 

8 

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 

June 2008 

9

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the second quarter of fiscal 

year 2008 supplements fiscal data reported in the 

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

of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $229.9 billion for the second 

quarter of fiscal year 2008. This is an increase of $1.5 billion 

over the comparable prior year quarter. Withheld receipts 

increased by $4.3 billion and non-withheld receipts 

increased by $6.3 billion during this period. Refunds 

increased by $9.1 billion over the comparable fiscal year 

2007 quarter. There was an increase of $4.2 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2007. 

Corporate income taxes—Net corporate income tax 

receipts were $36.9 billion for the second quarter of fiscal 

year 2008. This is a decrease of $18.2 billion compared to 

the prior year second quarter. The $18.2 billion change is 

comprised of a decrease of $11.1 billion in estimated and 

final payments, and an increase of $7.1 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2008 were $224.1 billion, an increase of $4.9 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $3.1 billion, $0.5 billion, and $1.3 billion 

respectively. There was a $0.6 billion accounting adjustment 

for prior years’ employment tax liabilities made in the 

second quarter of fiscal year 2008, while there was a $4.7 

billion adjustment in the second quarter of fiscal year 2007. 

Unemployment insurance—Unemployment insurance 

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

2008 were $5.5 billion, a decrease of $0.3 billion over the 

comparable quarter of fiscal year 2007. Net State taxes 

deposited in the U.S. Treasury decreased by $0.3 billion to 

$4.1 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.4 billion. 
FEDERAL FISCAL OPERATIONS 

June 2008 

10 

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

second quarter of fiscal year 2008. This was a negligible 

change from the comparable quarter of fiscal year 2007. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2008 were $15.5 billion, an increase of 

$1.8 billion over the comparable prior year quarter. Total 

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

decrease of $2.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.6 billion for the second quarter of fiscal year 2008. 

These receipts represent an increase of $0.8 billion over the 

same quarter in fiscal year 2007. 

Customs duties—Customs duties net of refunds were 

$6.5 billion for the second quarter of fiscal year 2008. This 

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

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2008 were $13.8 billion, 

an increase of $1.8 billion over the comparable prior year 

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

Federal Reserve banks increasing by $1.9 billion.

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

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

Second quarter 

 Jan. - Mar. 

Actual fiscal 

year to date 2008 

Total on- and off-budget results: 

Total receipts ................................................................ 539,829 1,146,042

On-budget receipts ................................................... 365,589 828,565

Off-budget receipts ................................................... 174,241 317,477

Total outlays.................................................................. 745,694 1,457,441

On-budget outlays..................................................... 602,840 1,230,323

Off-budget outlays..................................................... 142,854 227,118

Total surplus or deficit (-) .............................................. -205,864 -311,399

On-budget surplus or deficit (-)................................. -237,252 -401,758

Off-budget surplus or deficit (-)................................. 31,387 90,359

Means of financing: 

Borrowing from the public............................................. 200,227 289,652

Reduction of operating cash......................................... 10,837 29,098

Other means ................................................................. -5,199 -7,352

Total on- and off-budget financing............................ 205,864 311,399

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2008 

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

Source Jan. Feb. Mar. 

Individual income taxes...................................................... 148.8 24.4 56.7 

Corporate income taxes..................................................... 6.1 -1.7 32.6 

Employment and general retirement.................................. 82.7 67.5 73.9 

Unemployment insurance .................................................. 2.1 3.0 0.4 

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

Excise taxes ....................................................................... 5.0 4.9 5.5 

Estate and gift taxes .......................................................... 2.3 1.8 2.4 

Customs duties .................................................................. 2.2 2.2 2.1 

Miscellaneous receipts....................................................... 5.5 3.2 5.1

Total budget receipts ..................................................... 255.2 105.7 178.9

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

June 2008 

11

0

50

100

150

200

250

300

350

400

450

500

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise taxes Misc. 

receipts 

Customs

duties

Estate/gift

taxes

* Prior-year data are for the comparable year.

2008

2007 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2007-2008

(In billions of dollars) 

CHART FFO-A.—

Monthly Receipts and Outlays, 2007-2008

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

MAM J J ASONDJ FM

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays
FEDERAL FISCAL OPERATIONS 

June 2008 

12 

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) 

 

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

2004 ............................ 1,879,784 1,345,040 534,744 2,292,770 1,913,259 379,512 -412,986 -568,219 155,233 595,064 

2005 ............................ 2,153,350 1,575,874 577,475 2,471,647 2,069,437 402,210 -318,298 -493,562 175,265 551,329 

2006 ............................ 2,406,675 1,798,293 608,382 2,654,873 2,232,804 422,069 -248,197 -434,510 186,313 546,436 

2007 ............................ 2,567,673 1,932,585 635,088 2,730,499 2,276,863 453,636 -162,826 -344,278 181,452 499,976 

 

2008 - Est.................... 2,521,175 1,858,960 662,215 2,931,222 2,461,157 470,065 -410,047 -602,197 192,150 703,708 

2009 - Est.................... 2,699,947 2,004,383 695,564 3,107,355 2,615,476 491,879 -407,408 -611,093 203,685 758,753 

 

2007 - Mar................... 166,490 107,504 58,987 262,761 215,714 47,047 -96,270 -108,210 11,940 70,004 

Apr................... 383,641 315,639 68,002 205,967 160,504 45,462 177,674 155,135 22,540 -7,718 

May.................. 164,239 112,584 51,655 231,937 184,566 47,371 -67,699 -71,982 4,284 -12,445 

June................. 276,517 218,697 57,820 249,036 249,332 -296 27,481 -30,635 58,116 37,943 

July .................. 170,439 121,679 48,760 206,886 163,434 43,452 -36,447 -41,755 5,308 65,919 

Aug .................. 166,545 117,166 49,379 283,518 207,951 75,567 -116,973 -90,785 -26,188 72,779 

Sept................. 285,354 231,333 54,021 173,788 147,780 26,008 111,567 83,554 28,013 3,160 

Oct................... 178,175 133,146 45,029 233,732 191,305 42,428 -55,557 -58,158 2,601 73,429 

Nov .................. 151,055 102,705 48,350 249,293 200,783 48,510 -98,238 -98,078 -160 71,631 

Dec .................. 276,982 227,125 49,857 228,721 235,395 -6,674 48,261 -8,270 56,531 79,026 

2008 - Jan ................... 255,217 191,181 64,036 237,379 193,589 43,790 17,839 -2,408 20,246 11,103 

Feb .................. 105,723 53,495 52,229 281,287 232,181 49,106 -175,563 -178,686 3,123 119,605 

Mar .................. 178,889 120,913 57,976 227,028 177,070 49,958 -48,140 -56,158 8,018 82,503 

Fiscal year 2008 to date ... 1,146,041 828,565 317,477 1,457,440 1,230,323 227,118 -311,398 -401,758 90,359 437,297 

 

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) 

 

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 -23,669 -4,630 6,517 662 412,986 

2005 ...................................... -547 254,096 296,687 -669 -4,537 -182 -6,195 9,250 778 318,298 

2006 ...................................... -245 309,215 236,975 16,447 410 196 -6,626 r 20,983 r 666 248,197 

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -21,368 782 162,826 

 

2008 - Est.............................. -16 310,202 393,490 -30,237 - - - -13,680 - 410,047 

2009 - Est.............................. 226 331,444 427,534 - - - - -20,126 - 407,408 

 

2007 - Mar............................. 67 -3,684 73,755 -5,542 32 -144 -26 16,765 70 96,270 

Apr............................. -204 38,890 -46,812 117,751 83 1,010 -293 -12,311 - -177,674 

May............................ 18 13,250 -25,677 -97,589 -28 -167 -70 -4,478 - 67,699 

June........................... 162 75,889 -37,784 -922 16 615 89 9,771 330 -27,481 

July ............................ 125 5,475 60,569 22,132 93 -251 -205 -2,353 - 36,447 

Aug ............................ -286 -19,119 91,612 -37,895 46 305 20 -12,163 - 116,973 

Sept........................... -42 49,682 -46,564 65,792 144 112 76 771 350 -111,567 

Oct............................. 51 54,604 18,877 -37,280 91 -405 -67 -981 - 55,557 

Nov ............................ 87 -7,805 79,523 -29,414 144 213 19 -10,323 - 98,238 

Dec ............................ 47 88,048 -8,975 48,431 -60 -86 -172 r 8,727 r 100 -48,261 

2008 - Jan ............................. -43 14,724 -3,664 13,296 90 -219 -7 -1,015 - -17,839 

Feb ............................ -124 -8,106 127,587 -59,244 121 31 43 -11,073 - 175,563 

Mar ............................ 486 6,685 76,304 35,111 204 730 21 7,677 225 48,140 

Fiscal year 2008 to date........... 504 148,150 289,652 -29,100 590 264 -163 -6,988 325 311,398 

 

 

Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 4, 2008. 

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

June 2008 

13

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) 

 

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

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

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

2006 .............................. 848,954 387,307 192,354 1,043,908 380,925 27,010 353,915 1,397,823 788,024 2,213 785,810 

2007 .............................. 928,582 437,666 202,779 1,163,472 395,534 25,292 370,243 1,533,715 822,216 2,220 819,996 

 

2008 - Est...................... 1,219,661 - - 1,219,661 345,336 - 345,336 1,564,997 857,668 - 857,668 

2009 - Est...................... 1,259,041 - - 1,259,041 339,224 - 339,224 1,598,265 895,280 - 895,280 

 

2007 - Mar..................... 81,743 9,191 55,521 35,413 44,016 3,809 40,207 75,620 75,387 - 75,387 

Apr..................... 72,560 197,811 44,112 226,260 49,076 2,386 46,691 272,951 87,662 - 87,662 

May.................... 72,884 11,283 23,977 60,190 10,722 460 10,262 70,452 65,623 - 65,623 

June................... 69,751 54,397 4,680 119,468 69,574 954 68,620 188,088 74,217 - 74,217 

July .................... 77,006 5,687 3,093 79,600 11,099 1,454 9,645 89,245 62,669 - 62,669 

Aug .................... 75,982 5,343 3,707 77,618 6,104 1,767 4,336 81,954 63,500 - 63,500 

Sept................... 63,315 60,443 2,603 121,155 77,893 1,171 76,722 197,877 72,624 2,220 70,404 

Oct..................... 83,387 16,210 4,035 95,563 12,235 6,281 5,955 101,518 59,539 - 59,539 

Nov .................... 71,082 4,238 9,877 65,443 5,363 2,664 2,699 68,142 64,142 - 64,142 

Dec .................... 106,925 7,338 1,606 112,657 87,770 3,891 83,879 196,536 66,595 - 66,595 

2008 - Jan ..................... 87,249 65,071 3,483 148,838 10,579 4,519 6,060 154,898 82,287 - 82,287 

Feb .................... 88,645 4,022 68,267 24,400 4,995 6,687 -1,692 22,708 67,066 - 67,066 

Mar .................... 89,041 11,008 43,345 56,705 37,997 5,428 32,569 89,274 73,443 - 73,443 

 

Fiscal year 2008 to date... 526,329 107,887 130,613 503,606 158,939 29,470 129,470 633,076 413,072 - 413,072 

 

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) 

 

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

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

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

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

2007 ............................ 4,263 2 4,261 824,257 41,216 125 41,091 4,207 51 4,258 

 

2008 - Est.................... 4,355 - 4,355 862,023 43,382 - 43,382 4,695 25 4,720 

2009 - Est.................... 4,366 - 4,366 899,646 44,953 - 44,953 4,752 26 4,778 

 

2007 - Mar................... 393 * 393 75,780 388 16 372 346 4 350 

Apr................... 406 * 405 88,067 7,482 22 7,460 325 5 330 

May ................. 420 - 420 66,043 13,492 12 13,480 326 4 330 

June ................ -92 - -92 74,125 262 12 250 394 4 398 

July.................. 446 - 446 63,115 2,787 15 2,771 372 3 375 

Aug.................. 410 2 408 63,908 5,055 12 5,043 340 5 344 

Sept................. 332 -1 333 70,737 238 12 226 326 7 332 

Oct................... 421 9 413 59,952 2,143 5 2,137 323 2 325 

Nov.................. 326 * 326 64,468 3,267 6 3,261 391 3 394 

Dec.................. 394 1 393 66,989 265 6 259 345 4 349 

2008 - Jan ................... 394 * 394 82,681 2,143 4 2,139 366 4 370 

Feb.................. 454 * 454 67,520 2,993 3 2,989 322 4 327 

Mar.................. 439 * 439 73,882 366 14 353 321 4 325 

 

Fiscal year 2008 to date.... 2,428 10 2,419 415,492 11,177 38 11,138 2,068 21 2,090 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2008 

14 

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

 

2003 ............................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,431 34,309 1,258,265 523,842 

2004 ............................ 69,855 25,579 749 24,831 21,806 723 21,083 19,652 12,628 32,280 1,345,040 534,744 

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

2006 ............................ 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,439 44,384 1,798,293 608,382 

2007 ............................ 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 15,186 47,228 1,932,585 635,088 

 

2008 - Est.................... 68,835 26,757 - 26,757 29,208 - 29,208 31,358 -110,105 -78,747 1,858,960 662,215 

2009 - Est.................... 68,946 26,313 - 26,313 29,122 - 29,122 31,652 -3,728 27,924 2,004,383 695,564 

 

2007 - Mar................... 5,905 2,111 79 2,032 2,217 64 2,153 2,649 1,629 4,278 107,504 58,987 

Apr................... 4,954 3,808 62 3,746 2,069 88 1,981 3,000 1,153 4,152 315,639 68,002 

May ................. 5,042 2,212 78 2,133 2,159 98 2,060 3,238 1,461 4,698 112,584 51,655 

June ................ 6,004 1,858 80 1,778 2,245 73 2,172 2,637 1,064 3,702 218,697 57,820 

July.................. 6,043 1,924 78 1,847 2,444 72 2,372 3,363 1,307 4,670 121,679 48,760 

Aug.................. 5,807 2,379 68 2,311 2,668 62 2,606 3,206 1,366 4,572 117,166 49,379 

Sept................. 7,539 2,218 57 2,161 2,399 76 2,323 2,735 1,423 4,158 231,333 54,021 

Oct................... 4,452 2,487 74 2,413 2,615 106 2,509 3,215 1,655 4,870 133,146 45,029 

Nov.................. 5,871 2,144 87 2,057 2,543 65 2,478 3,018 1,367 4,385 102,705 48,350 

Dec.................. 5,718 2,527 66 2,460 2,211 84 2,127 1,486 1,058 2,545 227,125 49,857 

2008 - Jan .................. 5,032 2,395 60 2,336 2,295 61 2,234 4,125 1,403 5,529 191,181 64,036 

Feb .................. 4,921 1,890 69 1,820 2,280 57 2,223 2,063 1,151 3,214 53,495 52,229 

Mar .................. 5,500 2,510 105 2,405 2,172 102 2,070 3,801 1,278 5,079 120,913 57,976 

 

Fiscal year 2008 to date.. 31,494 13,953 461 13,491 14,116 475 13,641 17,708 7,912 25,622 828,565 317,477 

 

Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 4, 2008. 

* Less than $500,000. 

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) 

 

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

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

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

2006............................ 837,820 10,531 105 10,425 607 - 607 39,433 891 38,543 25,509 1,123 24,386

2007............................ 869,607 11,535 67 11,468 639 - 639 40,402 1,040 39,362 18,734 5,134 13,600 

2008 - Est ................... 910,125 11,871 - 11,871 638 - 638 39,203 - 39,203 17,123 - 17,123

2009 - Est ................... 949,377 12,570 - 12,570 648 - 648 39,928 - 39,928 15,800 - 15,800

 

2007 - Mar .................. 76,501 842 - 842 50 - 50 3,108 - 3,108 3,006 1,101 1,905

Apr .................. 95,857 903 - 903 53 - 53 3,326 - 3,326 1,519 847 672

May ................. 79,853 1,059 9 1,051 69 - 69 4,067 295 3,772 682 531 152

June ................ 74,773 1,253 -8 1,261 55 - 55 3,149 8 3,141 1,732 185 1,547

July.................. 66,262 1,002 - 1,002 54 - 54 3,249 - 3,249 1,928 189 1,739

Aug.................. 69,295 1,149 10 1,139 66 - 66 3,002 296 2,706 2,074 178 1,896

Sept................. 71,296 1,673 13 1,660 84 - 84 6,196 179 6,016 -22 198 -221

Oct .................. 62,414 369 - 369 10 - 10 592 - 592 3,646 165 3,481

Nov.................. 68,123 1,056 - 1,056 60 - 60 3,813 - 3,813 1,121 180 941

Dec.................. 67,597 945 - 945 54 - 54 3,407 - 3,407 1,445 133 1,312

2008 - Jan................... 85,190 870 - 870 49 - 49 3,134 - 3,134 1,049 69 979

Feb.................. 70,836 1,062 - 1,062 78 - 78 3,162 - 3,162 1,112 492 619

Mar.................. 74,560 864 30 834 58 - 58 3,170 335 2,835 1,518 -256 1,773

 

Fiscal year 2008 to date.. 428,720 5,166 30 5,136 309 - 309 17,278 335 16,943 9,891 783 9,105

 
FEDERAL FISCAL OPERATIONS 

June 2008 

15

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

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

2004 ....................... 3,900 5,393 71,572 5,829 437,043 62,779 19,894 542,812 26,802 44,989 8,615 29,576 56,679

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

2006 ....................... 4,129 5,820 93,533 6,374 499,350 93,427 19,653 614,313 69,100 42,434 9,063 23,320 43,139

2007 ....................... 4,306 6,008 84,437 6,479 529,871 66,372 20,117 672,036 39,172 45,559 10,488 23,351 47,543

 

2008 - Est............... 4,586 6,161 94,764 8,151 583,057 68,046 23,209 709,381 42,340 52,269 11,081 25,026 49,652

2009 - Est............... 4,962 6,981 94,753 9,246 651,162 63,500 23,325 738,633 44,297 45,630 10,239 26,520 54,192

 

2007 - Mar.............. 329 429 6,262 523 49,418 5,358 2,362 67,822 3,361 3,711 784 1,894 5,181

Apr.............. 491 509 5,556 394 38,683 4,503 1,417 45,732 3,031 4,195 895 1,938 3,692

May............. 328 484 4,242 563 42,169 5,130 2,137 60,112 2,840 3,514 782 1,812 4,329

June............ 384 579 3,909 550 48,322 5,531 2,116 66,663 3,951 4,178 1,066 1,971 3,882

July ............. 372 494 5,267 705 40,288 3,024 850 44,582 2,957 4,218 1,215 2,440 3,466

Aug ............. 346 532 5,460 574 48,136 7,773 1,292 67,116 3,371 4,015 1,053 2,070 4,042

Sept ............ 320 481 6,034 555 44,010 5,737 2,212 44,705 3,284 3,878 957 1,237 3,500

Oct.............. 367 480 r 12,544 599 55,724 5,037 1,409 58,494 3,728 4,150 914 2,684 3,374

Nov ............. 331 626 r 8,189 603 50,217 4,971 881 64,392 3,204 r 4,064 819 2,079 2,919

Dec ............. 323 487 r 9,931 691 49,174 4,501 2,209 44,631 2,949 4,206 1,001 2,296 4,995

2008 - Jan .............. 406 502 9,269 608 44,309 7,581 1,243 56,579 3,202 3,890 912 2,412 5,302

Feb ............. 342 511 7,269 599 48,199 7,055 1,859 68,807 3,196 3,545 827 1,919 4,695

Mar ............. 353 469 7,345 525 44,512 4,907 1,059 46,289 3,427 3,755 825 2,140 3,854

 

Fiscal year 2008 to 

 date ........................ 2,122 3,075 54,547 3,625 292,135 34,052 8,660 339,192 19,706 23,610 5,298 13,530 25,139

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

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

2004 ....................... 10,925 54,872 321,566 54,330 59,585 4,732 41,732 8,329 3,349 -452 13,660 

2005 ....................... 12,754 56,597 352,350 57,927 69,844 4,720 43,484 7,911 7,689 17 15,034 

2006 ....................... 12,957 60,141 405,872 58,873 69,808 6,946 44,435 8,322 5,378 22 13,945 

2007 ....................... 13,749 61,701 429,978 60,623 72,820 3,918 47,112 8,258 2,957 32 12,764 

2008 - Est............... 18,892 68,662 459,186 60,977 86,643 7,211 49,067 7,541 2,079 357 15,224 

2009 - Est............... 22,103 71,104 487,300 60,501 91,815 8,772 51,220 7,999 528 722 16,451 

 

2008 - Mar.............. 1,278 3,908 21,253 12,016 8,376 390 4,006 736 326 276 3,489 

Apr.............. 555 4,626 25,657 5,611 3,543 274 3,311 627 256 94 1,167 

May ............ 1,379 5,095 26,969 3,582 6,459 408 3,626 552 250 38 1,618 

June ........... 568 5,432 104,755 2,332 9,834 230 3,794 710 169 10 1,120 

July............. 1,237 5,646 25,659 1,923 3,386 385 4,079 700 164 -9 752 

Aug............. 1,360 7,156 25,688 1,101 9,457 553 3,555 788 170 -63 1,325 

Sept............ 1,483 6,459 19,187 -5,312 3,354 460 4,167 676 136 -128 161 

Oct.............. 1,427 6,099 22,310 r 1,064 6,835 450 3,694 668 96 r 33 67 

Nov............. 1,813 5,091 25,345 r 1,385 10,423 321 4,110 677 113 24 -633 

Dec............. 1,806 5,282 106,138 r 2,576 6,704 437 4,021 714 152 r 38 800 

2008 - Jan .............. 1,295 4,076 24,687 5,088 3,511 507 4,193 687 140 29 3,647 

Feb............. 1,154 4,091 20,037 32,303 9,943 447 4,010 630 110 17 644 

Mar............. 1,357 4,935 23,024 13,084 4,141 376 3,993 713 92 189 341 

Fiscal year 2008 to 

 date............................ 8,852 29,574 221,541 55,500 41,557 2,538 24,021 4,089 703 330 4,866 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

June 2008 

16 

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) 

 

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

2004 .................. 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * 1,913,259 379,512 

2005 .................. 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 2,069,437 402,210 

2006 .................. 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 2,232,803 422,069 

2007 .................. 15,860 5,529 58,450 1,175 621,761 18,271 -61,774 -177,963 -6,762 -13,700 2,276,863 453,636 

 

2008 - Est.......... 17,318 6,256 64,173 530 656,563 18,401 -64,442 -197,838 -11,120 -12,181 2,461,157 470,065 

2009 - Est.......... 18,137 6,414 67,213 825 692,783 19,393 -67,808 -208,929 -10,159 -2,469 2,615,476 491,879 

 

2007 - Mar......... 1,445 421 5,761 98 55,100 1,262 -4,002 -573 -228 -12 215,714 47,047 

Apr......... 1,265 471 3,007 75 48,849 2,747 -3,948 -2,447 -807 - 160,504 45,462 

May ....... 1,399 435 5,638 98 52,922 400 -3,963 -2,538 -621 -252 184,566 47,371 

June ...... 1,497 521 5,368 81 59,720 -1,714 -4,289 -83,534 -321 -350 249,332 -296 

July........ 1,282 512 5,698 80 49,094 2,640 -4,230 -1,037 -952 * 163,434 43,452 

Aug........ 1,479 618 5,848 91 84,385 802 -3,938 -2,019 -616 * 207,951 75,567 

Sept....... 1,771 498 239 87 21,312 6,535 -4,005 -95 -110 * 147,780 26,008 

Oct......... 1,104 445 6,326 71 52,559 1,519 -18,288 -1,489 -760 * 191,305 42,428 

Nov........ 1,596 478 5,026 71 56,073 1,181 -4,397 -1,755 -942 * 200,783 48,510 

Dec........ 1,548 451 5,352 73 53,638 2,341 -4,084 -85,937 -721 * 235,395 -6,674 

2008 - Jan ......... 1,216 394 5,987 78 50,648 1,843 -4,472 -1,180 -1,208 -1 193,589 43,790 

Feb........ 1,264 429 5,843 -268 57,598 2,369 -4,316 -1,509 -2,328 -5 232,181 49,106 

Mar........ 1,486 463 6,061 66 51,620 1,841 -4,201 -720 -1,288 * 177,070 49,958 

 

Fiscal year 2008 

to date ............... 8,214 2,660 34,595 91 322,136 11,094 -39,758 -92,590 -7,247 -6 1,230,323 227,118 

 

 Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 4, 2008. 

* Less than $500,000. 

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

June 2008 

17

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

March 2008 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............................................... 503,578 27 - 503,605 479,151 30 - 479,181

Corporation income taxes........................................... 129,470 - - 129,470 153,964 - 3 153,966

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 317,477 317,477 - - 305,450 305,450

Employment and general retirement (on-budget)... - - 98,014 98,014 - - 92,811 92,811

Unemployment insurance ....................................... - - 11,138 11,138 - - 11,861 11,861

Other retirement...................................................... - - 2,091 2,091 - - 2,149 2,149

Excise taxes ................................................................ 7,398 386 23,710 31,494 6,152 426 23,101 29,679

Estate and gift taxes ................................................... 13,491 - - 13,491 12,067 - - 12,067

Customs duties ........................................................... 8,840 4,056 746 13,642 7,915 3,913 668 12,497

Miscellaneous receipts................................................ 18,723 6,185 714 25,621 14,815 6,164 298 21,277

Total receipts....................................................... 681,499 10,654 453,889 1,146,042 674,064 10,533 436,341 1,120,938

(On-budget)..................................................... 681,499 10,654 136,412 828,565 674,064 10,533 130,891 815,488

(Off-budget)..................................................... - - 317,477 317,477 - - 305,450 305,450

 

Budget outlays: 

Legislative branch ....................................................... 2,098 16 7 2,121 2,050 17 -2 2,066

Judicial branch ............................................................ 2,940 175 -41 3,075 2,573 334 23 2,930

Department of Agriculture ........................................... 41,728 12,139 681 54,547 36,286 17,027 654 53,968

Department of Commerce........................................... 3,513 112 * 3,625 3,054 83 * 3,138

Department of Defense-military .................................. 288,912 3,198 24 292,134 266,199 2,044 21 268,264

Department of Education ............................................ 34,542 -499 8 34,051 34,674 -13 13 34,674

Department of Energy................................................. 11,377 -2,718 * 8,659 11,145 -1,054 * 10,092

Department of Health and Human Services ............... 243,768 149 95,276 339,192 242,752 63 100,312 343,127

Department of Homeland Security.............................. 21,343 -1,753 115 19,706 20,459 -869 149 19,739

Department of Housing and Urban Development....... 24,653 -305 -2 24,347 22,654 -441 -1 22,212

Department of the Interior........................................... 4,464 -152 250 4,562 4,006 -324 188 3,870

Department of Justice ................................................. 12,910 635 -16 13,529 10,845 1,015 23 11,882

Department of Labor ................................................... 4,831 -974 21,281 25,139 5,807 92 18,733 24,632

Department of State.................................................... 8,451 7 393 8,851 6,633 296 238 7,166

Department of Transportation..................................... 5,993 -254 23,835 29,575 6,618 -227 20,894 27,286

Department of the Treasury: 

Interest on the public debt....................................... 221,541 - - 221,541 202,063 - - 202,063

Other ....................................................................... 56,274 -727 -46 55,501 51,786 -336 -62 51,387

Department of Veterans Affairs .................................. 42,154 -1,103 504 41,556 37,294 -1,011 504 36,786

Corps of Engineers ..................................................... 2,102 69 367 2,538 1,060 110 437 1,608

Other defense civil programs...................................... 59,168 -11,449 -23,699 24,020 41,711 -12,522 -4,608 24,581

Environmental Protection Agency............................... 4,559 -114 -358 4,088 4,151 -84 139 4,206

Executive Office of the President................................ 702 * * 702 1,754 58 * 1,812

General Services Administration ................................ 70 259 * 330 -20 111 - 90

International Assistance Program............................... 9,926 -645 -4,414 4,866 9,180 -607 -1,952 6,621

National Aeronautics and Space Administration ........ 8,221 -8 * 8,214 7,171 -4 * 7,167

National Science Foundation...................................... 2,612 36 12 2,660 2,457 21 -4 2,474

Office of Personnel Management ............................... 4,378 -513 30,729 34,595 4,341 -33 28,343 32,650

Small Business Administration ................................... 98 -7 * 91 675 -12 * 663

Social Security Administration .................................... 29,928 -12 292,218 322,135 29,296 -10 276,194 305,480

Other independent agencies....................................... 5,145 265 5,682 11,093 4,893 -130 2,098 6,861

Undistributed offsetting receipts: 

Interest .................................................................... - - -92,591 -92,591 - - -86,293 -86,293

Other ....................................................................... -7,006 -11,744 -28,261 -47,012 -9,837 -18,145 -25,855 -53,836

Total outlays........................................................ 1,151,398 -15,916 321,958 1,457,441 1,063,729 -14,552 330,189 1,379,366

(On-budget)..................................................... 1,151,398 -13,059 91,984 1,230,323 1,063,729 -12,313 111,880 1,163,295

(Off-budget)..................................................... - -2,857 229,974 227,118 - -2,238 218,309 216,071

Surplus or deficit (-)............................................. -469,899 26,569 131,930 -311,399 -389,665 25,085 106,152 -258,428

(On-budget)..................................................... -469,899 23,713 44,428 -401,758 -389,665 22,847 19,011 -347,808

(Off-budget)..................................................... - 2,857 87,502 90,359 - 2,238 87,141 89,379

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2008 

18 

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) 

 

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

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

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

2006 ................................................ 7,839,784 501,945 8,340,659 1,478,945 1,463,568 

2007 ................................................ 8,455,356 528,724 8,983,992 1,571,322 1,548,300 

 

2007 - Mar....................................... 768,562 45,862 815,373 151,438 156,030 

Apr....................................... 820,607 50,278 845,625 151,062 58,571 

May...................................... 763,489 40,616 828,269 106,333 179,758 

June..................................... 654,470 50,732 705,893 155,675 155,907 

July ...................................... 569,224 39,238 607,985 110,456 88,800 

Aug ...................................... 850,144 39,031 889,722 103,928 141,276 

Sept..................................... 642,108 49,361 690,510 157,567 92,735 

Oct....................................... 657,908 40,429 699,569 113,367 149,415 

Nov ...................................... 752,037 36,806 788,481 102,472 132,248 

Dec ...................................... 680,387 59,953 728,889 199,675 162,694 

2008 - Jan ....................................... 746,426 44,251 801,024 128,702 105,059 

Feb ...................................... 863,418 37,176 901,942 120,623 178,518 

Mar ...................................... 770,080 45,335 814,287 152,098 118,114 

 

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

June 2008 

19

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) 

 

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

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

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

2006 ...................................... 5,451 46,676 7,507 93,784 2,637 78 5,019 20,614 

2007 ...................................... 5,539 69,698 29,504 98,264 3,239 75 5,216 23,961 

 

2007 - Mar............................. 4,245 1,725 6,285 33,734 4,245 1,639 4,992 13,995 

Apr............................. 29,504 94,216 29,504 94,216 3,307 497 6,289 24,635 

May............................ 5,340 20,791 26,577 98,264 4,125 8,446 6,242 40,399 

June........................... 4,649 20,560 6,022 59,059 4,039 3,175 5,024 25,854 

July ............................ 5,126 42,215 5,690 42,215 3,821 834 4,727 13,373 

Aug ............................ 4,579 4,866 5,508 44,900 4,366 4,866 4,909 20,184 

Sept........................... 5,539 69,698 7,550 89,158 3,239 1,534 4,956 39,707 

Oct............................. 4,307 33,650 6,304 59,149 3,919 3,515 4,937 18,294 

Nov ............................ 4,669 3,875 6,210 26,605 4,044 413 5,112 10,509 

Dec ............................ 16,120 40,855 16,120 60,329 3,924 671 5,867 24,354 

2008 - Jan ............................. 5,773 64,498 16,120 64,498 4,262 2,734 5,525 19,670 

Feb ............................ 4,424 6,603 6,052 50,127 2,992 94 4,830 13,358 

Mar ............................ 5,552 40,587 6,590 40,587 4,346 6,603 5,150 17,731 

 

 

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. 
June 2008 

20 

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 

June 2008 

21

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) 

 

2003............................... 6,809,272 6,783,320 25,952 2,859,275 2,859,275 - 3,949,997 3,924,045 25,952 

2004............................... 7,403,236 7,379,053 24,183 3,075,687 3,075,687 1 4,327,549 4,303,366 24,182 

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

2006............................... 8,530,366 8,506,974 23,392 3,663,773 3,663,766 7 4,866,593 4,843,208 23,385 

2007............................... 9,030,612 9,007,653 22,959 3,958,417 3,958,411 6 5,072,195 5,049,242 22,953 

 

2007 - Mar ..................... 8,872,851 8,849,665 23,186 3,795,393 3,795,387 6 5,077,458 5,054,278 23,180 

Apr ..................... 8,863,150 8,840,168 22,982 3,833,569 3,833,563 6 5,029,581 5,006,605 22,976 

May .................... 8,851,992 8,828,992 23,000 3,847,913 3,847,907 6 5,004,079 4,981,085 22,994 

June ................... 8,890,838 8,867,677 23,162 3,924,650 3,924,644 6 4,966,188 4,943,033 23,156 

July..................... 8,955,724 8,932,438 23,287 3,928,865 3,928,859 6 5,026,859 5,003,579 23,281 

Aug..................... 9,028,649 9,005,648 23,001 3,908,720 3,908,714 6 5,119,929 5,096,934 22,995 

Sept.................... 9,030,612 9,007,653 22,959 3,958,417 3,958,411 6 5,072,195 5,049,242 22,953 

Oct ..................... 9,102,096 9,079,086 23,011 4,012,039 4,012,033 6 5,090,057 5,067,053 23,005 

Nov..................... 9,172,438 9,149,341 23,097 4,002,846 4,002,840 6 5,169,592 5,146,501 23,091 

Dec..................... 9,252,317 9,229,172 23,145 4,092,890 4,092,884 6 5,159,427 5,136,288 23,139 

2008 - Jan...................... 9,261,110 9,238,008 23,102 4,105,795 4,105,789 6 5,155,315 5,132,219 23,096 

Feb..................... 9,381,029 9,358,051 22,978 4,098,349 4,098,344 6 5,282,680 5,259,707 22,972 

Mar..................... 9,461,058 9,437,594 23,464 4,103,552 4,103,546 6 5,357,506 5,334,048 23,458 

 

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) 

 

2003 ............................... 6,809,272 50,551 6,758,722 2,859,275 13,860 2,845,414 3,949,997 36,691 3,913,307 

2004 ............................... 7,403,236 51,219 7,352,017 3,075,687 16,596 3,059,091 4,327,550 34,623 4,292,926 

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

2006 ............................... 8,530,366 81,375 8,448,991 3,663,773 41,370 3,622,403 4,866,593 40,005 4,826,588 

2007 ............................... 9,030,612 82,078 8,948,534 3,958,417 42,796 3,915,621 5,072,195 39,282 5,032,913 

 

2007 - Mar...................... 8,872,851 83,727 8,789,124 3,795,393 43,713 3,751,679 5,077,458 40,014 5,037,444 

Apr...................... 8,863,150 81,949 8,781,201 3,833,569 43,000 3,790,569 5,029,581 38,949 4,990,632 

May .................... 8,851,992 83,218 8,768,774 3,847,913 44,094 3,803,819 5,004,079 39,124 4,964,955 

June ................... 8,890,838 83,960 8,806,879 3,924,650 44,942 3,879,708 4,966,188 39,018 4,927,171 

July..................... 8,955,724 82,802 8,872,923 3,928,865 43,682 3,885,183 5,026,859 39,120 4,987,740 

Aug..................... 9,028,649 83,233 8,945,416 3,908,720 42,781 3,865,939 5,119,929 40,452 5,079,477 

Sept.................... 9,030,612 82,078 8,948,534 3,958,417 42,796 3,915,621 5,072,195 39,282 5,032,913 

Oct...................... 9,102,096 80,082 9,022,015 4,012,039 41,814 3,970,225 5,090,057 38,268 5,051,790 

Nov..................... 9,172,438 78,705 9,093,733 4,002,846 40,417 3,962,430 5,169,592 38,288 5,131,303 

Dec..................... 9,252,317 79,511 9,172,806 4,092,890 42,422 4,050,468 5,159,427 37,089 5,122,338 

2008 - Jan ...................... 9,261,110 77,244 9,183,866 4,105,795 40,603 4,065,192 5,155,315 36,641 5,118,674 

Feb ..................... 9,381,029 77,682 9,303,347 4,098,349 41,264 4,057,086 5,282,680 36,418 5,246,261 

Mar ..................... 9,461,058 74,722 9,386,336 4,103,552 39,782 4,063,771 5,357,506 34,940 5,322,565 

 
FEDERAL DEBT 

June 2008

22 

 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) 

 

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

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

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

2006 ....................................... 203,656 - 2,986 78,129 238,835 29,995 5,715 

2007 ....................................... 197,126 - 2,986 88,153 296,513 29,995 6,126 

 

2007 - Mar.............................. 200,335 - 3,486 82,920 281,928 29,995 5,886 

Apr.............................. 199,784 - 3,486 82,624 291,250 29,995 5,970 

May ............................ 199,168 - 2,986 83,802 300,303 29,995 5,975 

June ........................... 198,648 - 2,986 84,217 301,624 29,995 6,050 

July............................. 198,094 - 2,986 85,264 297,699 29,995 6,016 

Aug............................. 197,426 - 2,986 87,585 296,590 29,995 6,009 

Sept............................ 197,126 - 2,986 88,153 296,513 29,995 6,126 

Oct.............................. 196,871 - 2,986 89,213 297,300 29,995 5,828 

Nov............................. 196,649 - 2,986 90,634 296,943 29,995 5,845 

Dec............................. 196,452 - 2,986 91,189 293,239 29,995 5,648 

2008 - Jan .............................. 195,690 - 5,886 95,757 286,451 29,995 5,392 

Feb ............................. 195,583 - 5,286 97,088 284,921 29,995 5,247 

Mar ............................. 195,425 - 4,886 99,903 286,344 29,995 4,897 

 

 

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) 

 

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

2004 .................................. 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

2005 .................................. 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

2006 .................................. 4,843,121 4,283,804 908,474 2,445,307 534,473 395,550 559,317 

2007 .................................. 5,049,306 4,428,405 954,607 2,456,100 560,922 456,776 620,900 

 

2007 - Mar......................... 5,053,940 4,449,390 1,029,109 2,467,393 540,372 412,515 604,550 

Apr......................... 5,007,058 4,393,948 940,888 2,481,730 540,398 430,931 613,110 

May ....................... 4,980,871 4,358,641 915,490 2,461,180 547,151 434,820 622,230 

June ...................... 4,943,090 4,319,570 865,668 2,469,083 547,131 437,688 623,520 

July........................ 5,003,717 4,383,662 888,747 2,491,975 547,033 455,907 620,054 

Aug........................ 5,096,938 4,476,346 1,010,426 2,448,153 560,908 456,858 620,592 

Sept....................... 5,049,306 4,428,405 954,607 2,456,100 560,922 456,776 620,900 

Oct......................... 5,067,079 4,444,884 934,092 2,480,546 560,937 469,310 622,194 

Nov........................ 5,146,579 4,523,526 1,030,925 2,463,675 558,445 470,481 623,054 

Dec........................ 5,136,303 4,516,792 999,547 2,487,368 558,447 471,430 619,510 

2008 - Jan ......................... 5,132,265 4,513,092 980,012 2,502,767 558,445 471,868 619,173 

Feb ........................ 5,259,804 4,641,684 1,120,975 2,477,293 571,736 471,680 618,120 

Mar ........................ 5,334,116 4,712,665 1,153,879 2,513,108 571,738 473,940 621,451 
FEDERAL DEBT 

June 2008 

23

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) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

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

2004 ..................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

2005 ..................... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

2006 ..................... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

2007 ..................... 3,182 39,248 12,205 9,752 979 596 - 74,923 555,118 

 

2007 - Mar............ 3,099 34,506 13,260 9,987 - 495 - 61,071 535,369 

 Apr............ 3,113 37,692 14,381 9,903 1,898 509 - 1,479 592,655 

 May .......... 3,127 37,366 14,868 9,820 2,738 438 - 76,146 534,878 

 June ......... 3,140 34,802 15,002 10,018 1,937 432 - 75,135 551,613 

 July........... 3,153 39,308 14,412 9,936 1,913 578 - 73,723 550,842 

 Aug........... 3,166 46,780 13,020 9,845 3,389 603 - 77,160 552,359 

 Sept.......... 3,182 39,248 12,205 9,752 979 596 - 74,923 555,118 

 Oct............. 3,184 39,160 10,413 9,674 600 515 - 73,501 617,899 

 Nov........... 3,212 36,613 11,306 9,603 600 547 - 74,839 614,921 

 Dec........... 3,257 42,716 11,247 9,810 1,200 356 - 73,563 614,858 

2008 - Jan ............ 3,266 43,358 11,606 9,722 1,000 487 - 70,471 617,922 

 Feb ........... 3,273 40,010 12,319 9,626 1,000 636 - 70,538 619,501 

 Mar ........... 3,278 46,939 11,578 9,530 1,000 489 - 66,964 619,613 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

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

2004 .............. 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

2005 .............. 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

2006 .............. 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

2007 .............. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 1,968,262 

 

2007 - Mar..... 3,859,248 9,816 46,630 32,174 16,067 204,829 689,408 302,090 22,750 1,877,697 

 Apr..... 3,897,297 10,243 46,984 32,180 16,140 206,773 685,819 314,303 22,768 1,900,457 

 May.... 3,912,291 10,741 46,827 32,615 16,211 205,891 682,413 311,838 21,574 1,904,800 

 June... 3,989,271 10,363 46,353 32,671 16,254 210,795 681,009 318,504 22,127 1,959,116 

 July .... 3,994,227 9,973 47,025 32,731 16,328 209,866 677,734 319,869 22,147 1,964,689 

 Aug .... 3,976,442 9,780 47,440 32,929 16,394 205,677 674,415 312,288 22,387 1,948,810 

 Sept... 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 1,968,262 

 Oct...... 4,081,375 9,011 46,553 32,954 16,506 212,262 698,445 317,308 22,546 1,970,844 

 Nov.... 4,073,662 9,486 47,038 33,456 16,546 211,077 695,386 313,908 22,709 1,972,416 

 Dec.... 4,164,266 10,357 47,562 33,517 16,603 215,046 710,949 326,096 22,737 2,024,392 

2008 - Jan ..... 4,181,707 9,073 47,723 33,561 16,650 215,942 707,547 328,005 22,758 2,042,616 

 Feb .... 4,175,632 9,676 48,222 33,742 16,672 214,979 703,967 321,962 23,019 2,046,490 

 Mar .... 4,183,685 9,696 48,441 33,753 16,699 214,556 699,976 323,477 23,132 2,054,564 

 
FEDERAL DEBT 

June 2008

24 

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Farm Credit 

System Financial 

Assistance 

Corporation 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other 

(6) 

 

2003 ............................ 25,952 279 325 24,876 251 221 

2004 ............................ 24,183 200 325 23,253 243 163 

2005 ............................ 23,637 146 - 23,097 235 159 

2006 ............................ 23,392 112 - 22,899 225 156 

2007 ............................ 22,959 85 - 22,506 215 153 

 

2007 - Mar................... 23,186 88 - 22,724 220 155 

Apr................... 22,982 88 - 22,519 220 156 

May ................. 23,000 86 - 22,537 220 157 

June ................ 23,162 86 - 22,698 220 158 

July.................. 23,287 84 - 22,823 220 159 

Aug.................. 23,001 83 - 22,551 215 152 

Sept................. 22,959 85 - 22,506 215 153 

Oct................... 23,011 83 - 22,559 215 153 

Nov.................. 23,097 84 - 22,644 215 154 

Dec................... 23,145 84 - 22,690 215 156 

2008 - Jan ................... 23,102 68 - 22,662 215 157 

Feb ................... 22,978 69 - 22,550 210 149 

Mar ................... 23,464 69 - 23,035 210 150 

 

 

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

June 2008 

25

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) 

 

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

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 

 

2007 - Mar...................... 3,649,732 1,220,193 1,324,286 636,049 298,554 170,648 4 yrs. 9 mos. 

Apr...................... 3,611,093 1,128,525 1,357,728 655,774 298,188 170,878 4 yrs. 10 mos. 

May..................... 3,573,898 1,123,310 1,305,310 682,977 286,028 176,272 4 yrs. 11 mos. 

June.................... 3,514,691 1,075,672 1,296,936 679,143 286,376 176,564 4 yrs. 11 mos. 

July ..................... 3,598,529 1,102,053 1,349,349 677,402 292,887 176,838 4 yrs. 11 mos. 

Aug ..................... 3,702,458 1,215,692 1,333,432 682,935 291,975 178,425 4 yrs. 10 mos. 

Sept.................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 

Oct...................... 3,671,046 1,171,587 1,332,632 696,633 291,857 178,337 4 yrs. 10 mos. 

Nov ..................... 3,749,458 1,272,770 1,309,028 692,196 310,684 164,780 4 yrs. 9 mos. 

Dec ..................... 3,781,877 1,295,981 1,309,642 700,562 310,814 164,878 4 yrs. 9 mos. 

2008 - Jan ...................... 3,805,408 1,315,046 1,295,456 710,580 319,185 165,140 4 yrs. 9 mos. 

Feb ..................... 3,933,939 1,451,105 1,294,886 691,672 319,156 174,120 4 yrs. 8 mos. 

Mar ..................... 4,127,033 1,607,155 1,323,534 702,527 319,481 174,336 4 yrs. 5 mos. 

 

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

June 2008

26 

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) 

 

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

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

 

2007 - Mar....................................... 8,965,000 8,760,735 8,760,663 72 8,849,665 72 89,003 

Apr....................................... 8,965,000 8,753,070 8,752,999 71 8,840,168 71 87,170 

May...................................... 8,965,000 8,740,892 8,740,822 70 8,828,992 70 88,171 

June..................................... 8,965,000 8,779,168 8,779,098 70 8,867,675 70 88,577 

July ...................................... 8,965,000 8,845,417 8,845,348 68 8,932,438 68 87,090 

Aug ...................................... 8,965,000 8,918,493 8,918,425 67 9,005,649 67 87,224 

Sept..................................... 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

Oct....................................... 9,815,000 8,994,639 8,994,570 68 9,079,086 68 84,516 

Nov ...................................... 9,815,000 9,065,827 9,065,758 69 9,149,341 69 83,583 

Dec ...................................... 9,815,000 9,144,715 9,144,647 68 9,229,173 68 84,525 

2008 - Jan ....................................... 9,815,000 9,155,842 9,155,791 52 9,238,008 52 82,218 

Feb ...................................... 9,815,000 9,275,683 9,275,631 53 9,358,051 53 82,421 

Mar ...................................... 9,815,000 9,358,135 9,358,082 53 9,437,594 53 79,512 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

June 2008 

27

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) 

 

2003 ................................................ 224,472 24,858 15,291 11,498 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448 

 

2007 - Mar....................................... 236,743 17,642 21,391 13,501 499 1,448 

Apr....................................... 237,187 15,762 22,161 14,017 507 1,448 

May ..................................... 236,902 14,366 22,161 14,026 507 1,448 

June .................................... 234,174 14,291 22,217 14,026 507 1,448 

July...................................... 234,676 13,645 22,251 14,031 507 1,448 

Aug...................................... 232,552 12,796 22,695 14,307 518 1,448 

Sept..................................... 219,079 10,662 22,803 13,803 420 1,448 

Oct....................................... 228,388 17,653 22,803 13,803 420 1,448 

Nov...................................... 232,107 20,533 23,247 14,053 428 1,448 

Dec...................................... 224,572 10,918 23,084 14,198 431 1,448 

2008 - Jan ....................................... 229,879 12,614 23,331 14,321 435 1,448 

Feb ...................................... 231,100 12,808 23,538 14,475 439 1,448 

Mar ...................................... 230,254 12,820 23,447 14,354 440 1,448 

 

 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) 

 

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

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

2007 ................................................ 103,973 2,241 4,573 - 17,609 

 

2007 - Mar....................................... 115,925 2,487 6,258 - 14,675 

Apr....................................... 116,974 2,347 6,258 - 14,687 

May ..................................... 116,974 2,347 6,258 - 15,044 

June .................................... 116,974 2,462 6,258 - 15,273 

July...................................... 118,159 2,412 6,258 - 14,696 

Aug...................................... 114,432 2,301 6,258 - 15,757 

Sept..................................... 103,973 2,241 4,573 - 17,609 

Oct....................................... 107,801 2,241 4,573 - 15,836 

Nov...................................... 107,801 2,221 4,573 - 16,194 

Dec...................................... 109,587 2,221 4,573 - 16,284 

2008 - Jan ....................................... 113,250 2,201 4,573 - 15,418 

Feb...................................... 113,250 2,201 4,573 - 15,090 

Mar...................................... 115,120 2,201 4,573 - 14,430 

 
FEDERAL DEBT 

June 2008

28 

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) 

 

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

2005 ...................................... 5,848 2,973 7,695 7,411 

2006 ...................................... 4,911 2,958 9,303 22,249 

2007 ...................................... 4,364 2,945 11,366 22,872 

 

2007 - Mar............................. 4,911 4,553 10,863 22,591 

Apr............................. 4,364 4,821 10,863 22,978 

May ........................... 4,364 5,074 10,863 23,470 

June .......................... 4,364 2,120 10,863 23,371 

July............................ 4,364 2,407 10,866 23,632 

Aug............................ 4,364 2,660 11,366 23,652 

Sept........................... 4,364 2,945 11,366 22,872 

Oct............................. 4,364 3,229 11,366 22,851 

Nov............................ 4,364 3,482 11,366 22,399 

Dec............................ 4,364 3,768 11,366 22,331 

2008 - Jan ............................. 4,364 4,064 11,366 22,495 

Feb ............................ 4,364 4,312 11,901 22,701 

Mar ............................ 4,364 4,597 9,133 23,327 

 

Note.—Detail may not add to totals due to rounding. 
June 2008 

29

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

• Table PDO-1 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. 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-2 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

Note: Additional information, including maturity 

schedules of interest-bearing marketable public debt securities 

other than regular weekly and 52-week Treasury bills 

outstanding, can now be found on the Bureau of Public Debt’s 

website at http://www.treasurydirect.gov/govt/ reports/pd/pd_ 

pdotables_downloadable_files.htm. 

TREASURY FINANCING: JANUARY-MARCH 

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

J A N U A R Y 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On January 7, 2008, Treasury announced it would auction 

$8,000 million of 10-year TIPS to refund an outstanding 

adjusted amount of $19,389 million of securities maturing 

January 15 and to pay down approximately $11,389 million. 

The 10-year TIPS of Series A-2018 were dated and 

issued January 15. They are due January 15, 2018, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 1-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS 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 January 10.

Tenders totaled $15,216 million; Treasury accepted $8,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 1.655 

percent with an equivalent adjusted price of $99.724557. 

Treasury accepted in full all competitive tenders at yields 

lower than 1.655. Tenders at the high yield were allotted 

89.92 percent. The median yield was 1.599 percent, and the 

low yield was 1.490 percent. Noncompetitive tenders totaled 

$96 million. Competitive tenders accepted from private 

investors totaled $7,804 million. 

In addition to the $8,000 million of tenders accepted in 

the auction process, Treasury accepted $2,412 million from 

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

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of TIPS 

of Series A-2018 is $1,000. 

Auction of 20-Year TIPS 

On January 17, 2008, Treasury announced it would 

auction $8,000 million of 20-year TIPS to raise new cash. 

The 20-year TIPS of January 2028 were dated January 15 

and issued January 31. They are due January 15, 2028, with 

interest payable on July 15 and January 15 until maturity. 

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

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12 noon 

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

competitive tenders on January 24. Tenders totaled $14,301 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.807 percent with an 

equivalent adjusted price of $99.351033. Treasury accepted in 

full all competitive tenders at yields lower than 1.807. Tenders 

at the high yield were allotted 23.09 percent. The median yield 

was 1.750 percent, and the low yield was 1.730 percent. 

Noncompetitive tenders totaled $38 million. Competitive 

tenders accepted from private investors totaled $7,962 million. 

Adjusted accrued interest of $0.77158 per $1,000 must be 

paid for the period from January 15 to January 31. Both the 

unadjusted price of $99.047946 and the unadjusted accrued 
30 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2008 

interest of $0.76923 were adjusted by an index ratio of 

1.00306, for the period from January 15 to January 31. 

In addition to the $8,000 million of tenders accepted in 

the auction process, Treasury accepted $974 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of January 2028 is $1,000. 

Auction of 2-Year Notes 

On January 24, 2008, Treasury announced it would 

auction $24,000 million of 2-year notes of Series U-2010. The 

issue was to refund $21,566 million of securities maturing 

January 31 and to raise new cash of approximately $16,434 

million. 

The notes of Series U-2010 were dated and issued 

January 31. They are due January 31, 2010, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 2-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on January 28. Tenders totaled $55,917 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.237 percent with the 

equivalent price of $99.782126. Treasury accepted in full all 

competitive tenders at yields lower than 2.237 percent. 

Tenders at the high yield were allotted 61.43 percent. The 

median yield was 2.200 percent, and the low yield was 2.150 

percent. Noncompetitive tenders totaled $597 million. 

Competitive tenders accepted from private investors totaled 

$23,403 million. 

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

the auction process, Treasury accepted $2,923 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2010 is $1,000. 

Auction of 5-Year Notes 

On January 24, 2008, Treasury announced it would 

auction $14,000 million of 5-year notes of Series F-2013. The 

issue was to refund $21,566 million of securities maturing 

January 31 and to raise new cash of approximately $16,434 

million. 

The notes of Series F-2013 were dated and issued 

January 31. They are due January 31, 2013, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 2-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on January 29. Tenders totaled $30,170 

million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.909 percent with an 

equivalent price of $99.842844. Treasury accepted in full all 

competitive tenders at yields lower than 2.909 percent. 

Tenders at the high yield were allotted 57.39 percent. The 

median yield was 2.879 percent, and the low yield was 2.800 

percent. Noncompetitive tenders totaled $81 million. 

Competitive tenders accepted from private investors totaled 

$13,894 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $1,705 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2013 is $1,000. 

F E B R U A R Y 

Cash Management Bills 

On February 7, 2008, Treasury announced it would 

auction $19,000 million of 63-day bills. They were issued 

February 14 and matured April 17. The issue was to raise new 

cash. Treasury auctioned the bills on February 13. Tenders 

totaled $66,306 million; Treasury accepted $19,000 million. 

The high bank discount rate was 2.440 percent. 

On February 11, 2008, Treasury announced it would 

auction $30,000 million of 60-day bills. They were issued 

February 15 and matured April 15. The issue was to raise new 

cash. Treasury auctioned the bills on February 14. Tenders 

totaled $94,280 million; Treasury accepted $30,000 million. 

The high bank discount rate was 2.510 percent. 

On February 25, 2008, Treasury announced it would 

auction $10,000 million of 19-day bills. They were issued 

February 27 and matured March 17. The issue was to raise 

new cash. Treasury auctioned the bills on February 26. 

Tenders totaled $38,191 million; Treasury accepted $10,000 

million. The high bank discount rate was 2.400 percent. 

February Quarterly Financing 

On January 30, 2008, Treasury announced it would 

auction $13,000 million of 10-year notes of Series B-2018 and 

$9,000 million of 30-year bonds of February 2038 to refund 

$54,458 million of Treasury securities maturing on February 

15 and to pay down approximately $32,458 million. 

The 10-year notes of Series B-2018 were dated and 

issued February 15. They are due February 15, 2018, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 3-1/2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on February 6. Tenders totaled $30,432 

million; Treasury accepted $13,000 million. All 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

 June 2008 

31

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.620 percent with an 

equivalent price of $99.000685. Treasury accepted in full all 

competitive tenders at yields lower than 3.620 percent. 

Tenders at the high yield were allotted 2.36 percent. The 

median yield was 3.584 percent, and the low yield was 3.510 

percent. Noncompetitive tenders totaled $89 million. 

Competitive tenders accepted from private investors totaled 

$12,886 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $6,204 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2018 is $1,000. 

The 30-year bonds of February 2038 were dated and 

issued February 15. They are due February 15, 2038, with 

interest payable on August 15 and February 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 noon 

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

competitive tenders on February 7. Tenders totaled $16,371 

million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.449 percent with an 

equivalent price of $98.780998. Treasury accepted in full all 

competitive tenders at yields lower than 4.449 percent. 

Tenders at the high yield were allotted 61.11 percent. The 

median yield was 4.395 percent, and the low yield was 4.340 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$8,988 million. 

In addition to the $9,000 million of tenders accepted in 

the auction process, Treasury accepted $4,295 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2038 is $1,000. 

Auction of 2-Year Notes 

On February 25, 2008, Treasury announced it would 

auction $26,000 million of 2-year notes of Series V-2010. The 

issue was to refund $21,819 million of securities maturing 

February 29 and to raise new cash of approximately $20,181 

million. 

The notes of Series V-2010 were dated and issued 

February 29. They are due February 28, 2010, with interest 

payable on the last calendar day of August and February until 

maturity. Treasury set an interest rate of 2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on February 27. Tenders totaled $55,515 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.045 percent with an 

equivalent price of $99.912254. Treasury accepted in full all 

competitive tenders at yields lower than 2.045 percent. 

Tenders at the high yield were allotted 14.88 percent. The 

median yield was 2.020 percent, and the low yield was 1.970 

percent. Noncompetitive tenders totaled $538 million. 

Competitive tenders accepted from private investors totaled 

$25,337 million. 

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

the auction process, Treasury accepted $2,900 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2010 is $1,000. 

Auction of 5-Year Notes 

On February 25, 2008, Treasury announced it would 

auction $16,000 million of 5-year notes of Series G-2013. The 

issue was to refund $21,819 million of securities maturing 

February 29 and to raise new cash of approximately $20,181 

million. 

The notes of Series G-2013 were dated and issued 

February 29. They are due February 28, 2013, with interest 

payable on last calendar day of August and February until 

maturity. Treasury set an interest rate of 2-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on February 28. Tenders totaled $36,693 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.755 percent with an 

equivalent price of $99.976794. Treasury accepted in full all 

competitive tenders at yields lower than 2.755 percent.

Tenders at the high yield were allotted 66.26 percent. The 

median yield was 2.734 percent, and the low yield was 2.690 

percent. Noncompetitive tenders totaled $78 million. 

Competitive tenders accepted from private investors totaled 

$15,797 million. 

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

the auction process, Treasury accepted $1,785 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2013 is $1,000. 

M A R C H 

Cash Management Bills 

On February 26, 2008, Treasury announced it would 

auction $30,000 million of 14-day bills. They were issued 

March 3 and matured March 17. The issue was to raise new 
32 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2008 

cash. Treasury auctioned the bills on February 28. Tenders 

totaled $84,285 million; Treasury accepted $30,000 million. 

The high bank discount rate was 2.550 percent. 

On March 24, 2008, Treasury announced it would auction 

$20,000 million of 25-day bills. They were issued March 27 

and matured April 21. The issue was to raise new cash. 

Treasury auctioned the bills on March 25. Tenders totaled 

$48,571 million; Treasury accepted $20,000 million. The high 

bank discount rate was 1.340 percent. 

Auction of 9-Year 11-Month 3-1/2 Percent Notes 

On March 10, 2008, Treasury announced that it would 

auction $10,000 million of 9-year 11-month 3-1/2 percent 

notes of Series B-2018. The issue was to raise new cash. 

The notes of Series B-2018 were dated February 15 and 

issued March 17. They are due February 15, 2018, with 

interest payable on August 15 and February 15 until maturity. 

Treasury received tenders for the notes before 12 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 

March 13. Tenders totaled $17,949 million; Treasury accepted 

$10,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 3.510 percent with an equivalent price of $99.912591. 

Treasury accepted in full all competitive tenders at yields 

lower than 3.510 percent. Tenders at the high yield were 

allotted 6.77 percent. The median yield was 3.465 percent, 

and the low yield was 3.421 percent. Noncompetitive tenders 

totaled $20 million. Competitive tenders accepted from 

private investors totaled $9,980 million. Accrued interest of 

$2.98077 per $1,000 must be paid for the period from 

February 15 to March 17. The minimum par amount required 

for STRIPS of notes of Series B-2018 is $1,000. 

Auction of 2-Year Notes 

On March 24, 2008, Treasury announced it would auction 

$28,000 million of 2-year notes of Series W-2010. The issue 

was to refund $20,284 million of securities maturing March 

31 and to raise new cash of approximately $25,716 million. 

The notes of Series W-2010 were dated and issued March 

31. They are due March 31, 2010, with interest payable on 

September 30 and March 31 until maturity. Treasury set an 

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

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on March 26. Tenders totaled $68,415 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.761 percent with an 

equivalent price of $99.978476. Treasury accepted in full all 

competitive tenders at yields lower than 1.761 percent.

Tenders at the high yield were allotted 42.09 percent. The 

median yield was 1.739 percent, and the low yield was 1.700 

percent. Noncompetitive tenders totaled $568 million. 

Competitive tenders accepted from private investors totaled 

$27,307 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $3,992 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2010 is $1,000. 

Auction of 5-Year Notes 

On March 24, 2008, Treasury announced it would auction 

$18,000 million of 5-year notes of Series H-2013. The issue 

was to refund $20,284 million of securities maturing March 

31 and to raise new cash of approximately $25,716 million. 

The notes of Series H-2013 were dated and issued March 

31. They are due March 31, 2013, with interest payable on 

September 30 and March 31 until maturity. Treasury set an 

interest rate of 2-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on March 27. Tenders totaled $35,696 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.595 percent with an 

equivalent price of $99.557209. Treasury accepted in full all 

competitive tenders at yields lower than 2.595 percent. 

Tenders at the high yield were allotted 64.38 percent. The 

median yield was 2.540 percent, and the low yield was 2.500 

percent. Noncompetitive tenders totaled $48 million. 

Competitive tenders accepted from private investors totaled 

$17,827 million. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $2,566 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2013 is $1,000.
PUBLIC DEBT OPERATIONS 

June 2008 

33

TABLE PDO-1.—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) 

2008 - Jan. 03 .................. 2008 - Jan. 31 28 53,974.9 17,000.1 16,719.2 280.9 99.766667 3.000 3.057

Apr. 03 91 52,958.2 20,000.1 18,412.7 1,487.3 99.163306 3.310 3.394

July 03 182 59,981.7 19,000.1 17,317.5 1,391.8 98.286167 3.390 3.507

Jan. 10................. Feb. 07 28 42,774.7 16,006.2 14,649.0 341.1 99.748000 3.240 3.302

 Apr. 10 91 56,305.3 24,307.9 17,250.1 1,640.0 99.196167 3.180 3.259

 July 10 182 55,077.9 24,093.9 16,226.5 1,573.6 98.397389 3.170 3.275

Jan. 17................. Feb. 14 28 35,357.3 9,000.1 8,657.9 342.1 99.760444 3.080 3.139

 Apr. 17 91 52,914.7 21,528.5 18,354.7 1,595.4 99.221444 3.080 3.156

 July 17 182 58,114.3 24,039.4 16,145.5 1,529.7 98.508611 2.950 3.045

Jan. 24................. Feb. 21 28 59,504.6 15,000.1 14,526.0 379.1 99.863889 1.750 1.782

 Apr. 24 91 53,634.9 22,414.0 19,177.3 1,786.2 99.400917 2.370 2.424

 July 24 182 69,081.0 24,930.0 17,086.0 1,614.1 98.786667 2.400 2.470

Jan. 31................. Feb. 28 28 60,366.6 20,000.0 18,861.4 251.5 99.840556 2.050 2.087

 May 01 91 56,089.4 24,391.5 21,314.6 1,585.4 99.409764 2.335 2.388

 July 31 182 65,559.0 27,300.2 19,227.5 1,397.5 98.832167 2.310 2.376

Feb. 07 ................ Mar. 06 28 68,715.6 29,094.2 25,521.1 378.9 99.828111 2.210 2.251

 May 08 91 65,581.8 29,082.3 21,125.6 1,674.5 99.436306 2.230 2.280

 Aug. 07 182 70,850.1 27,731.3 19,215.5 1,459.7 98.908000 2.160 2.220

Feb. 14 ................ Mar. 13 28 71,812.4 29,643.6 26,593.6 356.5 99.805556 2.500 2.547

 May 15 91 75,807.9 29,357.1 22,026.6 1,773.6 99.431250 2.250 2.301

 Aug. 14 182 72,740.9 28,568.2 20,222.4 1,427.9 98.948444 2.080 2.137

Feb. 21 ................ Mar. 20 28 81,468.1 33,034.8 27,478.7 476.3 99.816444 2.360 2.404

 May 22 91 72,593.8 27,344.7 21,835.6 2,014.5 99.443889 2.200 2.249

 Aug. 21 182 66,983.5 27,306.3 20,239.8 1,535.3 98.968667 2.040 2.096

Feb. 28 ................ Mar. 27 28 79,131.1 36,259.3 30,093.4 347.8 99.819556 2.320 2.363

 May 29 91 73,525.5 27,921.5 21,204.1 1,801.2 99.454000 2.160 2.208

 Aug. 28 182 76,528.2 27,554.4 19,752.2 1,247.9 98.953500 2.070 2.127

Mar. 06 ................ Apr. 03 28 91,705.5 36,332.9 30,587.9 412.2 99.846000 1.980 2.011

 June 05 91 87,363.3 27,766.4 22,179.2 1,711.4 99.547528 1.790 1.823

 Sept. 04 182 68,326.8 28,966.8 21,337.8 1,352.3 99.084944 1.810 1.852

Mar. 13 ................ Apr. 10 28 78,946.6 31,000.1 30,610.9 384.2 99.860000 1.800 1.828

 June 12 91 65,877.4 25,883.4 22,198.1 1,631.9 99.641056 1.420 1.445

 Sept. 11 182 64,728.8 28,552.5 20,633.7 1,166.4 99.266944 1.450 1.481

Mar. 20 ................ Apr. 17 28 85,635.5 31,000.2 30,466.7 523.5 99.959556 0.520 0.527

 June 19 91 59,750.1 24,000.1 22,002.1 1,898.0 99.721944 1.100 1.118

 Sept. 18 182 55,730.8 22,000.0 20,385.0 1,338.3 99.337722 1.310 1.337

Mar. 27 ................ Apr. 24 28 67,750.7 24,000.6 22,674.4 326.2 99.883333 1.500 1.523

June 26 91 59,460.6 24,000.1 21,442.4 1,580.8 99.696667 1.200 1.220

 Sept. 25 182 52,720.7 22,000.1 19,865.5 1,134.7 99.216389 1.550 1.584

 

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 

June 2008

34 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

04/02/07 04/03/07 5.195% bill—04/16/07 13d 35,361 16,000 

04/04/07 04/05/07 5.200% bill—04/17/07 12d 39,478 16,000 

04/10/07 04/12/07 5.230% bill—04/17/07 5d 36,500 15,000 

04/12/07 04/13/07 5.210% bill—04/18/07 5d 34,845 8,000 

04/12/07 04/16/07 2-3/8% TIPS—01/15/17-A 9y 9m 11,294 6,000 2.284 - 101.434007 

04/24/07 04/30/07 2% TIPS—04/15/12-J 5y 21,727 10,123 2.114 - 99.730733 

04/25/07 04/30/07 4-1/2% note—04/30/09-Y 2y 57,545 22,777 4.606 - 99.799666 

04/26/07 04/30/07 4-1/2% note—04/30/12-K 5y 33,171 16,450 4.579 - 99.650503 

05/07/07 05/15/07 4-1/2% note—05/15/10-T 3y 38,429 18,939 4.574 - 99.794740 

05/08/07 05/15/07 4-1/2% note—05/15/17-C 10y 34,529 17,586 4.612 - 99.110793 

05/10/07 05/15/07 4-3/4% bond—02/15/37 29y 9m 11,622 6,764 4.838 - 98.605471 

05/29/07 05/31/07 4-7/8% note—05/31/09-Z 2y 50,088 22,480 4.886 - 99.979281 

05/30/07 05/31/07 4-3/4% note—05/31/12-L 5y 37,076 16,236 4.818 - 99.701026 

05/31/07 06/01/07 5.090% bill—06/15/07 14d 69,025 27,001 

06/04/07 06/05/07 5.090% bill—06/15/07 10d 44,845 12,001 

06/12/07 06/15/07 4-1/2% note—05/15/17-C 9y 11m 20,436 8,000 5.230 - 94.399130 

06/26/07 07/02/07 4-7/8% note—06/30/09-AA 2y 54,393 22,020 4.906 - 99.941145 

06/27/07 07/02/07 4-7/8% note—06/30/12-M 5y 38,428 15,903 4.940 - 99.714754 

07/12/07 07/16/07 2-5/8% TIPS—07/15/17-D 10y 15,735 8,000 2.749 - 98.942199 

07/24/07 07/31/07 2-3/8% TIPS—01/15/27 19y 6m 14,667 7,294 2.600 - 99.570169 

07/25/07 07/31/07 4-5/8% note—07/31/09-AB 2y 50,443 21,882 4.735 - 99.792429 

07/26/07 07/31/07 4-5/8% note—07/31/12-N 5y 30,747 15,804 4.640 - 99.933745 

08/08/07 08/15/07 4-3/4% note—08/15/17-E 10y 36,896 20,000 4.855 - 99.175936 

08/09/07 08/15/07 5% bond—05/15/37 29y 9m 18,961 13,846 5.059 - 99.081933 

08/14/07 08/15/07 5.030% bill—08/16/07 1d 63,185 26,000 

08/15/07 08/15/07 4.100% bill—08/23/07 8d 31,550 10,000 

08/29/07 08/31/07 4.500% bill—09/17/07 17d 49,304 20,000 

08/29/07 08/31/07 4% note—08/31/09-AC 2y 75,697 22,280 4.115 - 99.781361 

08/30/07 08/31/07 4-1/8% note—08/31/12-P 5y 38,732 16,091 4.248 - 99.451138 

09/12/07 09/13/07 4.620% bill—09/17/07 4d 28,056 7,000 

09/13/07 09/17/07 4-3/4% note—08/15/17-E 9y 11m 23,613 8,000 4.493 - 102.029801 

09/26/07 10/01/07 4% note—09/30/09-AD 2y 63,184 21,984 4.000 - 99.999787 

09/27/08 10/01/07 4-1/4% note—09/30/12-Q 5y 40,043 15,877 4.250 - 99.999760 

10/11/07 10/15/07 2-5/8% TIPS—07/15/17-D 9y 9m 12,289 6,000 2.360 - 102.721944 

10/23/07 10/31/07 2% TIPS—04/15/12-J 4y 6m 15,789 7,158 1.954 - 102.667445 

10/24/07 10/31/07 3-5/8% note—10/31/09-AE 2y 60,995 23,860 3.723 - 99.812793 

10/25/07 10/31/07 3-7/8% note—10/31/12-R 5y 37,452 15,509 3.993 - 99.469930 

11/07/07 11/15/07 4-1/4% note—11/15/17-F 10y 37,127 19,674 4.353 - 99.172070 

11/08/07 11/15/07 5% bond—05/15/37 29y 6m 17,459 7,567 4.666 - 105.322155 

11/14/07 11/15/07 4.100% bill—11/23/07 8d 45,160 15,000 

11/28/07 11/30/07 3-1/8% note—11/30/09-AF 2y 48,687 24,543 3.159 - 99.934603 

11/29/07 11/30/07 3-3/8% note—11/30/12-S 5y 32,367 15,953 3.415 - 99.817568 

11/29/07 12/03/07 3.860% bill—12/17/07 14d 108,231 30,000 

12/11/07 12/12/07 4.000% bill—12/17/07 5d 30,331 8,000 

12/13/07 12/17/07 4-1/4% note—11/15/17-F 9y 11m 17,812 8,000 4.164 - 100.686354 

12/26/07 12/31/07 3-1/4% note—12/31/09-AG 2y 53,560 26,497 3.285 - 99.932783 

12/27/07 12/31/07 3-5/8% note—12/31/12-T 5y 32,720 15,657 3.651 - 99.882153 

01/10/08 01/15/08 1-5/8% TIPS—01/15/18-A 10y 17,627 10,412 1.655 - 99.724557 

01/24/08 01/31/08 1-3/4% TIPS—01/15/28 20y 15,275 8,974 1.807 - 99.351033 

01/28/08 01/31/08 2-1/8% note—01/31/10-U 2y 58,840 26,923 2.237 - 99.782126 

01/29/08 01/31/08 2-7/8% note—01/31/13-F 5y 31,875 15,705 2.909 - 99.842844 

02/13/08 02/14/08 2.440% bill—04/17/08 63d 66,306 19,000 

02/06/08 02/15/08 3-1/2% note—02/15/18-B 10y 36,636 19,204 3.620 - 99.000685 

02/07/08 02/15/08 4-3/8% bond—02/15/38 30y 20,666 13,295 4.449 - 98.780998 

02/14/08 02/15/08 2.510% bill—04/15/08 60d 94,280 30,000 

02/26/08 02/27/08 2.400% bill—03/17/08 19d 38,191 10,000 

02/27/08 02/29/08 2% note—02/28/10-V 2y 58,415 28,900 2.045 - 99.912254 

02/28/08 02/29/08 2-3/4% note—02/28/13-G 5y 38,478 17,785 2.755 - 99.976794 

02/28/08 03/03/08 2.550% bill—03/17/08 14d 84,285 30,000 

03/13/08 03/17/08 3-1/2% note—02/15/18-B 9y 11m 17,949 10,000 3.510 - 99.912591 

03/25/08 03/27/08 1.340% bill—04/21/08 25d 48,571 20,000 

03/26/08 03/31/08 1-3/4% note—03/31/10-W 2y 72,406 31,992 1.761 - 99.978476 

03/27/08 03/31/08 2-1/2% note—03/31/13-H 5y 38,262 20,566 2.595 - 99.557209 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. 
June 2008 

35

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 

June 2008 

36 

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) 

 

2003 ................................................ 6,809,272 6,783,320 2,859,275 311 2,858,964 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,687 142 3,075,545 698,207 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

 

2007 - Mar....................................... 8,872,851 8,849,665 3,795,393 1 3,795,392 777,348 

Apr ...................................... 8,863,150 8,840,168 3,833,569 1 3,833,568 783,414 

May...................................... 8,851,992 8,828,992 3,847,913 1 3,847,912 786,150 

June..................................... 8,890,838 8,867,677 3,924,650 1 3,924,649 786,149 

July ...................................... 8,955,724 8,932,438 3,928,865 1 3,928,864 786,150 

Aug ...................................... 9,028,649 9,005,648 3,908,720 1 3,908,719 774,913 

Sept..................................... 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

Oct....................................... 9,102,096 9,079,086 4,012,039 1 4,012,038 774,913 

Nov ...................................... 9,172,438 9,149,341 4,002,846 1 4,002,845 774,913 

Dec ...................................... 9,252,317 9,229,172 4,092,890 1 4,092,889 735,735 

2008 - Jan ....................................... 9,261,110 9,238,008 4,105,795 1 4,105,794 708,807 

Feb ...................................... 9,381,029 9,358,051 4,098,349 1 4,098,348 708,806 

Mar ...................................... 9,461,058 9,437,594 4,103,552 1 4,103,551 586,473 

 

 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) 

 

2003 .................................................................... 3,269,363 2,805,814 463,549 25,952 25,952 

2004 .................................................................... 3,605,159 3,147,752 457,407 24,183 24,183 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

 

2007 - Mar........................................................... 4,276,924 3,691,438 585,486 23,186 23,186 

Apr .......................................................... 4,223,185 3,628,970 594,215 22,983 22,983 

May.......................................................... 4,194,929 3,592,122 602,808 23,000 23,000 

June......................................................... 4,156,876 3,552,951 603,925 23,162 23,162 

July .......................................................... 4,217,423 3,617,270 600,153 23,287 23,287 

Aug .......................................................... 4,322,016 3,721,285 600,730 23,001 23,001 

Sept......................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

Oct........................................................... 4,292,134 3,689,816 602,318 23,011 23,011 

Nov .......................................................... 4,371,582 3,768,346 603,237 23,097 23,097 

Dec .......................................................... 4,400,548 3,800,849 599,698 23,145 23,145 

2008 - Jan ........................................................... 4,423,406 3,824,078 599,328 23,102 23,102 

Feb .......................................................... 4,550,896 3,952,580 598,316 22,978 22,978 

Mar .......................................................... 4,747,569 4,145,887 601,682 23,464 23,464 

 
OWNERSHIP OF FEDERAL SECURITIES 

June 2008 

37

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 

Intragovernmental 

Holdings 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) 

 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 121.5 211.1 181.8 221.6 248.1 1,157.6 806.6 

 June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 121.9 214.9 183.1 216.4 243.3 1,182.7 728.4 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 122.8 223.5 186.8 221.3 235.2 1,230.5 702.4 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 124.0 219.0 176.6 232.3 239.3 1,241.6 695.1 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 121.1 212.1 169.5 234.6 238.1 1,250.5 717.0 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 118.8 213.2 160.6 230.8 258.5 1,256.0 634.5 

 Sept........ 5,526.2 2,213.0 3,313.2 244.5 185.9 115.4 207.8 151.4 231.7 271.8 1,224.2 680.5 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 113.1 212.6 141.7 257.6 280.8 1,278.7 625.5 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 115.3 211.5 137.5 245.0 288.4 1,272.3 623.5 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 122.8 213.8 133.6 228.1 298.6 1,258.8 516.4 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 130.7 204.8 128.0 222.5 299.2 1,281.4 481.3 

 Dec......... 5,776.1 2,542.2 3,233.9 248.7 186.4 132.8 198.8 123.4 228.7 304.5 1,268.7 541.8 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 130.1 196.9 120.0 222.3 306.3 1,106.9 677.3 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 128.9 194.9 116.5 205.4 309.3 1,082.0 543.6 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 127.8 185.5 113.7 207.8 307.9 1,057.9 530.9 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 124.9 179.1 110.2 225.7 310.0 1,034.2 510.2 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 133.3 177.3 109.1 225.3 316.9 1,029.9 528.3 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 128.4 183.1 108.1 221.0 324.8 1,000.5 383.2 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 129.8 166.8 106.8 234.1 321.2 1,005.5 440.0 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 124.5 155.1 105.7 261.9 328.4 1,051.2 420.9 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 130.4 163.3 114.0 266.1 327.6 1,067.1 401.2 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 128.8 153.9 122.0 253.8 333.6 1,135.4 324.8 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 131.3 156.3 130.4 256.8 338.6 1,200.8 308.0 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 130.7 158.9 139.7 281.0 354.7 1,246.8 289.3 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.6 196.9 142.8 162.1 139.5 296.6 350.0 1,286.3 342.1 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 147.1 161.3 138.7 302.3 347.9 1,382.8 340.1 

 Sept........ 6,783.2 3,515.3 3,268.0 147.0 201.5 144.5 155.5 137.4 287.1 357.7 1,454.2 383.2 

 Dec......... 6,998.0 3,620.1 3,377.9 153.3 203.8 149.0 148.6 136.5 280.8 364.2 1,533.0 408.5 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.9 204.4 146.9 143.6 141.0 280.8 374.1 1,677.1 372.0 

 June ....... 7,274.3 3,742.8 3,531.5 158.7 204.6 150.0 134.9 144.1 258.7 381.2 1,739.6 359.6 

 Sept........ 7,379.1 3,772.0 3,607.0 138.5 204.1 150.5 140.8 147.4 255.0 381.7 1,798.7 390.3 

 Dec......... 7,596.1 3,905.6 3,690.6 125.0 204.4 150.3 151.0 149.7 254.1 389.1 1,853.4 413.4 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.8 204.2 154.2 158.0 152.4 261.1 412.0 1,956.3 415.4 

 June ....... 7,836.5 4,033.5 3,803.0 127.0 204.2 157.4 171.3 155.0 248.7 437.3 1,879.6 422.7 

 Sept........ 7,932.7 4,067.8 3,864.9 125.4 203.6 160.8 164.8 159.0 244.7 455.2 1,930.6 420.8 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 161.1 153.8 160.4 251.3 463.2 2,036.0 422.5 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.4 206.0 162.9 153.0 161.3 248.7 465.7 2,084.5 516.4 

 June ....... 8,420.0 4,389.2 4,030.8 117.4 205.2 168.3 150.9 161.2 244.2 476.7 1,979.8 527.0 

 Sept........ 8,507.0 4,432.8 4,074.2 113.8 203.7 171.1 151.6 160.6 235.7 478.2 2,027.3 532.2 

 Dec......... 8,680.2 4,558.1 4,122.1 115.1 202.4 173.0 153.0 159.0 250.7 497.7 2,105.0 466.1 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 120.2 200.3 178.4 155.1 160.7 264.2 524.6 2,196.7 472.8 

 June ....... 8,867.7 4,715.1 4,152.6 110.6 198.6 182.1 156.1 162.2 267.2 549.2 2,193.9 332.6 

 Sept........ 9,007.7 4,738.0 4,269.7 118.4 197.1 185.7 161.4 164.4 306.9 535.8 2,244.1 355.9 

 Dec......... 9,229.2 4,833.5 4,395.7 126.5 196.5 187.2 161.9 164.4 358.4 524.9 2,355.3 320.6 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 n.a. 195.4 n.a. n.a. n.a. n.a. n.a. 2,438.6 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 

2004 benchmark to March 2005, the June 2005 benchmark to February 2006, and the 

June 2006 benchmark to February 2007. For additional information see: 

http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2008

38 

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

30 years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. These Constant 

Maturity Treasury rates (CMTs) are interpolated from the 

Treasury yield curve and published daily at Treasury’s 

Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The 

yield curve is fitted daily using a hermite cubic spline. For 

inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

quoted in the secondary bond market as of approximately 

3:30 p.m. each trading day. CMT yields are based on 

semiannual interest payments and are read at constant 

maturity points to develop a consistent data series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

Treasury discontinued the 30-year constant maturity 

yield during the time period February 18, 2002, through 

February 8, 2006. Thus, 30-year yields for that time frame 

are not available. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

5-yr. 

(7) 

7-yr. 

(8) 

10-yr. 

(9) 

20-yr. 

(10) 

 30-yr. 

 (11) 

 

Monthly average: 

2007 - Apr...................................... 4.99 5.01 5.07 4.93 4.67 4.60 4.59 4.62 4.69 4.95 4.87 

May .................................... 4.82 4.87 4.98 4.91 4.77 4.69 4.67 4.69 4.75 4.98 4.90 

June................................... 4.52 4.74 4.95 4.96 4.98 5.00 5.03 5.05 5.10 5.29 5.20 

July .................................... 4.82 4.96 5.04 4.96 4.82 4.82 4.88 4.93 5.00 5.19 5.11 

Aug .................................... 4.20 4.32 4.55 4.47 4.31 4.34 4.43 4.53 4.67 5.00 4.93 

Sept ................................... 3.78 3.99 4.20 4.14 4.01 4.06 4.20 4.33 4.52 4.84 4.79 

Oct ..................................... 3.81 4.00 4.16 4.10 3.97 4.01 4.20 4.33 4.53 4.83 4.77 

Nov .................................... 3.68 3.35 3.58 3.50 3.34 3.35 3.67 3.87 4.15 4.56 4.52 

Dec .................................... 2.86 3.07 3.34 3.26 3.12 3.13 3.49 3.74 4.10 4.57 4.53 

2008 - Jan...................................... 2.74 2.82 2.84 2.71 2.48 2.51 2.98 3.31 3.74 4.35 4.33 

Feb..................................... 2.27 2.17 2.10 2.05 1.97 2.19 2.78 3.21 3.74 4.49 4.52 

Mar..................................... 1.35 1.28 1.51 1.54 1.62 1.80 2.48 2.93 3.51 4.36 4.39 

 

 

End of month: 

2007 - Apr...................................... 4.80 4.91 5.03 4.89 4.60 4.54 4.51 4.55 4.63 4.88 4.81 

May .................................... 4.78 4.73 4.96 4.95 4.92 4.88 4.86 4.87 4.90 5.10 5.01 

June................................... 4.28 4.82 4.93 4.91 4.87 4.89 4.92 4.96 5.03 5.21 5.12 

July .................................... 5.13 4.96 4.99 4.85 4.56 4.55 4.60 4.67 4.78 5.00 4.92 

Aug .................................... 4.02 4.01 4.21 4.19 4.15 4.16 4.25 4.36 4.54 4.87 4.83 

Sept ................................... 3.43 3.82 4.09 4.05 3.97 4.03 4.23 4.38 4.59 4.89 4.83 

Oct ..................................... 4.01 3.94 4.09 4.04 3.94 3.94 4.16 4.29 4.48 4.79 4.74 

Nov .................................... 3.63 3.15 3.37 3.26 3.04 3.09 3.41 3.64 3.97 4.44 4.40 

Dec .................................... 2.76 3.36 3.49 3.34 3.05 3.07 3.45 3.70 4.04 4.50 4.45 

2008 - Jan...................................... 1.64 1.96 2.07 2.11 2.17 2.27 2.82 3.19 3.67 4.35 4.35 

Feb..................................... 2.07 1.85 1.83 1.77 1.65 1.87 2.50 2.96 3.53 4.37 4.41 

Mar..................................... 1.22 1.38 1.51 1.55 1.62 1.79 2.46 2.88 3.45 4.30 4.30 

 

* Rates are from the Treasury yields curve. 
June 2008 

39

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2008 

[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 .............................. $1,028,731,853,530 $990,545,125,627 $990,053,010,351 $246,407,166 $245,708,110

Less amounts held by: 

The Treasury....................................... 373,201,702 26,454,367 26,267,610 7,505 179,252

FRBs ................................................... 213,186,705,891 211,841,105,413 211,841,104,315 - 1,098

Amounts in circulation............................. $815,171,945,937 $778,677,565,847 $778,185,638,426 $246,399,661 $245,527,760

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $38,186,727,903 $3,505,529,008 $34,681,198,895 

Less amounts held by: 

The Treasury....................................... 346,747,335 268,447,623 78,299,712 

FRBs ................................................... 1,345,600,478 422,875,596 922,724,882 

Amounts in circulation............................. $36,494,380,090 $2,814,205,789 $33,680,174,301 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2008

40 

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2008 

[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 ................................................................................ $9,075,184,311 $8,931,966,317 $143,503 $143,074,491 

$2 ................................................................................ 1,612,479,116 1,480,316,424 132,150,118 12,574 

$5 ................................................................................ 10,427,897,320 10,291,798,515 108,886,710 27,212,095 

$10 .............................................................................. 15,412,047,510 15,390,959,560 6,300 21,081,650 

$20 .............................................................................. 115,801,058,440 115,780,950,660 3,840 20,103,940 

$50 .............................................................................. 61,052,304,950 61,040,805,150 500 11,499,300 

$100 ............................................................................ 564,983,398,600 564,956,208,300 5,198,100 21,992,200 

$500 ............................................................................ 142,324,000 142,129,500 5,500 189,000 

$1,000 ......................................................................... 165,646,000 165,434,000 5,000 207,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,460,000 3,360,000 - 100,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $778,677,565,847 $778,185,638,426 $246,399,661 $245,527,760 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Mar. 31, 2008 ....................................................................................... 815,172 $2,682 

Feb. 29, 2008 ....................................................................................... 815,023 2,683 

Jan. 31, 2008 ....................................................................................... 810,807 2,671 

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
 

June 2008 

43

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) 

 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

 

2007 - Apr .......................................................................... 66,720 11,041 9,030 42,095 4,553 

May......................................................................... 66,008 11,041 9,002 41,483 4,481 

June........................................................................ 66,127 11,041 9,018 41,495 4,573 

July ......................................................................... 67,029 11,041 9,111 42,508 4,369 

Aug ......................................................................... 67,508 11,041 9,157 42,922 4,388 

Sept........................................................................ 69,070 11,041 9,301 44,266 4,463 

Oct.......................................................................... 69,626 11,041 9,392 44,800 4,394 

Nov ......................................................................... 70,966 11,041 9,536 45,973 4,416 

Dec ......................................................................... 70,565 11,041 9,476 45,804 4,244 

2008 - Jan .......................................................................... 72,017 11,041 9,566 47,173 4,237 

Feb ......................................................................... 73,404 11,041 9,688 48,395 4,280 

Mar ......................................................................... 75,764 11,041 9,892 50,529 4,302 

Apr.......................................................................... 74,372 11,041 9,767 49,311 4,253 

 

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. For 

December 2007 and January 2008, excludes outstanding reciprocal currency swaps 

with the European Central Bank and the Swiss National Bank in the amounts of $20 

billion and $4 billion, respectively. Swaps outstanding were $15 billion and $6 billion, 

respectively, at end-March. Swaps outstanding were $30 billion and $6 billion, 

respectively, at end-April. 

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 totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2008 

44 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 

Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 

2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 ........ 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break .......... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ....................... 5,371,689 2,012,633 498,510 1,102,333 948 410,842 1,895,920 1,415,705 769,564 646,141 47,431 

2006 - June 8 ......... 6,068,142 2,070,222 493,689 1,112,617 986 462,930 2,189,751 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,852 2,275,684 493,689 1,211,819 986 569,190 2,189,751 1,536,930 1,041,237 495,693 54,487 

2006 ....................... 6,500,883 2,372,146 461,656 1,271,174 1,026 638,290 2,415,273 1,663,272 1,102,362 560,910 50,192 

2007 - June 8.......... 7,104,054 2,513,133 493,142 1,281,070 1,067 737,854 2,616,012 1,924,863 1,259,947 664,916 50,046 

Series Break .......... 7,215,711 2,793,964 493,142 1,450,593 1,067 849,161 2,616,012 1,758,255 1,259,947 498,308 47,480 

 

2007 - July r .......... 7,387,458 2,831,429 529,027 1,443,668 1,075 857,659 2,645,547 1,863,042 1,367,245 495,797 47,440 

Aug. r ......... 7,333,609 2,813,498 533,725 1,413,983 1,082 864,707 2,666,831 1,804,974 1,280,328 524,646 48,307 

Sept. r ........ 7,340,806 2,828,547 520,572 1,428,353 1,089 878,532 2,660,260 1,806,413 1,268,576 537,837 45,586 

Oct. r .......... 7,536,645 2,871,123 541,676 1,432,333 1,096 896,017 2,724,892 1,893,510 1,315,267 578,243 47,120 

Nov ............. 7,621,782 2,917,394 576,657 1,432,711 1,103 906,922 2,709,922 1,947,886 1,345,005 602,881 46,580 

Dec ............. 7,723,589 2,958,324 594,302 1,443,691 1,111 919,220 2,825,779 1,895,786 1,302,250 593,536 43,700 

2008 - Jan .............. 7,868,349 3,024,452 621,005 1,479,792 1,118 922,536 2,816,953 1,979,995 1,386,046 593,949 46,949 

Feb. p ........ 7,957,790 3,013,214 607,791 1,476,198 1,125 928,099 2,828,999 2,070,091 1,452,054 618,037 45,486 

Mar. p ........ 7,969,274 3,026,771 573,696 1,504,209 1,133 947,732 2,811,188 2,086,686 1,441,820 644,866 44,629 

 

1

 Includes Bank for International Settlements for data before June 2006. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. For data as of June 

2006, also includes Bank for International Settlements. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, end-June 2005, 

end-June 2006 and end-June 2007 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 

June 2008 

45

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) 

 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

2005 .............................................................................. 948 948 77 - 871 

2006 .............................................................................. 1,026 1,026 82 - 944 

 

2007 - Mar..................................................................... 1,047 1,047 84 - 963 

Apr ..................................................................... 1,053 1,053 84 - 969 

May .................................................................... 1,060 1,060 85 - 976 

June................................................................... 1,067 1,067 85 - 982 

July .................................................................... 1,075 1,075 86 - 989 

Aug .................................................................... 1,082 1,082 86 - 996 

Sept ................................................................... 1,089 1,089 87 - 1,002 

Oct ..................................................................... 1,096 1,096 87 - 1,009 

Nov .................................................................... 1,103 1,103 88 - 1,015 

Dec .................................................................... 1,111 1,111 88 - 1,022 

2008 - Jan ..................................................................... 1,118 1,118 89 - 1,029 

Feb..................................................................... 1,125 1,125 89 - 1,036 

Mar..................................................................... 1,133 1,133 90 - 1,043 

 

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. 
 

June 2008 

46 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

June 2008 

47

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 
CAPITAL MOVEMENTS 

June 2008 

48 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

June 2008 

49

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] 

2007 2008 

Type of Liability 

 Calendar 

 Year 

 2006 Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners ................................... 4,010,427 4,479,990 4,613,597 4,662,997 4,750,589 4,855,558 4,918,826 4,855,670 

Payable in dollars .................................................. 3,851,558 4,280,618 4,414,225 4,463,625 4,471,030 4,575,999 4,639,267 4,576,111 

Foreign official institutions ................................. 461,656 520,572 541,676 576,657 594,302 621,005 607,791 573,696 

Deposits, excluding negotiable CDs .............. 51,380 53,745 49,356 48,100 48,614 46,573 46,894 47,187 

U.S. Treasury bills and certificates ................ 176,829 178,263 180,419 185,256 196,344 207,123 204,319 201,279 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 105,873 143,687 163,679 180,971 182,012 188,916 183,325 176,079 

Other liabilities............................................... 127,574 144,877 148,222 162,330 167,332 178,393 173,253 149,151 

Foreign banks (including own foreign 

 offices) and other foreigners ............................ 3,360,477 3,730,829 3,842,152 3,856,920 3,849,564 3,924,534 4,002,588 3,974,543 

Deposits, excluding negotiable CDs .............. 1,244,889 1,392,312 1,447,945 1,453,645 1,469,486 1,440,392 1,450,072 1,491,058 

U.S. Treasury bills and certificates ................ 73,257 81,348 87,680 98,589 103,092 103,185 120,435 150,644 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 567,506 635,137 635,953 640,783 667,526 724,647 713,598 706,904 

Other liabilities............................................... 1,474,825 1,622,032 1,670,574 1,663,903 1,609,460 1,656,310 1,718,483 1,625,937 

International and regional organizations 1 .......... 29,425 29,217 30,397 30,048 27,164 30,460 28,888 27,872 

Deposits, excluding negotiable CDs .............. 19,021 20,535 20,833 20,740 17,784 18,663 16,618 15,886 

U.S. Treasury bills and certificates ................ 800 310 838 738 250 951 1,124 1,796 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 2,855 3,131 3,588 3,009 3,985 4,728 6,009 5,632 

Other liabilities............................................... 6,749 5,241 5,138 5,561 5,145 6,118 5,137 4,558 

Payable in foreign currencies 2 .............................. 158,869 199,372 199,372 199,372 279,559 279,559 279,559 279,559 

Sector: 

Banks and other foreigners............................ 157,158 198,007 198,007 198,007 278,465 278,465 278,465 278,465 

International and regional organizations 1 .......... 1,711 1,365 1,365 1,365 1,094 1,094 1,094 1,094 

Major currencies: Canadian dollars............................................ 11,725 21,725 21,725 21,725 18,851 18,851 18,851 18,851 

Euro............................................................... 80,130 84,805 84,805 84,805 153,320 153,320 153,320 153,320 

United Kingdom pounds sterling.................... 17,618 15,560 15,560 15,560 18,002 18,002 18,002 18,002 

Japanese yen ................................................ 19,409 37,905 37,905 37,905 49,015 49,015 49,015 49,015 

Memoranda: Respondents’ own liabilities payable in 

 dollars.............................................................. 2,924,438 3,238,742 3,342,068 3,354,279 3,317,821 3,346,449 3,410,457 3,333,777 

Liabilities to own foreign offices ........................ 1,938,224 2,180,524 2,239,533 2,246,782 2,248,552 2,262,011 2,354,301 2,323,363 

Liabilities collaterized by repurchase 

 agreements................................................. 1,028,974 1,129,192 1,180,996 1,195,995 1,099,640 1,168,935 1,217,478 1,092,118 

Foreign official institutions ........................ 114,524 136,612 139,714 152,053 154,342 164,639 159,428 136,371 

Foreign banks and other foreigners........... 911,155 990,109 1,038,060 1,039,907 941,153 1,000,257 1,053,707 951,908 

International and regional organizations 1.......... 3,295 2,471 3,222 4,035 4,145 4,039 4,343 3,839 

Reported by IBFs........................................... 377,931 451,871 475,705 448,618 481,998 466,816 468,347 495,922 

Respondents’ own liabilities payable in 

 foreign currencies 2.......................................... 140,941 182,041 182,041 182,041 260,790 260,790 260,790 260,790 

Reported by IBFs........................................... 56,547 56,159 56,159 56,159 69,985 69,985 69,985 69,985 

Liabilities held in custody for domestic 

 customers and selected other liabilities 3 ......... 945,048 1,059,207 1,089,488 1,126,677 1,171,978 1,248,319 1,247,579 1,261,103 

Payable in dollars .......................................... 927,120 1,041,876 1,072,157 1,109,346 1,153,209 1,229,550 1,228,810 1,242,334 

of which: other short-term negotiable 

securities and negotiable CDs................ 371,732 461,997 505,828 516,853 504,389 552,098 544,931 524,553 

 of which: short-term U.S. Government 

 agency securities................................ 113,865 163,193 182,759 198,162 200,152 211,045 202,427 186,191 

 of which: negotiable CDs........................ 66,155 92,621 101,066 99,123 97,746 113,924 118,838 124,783 

Payable in foreign currencies 2 ...................... 17,928 17,331 17,331 17,331 18,769 18,769 18,769 18,769 

 

 1

 Principally the International Bank for Reconstruction and Development (World Bank) and 

the Inter-American Development Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

June 2008 

50 

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 2007 2008 

Country 2004 2005 2006 Nov. r Dec. Jan. Feb. Mar. p 

Europe: 

Austria ................................................. 4,355 3,607 3,934 5,137 4,988 4,709 3,999 4,533

Belgium ............................................... 13,649 17,105 15,595 20,409 22,489 21,949 25,747 24,501

Bulgaria ............................................... 221 139 88 327 148 218 172 232

Cyprus 1 .............................................. n.a. n.a. 634 618 1,068 830 624 663

Czech Republic.................................... 1,661 1,446 1,353 1,134 1,435 1,507 1,084 998

Denmark.............................................. 3,151 1,544 969 2,160 791 794 680 1,034

Finland................................................. 1,116 3,767 3,362 1,410 1,456 1,828 1,845 2,004

France ................................................. 83,951 76,016 83,606 76,601 73,363 93,567 86,989 86,321

Germany.............................................. 76,040 70,867 92,815 123,509 146,830 152,885 154,286 143,523

Greece................................................. 1,179 1,212 1,488 1,430 1,354 1,334 1,318 1,136

Hungary............................................... 770 527 820 788 1,219 437 688 550

Iceland 1 .............................................. n.a. n.a. 431 206 667 474 363 439

Ireland.................................................. 64,199 68,669 84,414 110,929 113,834 129,132 147,529 155,089

Italy...................................................... 7,683 8,149 9,335 10,572 10,973 10,562 11,465 9,718

Kazakhstan 1 ....................................... n.a. n.a. 6,145 4,571 5,953 5,331 5,269 6,156

Luxembourg ........................................ 52,548 62,804 73,989 113,096 108,402 103,595 121,326 125,643

Monaco 1 ............................................ n.a. n.a. 380 292 206 191 216 228

Netherlands ......................................... 20,272 16,460 26,781 33,396 26,118 38,707 38,354 36,981

Norway ................................................ 32,907 27,927 42,401 58,049 48,070 47,492 41,262 31,143

Poland ................................................. 5,680 6,340 7,475 20,819 19,651 15,016 19,526 32,129

Portugal ............................................... 1,676 2,883 2,720 2,592 2,999 2,579 3,251 3,997

Romania .............................................. 1,636 565 492 651 581 349 473 416

Russia ................................................. 70,203 101,355 62,736 94,337 104,741 104,740 94,643 83,577

Serbia and Montenegro 2 .................... 110 119 295 481 532 487 939 846

Spain ................................................... 9,078 10,060 9,805 10,963 12,973 12,948 11,633 13,956

Sweden................................................ 6,144 4,796 3,890 6,335 7,723 5,141 6,142 6,580

Switzerland .......................................... 100,660 141,498 63,546 55,967 58,172 55,930 52,106 51,492

Turkey.................................................. 5,189 10,006 10,457 12,087 12,152 14,598 16,870 15,962

Ukraine 1 ............................................. n.a. n.a. 919 1,254 1,392 1,422 1,327 1,362

United Kingdom................................... 501,721 590,505 926,090 1,092,313 1,055,219 1,059,488 1,103,090 1,041,999

Channel Islands .................................. 21,327 29,737 33,857 26,337 25,478 23,079 22,154 20,751

All other Europe 1................................. 26,369 23,540 3,852 5,117 4,897 4,832 4,875 5,174

Total Europe.................................... 1,113,495 1,281,643 1,574,675 1,893,886 1,875,874 1,916,153 1,980,246 1,909,132

Memo: Euro Area 3 ............................................. 335,746 341,599 407,845 510,043 525,779 574,809 608,584 608,308

Memo: European Union 4 ................... n.a. n.a. 1,349,854 1,636,083 1,615,171 1,658,493 1,741,401 1,693,398

Canada .................................................... 36,499 38,051 49,396 66,784 67,249 75,333 78,822 79,738

Latin America: 

Argentina ............................................. 10,932 9,775 10,638 10,774 12,085 11,624 11,402 12,496

Belize 5 ................................................ n.a. n.a. 484 321 303 317 274 314

Bolivia 5 ............................................... n.a. n.a. 2,123 2,224 2,558 2,223 2,339 2,531

Brazil.................................................... 16,912 12,898 16,271 30,834 24,899 22,697 27,831 17,828

Chile .................................................... 7,368 9,045 16,926 15,926 15,758 15,828 14,985 14,517

Colombia ............................................. 6,353 6,521 11,702 10,798 11,029 11,403 11,146 9,910

Costa Rica 5 ........................................ n.a. n.a. 2,967 2,602 2,501 2,729 2,930 3,201

Ecuador ............................................... 2,707 3,426 3,431 3,152 3,294 3,174 3,561 3,691

El Salvador 5 ....................................... n.a. n.a. 1,964 2,260 2,362 2,365 2,463 2,441

Guatemala ........................................... 1,544 1,660 1,444 1,782 1,847 1,834 1,930 1,890

Guyana 5 ............................................. n.a. n.a. 98 142 141 158 121 143

Honduras 5 .......................................... n.a. n.a. 2,594 1,987 2,160 1,960 1,880 1,888

Mexico ................................................. 51,954 44,738 45,846 51,451 53,005 51,130 52,903 52,239

Nicaragua 5 ......................................... n.a. n.a. 238 207 214 489 242 311

Panama ............................................... 4,641 5,334 7,183 6,611 7,010 7,445 6,769 7,706

Paraguay 5 .......................................... n.a. n.a. 672 714 693 627 665 826

Peru..................................................... 1,975 3,062 4,281 5,602 5,281 6,035 5,834 5,819

Suriname 5 .......................................... n.a. n.a. 128 151 128 155 134 144

Uruguay ............................................... 4,189 4,976 6,139 6,326 6,497 6,292 6,145 6,794

Venezuela............................................ 24,861 27,535 22,886 23,206 23,559 23,558 25,084 24,521

All other Latin America 5 ...................... 6,422 8,595 8 14 15 33 27 22

Total Latin America.......................... 139,858 137,565 158,023 177,084 175,339 172,076 178,665 169,232

Caribbean: 

Anguilla 6 ............................................ n.a. n.a. 3,149 12,967 13,065 10,876 10,151 9,833

Antigua and Barbuda 6 ........................ n.a. n.a. 186 216 217 260 216 249

Aruba 6 ................................................ n.a. n.a. 408 405 265 385 407 531

Bahamas ............................................. 188,604 213,833 257,200 280,909 286,620 275,378 275,917 291,252

Barbados 6 .......................................... n.a. n.a. 18,680 21,202 21,627 20,598 21,216 21,356

Bermuda .............................................. 93,040 52,361 55,502 48,805 49,731 48,235 48,548 48,662

British Virgin Islands 6 ......................... n.a. n.a. 22,082 33,950 34,858 36,191 35,018 39,529

Cayman Islands .................................. 894,069 922,518 1,316,517 1,487,684 1,537,975 1,602,018 1,589,440 1,597,168

Cuba.................................................... 110 120 82 80 80 86 87 87

Dominican Republic 6 .......................... n.a. n.a. 3,895 3,565 3,826 3,779 3,953 3,652

French West Indies 6 ........................... n.a. n.a. 19 31 35 35 39 34

Haiti 6 .................................................. n.a. n.a. 495 418 552 521 579 557

Jamaica ............................................... 922 970 1,056 1,009 1,357 1,252 1,245 1,081

Netherlands Antilles............................. 5,867 6,398 8,503 5,781 10,127 7,767 7,987 9,530

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2008 

51

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 2007 

Country 2004 2005 2006 Nov. r Dec. Jan. Feb. Mar. p 

 

Caribbean, con. 

St. Kitts and Nevis 6 .......................... n.a. n.a. 90 85 121 128 126 122

Trinidad and Tobago......................... 1,630 2,836 3,354 3,163 3,388 2,865 2,518 3,218

Turks and Caicos Islands 6 ............... n.a. n.a. 165 267 208 202 248 244

All other Caribbean 6 ........................ 40,297 32,620 157 146 189 187 203 204

Total Caribbean ............................ 1,224,539 1,231,656 1,691,540 1,900,683 1,964,241 2,010,763 1,997,898 2,027,309

Asia: 

Bangladesh 7 .................................... n.a. n.a. 824 583 889 723 1,286 989

China, Mainland ............................... 52,768 46,466 44,474 86,459 94,365 109,581 95,938 86,929

Hong Kong........................................ 43,913 35,246 44,639 45,304 47,124 37,244 47,551 46,215

India.................................................. 11,178 13,860 18,813 18,664 18,256 17,817 17,592 15,484

Indonesia.......................................... 5,905 4,213 4,386 3,429 5,220 4,021 3,832 3,820

Israel................................................. 11,238 9,828 7,327 9,290 7,792 9,957 9,281 8,875

Japan................................................ 173,872 161,951 141,655 172,046 190,097 179,013 176,867 180,642

Jordan 7 ............................................ n.a. n.a. 2,146 1,057 1,179 1,445 1,028 1,349

Korea, South..................................... 12,457 27,200 28,099 26,653 35,243 33,800 32,763 32,218

Laos 7 .............................................. n.a. n.a. 120 383 380 296 263 266

Lebanon............................................ 777 797 1,168 999 1,032 889 852 793

Malaysia ........................................... 2,837 2,287 3,847 2,634 2,851 3,298 3,458 3,332

Pakistan............................................ 1,196 1,768 1,282 1,190 1,463 1,506 1,644 1,655

Philippines ........................................ 2,956 3,780 3,857 4,802 4,926 3,813 3,658 3,816

Singapore ......................................... 28,912 20,291 30,831 37,427 38,704 35,996 35,387 36,698

Syria ................................................. 21 28 25 23 24 24 22 22

Taiwan.............................................. 26,524 23,287 22,952 22,191 26,058 23,792 29,613 28,508

Thailand............................................ 11,356 9,966 8,319 13,952 14,151 17,875 13,619 11,648

Yemen 7 ........................................... n.a. n.a. 179 187 202 229 214 169

Oil exporting countries 8 .................... 41,263 50,659 70,314 80,092 80,593 85,918 89,234 92,721

All other Asia 7 ................................. 6,841 7,258 5,893 5,400 5,052 6,519 6,952 6,951

Total Asia ..................................... 434,014 418,885 441,150 532,765 575,601 573,756 571,054 563,100

Africa: 

Botswana 9 ....................................... n.a. n.a. 236 1,031 925 346 1,147 163

Egypt ................................................ 2,711 4,953 2,252 3,588 3,683 4,388 4,483 5,633

Ghana............................................... 468 572 389 386 346 381 298 354

Kenya 9 ............................................ n.a. n.a. 234 352 612 383 402 447

Liberia............................................... 266 217 469 602 422 488 420 388

Mauritius 9 ........................................ n.a. n.a. 641 4,510 6,436 8,745 10,771 11,989

Morocco............................................ 156 138 198 152 180 161 272 223

Mozambique 9 .................................. n.a. n.a. 87 131 126 100 86 106

South Africa ...................................... 3,477 3,054 1,565 2,494 1,649 3,132 2,822 3,598

Tanzania 9 ........................................ n.a. n.a. 363 329 407 394 420 408

Uganda 9 .......................................... n.a. n.a. 926 1,203 1,233 1,234 1,189 1,170

Zambia 9 .......................................... n.a. n.a. 143 154 190 250 154 164

Zimbabwe 9 ...................................... n.a. n.a. 78 88 105 69 74 79

Oil exporting countries 10 .................. 4,347 6,880 4,457 4,050 6,131 4,960 4,612 3,325

All other Africa 9 ............................... 3,373 4,313 2,981 3,385 3,443 5,216 4,115 4,987

Total Africa ................................... 14,798 20,127 15,019 22,455 25,888 30,247 31,265 33,034

Other countries: 

Australia............................................ 23,579 18,427 26,178 15,310 15,035 22,763 27,125 21,681

New Zealand .................................... 3,725 3,028 4,543 3,916 3,190 3,097 3,854 3,503

French Polynesia 11 ......................... n.a. n.a. 63 72 83 89 91 98

All other 11 ........................................ 8,513 14,612 18,704 18,629 19,831 19,727 19,824 19,877

Total other ................................... 35,817 36,067 49,488 37,927 38,139 45,676 50,894 45,159

All countries .......................................... 2,999,020 3,163,994 3,979,291 4,631,584 4,722,331 4,824,004 4,888,844 4,826,704

International and regional orgs: 

International organizations............... 14,550 17,598 26,862 27,571 24,201 26,111 25,486 24,601

Regional organizations 12 ................ 4,303 5,153 4,274 3,842 4,057 5,443 4,496 4,365

Total international and 

 regional organizations................ 18,853 22,751 31,136 31,413 28,258 31,554 29,982 28,966

Grand total................................ 3,017,873 3,186,745 4,010,427 4,662,997 4,750,589 4,855,558 4,918,826 4,855,670

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included 

in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United States 

are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav 

Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. 

4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, 

Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British 

Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and 

Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All 

other Caribbean.” 

7

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 

8

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

9

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, 

Zambia, and Zimbabwe are included in “All other Africa.” 

10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2008 

52 

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2008, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

negotiable securities 

Other Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners 

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities 

(excl. CDs) 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 4,533 4,532 2,531 2,000 894 241 373 452 986 1,583 3 1

Belgium ............................ 24,501 20,257 8,495 11,762 4,683 440 1,454 1,103 9,126 2,773 678 4,244

Cyprus 4............................ 663 662 653 9 418 221 6 - 3 3 11 1

Czech Republic ................ 998 989 187 802 51 46 800 2 - 57 33 9

Denmark........................... 1,034 1,011 710 301 507 70 92 106 44 192 - 23

Finland.............................. 2,004 1,811 624 1,188 106 196 153 20 988 321 27 193

France .............................. 86,321 77,716 59,388 18,329 14,057 2,410 4,135 7,263 6,379 21,594 21,879 8,605

Germany........................... 143,523 94,272 78,656 15,616 38,527 2,040 6,231 4,595 1,874 37,160 3,844 49,251

Greece.............................. 1,136 1,127 1,057 70 298 659 54 7 7 102 1 9

Hungary............................ 550 481 361 120 205 73 95 - 4 94 10 69

Ireland .............................. 155,089 154,724 18,454 136,270 5,586 2,488 4,374 84,599 41,499 3,662 12,516 365

Italy................................... 9,718 6,817 4,009 2,808 2,115 863 500 1,446 587 1,261 45 2,901

Kazakhstan 4 .................... 6,156 5,986 1,772 4,214 1,021 9 3,326 888 - 742 - 170

Luxembourg ..................... 125,643 124,159 49,163 74,996 8,600 1,672 48,280 19,854 5,489 1,974 38,289 1,484

Monaco 4 .......................... 228 226 197 29 116 80 14 14 - 1 1 2

Netherlands ...................... 36,981 35,713 28,654 7,059 5,524 3,428 1,488 3,453 1,271 8,869 11,680 1,268

Norway ............................. 31,143 31,095 29,477 1,618 308 218 520 1,020 78 28,922 29 48

Poland .............................. 32,129 32,114 17,573 14,541 336 71 410 14,128 3 17,166 - 15

Portugal............................ 3,997 3,991 3,763 228 3,247 432 40 177 10 55 30 6

Romania........................... 416 416 408 8 25 35 - - 1 355 - -

Russia .............................. 83,577 83,545 6,868 76,677 5,599 335 1,560 74,253 3 1,770 25 32

Spain ................................ 13,956 12,416 9,485 2,931 4,006 1,332 712 566 1,574 4,177 50 1,540

Sweden............................. 6,580 6,534 1,059 5,475 722 263 132 1,320 3,799 289 9 46

Switzerland ....................... 51,492 45,231 25,835 19,396 12,941 2,225 10,407 6,342 2,553 10,348 415 6,261

Turkey............................... 15,962 15,908 2,197 13,711 1,502 124 13,665 18 26 571 2 54

Ukraine 4........................... 1,362 1,362 1,329 33 1,122 22 - 3 30 185 - -

United Kingdom ................ 1,041,999 992,464 962,609 29,855 174,687 19,309 8,413 8,429 5,962 347,809 427,855 49,535

Channel Islands................ 20,751 20,552 18,436 2,116 16,577 1,236 485 896 524 122 712 199

All other Europe 4............... 6,691 6,645 5,582 1,064 1,287 584 967 9 41 3,755 3 45

Total Europe.................. 1,909,132 1,782,756 1,339,531 443,225 305,067 41,122 108,685 230,962 82,861 495,912 518,147 126,376

Memo: Euro Area 5........ 608,308 538,441 265,174 273,267 88,110 16,599 67,800 123,534 69,794 83,551 89,053 69,867

Canada................................... 79,738 71,875 52,093 19,782 4,391 7,050 6,671 6,373 5,519 36,197 5,674 7,863

Latin America: 

Argentina............................ 12,496 12,331 10,790 1,541 650 9,399 937 217 387 567 174 165

Belize 6 ............................... 314 313 286 27 97 147 6 2 19 34 8 1

Bolivia 6 .............................. 2,531 2,503 1,411 1,092 275 1,010 451 276 364 122 5 28

Brazil .................................. 17,828 17,336 14,330 3,006 4,251 4,545 1,021 559 90 6,018 852 492

Chile................................... 14,517 14,290 8,663 5,627 4,448 3,249 1,105 4,363 152 896 77 227

Colombia............................ 9,910 9,843 5,139 4,704 1,040 3,641 3,033 1,302 368 439 20 67

Costa Rica 6 ....................... 3,201 3,196 1,862 1,334 1,112 540 91 42 1,201 201 9 5

Ecuador.............................. 3,691 3,668 3,364 304 897 2,167 94 145 65 222 78 23

El Salvador 6 ...................... 2,441 2,440 1,145 1,295 550 460 113 539 643 128 7 1

Guatemala ......................... 1,890 1,855 1,589 266 246 1,188 38 94 129 128 32 35

Honduras 6 ......................... 1,888 1,867 1,807 60 1,083 682 1 18 41 26 16 21

Mexico................................ 52,239 51,360 35,864 15,496 15,096 19,452 10,052 4,679 709 603 769 879

Panama.............................. 7,706 7,656 5,982 1,674 2,653 2,807 714 777 176 396 133 50

Paraguay 6 ......................... 826 824 794 30 186 583 5 5 20 2 23 2

Peru.................................... 5,819 5,706 5,563 143 2,561 1,244 2 79 59 1,751 10 113

Uruguay ............................. 6,794 6,658 5,507 1,151 1,273 2,166 636 188 326 1,793 276 136

Venezuela.......................... 24,521 23,962 21,993 1,969 5,387 15,458 161 1,291 398 661 606 559

All other Latin America 6 .... 620 620 592 28 186 336 13 2 13 64 6 -

Total Latin America ....... 169,232 166,428 126,681 39,747 41,991 69,074 18,473 14,578 5,160 14,051 3,101 2,804

Caribbean: 

Aruba 7 ............................... 531 531 370 161 190 125 106 17 38 21 34 -

Bahamas............................ 291,252 289,107 286,404 2,703 201,373 8,044 939 257 1,026 71,948 5,520 2,145

Barbados 7 ......................... 21,356 21,079 4,368 16,711 3,382 683 1,407 8,101 7,188 118 200 277

Bermuda ............................ 48,662 47,429 24,011 23,418 2,589 12,964 9,495 12,436 1,328 755 7,862 1,233

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2008 

53

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2008, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

negotiable securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners 

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities 

(excl. CDs) 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean, con. 

British Virgin Islands 7 .............. 39,529 38,189 22,588 15,601 37 21,236 7,659 7,022 639 1 1,595 1,340

Cayman Islands....................... 1,597,168 1,529,971 1,146,225 383,746 520,918 123,544 19,377 28,965 4,906 665,208 167,053 67,197

Dominican Republic 7 .............. 3,652 3,614 3,378 236 906 2,339 2 108 110 80 69 38

Haiti 7........................................ 557 557 522 35 172 231 - 16 19 116 3 -

Jamaica.................................... 1,081 1,046 984 62 565 244 23 7 2 200 5 35

Netherlands Antilles................. 9,530 9,485 5,915 3,570 2,242 1,923 2,339 1,203 21 494 1,263 45

Trinidad and Tobago................ 3,218 3,130 2,577 553 1,658 336 52 390 34 581 79 88

All other Caribbean 7................ 10,773 10,214 9,919 295 287 7,030 205 44 31 7 2,610 559

Total Caribbean.................. 2,027,309 1,954,352 1,507,261 447,091 734,319 178,699 41,604 58,566 15,342 739,529 186,293 72,957

Asia: China, Mainland....................... 86,929 86,927 21,221 65,706 7,786 1,673 24,203 36,497 672 16,037 59 2

Hong Kong............................... 46,215 43,565 27,211 16,354 13,416 6,480 3,321 12,136 725 5,088 2,399 2,650

India ......................................... 15,484 15,440 3,642 11,798 1,934 1,178 3,710 7,386 7 943 282 44

Indonesia ................................. 3,820 3,812 1,994 1,818 851 304 1,751 12 54 839 1 8

Israel ........................................ 8,875 8,833 5,692 3,141 1,059 1,983 1,655 1,091 361 2,655 29 42

Japan ....................................... 180,642 136,873 61,576 75,297 26,773 7,037 64,138 8,199 436 24,162 6,128 43,769

Jordan 8 .................................... 1,349 1,349 1,189 160 1,017 42 59 - 101 127 3 -

Korea, South............................ 32,218 31,772 21,330 10,442 5,466 630 973 5,191 3,618 15,748 146 446

Malaysia................................... 3,332 3,330 2,444 886 1,831 117 198 595 13 558 18 2

Pakistan ................................... 1,655 1,643 882 761 577 124 551 173 8 183 27 12

Philippines................................ 3,816 3,723 2,703 1,020 1,797 440 826 156 38 364 102 93

Singapore................................. 36,698 35,627 32,038 3,589 26,650 1,471 1,763 1,471 329 3,693 250 1,071

Taiwan...................................... 28,508 28,477 24,630 3,847 7,663 5,976 2,749 318 666 11,075 30 31

Thailand ................................... 11,648 11,647 3,881 7,766 916 303 7,702 39 12 2,672 3 1

All other Asia 8.......................... 101,911 101,444 35,783 65,661 10,435 1,747 55,883 8,811 917 23,573 78 467

Total Asia............................. 563,100 514,462 246,216 286,246 108,171 29,505 169,482 82,075 7,957 107,717 9,555 48,638

Africa: Egypt........................................ 5,633 5,632 3,273 2,359 1,273 110 2,252 55 52 1,890 - 1

Ghana ...................................... 354 354 354 - 149 34 - - - 171 - -

Kenya 9..................................... 447 447 435 12 288 107 11 - 1 40 - -

Liberia ...................................... 388 363 248 115 7 167 68 44 2 71 4 25

Morocco ................................... 223 223 188 35 129 39 - 1 1 20 33 -

South Africa ............................. 3,598 3,578 2,997 581 2,618 186 459 11 111 187 6 20

All other Africa 9 ....................... 22,391 22,365 20,093 2,272 5,969 745 2,197 64 11 2,072 11,307 26

Total Africa........................... 33,034 32,962 27,588 5,374 10,433 1,388 4,987 175 178 4,451 11,350 72

Other countries: Australia ................................... 21,681 20,776 10,888 9,888 4,482 1,139 1,082 3,453 5,112 4,396 1,112 905

New Zealand............................ 3,503 3,423 2,432 991 854 160 616 364 11 1,394 24 80

All other.................................... 19,975 1,205 643 562 142 258 323 226 13 241 2 18,770

Total other........................... 45,159 25,404 13,963 11,441 5,478 1,557 2,021 4,043 5,136 6,031 1,138 19,755

All countries.................................. 4,826,704 4,548,239 3,313,333 1,234,906 1,209,850 328,395 351,923 396,772 122,153 1,403,888 735,258 278,465

International and regional orgs: International organizations....... 24,601 23,507 18,576 4,931 - 14,396 1,574 908 2,449 - 4,180 1,094

Regional organizations10 ......... 4,365 4,365 1,868 2,497 - 1,490 222 2,090 181 - 382 -

Total International and 

 regional organizations ...... 28,966 27,872 20,444 7,428 - 15,886 1,796 2,998 2,630 - 4,562 1,094

Grand total ...................... 4,855,670 4,576,111 3,333,777 1,242,334 1,209,850 344,281 353,719 399,770 124,783 1,403,888 739,820 279,559

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in "All 

other Europe." 

5

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia . 

6

 Before June 2006, data for Belize, Bolivia, Costa Rica, El Salvador, Honduras, and 

Paraguay are included in "All other Latin America." 

7

 Before June 2006, data for Aruba, Barbados, British Virgin Islands, Dominican Republic, 

and Haiti are included in "All other Caribbean." 

8

 Before June 2006, data for Jordan are included in "All other Asia." 

9

 Before June 2006, data for Kenya are included in "All other Africa." 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2008 

54 

0

500

1000

1500

2000

2500

2004 2005 2006 2007 Mar. 2008

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

0

500

1000

1500

2000

2500

2004 2005 2006 2007 Mar. 2008

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2004 2005 2006 2007 Mar. 2008 

 

United Kingdom ....................... 501,721 590,505 926,090 1,055,219 1,041,999

All other Europe ....................... 611,774 691,138 648,585 820,655 867,133

Caribbean banking centers 1 ..... 1,186,221 1,200,444 1,666,987 1,926,321 1,993,847

Japan ....................................... 173,872 161,951 141,655 190,097 180,642

All other Asia............................ 260,142 256,934 299,495 385,504 382,458

Subtotal.................................. 2,733,730 2,900,972 3,682,812 4,377,796 4,466,079

All other countries .................... 284,143 285,773 327,615 372,793 389,591

Grand total ............................. 3,017,873 3,186,745 4,010,427 4,750,589 4,855,670

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $4.9 trillion in 

March 2008, an increase of 

$105 billion from yearend 

2007. U.S. banking liabilities 

include foreign holdings of U.S. 

short-term securities but 

exclude foreign holdings of 

U.S. long-term securities. U.S. 

banking liabilities increased 

about $740 billion in 2007, 

about $824 billion in 2006, and 

about $169 billion in 2005. 

However, much of the increase 

in liabilities to foreigners in 

2006 reflects changes in 

coverage in the bank-reported 

data in the first and second 

quarters of 2006. Between June 

and December of 2006, when 

data were reported on a 

consistent basis, banking 

liabilities increased about $250 

billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

60 percent 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-quarter of U.S. banking 

liabilities. 
 CAPITAL MOVEMENTS 

June 2008 

55

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] 

 2006 2007 

Type of Claim 

Calendar 

Year 

2005 Dec. Mar. r June r Sept. Dec. p 

Total claims.............................................................. 2,500,399 3,140,590 3,371,893 3,593,512 3,692,651 3,728,263 

Payable in dollars.................................................. 2,344,155 2,944,476 3,164,208 3,368,651 3,463,850 3,483,139 

Own claims on foreigners................................... 1,864,834 2,291,340 2,514,366 2,633,269 2,690,481 2,793,369 

Foreign official institutions............................... 72,919 98,010 92,666 96,012 86,503 108,136 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 1,391,775 1,662,805 1,846,668 1,904,382 1,963,989 2,060,830 

All other foreigners .......................................... 400,140 530,525 575,032 632,875 639,989 624,403 

Claims of domestic customers.............................. 479,321 653,136 649,842 735,382 773,369 689,770 

Payable in foreign currencies .................................. 156,244 196,114 207,685 224,861 228,801 245,124 

Own claims on foreigners ..................................... 100,144 131,556 130,427 143,576 148,606 168,572 

of which: 

Canadian dollars.............................................. 13,613 16,027 14,294 24,800 35,419 32,713 

Euros................................................................ 56,203 65,970 71,832 67,685 56,542 75,051 

United Kingdom pounds sterling...................... 11,739 18,871 15,229 15,088 13,837 14,431 

Japanese yen................................................... 10,338 14,463 15,511 17,827 19,463 23,909 

Claims of domestic customers.............................. 56,100 64,558 77,258 81,285 80,195 76,552 

of which: 

Canadian dollars.............................................. 4,536 4,814 4,797 4,261 4,873 3,000 

Euros................................................................ 38,671 47,468 62,721 67,539 62,161 60,471 

United Kingdom pounds sterling...................... 8,621 7,068 4,612 3,348 3,925 3,125 

Japanese yen................................................... 952 1,676 1,345 381 2,739 4,858 

Memoranda: 

Total own claims on foreigners ............................. 1,964,978 2,422,896 2,644,793 2,776,845 2,839,087 2,961,941 

Non-negotiable deposits .................................... 792,262 983,111 1,051,958 1,065,504 990,968 1,045,027 

Short-term negotiable instruments 

(payable in dollars)............................................. 9,738 15,508 18,053 19,833 18,656 22,976 

Resale agreements ............................................ 482,090 664,373 739,410 794,401 843,785 800,427 

Other................................................................... 680,888 759,904 835,371 897,082 985,678 1,093,511 

Claims on own foreign offices............................... 1,304,277 1,639,474 1,842,273 1,920,495 1,963,765 2,068,786 

Claims reported by IBFs ....................................... 478,683 562,450 659,714 648,627 615,111 686,623 

Payable in dollars............................................... 448,031 524,907 619,843 606,879 578,337 644,202 

Payable in foreign currencies............................. 30,652 37,543 39,871 41,748 36,774 42,421 

Total claims held for domestic customers ............ 535,421 717,694 727,100 816,667 853,564 766,322 

Non-negotiable deposits .................................... 248,616 312,635 343,115 359,457 390,473 430,912 

Short-term negotiable instruments 

(payable in dollars)............................................. 232,059 353,438 334,582 407,302 400,601 285,753 

Other ..................................................................... 54,746 51,621 49,403 49,908 62,490 49,657 

 

 
CAPITAL MOVEMENTS 

June 2008 

56 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2006 2007 

Country 

Calendar 

year 

2005 June Sept. Dec. Mar. r June r Sept. Dec. p 

 

Europe: 

Austria .................................................... 5,432 6,915 8,478 8,563 8,309 8,572 9,189 7,763

Belgium................................................... 14,095 27,060 19,955 20,258 33,993 43,170 23,452 26,665

Bulgaria .................................................. 23 45 38 38 39 38 37 30

Czech Republic ...................................... 3,413 3,849 2,583 3,546 3,232 3,604 2,113 4,049

Denmark................................................. 2,619 3,331 1,845 2,770 5,699 1,757 2,393 8,104

Finland.................................................... 9,610 12,907 15,054 10,360 14,933 15,143 24,208 30,533

France .................................................... 131,334 176,142 171,400 165,030 190,458 199,784 189,510 204,805

Germany................................................. 48,290 57,215 54,150 45,429 59,267 71,143 87,355 79,182

Greece.................................................... 116 682 902 1,081 1,421 1,442 1,409 1,658

Hungary.................................................. 121 50 133 157 185 187 252 378

Ireland..................................................... 41,916 34,728 47,427 62,881 71,841 70,771 68,653 78,051

Italy ......................................................... 23,200 25,727 35,173 41,479 38,379 34,823 43,138 51,856

Kazakhstan 1........................................... n.a. 501 446 510 725 863 754 688

Luxembourg ........................................... 14,772 17,498 17,569 16,033 17,679 26,823 22,636 26,053

Netherlands ............................................ 30,557 34,989 39,309 38,723 45,310 60,368 73,712 63,558

Norway ................................................... 19,083 29,093 32,130 35,117 28,204 25,101 28,875 28,113

Poland .................................................... 1,840 1,565 1,593 1,115 1,842 3,454 3,999 8,242

Portugal .................................................. 1,138 1,937 1,953 1,988 2,245 2,506 2,840 3,113

Romania ................................................. 288 273 265 290 217 209 200 195

Russia..................................................... 1,320 1,474 1,765 4,254 1,819 1,777 3,334 1,869

Spain ...................................................... 10,809 11,662 14,942 15,969 32,377 25,154 26,099 32,750

Sweden................................................... 27,865 27,782 37,832 29,377 28,572 31,026 37,643 34,450

Switzerland............................................. 151,785 124,533 141,708 112,026 170,756 183,080 191,315 201,020

Turkey..................................................... 3,459 3,453 4,112 5,429 3,754 3,678 3,718 3,735

United Kingdom...................................... 627,105 826,601 865,767 938,123 974,981 1,045,708 1,167,003 1,105,319

Channel Islands...................................... 42,827 40,163 41,027 45,533 48,523 56,782 43,199 33,157

All other Europe 1.................................... 18,996 1,556 2,460 4,193 3,501 3,689 3,689 3,803

Total Europe ........................................ 1,232,013 1,471,729 1,560,017 1,610,272 1,788,261 1,920,652 2,060,725 2,039,139

Memo: Euro Area 2 .................................... 331,269 407,460 426,313 427,794 516,212 559,699 572,202 605,987

Memo: European Union 3 .......................... n.a. 1,270,974 1,336,373 1,404,018 1,532,561 1,647,551 1,787,582 1,768,589

Canada...................................................... 94,997 107,385 101,468 106,665 109,060 134,335 141,498 136,291

Latin America: 

Argentina ................................................ 2,507 2,565 2,435 2,977 2,880 3,631 4,197 4,251

Bolivia 4 ................................................... n.a. 155 173 157 139 172 166 169

Brazil....................................................... 15,621 16,050 15,003 20,454 22,354 25,578 32,740 31,499

Chile ....................................................... 6,990 7,252 7,335 7,152 6,120 6,489 7,887 9,829

Colombia ................................................ 2,506 2,707 2,766 2,915 4,104 4,287 6,208 4,972

Costa Rica 4 ............................................ n.a. 734 721 733 780 782 797 1,028

Ecuador.................................................. 602 555 589 612 581 777 896 993

El Salvador 4 ........................................... n.a. 852 874 872 871 901 801 831

Guatemala.............................................. 903 925 919 1,055 1,135 1,108 1,235 1,348

Honduras 4 .............................................. n.a. 409 382 433 461 417 606 494

Mexico .................................................... 15,194 18,507 18,466 17,936 19,257 19,824 23,028 24,579

Nicaragua ............................................... n.a. 101 99 89 89 82 74 83

Panama .................................................. 2,359 2,725 2,928 2,556 2,670 3,525 3,456 4,118

Paraguay 4 .............................................. n.a. 41 40 41 60 79 92 108

Peru ........................................................ 1,242 1,284 1,360 1,474 1,416 2,250 2,150 3,091

Uruguay.................................................. 486 430 527 361 1,119 341 1,083 415

Venezuela .............................................. 2,613 2,205 2,582 2,477 2,651 2,791 3,013 2,580

All other Latin America 4......................... 2,632 26 77 37 147 34 63 70

Total Latin America.............................. 53,655 57,523 57,276 62,331 66,834 73,068 88,492 90,458

Caribbean: 

Anguilla 5 ................................................ n.a. 3,141 4,373 5,281 2,575 3,479 3,140 6,493

Bahamas ................................................ 167,880 241,032 208,785 194,510 200,268 194,039 200,193 231,946

Barbados 5 .............................................. n.a. 391 429 471 372 794 352 445

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2008 

57

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2006 2007 

Country 

Calendar 

year 

2005 June Sept. Dec. Mar. r June r Sept. Dec. p 

 

Caribbean, con. 

Bermuda....................................... 20,875 18,963 22,964 21,721 29,321 18,845 20,379 12,330

British Virgin Islands 5................... n.a. 4,513 4,828 4,270 5,934 7,420 5,190 4,857

Cayman Islands............................ 674,769 772,459 769,663 835,646 884,896 948,401 918,602 922,815

Dominican Republic 5 ................... n.a. 412 488 650 615 571 630 686

Haiti 5............................................. n.a. 49 34 50 56 67 56 46

Jamaica ........................................ 448 602 721 695 768 592 666 687

Netherlands Antilles ..................... 4,558 4,412 3,962 2,686 2,897 2,634 4,877 4,624

Trinidad and Tobago .................... 957 948 792 1,055 1,034 680 524 673

All other Caribbean 5 .................... 8,687 252 362 383 563 627 584 770

Total Caribbean......................... 878,174 1,047,174 1,017,401 1,067,418 1,129,299 1,178,149 1,155,193 1,186,372

Asia: 

China, Mainland. .......................... 14,957 19,588 15,413 15,915 19,326 20,709 18,095 19,359

Hong Kong ................................... 9,042 11,046 10,316 8,300 6,500 7,506 7,477 10,263

India.............................................. 2,669 2,108 3,072 3,209 3,209 3,514 4,563 4,584

Indonesia...................................... 523 585 477 559 549 525 583 1,030

Israel............................................. 5,827 5,363 6,284 6,568 6,390 7,680 6,451 5,031

Japan............................................ 114,713 113,783 139,368 157,671 136,611 130,634 104,827 96,827

Jordan 6......................................... n.a. 23 23 21 21 33 49 54

Korea, South ................................ 17,470 18,201 29,474 25,258 24,841 26,815 14,392 28,231

Lebanon........................................ 53 22 21 20 27 39 53 51

Malaysia ....................................... 834 983 851 947 627 1,104 1,913 1,970

Pakistan........................................ 33 29 63 29 42 105 218 164

Philippines .................................... 1,820 1,279 1,177 1,020 1,094 1,123 1,233 1,271

Singapore ..................................... 8,210 6,429 7,745 5,519 5,347 6,163 5,663 6,661

Taiwan.......................................... 8,909 4,402 5,921 3,607 3,880 6,140 3,887 1,651

Thailand........................................ 8,183 8,281 7,798 6,585 6,131 5,607 2,349 5,963

Asian oil exporters 7 ..................... 13,670 13,735 11,951 11,789 13,281 15,470 15,643 23,969

All other Asia 6 .............................. 187 166 133 424 614 929 723 799

Total Asia................................... 207,100 206,023 240,087 247,441 228,490 234,096 188,119 207,878

Africa: 

Cameroon 8................................... n.a. 21 22 20 16 16 12 11

Egypt ............................................ 661 1,156 1,181 1,833 1,692 1,331 1,713 1,407

Ghana........................................... 19 32 8 13 19 8 31 30

Liberia........................................... 267 287 316 296 266 322 371 331

Morocco........................................ 94 105 71 84 77 85 47 50

South Africa.................................. 414 662 473 640 416 438 431 730

African oil exporters 9 ................... 339 309 335 414 326 295 321 453

All other Africa 8 ............................ 252 269 447 251 269 388 424 6,570

Total Africa ................................ 2,046 2,841 2,853 3,551 3,081 2,883 3,350 9,582

Other countries: 

Australia........................................ 18,569 22,621 29,344 26,600 32,769 36,902 42,716 41,667

New Zealand ................................ 3,601 3,335 3,276 4,147 2,929 2,838 2,170 4,541

All other ........................................ 178 402 219 242 364 335 357 316

Total other countries.................. 22,348 26,358 32,839 30,989 36,062 40,075 45,243 46,524

Total foreign countries ............ 2,490,333 2,919,033 3,011,941 3,128,667 3,361,087 3,583,258 3,682,620 3,716,244

International and regional orgs: 

International organizations........... 8,086 10,950 10,270 11,279 10,236 9,779 9,371 10,929

Regional organizations 10 ............. 1,980 1,535 832 644 570 475 660 1,090

Total international 

and regional organizations............. 10,066 12,485 11,102 11,923 10,806 10,254 10,031 12,019

Grand total .............................. 2,500,399 2,931,518 3,023,043 3,140,590 3,371,893 3,593,512 3,692,651 3,728,263

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area 

also includes Slovenia; however, separate data for Slovenia are not available. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay 

are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

June 2008 

58 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2007 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total own

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions 

and foreign 

banks 

(4) 

Claims on 

all other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable in 

dollars 

(8) 

Payable in 

foreign 

currencies 

(9) 

Europe: 

Austria ............................................... 7,763 4,075 4,055 1,380 2,675 19 3,688 2,416 1,272

Belgium.............................................. 26,665 21,002 20,566 19,170 1,396 435 5,663 3,671 1,992

Czech Republic ................................. 4,049 4,046 4,008 4,005 3 38 3 - 3

Denmark............................................ 8,104 2,925 2,828 2,572 256 97 5,179 5,163 16

Finland............................................... 30,533 28,511 28,445 28,348 97 67 2,021 1,125 896

France ............................................... 204,805 173,166 162,416 146,572 15,844 10,751 31,639 20,869 10,770

Germany............................................ 79,182 43,370 34,111 25,603 8,508 9,258 35,812 20,254 15,558

Greece............................................... 1,658 510 110 64 46 400 1,148 2 1,146

Hungary............................................. 378 242 152 52 100 90 136 - 136

Ireland................................................ 78,051 46,372 45,960 24,862 21,098 413 31,679 29,109 2,570

Italy .................................................... 51,856 42,750 35,870 35,569 301 6,881 9,106 1,144 7,962

Kazakhstan1 ...................................... 688 688 660 541 119 28 - - -

Luxembourg ...................................... 26,053 14,906 13,260 4,250 9,010 1,646 11,146 7,679 3,467

Netherlands ....................................... 63,558 54,733 52,122 18,973 33,149 2,611 8,825 5,967 2,858

Norway .............................................. 28,113 22,681 22,517 21,182 1,335 164 5,432 5,049 383

Poland ............................................... 8,242 8,228 8,176 8,172 4 52 14 - 14

Portugal ............................................. 3,113 1,402 1,364 1,135 229 38 1,711 630 1,081

Romania ............................................ 195 186 155 4 151 31 9 - 9

Russia................................................ 1,869 1,834 1,800 1,568 232 34 35 35 -

Spain ................................................. 32,750 22,396 20,448 20,161 287 1,949 10,354 5,313 5,041

Sweden.............................................. 34,450 8,061 7,279 3,735 3,544 782 26,389 25,539 850

Switzerland........................................ 201,020 196,420 191,987 186,864 5,123 4,433 4,600 4,548 52

Turkey................................................ 3,735 3,731 3,426 2,585 841 305 4 3 1

United Kingdom................................. 1,105,319 970,212 932,805 652,808 279,997 37,407 135,107 128,612 6,495

Channel Islands .................................. 33,157 24,899 24,677 18,519 6,158 222 8,258 8,021 237

All other Europe 1............................... 3,833 2,115 1,155 820 335 960 1,719 1,510 209

Total Europe ................................... 2,039,139 1,699,462 1,620,351 1,229,513 390,838 79,111 339,677 276,659 63,018

Memo: Euro Area 2 ............................... 605,987 453,194 418,726 326,086 92,640 34,468 152,792 98,179 54,613

Canada................................................. 136,291 111,004 85,140 71,239 13,901 25,864 25,287 22,242 3,045

Latin America: 

Argentina ........................................... 4,251 4,170 3,978 830 3,148 192 81 51 30

Bolivia 3 .............................................. 169 166 155 1 154 11 3 3 -

Brazil.................................................. 31,499 31,384 30,340 19,162 11,178 1,044 115 94 21

Chile .................................................. 9,829 9,815 8,849 4,148 4,701 966 14 4 10

Colombia ........................................... 4,972 4,959 3,567 1,854 1,713 1,392 13 13 -

Costa Rica 3 ....................................... 1,028 1,028 1,004 362 642 24 - - -

Ecuador............................................. 993 967 962 181 781 5 26 25 1

El Salvador 3 ...................................... 831 831 809 121 688 22 - - -

Guatemala......................................... 1,348 1,347 1,314 631 683 33 1 1 -

Honduras 3 ......................................... 494 493 493 215 278 - 1 - 1

Mexico ............................................... 24,579 23,835 21,783 2,084 19,699 2,052 744 388 356

Panama ............................................. 4,118 4,100 3,859 2,826 1,033 241 18 13 5

Peru ................................................... 3,091 3,087 2,995 1,269 1,726 92 4 4 -

Uruguay............................................. 415 411 338 83 255 73 4 2 2

Venezuela ......................................... 2,580 2,468 2,335 473 1,862 133 112 105 7

All other Latin America 3.................... 261 261 261 62 199 - - - -

Total Latin America......................... 90,458 89,322 83,042 34,302 48,740 6,280 1,136 703 433

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2008 

59

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2007, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions 

and foreign 

banks 

(4) 

Claims on 

all other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable in 

dollars 

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 231,946 146,650 145,303 139,547 5,756 1,347 85,296 85,230 66 

Bermuda............................................ 12,330 12,185 10,603 642 9,961 1,582 145 145 - 

British Virgin Islands 4........................ 4,857 4,621 3,328 54 3,274 1,293 236 213 23 

Cayman Islands................................. 922,815 633,630 598,150 504,193 93,957 35,480 289,185 283,488 5,697 

Dominican Republic 4 ........................ 686 650 645 143 502 5 36 35 1 

Jamaica ............................................. 687 687 657 112 545 30 - - - 

Netherlands Antilles .......................... 4,624 4,489 4,114 192 3,922 375 135 135 - 

Trinidad and Tobago ......................... 673 673 673 219 454 - - - - 

All other Caribbean 4 ......................... 7,754 7,751 7,417 253 7,164 334 3 3 - 

Total Caribbean.............................. 1,186,372 811,336 770,890 645,355 125,535 40,446 375,036 369,249 5,787 

Asia: 

China, Mainland ................................ 19,359 19,211 18,489 18,182 307 722 148 108 40 

Hong Kong ........................................ 10,263 9,484 8,820 6,873 1,947 664 779 75 704 

India................................................... 4,584 4,461 4,385 3,721 664 76 123 97 26 

Indonesia........................................... 1,030 1,008 985 682 303 23 22 4 18 

Israel.................................................. 5,031 3,763 3,724 3,562 162 39 1,268 1,260 8 

Japan................................................. 96,827 92,379 83,250 73,311 9,939 9,129 4,448 3,940 508 

Korea, South ..................................... 28,231 27,857 27,383 26,589 794 474 374 327 47 

Malaysia ............................................ 1,970 1,011 886 807 79 125 959 11 948 

Pakistan............................................. 164 164 152 138 14 12 - - - 

Philippines ......................................... 1,271 1,259 1,207 997 210 52 12 1 11 

Singapore .......................................... 6,661 6,516 5,121 3,114 2,007 1,395 145 94 51 

Taiwan............................................... 1,651 1,442 1,232 890 342 210 209 8 201 

Thailand............................................. 5,963 5,955 5,945 5,935 10 10 8 5 3 

All other Asia ..................................... 24,873 24,557 23,744 20,666 3,078 813 316 315 1 

Total Asia........................................ 207,878 199,067 185,323 165,467 19,856 13,744 8,811 6,245 2,566 

Africa: 

Egypt ................................................. 1,407 312 312 148 164 - 1,095 17 1,078 

Ghana................................................ 30 28 13 10 3 15 2 2 - 

Liberia................................................ 331 331 315 7 308 16 - - - 

Morocco............................................. 50 49 27 26 1 22 1 1 - 

South Africa....................................... 730 628 493 433 60 135 102 94 8 

All other Africa ................................... 7,034 7,015 7,004 404 6,600 11 19 15 4 

Total Africa ..................................... 9,582 8,363 8,164 1,028 7,136 199 1,219 129 1,090 

Other countries: 

Australia............................................. 41,667 30,205 28,716 21,651 7,065 1,489 11,462 10,894 568 

New Zealand ..................................... 4,541 2,561 1,122 404 718 1,439 1,980 1,980 - 

All other ............................................. 316 316 316 7 309 - - - - 

Total other countries....................... 46,524 33,082 30,154 22,062 8,092 2,928 13,442 12,874 568 

Total foreign countries ................. 3,716,244 2,951,636 2,783,064 2,168,966 614,098 168,572 764,608 688,101 76,507 

International and regional orgs: 

International organizations................ 10,929 9,937 9,937 - 9,937 - 992 990 2 

Regional organizations 5.................... 1,090 368 368 - 368 - 722 679 43 

Total international and regional 

organizations .................................. 12,019 10,305 10,305 - 10,305 - 1,714 1,669 45 

Grand total ................................... 3,728,263 2,961,941 2,793,369 2,168,966 624,403 168,572 766,322 689,770 76,552 

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not avaliable. 

3

 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in 

“All other Latin America.”

4

 Before June 2006, data for the British Virgin Islands and Dominican Republic are 

included in “All other Caribbean.” 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2008 

60 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

2003 2004 2005 2006 Dec. 2007

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2003 2004 2005 2006 Dec. 2007 

United Kingdom......................... 385,701 567,001 627,105 938,123 1,105,319

All other Europe......................... 401,137 527,615 604,908 672,149 933,820

Caribbean banking centers 1,2 ... 612,200 755,954 870,441 1,061,389 1,180,690

Japan ......................................... 74,174 102,859 114,713 157,671 96,827

All other Asia.............................. 65,922 70,601 92,387 89,770 111,051

Subtotal.................................... 1,539,134 2,024,030 2,309,554 2,919,102 3,427,707

All other countries...................... 160,865 164,411 190,845 221,488 300,556

Grand total ............................... 1,699,999 2,188,441 2,500,399 3,140,590 3,728,263

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In December 2007, U.S. claims 

on foreigners reported by U.S. 

banks amounted to about $3.7 

trillion, an increase of $588 

billion from the level recorded 

at yearend 2006. U.S. banking 

claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign 

long-term securities. U.S. 

banking claims increased $640 

billion in 2006, but part of the 

increase reflects changes in 

coverage in the bank-reported 

data in the first and second 

quarters of 2006. Between 

June and December of 2006, 

when data were reported on a 

consistent basis, banking claims 

increased about $209 billion. 

Banking claims increased $312 

billion in 2005 and $488 billion 

in 2004. 

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 

around 5 percent currently. 
CAPITAL MOVEMENTS 

June 2008 

61

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2006 2007 

Type of liability or claim 2003 2004 2005 Dec. Mar. June Sept. Dec. p 

 

Total liabilities ................................................ 73,700 92,009 76,710 89,217 89,729 106,508 112,853 103,801 

Payable in dollars....................................... 43,147 55,386 58,728 72,331 66,250 82,029 84,072 79,126 

Financial................................................. 15,515 29,575 24,003 35,033 27,136 31,589 29,103 26,474 

Short-term negotiable securities........ 1,895 1,410 3,248 8,266 3,093 2,220 3,016 1,983 

Other .................................................. 13,620 28,165 20,755 26,767 24,043 29,369 26,087 24,491 

Commercial............................................ 27,632 25,811 34,725 37,298 39,114 50,440 54,969 52,652 

Trade payables .................................. 16,000 16,705 21,751 24,415 25,801 26,985 28,257 26,563 

Advance receipts and other............... 11,632 9,106 12,974 13,903 14,493 24,628 27,743 27,072 

Payable in foreign currencies .................... 30,553 36,623 17,982 16,886 23,479 24,479 28,781 24,675 

By major foreign currency: 

Canadian dollars................................ 1,630 2,623 2,525 3,536 1,860 2,035 1,500 2,164 

Euros.................................................. 11,159 10,125 5,041 5,239 11,315 12,031 13,488 9,078 

United Kingdom pounds sterling........ 12,031 19,041 3,640 4,494 5,862 4,585 4,307 4,270 

Japanese yen..................................... 2,702 1,860 2,326 1,770 1,775 2,778 3,673 3,908 

Other .................................................. 3,031 2,974 4,450 1,847 2,667 3,050 5,813 5,255 

By type of liability: 

Financial............................................. 28,095 33,272 15,246 13,679 19,953 21,060 25,948 21,445 

Short-term negotiable securities.... 12,107 10,349 5,802 3,351 4,599 4,563 1,647 2,940 

Other .............................................. 15,988 22,923 9,444 10,328 15,354 16,497 24,301 18,505 

Commercial........................................ 2,458 3,351 2,736 3,207 3,526 3,419 2,833 3,230 

Trade payables .............................. 1,174 1,476 1,299 1,258 1,364 1,252 1,065 1,305 

Advance receipts and other........... 1,284 1,875 1,437 929 982 994 737 942 

Total claims.................................................... 100,916 143,232 144,950 126,032 131,225 137,231 144,477 136,019 

Payable in dollars....................................... 83,388 94,884 105,700 100,031 98,336 106,269 105,282 109,673 

Financial................................................. 57,894 67,445 75,802 66,871 64,047 66,625 65,146 66,675 

Non-negotiable deposits .................... 33,944 42,005 42,140 28,380 25,922 23,844 25,583 28,393 

Negotiable CDs and short-term 

 negotiable instruments..................... 3,047 9,739 12,888 2,624 498 2,141 1,235 1,168 

Other .................................................. 21,365 16,314 20,774 35,867 37,627 40,640 38,328 37,114 

Commercial............................................ 25,494 27,439 29,898 33,160 34,289 39,644 40,136 42,998 

Trade receivables .............................. 21,245 24,778 26,080 30,225 30,757 33,616 34,096 37,693 

Advance payments and other............ 4,249 2,661 3,818 4,371 4,472 6,966 6,888 6,374 

Payable in foreign currencies .................... 17,528 48,348 39,250 26,001 32,889 30,962 39,195 26,346 

By major foreign currency: 

Canadian dollars................................ 2,469 1,841 9,829 9,194 4,944 4,387 5,024 5,371 

Euros.................................................. 4,318 22,212 10,643 6,951 17,640 16,572 16,622 10,833 

United Kingdom pounds sterling........ 4,429 10,805 8,341 4,675 5,670 4,557 4,274 4,210 

Japanese yen..................................... 1,420 7,583 3,724 1,027 998 1,125 9,398 1,378 

Other .................................................. 4,892 5,907 6,713 4,154 3,637 4,321 3,877 4,554 

By type of claim: 

Financial............................................. 9,453 43,072 35,592 21,775 29,026 27,169 35,638 21,305 

Non-negotiable deposits ................ 1,976 5,878 8,009 3,529 2,415 3,384 11,237 1,498 

Short-term negotiable securities.... 164 153 292 120 81 82 109 77 

Other .............................................. 7,313 37,041 27,291 18,126 26,530 23,703 24,292 19,730 

Commercial........................................ 8,075 5,276 3,658 4,226 3,863 3,793 3,557 5,041 

Trade receivables .......................... 7,373 4,451 3,151 2,577 2,503 2,385 2,424 3,748 

Advance payments and other........ 702 825 507 213 420 470 285 224 

 
CAPITAL MOVEMENTS 

June 2008 

62 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2006 2007 

Country 2002 2003 2004 2005 Dec. Mar. June Sept. Dec. p 

Europe: 

Austria.................................. 64 82 146 68 91 64 97 350 230

Belgium 1 .............................. 285 163 74 73 181 95 429 197 490

Bulgaria................................ 4 3 2 - 44 54 48 26 36

Czech Republic.................... 13 6 34 17 14 17 14 21 25

Denmark............................... 522 67 41 78 132 132 133 1,030 936

Finland ................................. 56 47 38 20 140 28 77 38 63

France.................................. 6,008 4,443 2,368 2,631 2,562 2,497 2,180 3,133 3,167

Germany .............................. 3,704 4,386 3,935 3,646 12,391 5,729 8,465 8,325 4,973

Greece ................................. 403 474 248 401 182 163 180 197 187

Hungary................................ 32 11 14 12 18 13 14 18 46

Ireland .................................. 785 856 1,070 1,636 316 168 629 475 1,568

Italy....................................... 1,271 1,154 795 1,174 1,040 1,117 1,195 1,375 1,197

Luxembourg 1....................... n.a. 705 824 378 977 816 643 483 235

Netherlands.......................... 2,415 668 668 895 1,709 1,096 959 1,171 1,193

Norway................................. 406 445 1,365 3,537 545 274 480 327 715

Poland.................................. 46 26 151 229 330 360 410 412 385

Portugal................................ 17 7 22 39 27 35 146 404 204

Romania............................... 20 30 33 4 9 14 6 7 6

Russia 2 ................................ 38 71 74 64 110 121 169 305 306

Serbia and Montenegro 

(formerly Yugoslavia) 3 .... 9 - 2 4 1 11 1 4 3

Spain.................................... 403 1,068 591 399 269 268 417 627 529

Sweden ................................ 115 656 800 747 952 912 824 951 437

Switzerland .......................... 494 1,884 1,078 1,237 1,070 1,807 1,683 1,580 1,702

Turkey .................................. 101 302 180 137 261 348 487 642 754

United Kingdom ................... 25,180 26,911 32,878 15,093 17,339 25,615 29,267 27,475 23,351

Channel Islands and 

Isle of Man 4 ..................... n.a. - 2 501 15 - 2 117 208

Other Europe ....................... 201 188 286 250 421 310 364 455 539

Total Europe .................... 42,592 44,653 47,720 33,271 41,146 42,064 49,319 50,145 43,485

Canada..................................... 2,179 3,405 4,578 4,905 7,694 5,953 7,098 7,503 7,747

Latin America: 

Argentina.............................. 62 125 59 148 138 183 227 133 155

Brazil .................................... 318 475 321 288 264 165 375 448 943

Chile ..................................... 55 60 91 387 406 440 465 388 545

Colombia.............................. 50 118 84 106 208 222 292 327 356

Ecuador................................ 5 21 26 10 89 35 235 300 33

Guatemala ........................... 13 15 10 23 25 7 18 10 10

Mexico.................................. 1,201 1,332 1,968 2,234 2,150 2,346 2,547 2,963 2,843

Panama................................ 61 52 7 56 57 56 120 107 84

Peru...................................... 21 15 17 8 6 12 51 54 36

Uruguay................................ 6 4 2 2 13 18 44 25 20

Venezuela ............................ 178 332 451 681 353 571 677 602 574

Other Latin America 5 ........... 503 98 113 105 24 53 65 26 106

Total Latin America............. 2,473 2,647 3,149 4,048 3,733 4,108 5,116 5,383 5,705

Caribbean: 

Bahamas.............................. 74 14 32 70 70 109 163 129 89

Bermuda................................... 1,528 1,224 9,230 1,704 777 793 1,008 1,161 707

British West Indies 6................. 401 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. 3,154 7,279 6,522 12,804 12,663 13,035 14,722 15,969

Cuba..................................... 29 2 -------

Jamaica................................ 28 17 24 14 20 22 33 21 18

Netherlands Antilles............. 11 3 14 13 2 5 58 4 4

Trinidad and Tobago............ 33 16 15 44 25 16 21 108 74

Other Caribbean 5 ................ n.a. 564 729 936 761 1,145 1,028 1,214 822

Total Caribbean ............... 2,104 4,994 17,323 9,303 14,459 14,753 15,346 17,359 17,683

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2008 

63

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2006 2007 

Country 2002 2003 2004 2005 Dec. Mar. June Sept. Dec. p 

Asia: 

China, Mainland. .................... 1,252 1,129 3,983 3,825 1,297 780 3,207 3,653 857

Hong Kong ............................. 495 583 668 746 564 576 698 1,068 979

India........................................ 160 86 103 158 418 401 1,106 1,255 1,446

Indonesia................................ 100 60 74 89 57 48 133 141 172

Israel....................................... 350 519 302 613 385 355 295 291 293

Japan...................................... 6,124 6,196 5,869 7,354 7,210 7,271 7,080 7,152 6,887

Korea, South .......................... 548 1,331 723 1,743 1,350 1,337 1,609 1,516 1,212

Lebanon ................................. 53 13 35 42 11 8 6 7 9

Malaysia ................................. 140 188 256 335 471 419 324 399 561

Pakistan.................................. 158 233 171 230 171 180 324 282 172

Philippines.............................. 108 139 117 109 95 108 53 47 89

Singapore............................... 1,796 1,436 822 1,823 2,839 2,797 3,790 4,007 4,255

Syria ....................................... 13 2 21 4 8 8 7 8 8

Taiwan.................................... 659 441 491 1,010 1,093 1,161 1,005 1,166 1,019

Thailand.................................. 118 34 79 212 599 629 376 561 382

Oil-exporting countries 7......... 3,993 3,184 2,946 4,159 3,955 4,715 6,891 7,380 7,158

Other Asia .............................. 247 284 303 298 156 185 251 344 377

Total Asia ........................... 16,314 15,858 16,963 22,750 20,679 20,978 27,155 29,277 25,876

Africa: 

Congo (formerly Zaire)........... 1 86 - - - - - 1 -

Egypt ...................................... 128 28 132 119 132 159 209 247 280

Ghana..................................... 2 4 2 1 6 2 2 6 12

Liberia..................................... 1 - 14 1 3 3 1 1 6

Morocco.................................. 42 41 44 42 42 43 90 103 190

South Africa............................ 130 52 36 950 35 35 40 33 53

Oil-exporting countries 8......... 496 464 518 590 283 599 637 763 655

Other Africa ............................ 158 230 332 210 379 141 315 325 292

Total Africa ......................... 958 905 1,078 1,913 880 982 1,294 1,479 1,488

Other countries: 

Australia ................................. 732 1,053 1,047 397 560 843 1,082 1,581 1,656

New Zealand 9........................ n.a. 71 51 38 36 17 70 77 91

All other .................................. 238 98 98 83 15 12 5 16 25

Total other countries .......... 970 1,222 1,196 518 611 872 1,157 1,674 1,772

Total foreign countries ... 67,590 73,684 92,007 76,708 89,202 89,710 106,485 112,820 103,756

International and regional orgs: 

International organizations..... 22 - - - - 2 - 3 2

Regional organizations 10 ....... 52 16 2 2 15 17 23 30 43

Total international and 

 regional organizations...... 74 16 2 2 15 19 23 33 45

Grand total ..................... 67,664 73,700 92,009 76,710 89,217 89,729 106,508 112,853 103,801

 

 1

 Before March 2003, 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 March 2003, data included in United Kingdom. 

5

 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning March 2003, 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 March 2003, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2008 

64 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2006 2007 

Country 2002 2003 2004 2005 Dec. Mar. June Sept. Dec. p

Europe: 

Austria....................................... 1,770 1,752 1,816 2,159 2,031 2,013 2,035 2,014 2,040

Belgium 1 ................................... 991 523 2,307 1,822 419 447 1,853 1,071 794

Bulgaria..................................... 9 14 37 29 3 - 1 4 6

Czech Republic......................... 62 54 64 49 50 44 52 127 134

Denmark.................................... 112 716 494 341 149 181 240 208 184

Finland ...................................... 624 176 617 336 591 599 515 528 814

France....................................... 6,411 5,865 3,713 5,063 3,420 4,233 5,513 4,822 6,047

Germany ................................... 5,447 4,132 6,787 4,238 10,148 10,212 10,838 9,256 4,895

Greece ...................................... 409 204 199 380 163 170 205 142 243

Hungary..................................... 51 53 46 57 45 49 104 174 153

Ireland ....................................... 516 423 1,672 795 858 749 1,367 1,007 968

Italy............................................ 2,963 4,069 2,434 3,702 2,337 2,467 2,542 2,442 2,507

Luxembourg 1............................ n.a. 115 127 391 352 479 1,620 1,567 919

Netherlands............................... 5,138 3,184 7,883 3,387 3,570 5,015 5,803 4,435 3,983

Norway...................................... 286 315 229 402 366 316 935 289 326

Poland....................................... 79 104 57 58 99 101 113 160 153

Portugal..................................... 222 161 146 60 64 94 91 82 89

Romania.................................... 24 25 47 22 36 47 40 37 59

Russia 2 ..................................... 93 118 157 359 774 892 918 1,029 1,327

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 10 13 14 17 10 4 6 18 15

Spain......................................... 1,370 1,803 1,242 2,032 1,425 1,469 1,729 1,634 1,632

Sweden ..................................... 417 779 648 503 652 722 687 632 690

Switzerland ............................... 886 2,538 2,506 1,876 1,424 1,552 1,893 1,768 2,153

Turkey ....................................... 503 474 594 638 420 454 555 540 721

United Kingdom ........................ 14,390 15,366 27,699 24,772 17,483 26,081 23,439 26,085 23,651

Channel Islands and 

Isle of Man 4 .......................... n.a. - 25 16 19 26 56 116 109

Other Europe ............................ 422 546 607 1,315 1,267 1,036 1,241 965 1,465

Total Europe ......................... 43,205 43,522 62,171 54,820 48,175 59,452 64,391 61,152 56,077

Canada.......................................... 7,803 8,381 8,429 16,122 17,520 13,027 15,421 14,803 16,414

Latin America: 

Argentina................................... 602 398 406 350 470 919 435 495 463

Brazil ......................................... 3,036 2,735 2,758 2,972 2,927 2,569 2,502 2,409 2,678

Chile .......................................... 217 382 346 303 299 374 316 411 403

Colombia................................... 240 234 295 299 349 508 467 431 453

Ecuador..................................... 112 117 86 95 119 136 108 96 160

Guatemala ................................ 79 76 90 100 116 144 141 173 199

Mexico....................................... 4,180 2,968 3,756 4,108 3,242 3,078 3,118 3,413 3,497

Panama..................................... 79 232 177 198 266 188 198 273 307

Peru........................................... 69 73 95 117 164 169 148 228 199

Uruguay..................................... 30 16 13 5 12 17 45 17 34

Venezuela ................................. 392 361 474 539 481 542 609 624 692

Other Latin America 5 ................ 1,102 427 504 485 376 362 359 413 418

Total Latin America................... 10,138 8,019 9,000 9,571 8,821 9,006 8,446 8,983 9,503

Caribbean: 

Bahamas................................... 1,069 1,075 1,631 1,631 3,949 5,791 2,119 2,493 2,198

Bermuda......................................... 1,011 1,024 5,358 2,238 1,734 1,958 2,536 2,925 1,708

British West Indies 6 .................... 21,547 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. 20,067 36,320 36,416 26,051 21,286 21,332 23,487 16,987

Cuba.......................................... - 16 8 12 2 2 2 2 10

Jamaica..................................... 94 84 67 70 60 93 67 98 106

Netherlands Antilles.................. 45 32 37 42 30 95 8 92 118

Trinidad and Tobago................. 54 100 120 119 125 134 112 124 173

Other Caribbean 5 ..................... n.a. 951 1,085 1,721 1,264 1,707 1,503 1,369 1,521

Total Caribbean .................... 23,820 23,349 44,626 42,249 33,215 31,066 27,679 30,590 22,821

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2008 

65

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2006 2007 

Country 2002 2003 2004 2005 Dec. Mar. June Sept. Dec. p

 

Asia: 

China, Mainland..................... 867 1,066 3,688 4,958 1,772 1,713 2,127 1,866 1,911

Hong Kong ............................. 682 832 701 941 1,009 1,125 998 9,224 8,781

India ....................................... 743 668 643 413 654 626 596 781 811

Indonesia................................ 280 170 393 445 231 160 136 167 208

Israel ...................................... 453 749 482 403 360 486 539 563 587

Japan ..................................... 3,618 2,951 2,848 2,696 3,349 4,067 4,621 4,343 5,514

Korea, South .......................... 1,738 1,456 1,569 1,244 1,143 1,191 1,285 1,235 1,248

Lebanon ................................. 21 34 15 22 19 15 13 18 19

Malaysia................................. 521 497 549 536 270 303 356 344 362

Pakistan ................................. 17 34 43 57 86 89 59 54 115

Philippines.............................. 708 743 503 275 109 106 110 128 109

Singapore............................... 1,044 1,162 1,600 1,944 1,811 1,525 1,642 1,938 2,602

Syria ....................................... 28 6 14 6 10 - 7 10 11

Taiwan.................................... 696 783 892 853 972 904 1,298 1,098 1,241

Thailand ................................. 237 250 326 295 312 323 300 346 414

Oil-exporting countries 7......... 897 1,046 1,208 1,800 1,814 1,682 2,797 2,225 2,459

Other Asia .............................. 132 222 309 408 328 375 368 425 512

Total Asia ........................... 12,682 12,669 15,783 17,296 14,249 14,690 17,252 24,765 26,904

Africa: 

Congo (formerly Zaire)........... 18 2 1 1 11 8 6 6 6

Egypt...................................... 155 176 159 194 165 209 224 335 306

Ghana .................................... 9 8 4 16 3 10 2 7 8

Liberia .................................... 50 109 102 98 73 72 58 62 54

Morocco ................................. 24 27 33 23 21 26 31 34 21

South Africa ........................... 273 247 193 1,075 221 260 241 307 254

Oil-exporting countries 8......... 120 150 162 295 332 299 354 293 351

Other Africa............................ 330 336 281 419 411 443 432 331 391

Total Africa......................... 979 1,055 935 2,121 1,237 1,327 1,348 1,375 1,391

Other countries: 

Australia ................................. 3,540 3,619 1,588 2,144 2,365 2,374 2,430 2,584 2,466

New Zealand 9........................ n.a. 208 441 420 351 181 166 148 145

All other.................................. 393 83 245 207 76 71 23 49 37

Total other countries .......... 3,933 3,910 2,274 2,771 2,792 2,626 2,619 2,781 2,648

Total foreign countries ... 102,560 100,905 143,218 144,950 126,009 131,194 137,156 144,449 135,758

International and regional orgs : 

International organizations..... 2 1 3 - 4 9 26 17 150

Regional organizations 10....... 4 10 11 - 19 22 49 11 111

Total international and 

 regional organizations...... 6 11 14 - 23 31 75 28 261

Grand total ..................... 102,566 100,916 143,232 144,950 126,032 131,225 137,231 144,477 136,019

1

 Before March 2003, 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 March 2003, data included in United Kingdom. 

5

 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning March 2003, 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 March 2003, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2008 

66 

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

Country, December 31, 2007, 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 ........................................... 230 173 57 2,040 1,961 79 

Belgium 1 ....................................... 490 327 163 794 520 274 

Bulgaria ......................................... 36 - 36 6 - 6 

Czech Republic............................. 25 - 25 134 23 111 

Denmark........................................ 936 895 41 184 116 68 

Finland........................................... 63 22 41 814 446 368 

France ........................................... 3,167 1,453 1,714 6,047 3,823 2,224 

Germany........................................ 4,973 2,940 2,033 4,895 3,257 1,638 

Greece........................................... 187 30 157 243 166 77 

Hungary......................................... 46 8 38 153 103 50 

Ireland ........................................... 1,568 790 778 968 332 636 

Italy................................................ 1,197 114 1,083 2,507 684 1,823 

Luxembourg 1 ................................ 235 140 95 919 873 46 

Netherlands................................... 1,193 256 937 3,983 3,005 978 

Norway .......................................... 715 130 585 326 209 117 

Poland ........................................... 385 1 384 153 53 100 

Portugal......................................... 204 55 149 89 17 72 

Romania........................................ 6 - 6 59 17 42 

Russia 2 ......................................... 306 18 288 1,327 1,029 298 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 3 - 3 15 - 15 

Spain ............................................. 529 69 460 1,632 887 745 

Sweden ......................................... 437 173 264 690 381 309 

Switzerland.................................... 1,702 287 1,415 2,153 777 1,376 

Turkey ........................................... 754 25 729 721 496 225 

United Kingdom............................. 23,351 20,028 3,323 23,651 19,159 4,492 

Channel Islands and 

Isle of Man 4 .............................. 208 202 6 109 92 17 

Other Europe................................. 539 39 500 1,465 1,007 458 

Total Europe.............................. 43,485 28,175 15,310 56,077 39,433 16,644 

Canada.............................................. 7,747 2,104 5,643 16,414 11,203 5,211 

Latin America: 

Argentina....................................... 155 10 145 463 38 425 

Brazil ............................................. 943 29 914 2,678 1,656 1,022 

Chile .............................................. 545 14 531 403 130 273 

Colombia ....................................... 356 7 349 453 49 404 

Ecuador......................................... 33 1 32 160 52 108 

Guatemala..................................... 10 4 6 199 47 152 

Mexico........................................... 2,843 28 2,815 3,497 1,222 2,275 

Panama......................................... 84 15 69 307 141 166 

Peru............................................... 36 - 36 199 20 179 

Uruguay......................................... 20 - 20 34 1 33 

Venezuela ..................................... 574 18 556 692 194 498 

Other Latin America 5 .................... 106 1 105 418 125 293 

Total Latin America ....................... 5,705 127 5,578 9,503 3,675 5,828 

Caribbean: 

Bahamas ....................................... 89 - 89 2,198 2,145 53 

Bermuda............................................. 707 - 707 1,708 568 1,140 

Cayman Islands 6............................. 15,969 14,802 1,167 16,987 16,492 495 

Cuba.............................................. - - - 10 - 10 

Jamaica......................................... 18 6 12 106 13 93 

Netherlands Antilles ...................... 4 - 4 118 - 118 

Trinidad and Tobago..................... 74 3 71 173 89 84 

Other Caribbean 5 ......................... 822 79 743 1,521 497 1,024 

Total Caribbean......................... 17,683 14,890 2,793 22,821 19,804 3,017 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2008 

67

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

Country, December 31, 2007, 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 ............................ 857 157 700 1,911 541 1,370 

Hong Kong .................................... 979 280 699 8,781 7,858 923 

India............................................... 1,446 48 1,398 811 195 616 

Indonesia....................................... 172 12 160 208 102 106 

Israel.............................................. 293 77 216 587 39 548 

Japan............................................. 6,887 1,563 5,324 5,514 1,536 3,978 

Korea, South ................................. 1,212 80 1,132 1,248 440 808 

Lebanon ........................................ 9 2 7 19 - 19 

Malaysia ........................................ 561 5 556 362 92 270 

Pakistan......................................... 172 3 169 115 - 115 

Philippines..................................... 89 - 89 109 38 71 

Singapore...................................... 4,255 101 4,154 2,602 124 2,478 

Syria .............................................. 8 - 8 11 - 11 

Taiwan........................................... 1,019 11 1,008 1,241 56 1,185 

Thailand......................................... 382 10 372 414 215 199 

Other Asia ..................................... 377 68 309 512 147 365 

Total Asia .................................... 25,876 2,470 23,406 26,904 11,533 15,371 

Africa: 

Congo (formerly Zaire).................. - - - 6 6 - 

Egypt ............................................. 280 - 280 306 10 296 

Ghana............................................ 12 - 12 8 1 7 

Liberia............................................ 6 6 - 54 54 - 

Morocco......................................... 190 - 190 21 11 10 

South Africa................................... 53 7 46 254 89 165 

Other Africa ................................... 292 18 274 391 218 173 

Total Africa ................................ 1,488 31 1,457 1,391 425 966 

Other countries: 

Australia ........................................ 1,656 108 1,548 2,466 1,675 791 

New Zealand 7............................... 91 12 79 145 91 54 

All other ......................................... 25 2 23 37 - 37 

Total other countries ................. 1,772 122 1,650 2,648 1,766 882 

Total foreign countries .......... 103,756 47,919 55,837 135,758 87,839 47,919 

International and regional orgs: 

International organizations............ 2 - 2 150 141 9 

Regional organizations 8 ............... 43 - 43 111 - 111 

Total international and 

 regional organizations............. 45 - 45 261 141 120 

Grand total ............................ 103,801 47,919 55,882 136,019 87,980 48,039 

1

 Before March 2003, 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 March 2003, data included in United Kingdom.

5

 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning March 2003, Cayman Islands replaced British West Indies in the data series. 

7

 Before March 2003, data included in “All other countries.” 

8

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2008 

68

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 ......................................... 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ......................................... 201,180 2,994 199,234 -1,048 15,127,646 14,926,466 226,086 2,050,451 1,824,365 

2008 - Jan. - Mar. p.................. 112,069 60,518 51,330 221 4,434,443 4,322,374 74,484 869,579 795,095 

 

2007 - Mar................................ 31,101 1,377 29,512 212 1,490,732 1,459,631 15,148 159,064 143,916 

Apr................................ 463 9,364 -8,949 48 1,036,536 1,036,073 36,121 159,266 123,145 

May............................... 22,658 -4,590 26,975 273 1,186,840 1,164,182 27,044 165,332 138,288 

June r ........................... 24,303 6,433 19,731 -1,861 1,373,271 1,348,968 39,594 171,020 131,426 

July r............................. -9,360 -6,925 -2,511 76 1,244,811 1,254,171 8,667 164,857 156,190 

Aug. r............................ -1,011 -29,685 28,849 -175 1,736,936 1,737,947 8,355 166,107 157,752 

Sept. r........................... 27,704 14,370 13,191 143 1,224,800 1,197,096 11,482 182,090 170,608 

Oct. r............................. 44,740 3,980 40,406 354 1,332,937 1,288,197 14,878 179,040 164,162 

Nov ............................... 24,825 378 24,638 -191 1,505,512 1,480,687 26,637 174,264 147,627 

Dec ............................... 1,910 10,980 -9,345 275 1,001,137 999,227 -3,316 227,714 231,030 

2008 - Jan ................................ 36,467 36,101 413 -47 1,486,372 1,449,905 19,317 258,302 238,985 

Feb. p ........................... 20,603 -3,594 24,088 109 1,488,110 1,467,507 36,896 279,924 243,028 

Mar. p ........................... 54,999 28,011 26,829 159 1,459,961 1,404,962 18,271 331,353 313,082 

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) 

 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 .............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 381,852 1,912,361 1,530,509 195,524 10,639,330 10,443,806 

2008 - Jan. - Mar. p....................................................... 18,061 403,451 385,390 29,755 3,428,371 3,398,616 

 

2007 - Mar..................................................................... 46,159 188,997 142,838 9,485 880,537 871,052 

Apr..................................................................... 33,628 142,698 109,070 27,606 690,355 662,749 

May.................................................................... 78,366 215,879 137,513 42,044 861,753 819,709 

June................................................................... 29,980 184,509 154,529 29,875 896,037 866,162 

July .................................................................... 4,724 137,269 132,545 21,192 926,770 905,578 

Aug. r................................................................. -955 155,190 156,145 -40,617 1,278,771 1,319,388 

Sept................................................................... 15,918 134,280 118,362 2,607 799,640 797,033 

Oct. r.................................................................. 22,690 166,392 143,702 30,264 999,347 969,083 

Nov .................................................................... 14,797 121,310 106,513 4,750 1,101,407 1,096,657 

Dec .................................................................... 37,299 140,595 103,296 33,461 944,625 911,164 

2008 - Jan .................................................................... 3,392 125,095 121,703 17,178 1,268,101 1,250,923

Feb. p ................................................................ 19,249 138,083 118,834 1,115 1,016,491 1,015,376 

Mar. p ................................................................ -4,580 140,273 144,853 11,462 1,143,779 1,132,317 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

June 2008 

69

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 ..................................................... -223,186 -127,861 2,972,380 3,100,241 -95,325 5,215,768 5,311,093 

2008 - Jan. - Mar. p.............................. -32,343 -7,797 752,625 760,422 -24,546 1,452,746 1,477,292 

 

2007 - Mar............................................ -42,753 -32,714 275,682 308,396 -10,039 421,498 431,537 

Apr............................................ -14,016 -11,026 258,295 269,321 -2,990 365,942 368,932 

May........................................... -34,360 -21,773 292,299 314,072 -12,587 442,782 455,369 

June r ....................................... -15,102 -6,659 278,799 285,458 -8,443 442,893 451,336 

July r......................................... -14,059 830 289,744 288,914 -14,889 454,080 468,969 

Aug. r........................................ -33,788 -20,999 282,821 303,820 -12,789 544,133 556,922 

Sept. r....................................... -41,670 -20,372 200,176 220,548 -21,298 359,679 380,977 

Oct. r......................................... -4,076 -9,101 264,614 273,715 5,025 546,421 541,396 

Nov ........................................... 20,596 10,979 209,714 198,735 9,617 521,977 512,360 

Dec ........................................... -12,396 -12,367 169,182 181,549 -29 430,974 431,003 

2008 - Jan ............................................ -19,661 -17,343 246,800 264,143 -2,318 523,664 525,982 

Feb. p ....................................... -12,949 5,323 240,377 235,054 -18,272 442,624 460,896 

Mar. p ....................................... 267 4,223 265,448 261,225 -3,956 486,458 490,414 

 
CAPITAL MOVEMENTS 

June 2008 

70

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2007 2008 2007 2008 2007 2008 2007 2008 

Country 

 Calendar 

 year 

 2007 

 (1) 

Oct. 

through 

Dec. 

(2) 

 Jan. 

 through 

 Mar. p 

 (3) 

Calendar 

year 

2007 

(4) 

 Oct. 

 through

 Dec. 

 (5) 

 Jan. 

 through 

 Mar. p 

 (6) 

 Calendar 

 year 

 2007 

 (7) 

Oct. 

 through

Dec. 

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2007 

(10) 

Oct. 

through 

Dec. 

(11) 

Jan. 

through 

Mar. p 

(12) 

Europe: 

Austria............................. 97 193 -596 -339 -261 -129 -644 145 -89 -102 15 378

Belgium........................... -3,100 -1,419 -608 -1,808 -1,122 -982 -7,413 -979 -3,615 -1,168 -442 -510

Bulgaria........................... -28 -25 4 -30 -28 - 12 7 -13 1 1 -2

Cyprus 1 .......................... -4 -1 5 -9 -4 -47 167 101 36 175 33 25

Czech Republic............... 81 264 -168 -426 -188 -84 89 96 24 41 -102 105

Denmark ......................... 912 576 -203 -268 -61 -484 1,496 166 85 1,378 752 221

Finland............................ 2 -97 -110 69 117 -42 56 -132 -42 251 38 98

France............................. -4,665 2,181 -7,016 4,293 1,354 7,356 4,261 -316 -1,235 19,521 6,212 5,852

Germany ......................... -3,330 -2,080 372 290 -761 -1,187 5,419 1,344 502 600 5,222 -1,589

Greece............................ -566 -165 -67 -9 -8 32 7 -2 1 88 -109 41

Hungary .......................... -42 -87 -339 -438 -40 25 -1,555 -336 -21 113 29 -21

Ireland............................. 1,734 839 -2,251 1,115 1,063 3,670 8,658 27 -2,124 28 -202 -36

Italy ................................. -1,406 -1,108 -1,121 -96 290 30 -8,471 -8,524 -152 -4,289 -1,419 -1,069

Kazakhstan 1................... 857 -353 1,010 -594 -315 -654 -38 -80 -19 -32 -22 8

Luxembourg.................... -28 -129 -367 -8,520 -5,065 -1,464 -14,650 -3,418 175 -7,143 -4,298 -3,016

Monaco 1......................... -302 26 -139 37 6 -14 18 45 10 -1,440 -156 -10

Netherlands .................... 1,471 137 -828 -585 -810 -1,171 -652 -303 -920 6,887 -2,087 1,187

Norway............................ -27,339 2,003 19,807 8,221 5,691 -1,203 4,747 1,640 240 6,120 5,097 2,073

Poland............................. -111 -436 4,391 -202 -379 -57 7 30 -3 -176 -135 -80

Portugal .......................... 1,293 897 739 -477 -26 -5 -261 -24 -34 148 35 56

Romania ......................... -353 155 -100 466 -1 -115 32 - - -15 -3 -2

Russia............................. 7,215 902 8,192 18,303 7,461 6,004 378 -21 414 104 98 65

Serbia and Montenegro 2... 349 -38 32 4 - - - - -1 -2 -2 -

Spain............................... 2,514 2,014 -285 37 165 283 -1,353 219 -613 430 -208 -369

Sweden........................... 2,176 -1,110 -515 -442 -120 438 1,326 -20 418 250 -1,157 2,997

Switzerland ..................... -2,560 1,020 -2,443 -1,906 -763 -522 3,580 1,973 79 -2,977 -49 3,257

Turkey............................. -803 -872 -784 132 - -2 152 57 -3 36 26 7

Ukraine 1 ......................... -138 317 -344 187 30 -71 32 11 - 2 - -30

United Kingdom .............. 207,374 31,795 42,161 60,306 13,104 56,301 207,331 21,025 1,512 69,473 23,975 -8,532

Channel Islands .............. -974 -704 773 4,823 385 -1,205 -6,717 -2,083 -3,198 877 -191 -323

All other Europe 1 ............ -69 316 175 -109 -4 -76 1,104 -30 -176 82 -49 -63

Total Europe ............... 180,257 35,012 59,378 82,025 19,709 64,625 197,117 10,618 -8,762 89,259 30,902 719

Memo: Euro Area 3.............. -5,984 1,264 -12,082 -6,030 -5,065 6,308 -15,044 -11,963 -8,172 15,249 2,757 1,039

Memo: European Union 4 .... 203,710 32,344 33,293 52,995 7,235 62,283 193,747 9,064 -6,202 86,576 26,142 -4,252

Canada ............................... -3,196 606 1,766 3,232 -315 3,784 12,274 841 1,324 8,086 4,819 1,872

Latin America: 

Argentina ........................ 210 -100 45 -26 -66 -177 84 69 150 612 174 90

Brazil............................... 77,066 19,670 18,344 1,160 -1,742 -864 780 -264 231 -1,768 -432 -65

Chile ............................... 4,202 1,082 1,111 630 33 -562 317 104 197 1,147 866 100

Colombia......................... 833 1,043 -604 1,383 -182 411 783 250 25 320 149 26

Ecuador .......................... 206 -95 -11 132 -35 2 281 63 11 -36 -2 5

Costa Rica 5 .................... -2 -8 34 -21 -38 -85 261 154 -123 29 2 9

Guatemala ...................... -75 -56 -233 -21 -25 -7 -20 2 17 18 14 5

Mexico ............................ 1,735 7,594 2,998 1,730 203 1,847 1,860 583 1,080 148 -1,160 1,186

Panama .......................... -132 -77 11 -275 8 57 154 -5 178 -279 80 225

Peru ................................ 1,560 626 1,025 1,100 -84 259 633 36 66 189 222 -115

Uruguay .......................... 423 157 -63 55 71 -64 230 84 107 337 113 138

Venezuela....................... -196 -299 -305 151 77 186 -298 -30 43 56 50 91

All other Latin America 5 ... 330 274 93 378 -16 35 32 -2 24 7 23 -1

Total Latin America..... 86,160 29,811 22,445 6,376 -1,796 1,038 5,097 1,044 2,006 780 99 1,694

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2008 

71

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2007 2008 2007 2008 2007 2008 2007 2008 

Country 

Calendar 

year 

2007 

(1) 

Oct. 

through 

Dec. 

(2) 

 Jan. 

 through 

 Mar. p 

 (3) 

Calendar 

year 

2007 

(4) 

 Oct. 

 through

 Dec. 

 (5) 

Jan. 

through 

 Mar. p 

(6) 

Calendar 

year 

2007 

(7) 

Oct. 

 through

Dec. 

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2007 

(10) 

Oct. 

through 

Dec. 

(11) 

Jan. 

through 

Mar. p 

(12) 

Caribbean: 

Anguilla 6 ................................... 640 -438 -229 -112 -1 -1 -1,565 -397 -176 4,087 1,535 -1,399

Bahamas ................................... 9,429 11,687 -11,350 559 785 518 1,463 321 -572 -136 -1,713 495

Barbados 6 ................................. 622 36 -51 3,103 971 363 388 83 25 73 -5 81

Bermuda .................................... -4,246 -4,369 2,480 -25,540 -7,750 -14,924 8,257 1,404 -223 5,450 514 196

British Virgin Islands 6 ................ 2,652 42 1,700 -202 -240 401 695 -854 -2,491 1,570 -1,609 980

Cayman Islands......................... -2,786 11,945 -13,220 13,129 12,280 -16,933 31,912 17,444 3,385 40,174 5,878 -9,369

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... 3 -14 -6 34 -115 -187 17 11 1 45 - 11

Netherlands Antilles................... -3,738 -2,127 -1,933 78 115 -29 410 41 -66 -2,826 -1,872 -1,441

Trinidad and Tobago.................. -372 78 21 188 -4 35 -84 -4 -17 99 28 -35

All other Caribbean 6.................. 176 23 -2 834 60 -111 201 8 57 54 7 65

Total Caribbean ..................... 2,380 16,863 -22,590 -7,929 6,101 -30,868 41,694 18,057 -77 48,590 2,763 -10,416

Asia: 

China, Mainland......................... -7,968 -3,143 20,173 73,733 12,225 9,629 41,675 13,402 8,227 3,993 1,436 19

Hong Kong................................. 1,934 -1,455 6,790 30,722 6,249 8,141 12,780 3,580 1,770 35,434 13,626 10,120

India........................................... 1,076 1,161 -369 184 74 1 17 -18 85 -460 -91 1,556

Indonesia................................... 4,513 39 -802 -658 -221 -250 441 7 6 -68 8 -10

Israel.......................................... -2,735 -1,509 95 209 36 -312 75 76 223 -287 213 562

Japan......................................... -47,384 -7,609 21,415 14,061 6,430 17,775 38,573 17,694 9,228 -4,973 276 4,999

Korea, South.............................. -17,874 -1,196 2,065 12,048 -6,874 -3,308 11,277 4,789 2,909 112 7 2,356

Lebanon..................................... -1 2 -2 -1 - -3 109 2 6 76 7 31

Malaysia .................................... 382 -202 1,937 3,068 -771 4,512 2,052 258 289 342 371 5

Pakistan..................................... -171 -30 -19 -94 -40 -149 -14 -6 -3 -4 - -3

Philippines ................................. 3,054 1,336 530 186 35 372 176 191 91 30 20 18

Singapore .................................. 2,317 1,935 -3,709 -561 -775 478 6,868 2,578 -376 -2,539 3,982 10,988

Syria .......................................... - - - - - - - - - -3 -1 -

Taiwan....................................... -8,284 -1,414 1,503 -1,033 -2,119 -334 1,176 232 254 94 -173 261

Thailand..................................... 842 1,558 -1,628 544 110 -55 48 23 25 -39 -13 6

Oil exporting countries 7 ............. 1,805 -1,682 767 8,353 -908 -1,460 3,803 1,617 656 12,240 9,740 7,018

All other Asia.............................. 372 110 438 178 6 171 -58 -10 -34 26 12 44

Total Asia .............................. -68,122 -12,099 49,184 140,939 13,457 35,208 118,998 44,415 23,356 43,974 29,420 37,970

Africa: 

Egypt ......................................... 1,042 708 1,204 72 66 -478 -3 -4 2 -34 -7 2

Liberia........................................ -59 -15 -36 19 -15 8 -18 43 -78 -44 -89 -1,172

Morocco..................................... -79 -50 -107 40 -8 -41 - - 1 -16 -6 -1

South Africa ............................... 801 750 1,117 -40 -27 -28 -50 16 -30 12 56 24

Oil exporting countries 8 ............. 4,568 500 10 -74 -1 87 -35 2 2 -302 -295 -1,544

All other Africa ........................... -146 33 208 21 -18 -15 -63 -8 66 84 211 111

Total Africa ............................ 6,127 1,926 2,396 38 -3 -467 -169 49 -37 -300 -130 -2,580

Other countries: 

Australia..................................... -1,349 -1,031 -541 1,172 810 1,128 4,884 -252 399 4,826 629 476

New Zealand.............................. 1 -47 -196 -151 -34 277 695 -16 -5 300 -31 4

All other countries ...................... -30 -4 6 5 6 51 15 20 -3 47 -1 1

Total other countries.............. -1,378 -1,082 -731 1,026 782 1,456 5,594 -248 391 5,173 597 481

Total foreign countries ....... 202,228 71,037 111,848 225,707 37,935 74,776 380,605 74,776 18,201 195,562 68,470 29,740

International and regional orgs: International organizations......... -358 683 277 83 214 -239 1,637 84 -63 -2 6 9

Regional organizations 9 ............ -690 -245 -56 296 50 -53 -390 -74 -77 -36 -1 6

Total international and 

 regional organizations.............. -1,048 438 221 379 264 -292 1,247 10 -140 -38 5 15

Grand total......................... 201,180 71,475 112,069 226,086 38,199 74,484 381,852 74,786 18,061 195,524 68,475 29,755

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As 

of January 2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included 

in “All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2008 

72

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2008, 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 ....................................... 6,451 1,901 281 160 2,034 777 1,298 6,589 2,497 410 249 1,656 408 1,369 

Belgium...................................... 16,311 2,068 345 1,208 3,974 1,681 7,035 36,823 2,676 1,327 4,823 4,483 15,737 7,776 

Bulgaria...................................... 24 18 - - 6 - - 37 14 - 13 8 2 - 

Cyprus 1 ..................................... 2,027 55 1 41 320 207 1,403 1,845 50 48 5 295 117 1,330 

Czech Republic.......................... 3,237 2,185 330 24 378 142 178 3,220 2,353 414 - 273 19 161 

Denmark .................................... 12,458 2,447 665 804 4,928 1,673 1,941 12,281 2,650 1,149 719 4,707 847 2,209 

Finland....................................... 2,594 544 206 8 394 404 1,037 2,172 654 248 50 296 92 832 

France ....................................... 1,359,051 665,069 12,738 4,745 634,876 10,446 31,177 1,356,679 672,085 5,382 5,980 629,024 9,698 34,510 

Germany.................................... 142,705 30,630 5,648 4,843 67,379 20,276 13,928 134,382 30,258 6,835 4,341 68,968 12,127 11,853 

Greece....................................... 4,856 598 37 16 608 2,885 712 2,106 664 5 15 568 47 807 

Hungary ..................................... 879 37 54 58 224 341 165 1,197 376 29 79 245 349 119 

Ireland........................................ 506,767 246,928 14,551 5,123 7,941 224,213 8,011 511,158 249,178 10,881 7,247 7,977 226,295 9,579 

Italy............................................ 18,627 2,781 1,212 262 7,646 1,439 5,287 20,623 3,902 1,182 414 8,715 439 5,970 

Kazakhstan 1.............................. 3,707 3,563 93 - 11 8 32 3,444 2,553 747 19 3 106 16 

Luxembourg............................... 46,886 4,960 11,312 8,095 12,814 4,442 5,263 59,473 5,327 12,776 7,920 15,830 12,377 5,242 

Monaco 1.................................... 1,538 57 2 49 1,153 106 171 1,628 196 16 39 1,163 63 151 

Netherlands ............................... 94,603 15,150 4,794 1,219 39,337 6,490 27,612 97,451 15,978 5,965 2,139 38,150 6,682 28,538 

Norway....................................... 75,995 38,913 14,994 7,046 9,940 2,227 2,875 61,043 19,106 16,197 6,806 7,867 7,579 3,488 

Poland ....................................... 8,259 7,812 125 3 43 118 158 4,072 3,421 182 6 123 167 173 

Portugal ..................................... 2,739 1,054 4 14 1,185 222 259 2,672 315 9 48 1,130 598 572 

Romania .................................... 797 653 - - 135 7 2 1,012 753 115 - 137 7 - 

Russia........................................ 24,540 13,396 8,305 415 452 348 1,624 9,292 5,204 2,301 1 387 64 1,335 

Serbia and Montenegro 2 ........... 275 148 - - 127 - - 244 116 - 1 127 - - 

Spain ......................................... 24,509 5,221 308 5,690 1,633 3,821 7,836 20,645 5,506 25 6,303 2,002 267 6,542 

Sweden...................................... 56,714 2,617 2,647 1,383 21,194 2,370 26,503 53,228 3,132 2,209 965 18,197 3,387 25,338 

Switzerland ................................ 66,417 9,512 1,829 5,154 31,388 2,478 16,056 67,129 11,955 2,351 5,075 28,131 3,491 16,126 

Turkey........................................ 11,070 6,315 2 11 212 4,052 478 8,057 7,099 4 14 205 356 379 

Ukraine 1 .................................... 940 723 - - 25 191 1 1,314 1,067 71 - 55 92 29 

United Kingdom ......................... 3,704,364 2,131,388 196,396 169,551 525,533 212,916 468,580 3,630,938 2,089,227 140,095 168,039 534,065 221,119 478,393 

Channel Islands ......................... 11,769 1,861 242 1,428 4,512 1,140 2,586 16,668 1,088 1,447 4,626 4,835 718 3,954 

All other Europe 1 ....................... 4,875 1,214 293 75 1,736 663 893 4,680 1,039 369 251 1,799 679 542 

Total Europe.......................... 6,215,983 3,199,818 277,414 217,425 1,382,139 506,084 633,103 6,132,100 3,140,440 212,789 226,187 1,381,420 523,929 647,335 

Memo: Euro Area 3 ......................... 2,229,929 977,316 51,437 31,454 780,863 277,717 111,142 2,254,312 989,398 45,129 39,626 779,824 285,137 115,198 

Canada........................................... 423,658 170,613 14,096 9,092 79,314 83,406 67,137 415,539 168,847 10,312 7,768 77,442 80,634 70,536 

Latin America: 

Argentina ................................... 6,164 288 72 270 1,722 1,598 2,214 5,367 243 249 120 1,632 1,377 1,746 

Brazil.......................................... 65,730 36,490 915 518 6,069 8,632 13,106 44,847 18,146 1,779 287 6,134 3,654 14,847 

Chile .......................................... 20,560 10,866 729 604 4,052 2,825 1,484 18,924 9,755 1,291 407 3,952 2,038 1,481 

Colombia.................................... 10,621 6,585 1,133 221 1,128 1,368 186 11,837 7,189 722 196 1,102 2,390 238 

Costa Rica 4 ............................... 1,464 749 16 112 245 220 122 1,361 760 14 101 240 117 129 

Ecuador ..................................... 1,078 208 55 169 82 72 492 1,237 174 140 292 73 51 507 

Guatemala ................................. 350 159 8 18 80 65 20 527 392 15 1 75 30 14 

Mexico ....................................... 52,640 19,650 4,664 2,583 7,544 9,865 8,334 39,644 16,652 2,817 1,503 6,358 4,986 7,328 

Panama ..................................... 4,530 528 471 565 1,367 748 851 3,862 517 414 387 1,142 427 975 

Peru ........................................... 4,906 1,223 390 163 691 1,831 608 2,151 198 131 97 806 447 472 

Uruguay ..................................... 4,767 1,868 120 241 947 991 600 4,348 1,931 184 134 809 770 520 

Venezuela.................................. 2,588 117 500 154 594 974 249 2,268 422 314 111 503 725 193 

All other Latin America 4............. 1,166 368 343 80 223 82 70 985 275 308 56 224 46 76 

Total Latin America................ 176,564 79,099 9,416 5,698 24,744 29,271 28,336 137,358 56,654 8,378 3,692 23,050 17,058 28,526 

Caribbean: 

Anguilla 5.................................... 120,317 2,423 - 283 103,939 799 12,873 121,774 2,652 1 459 105,338 924 12,400 

Bahamas.................................... 179,613 98,573 5,810 5,452 46,769 4,928 18,081 190,143 109,923 5,292 6,024 46,274 5,312 17,318 

Barbados 5 ................................. 2,666 157 1,705 141 308 109 246 2,183 208 1,342 116 227 75 215 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2008 

73

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2008, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

Total 

 sales 

(8) 

Marketable 

Treasury 

and 

Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks 

 (12) 

Bonds 

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda ................................... 422,950 61,130 18,778 14,326 254,909 11,249 62,558 436,747 58,650 33,702 14,549 254,713 13,084 62,049

British Virgin Islands 5 ............... 220,915 32,988 1,890 8,700 131,990 11,526 33,821 221,979 31,288 1,489 11,191 131,010 11,303 35,698

Cayman Islands ........................ 2,459,980 376,467 379,541 89,746 1,269,284 48,063 296,879 2,506,267 389,687 396,474 86,361 1,278,653 48,253 306,839

Cuba ......................................... - - - - -- - - - -- - - -

Jamaica .................................... 1,685 938 530 66 37 92 22 1,896 944 717 65 26 121 23

Netherlands Antilles .................. 44,071 14,208 540 1,480 20,605 1,127 6,111 48,473 16,141 569 1,546 22,046 1,078 7,093

Trinidad and Tobago................. 1,325 87 350 78 119 355 336 1,341 66 315 95 154 329 382

All other Caribbean 5 ................. 1,541 69 534 147 507 104 180 1,532 71 645 90 442 116 168

Total Caribbean.................... 3,455,063 587,040 409,678 120,419 1,828,467 78,352 431,107 3,532,335 609,630 440,546 120,496 1,838,883 80,595 442,185

Asia: 

China, Mainland........................ 120,390 51,022 47,293 11,495 3,279 5,735 1,566 77,975 30,849 37,664 3,268 3,260 1,368 1,566

Hong Kong............................ 163,859 25,557 17,149 4,237 23,769 1,742 91,405 134,899 18,767 9,008 2,467 13,649 1,774 89,234

India...................................... 12,396 1,550 2 122 1,966 469 8,287 8,498 1,919 1 37 410 286 5,845

Indonesia .............................. 4,310 2,229 15 6 231 398 1,431 4,940 3,031 265 - 241 336 1,067

Israel..................................... 88,349 78,218 427 751 5,561 565 2,827 87,490 78,123 739 528 4,999 241 2,860

Japan.................................... 390,861 163,882 50,930 21,182 16,035 24,430 114,402 334,421 142,467 33,155 11,954 11,036 21,342 114,467

Korea, South......................... 41,596 15,601 9,208 4,375 2,874 2,320 7,218 38,537 13,536 12,516 1,466 518 1,433 9,068

Lebanon................................ 382 62 - 13 255 6 46 376 64 3 7 224 3 75

Malaysia................................ 16,219 5,345 6,442 416 283 926 2,807 9,560 3,408 1,930 127 278 709 3,108

Pakistan................................ 273 - - 18 91 23 141 495 19 149 21 94 2 210

Philippines ............................ 5,405 3,004 500 176 641 638 446 5,048 2,474 128 85 623 1,235 503

Singapore ............................. 64,817 12,104 7,635 2,285 22,725 2,777 17,291 55,947 15,813 7,157 2,661 11,737 2,252 16,327

Syria ..................................... 3 - - - 3- - 3 - -- 3 - -

Taiwan .................................. 24,506 5,765 3,130 768 6,132 789 7,922 22,672 4,262 3,464 514 5,871 569 7,992

Thailand................................ 4,644 3,038 21 33 159 330 1,063 6,183 4,666 76 8 153 56 1,224

All other Asia......................... 40,516 10,042 6,078 2,064 16,819 3,311 2,202 32,072 8,837 7,367 1,442 9,757 2,453 2,216

Total Asia.......................... 978,526 377,419 148,830 47,941 100,823 44,459 259,054 819,116 328,235 113,622 24,585 62,853 34,059 255,762

Africa: 

Egypt .................................... 3,948 2,656 69 8 98 182 935 3,202 1,452 547 6 96 14 1,087

Liberia................................... 915 19 11 42 499 109 235 2,049 55 3 120 1,671 15 185

Morocco................................ 107 69 - 1 33 - 4 286 176 41 - 34 14 21

South Africa .......................... 4,116 2,262 104 1 280 499 970 4,687 1,145 132 31 256 2,167 956

All other Africa ...................... 6,372 535 242 76 2,420 2,104 995 5,607 317 170 8 3,853 183 1,076

Total Africa ....................... 15,458 5,541 426 128 3,330 2,894 3,139 15,831 3,145 893 165 5,910 2,393 3,325

Other countries: 

Australia................................ 64,731 13,040 7,232 2,557 9,096 3,084 29,722 75,298 13,581 6,104 2,158 8,620 16,243 28,592

New Zealand......................... 2,381 87 1,192 54 320 288 440 6,385 283 915 59 316 4,324 488

All other ................................ 191 18 66 7 73 3 24 157 12 15 10 72 14 34

Total other countries ......... 67,303 13,145 8,490 2,618 9,489 3,375 30,186 81,840 13,876 7,034 2,227 9,008 20,581 29,114

Total foreign countries .. 11,332,555 4,432,675 868,350 403,321 3,428,306 747,841 1,452,062 11,134,119 4,320,827 793,574 385,120 3,398,566 759,249 1,476,783

International and regional orgs: 

International organizations.... 2,196 998 444 55 38 557 104 2,053 721 683 118 29 493 9

Regional organizations 6 ....... 6,464 770 785 75 27 4,227 580 3,017 826 838 152 21 680 500

Total international and 

 regional organizations.... 8,660 1,768 1,229 130 65 4,784 684 5,070 1,547 1,521 270 50 1,173 509

Grand total.................... 11,341,215 4,434,443 869,579 403,451 3,428,371 752,625 1,452,746 11,139,189 4,322,374 795,095 385,390 3,398,616 760,422 1,477,292

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All 

other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and 

Slovenia. 

4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All 

other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2008 

74

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2007 

[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............................... 21,977 4,996 1,096 1,336 5,635 4,577 4,336 21,970 4,899 1,435 1,980 5,738 2,629 5,288

Belgium............................. 86,240 32,640 1,272 4,236 16,077 7,731 24,284 128,791 35,741 3,080 11,649 17,245 38,877 22,200

Bulgaria............................. 171 62 - 26 15 68 - 307 90 30 14 14 4 155

Cyprus 1 ........................... 8,430 55 17 199 893 516 6,750 8,356 59 26 32 718 427 7,094

Czech Republic................. 5,810 3,336 478 155 976 227 638 5,838 3,255 904 66 935 43 635

Denmark ........................... 39,662 9,255 2,532 3,750 13,874 4,737 5,514 37,364 8,343 2,800 2,254 12,496 5,289 6,182

Finland .............................. 11,027 1,925 856 414 1,736 2,494 3,602 8,609 1,923 787 358 1,485 380 3,676

France............................... 2,842,044 1,354,364 17,464 28,522 1,294,501 32,176 115,017 2,829,900 1,359,030 13,171 24,261 1,274,980 37,263 121,196

Germany ........................... 497,132 107,442 12,422 20,625 260,264 53,692 42,688 488,179 110,772 12,132 15,206 259,664 38,884 51,520

Greece .............................. 8,422 1,564 45 51 1,940 2,435 2,387 7,471 2,130 54 44 1,852 353 3,038

Hungary ............................ 3,065 121 64 138 560 1,751 431 5,346 163 502 1,693 447 1,733 808

Ireland............................... 2,025,155 766,743 40,963 39,418 46,921 1,092,199 38,911 2,016,623 765,008 39,849 30,760 46,892 1,098,095 36,019

Italy ................................... 86,525 9,664 2,327 1,304 40,406 10,023 22,801 95,892 11,070 2,423 9,775 44,695 5,809 22,120

Kazakhstan 1 .................... 10,419 7,469 2,076 80 80 594 120 10,766 6,612 2,670 118 112 1,100 154

Luxembourg ...................... 306,501 15,313 173,088 31,927 49,127 13,427 23,619 364,961 15,341 181,609 46,577 56,270 41,665 23,500

Monaco 1 ......................... 5,459 989 90 126 3,272 293 689 6,872 1,291 53 108 4,712 121 587

Netherlands....................... 325,553 84,559 17,526 8,074 116,613 17,742 81,038 311,524 83,087 18,112 8,726 109,727 17,109 74,764

Norway.............................. 326,379 170,808 78,698 13,773 29,149 21,852 12,099 330,486 198,147 70,477 9,026 23,029 16,819 12,988

Poland............................... 15,696 12,610 1,124 60 191 775 936 15,806 12,721 1,326 53 367 343 996

Portugal............................. 9,541 3,050 32 68 3,639 905 1,846 13,062 1,757 508 329 3,491 5,542 1,434

Romania............................ 4,607 3,922 582 32 42 22 7 4,496 4,275 116 - 57 18 30

Russia............................... 66,363 31,520 27,724 416 707 822 5,174 39,305 24,305 9,421 38 603 382 4,556

Serbia and Montenegro 2 .. 2,430 2,254 4 - 145 27 - 2,052 1,905 - - 147 - -

Spain................................. 94,063 30,671 651 18,898 7,360 11,778 24,704 101,554 28,157 614 20,251 6,930 21,450 24,152

Sweden............................. 171,405 18,996 2,283 3,614 49,890 9,401 87,221 164,701 16,820 2,725 2,288 49,640 9,918 83,310

Switzerland ....................... 229,147 27,341 11,486 23,485 99,796 9,614 57,425 237,646 29,901 13,392 19,905 102,773 12,993 58,682

Turkey............................... 24,266 20,108 132 204 816 801 2,205 27,620 20,911 - 52 780 2,721 3,156

Ukraine 1 .......................... 3,083 1,733 378 36 56 869 11 2,765 1,871 191 4 54 490 155

United Kingdom................. 13,528,899 7,908,131 419,740 877,857 1,854,952 775,087 1,693,132 13,138,958 7,700,757 359,434 670,526 1,785,479 862,821 1,759,941

Channel Islands ................ 74,217 3,505 6,716 25,008 17,778 8,061 13,149 75,158 4,479 1,893 31,725 16,901 8,222 11,938

All other Europe 1 .............. 14,914 3,300 1,157 1,744 4,312 2,701 1,700 15,897 3,369 1,265 640 4,230 4,189 2,203

Total Europe ................. 20,848,602 10,638,446 823,024 1,105,576 3,921,723 2,087,398 2,272,435 20,518,275 10,458,189 740,999 908,459 3,832,464 2,235,688 2,342,476

Memo: Euro Area 3................ 6,314,180 2,412,931 267,743 154,873 1,844,219 1,249,180 385,234 6,388,537 2,418,915 273,774 169,917 1,828,970 1,308,055 388,906

Canada ................................. 1,420,389 653,869 33,256 49,309 209,598 253,600 220,757 1,410,196 657,065 30,024 37,035 201,512 258,243 226,317

Latin America: 

Argentina........................... 19,399 1,422 292 526 5,416 6,077 5,666 20,302 1,212 318 442 4,804 7,624 5,902

Brazil................................. 199,443 122,993 6,387 1,455 10,963 18,516 39,129 133,351 45,927 5,227 675 12,731 16,433 52,358

Chile.................................. 50,729 26,848 2,250 1,017 6,956 6,499 7,159 41,003 22,646 1,620 700 5,809 3,901 6,327

Colombia........................... 28,877 12,340 3,562 1,477 2,881 6,643 1,974 27,651 11,507 2,179 694 2,561 8,183 2,527

Costa Rica 4 ..................... 4,156 1,501 254 527 790 781 303 3,094 1,295 122 246 826 395 210

Ecuador............................. 3,225 103 247 697 270 207 1,701 2,750 105 268 436 241 122 1,578

Guatemala ........................ 1,455 954 54 10 180 161 96 1,543 1,029 75 30 162 161 86

Mexico .............................. 140,767 54,337 12,668 6,320 18,163 15,541 33,738 132,145 52,602 10,938 4,460 18,015 13,752 32,378

Panama............................. 15,362 1,387 1,065 1,801 4,142 3,560 3,407 14,849 1,519 1,340 1,647 4,421 2,846 3,076

Peru .................................. 11,468 2,610 1,524 1,259 1,856 2,182 2,037 7,128 1,050 424 626 1,667 913 2,448

Uruguay ............................ 24,766 12,790 1,071 741 3,941 3,486 2,737 24,464 12,367 1,016 511 3,604 4,368 2,598

Venezuela......................... 8,691 1,312 388 485 1,976 3,488 1,042 10,458 1,508 237 783 1,920 5,146 864

All other Latin America 4 ... 5,012 2,208 727 149 957 587 384 4,147 1,878 349 117 950 485 368

Total Latin America ....... 513,350 240,805 30,489 16,464 58,491 67,728 99,373 422,885 154,645 24,113 11,367 57,711 64,329 110,720

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2008 

75

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2007, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds 

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

 (13) 

 Stocks 

 (14) 

Caribbean: 

Anguilla 5............................... 431,728 11,292 58 4,222 374,820 2,491 38,844 429,021 10,652 171 5,787 370,733 2,789 38,889

Bahamas .............................. 615,401 253,179 6,401 15,005 180,949 90,949 68,918 603,730 243,750 5,842 13,542 181,085 90,117 69,394

Barbados 5 ............................ 10,081 1,348 5,051 1,499 1,057 450 676 6,768 726 1,948 1,111 984 1,291 708

Bermuda ............................... 1,846,549 484,834 76,313 60,131 938,826 36,218 250,227 1,873,094 489,080 101,853 51,874 933,376 38,592 258,319

British Virgin Islands 5 ........... 703,685 125,983 3,790 30,651 403,883 26,662 112,716 698,964 123,331 3,992 29,956 402,313 27,440 111,932

Cayman Islands .................... 8,193,284 1,776,820 554,299 419,020 4,200,821 207,214 1,035,110 8,116,011 1,779,606 541,170 387,108 4,160,647 220,372 1,027,108

Cuba..................................... -------------- Jamaica ................................ 4,954 1,808 1,791 326 118 843 68 5,149 1,805 1,757 309 73 1,114 91

Netherlands Antilles.............. 128,135 30,613 4,683 3,188 58,170 3,937 27,544 134,716 34,351 4,605 2,778 60,996 3,901 28,085

Trinidad and Tobago............. 5,769 774 2,307 231 357 608 1,492 6,715 1,146 2,119 315 258 1,481 1,396

All other Caribbean ............... 4,929 671 1,554 556 1,146 329 674 4,054 495 719 355 1,092 629 764

Total Caribbean................ 11,944,515 2,687,322 656,247 534,829 6,160,147 369,701 1,536,269 11,878,222 2,684,942 664,176 493,135 6,111,557 387,726 1,536,686

Asia: 

China, Mainland ............... 350,636 107,959 159,782 50,300 10,690 15,761 6,144 227,551 115,927 86,049 8,625 6,697 4,660 5,593

Hong Kong ........................ 575,816 72,077 65,903 18,794 76,892 11,272 330,878 485,452 70,143 35,181 6,014 41,458 8,443 324,213

India .................................. 27,583 5,464 186 141 501 496 20,795 29,406 4,388 2 124 961 3,173 20,758

Indonesia........................... 17,729 12,661 - 449 546 744 3,329 15,032 8,148 658 8 614 2,112 3,492

Israel ................................. 43,955 11,656 3,721 5,612 12,502 1,124 9,340 47,257 14,391 3,512 5,537 12,789 1,165 9,863

Japan ................................ 1,216,881 451,448 116,625 68,260 49,249 76,966 454,333 1,212,574 498,832 102,564 29,687 54,222 71,218 456,051

Korea, South ..................... 138,820 31,151 53,813 13,525 1,621 7,988 30,722 132,554 49,025 41,765 2,248 1,509 6,508 31,499

Lebanon ............................ 1,809 107 - 117 812 292 481 1,382 108 1 8 736 27 502

Malaysia............................ 36,087 9,169 10,282 2,405 953 1,888 11,390 30,996 8,787 7,214 353 611 1,302 12,729

Pakistan ............................ 1,171 44 13 27 428 17 642 1,942 215 107 41 432 19 1,128

Philippines......................... 16,748 10,318 713 396 1,179 1,693 2,449 14,447 7,264 527 220 1,149 2,361 2,926

Singapore.......................... 192,870 49,273 16,259 17,516 30,395 17,242 62,185 182,738 46,956 16,820 10,648 32,934 9,189 66,191

Syria.................................. 7 - - -5 -28 - - -8 - -

Taiwan .............................. 66,902 11,775 10,628 3,064 13,678 4,079 23,678 72,790 20,059 11,661 1,888 13,584 1,605 23,993

Thailand ............................ 26,248 17,327 1,697 150 512 1,574 4,988 24,322 16,485 1,153 102 551 750 5,281

All other Asia..................... 125,141 25,103 28,004 8,734 47,837 7,917 7,546 97,099 22,926 19,473 4,989 35,571 6,661 7,479

Total Asia...................... 2,838,403 815,532 467,626 189,490 247,800 149,053 968,902 2,575,550 883,654 326,687 70,492 203,826 119,193 971,698

Africa: 

Egypt................................. 6,835 2,265 186 20 580 572 3,212 5,530 1,223 114 23 614 354 3,202

Liberia ............................... 4,784 13 623 468 2,435 148 1,097 4,806 72 604 486 2,479 89 1,076

Morocco ............................ 558 403 62 - 33 22 38 594 482 22 - 49 6 35

South Africa....................... 7,039 1,320 99 104 925 1,245 3,346 7,988 519 139 154 913 1,442 4,821

All other Africa................... 15,001 5,447 218 173 2,374 3,705 3,084 8,491 1,025 271 271 2,592 708 3,624

Total Africa.................... 34,217 9,448 1,188 765 6,347 5,692 10,777 27,409 3,321 1,150 934 6,647 2,599 12,758

Other countries: 

Australia ............................ 258,357 64,325 25,535 12,196 32,893 20,353 103,055 252,256 65,674 24,363 7,312 28,067 21,516 105,324

New Zealand..................... 11,453 659 4,192 1,000 1,899 1,707 1,996 19,203 658 4,343 305 1,599 10,192 2,106

All other............................. 520 14 70 62 238 19 117 823 44 65 47 191 33 443

Total other countries...... 270,330 64,998 29,797 13,258 35,030 22,079 105,168 272,282 66,376 28,771 7,664 29,857 31,741 107,873

Total foreign 

 countries ............... 37,869,806 15,110,420 2,041,627 1,909,691 10,639,136 2,955,251 5,213,681 37,104,819 14,908,192 1,815,920 1,529,086 10,443,574 3,099,519 5,308,528

International and regional orgs: 

International organizations... 21,780 12,571 2,512 2,164 120 4,081 332 16,621 12,929 2,429 527 122 166 448

Regional organizations 6 ..... 26,350 4,655 6,312 506 74 13,048 1,755 15,040 5,345 6,016 896 110 556 2,117

Total international and 

 regional organizations....... 48,130 17,226 8,824 2,670 194 17,129 2,087 31,661 18,274 8,445 1,423 232 722 2,565

 Grand total................... 37,917,936 15,127,646 2,050,451 1,912,361 10,639,330 2,972,380 5,215,768 37,136,480 14,926,466 1,824,365 1,530,509 10,443,806 3,100,241 5,311,093

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other 

Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under “All 

other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, 

separate data for Slovenia are not available. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
76 CAPITAL MOVEMENTS

June 2008 

-300

-200

-100

0

100

200

300

400

500

600

700

800

2004 2005 2006 2007 2008 

Jan.- Mar.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net 

purchases during 2008 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 2004 2005 2006 2007 

2008 

Jan. - Mar. 

United Kingdom.............................. 254,112 363,593 472,380 544,484 91,442 

All other Europe.............................. 110,153 146,910 126,118 4,174 24,518 

Caribbean banking centers 1 87,638 102,259 139,732 75,772 -61,925

Japan .............................................. 247,114 79,814 58,050 277 53,417

All other Asia................................... 130,399 187,284 226,863 235,512 92,301

Subtotal....................................... 829,416 879,860 1,023,143 860,219 199,753

All other countries........................... 87,040 131,680 120,078 144,423 34,616

Grand total .................................. 916,456 1,011,540 1,143,221 1,004,642 234,369

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

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 

$36 billion in 2004, $6 billion in 

2005, $4 billion in 2006, $11 

billion in 2007, and $2 billion in 

the first quarter of 2007. (Stock 

swaps data for the most recent 

quarter are Federal Reserve 

Board/Treasury estimates and 

are subject to substantial 

revisions.) These stock swaps 

are not reported under the TIC 

reporting system, but are 

available on the TIC Web site. 

The TIC Web site also provides 

estimates from the Federal 

Reserve Bank of New York on 

principal repayment flows on 

foreign holdings of U.S. 

government agency and 

corporate asset-backed 

securities (ABS). These 

repayments, also not reported 

under the TIC system, are 

estimated to have reduced 

foreign net purchases of U.S. 

securities by $86 billion in 

2004, $144 billion in 2005, 

$160 billion in 2006, $235 

billion in 2007, and $56 billion 

in the first quarter of 2008. 

Net foreign purchases of U.S. 

securities first surpassed $100 

billion in 1993. In 2004, net 

foreign acquisitions of U.S. 

securities (including stock 

swaps and accounting for ABS 

repayment flows) totaled $866 

billion in 2004 and grew a bit 

further to $873 billion in 2005. 

Net purchases reached a new 

record of $987 billion in 2006, 

but then slowed to $782 billion 

in 2007. In the first quarter of 

2008, net acquisitions were 

$181 billion, a bit slower than 

the pace of acquisition in 2008. 
 CAPITAL MOVEMENTS 

June 2008 

77

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. However, in 

the past several years, U.S. investors 

also have acquired a substantial amount 

of foreign stocks, mostly European, 

through mergers that involve stock 

swaps. In addition, when foreign firms 

reincorporate in the United States, the 

associated stock swap reduces U.S. 

holdings of foreign equity. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, $47 

billion in 2001, $3 billion in 2002, $17 

billion in 2003, -$12 billion in 2004, $4 

billion in 2005, $19 billion in 2006, 

$11 billion in 2007, and $6 billion in 

the first quarter of 2008. (Stock swaps 

data for the most recent quarter are 

Federal Reserve Board/Treasury 

estimates and are subject to substantial 

revisions.) These stock swaps are not 

reported under the TIC reporting 

system, but are available on the TIC 

Web site. 

Including the stock swaps, annual U.S. 

net purchases of long-term foreign 

securities averaged about $100 billion 

from the mid-1990s through 2000, 

without much variation from year to 

year. U.S. investors’ acquisitions of 

foreign securities (including stock 

swaps) then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $176 billion in 

2005. The pace of U.S. acquisitions 

picked up further in 2006, as U.S. 

investors acquired $270 billion in 

foreign securities, but eased a bit in 

2007, as U.S. investors acquired $234 

billion in foreign securities. In the first 

quarter of 2008, U.S. investors 

acquired $38 billion in foreign 

securities, a pace of acquisition a bit 

slower than in 2007. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-50

0

50

100

150

200

250

300

350

2003 2004 2005 2006 2007 2008

Jan.- Mar.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2008

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2003 2004 2005 2006 2007 

2008 

Jan. - Mar. 

Foreign bonds ...... -32,046 67,872 45,095 144,452 127,861 7,797 

Foreign stocks...... 88,587 84,970 127,296 106,455 95,325 24,546

Total ................... 56,541 152,842 172,391 250,907 223,186 32,343

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

June 2008 

78 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2005 2006 2007 

 Dec. Dec. Mar. r June r Sept. Dec. p 

 

Gross total of holdings with negative fair values ........................... 1,132,114 1,179,159 1,198,603 1,489,898 1,649,656 2,201,052 

Total over-the-counter (OTC) contracts..................................... 1,116,479 1,156,241 1,176,646 1,462,713 1,621,385 2,169,300 

Single-currency interest rate contracts.................................. 815,068 749,009 760,432 969,166 926,456 1,294,819 

Forwards ............................................................................ 1,461 541 550 2,042 1,483 1,238 

Swaps ................................................................................ 745,319 678,413 683,914 879,661 819,885 1,157,554 

Options............................................................................... 68,288 70,055 75,968 87,463 105,088 136,027 

Foreign exchange contracts .................................................. 132,101 151,046 140,273 166,586 242,717 229,069 

Forwards ............................................................................ 39,547 47,068 41,760 51,084 85,173 66,341 

Swaps ................................................................................ 69,131 78,390 71,766 84,892 115,327 115,506 

Options............................................................................... 23,423 25,588 26,747 30,610 42,217 47,222 

Other contracts ...................................................................... 169,310 256,186 275,941 326,961 452,212 645,412 

Total exchange-traded contracts ............................................... 15,635 22,918 21,957 27,185 28,271 31,752 

Own contracts on foreign exchanges .................................... 2,892 4,042 4,052 4,803 3,799 4,101 

U.S. customers’ contracts on foreign exchanges.................. 3,380 2,738 2,845 2,729 3,337 3,643 

Foreign counterparty contracts on U.S. exchanges .............. 9,363 16,138 15,060 19,653 21,135 24,008 

Memorandum items: 

Contracts with own foreign office........................................... 282,193 312,724 335,867 420,988 475,390 590,592 

Contracts with foreign official institutions .............................. 13,462 9,586 8,879 10,572 13,916 13,889 

Contracts of U.S. depository institutions with foreigners....... 334,677 391,948 395,519 485,572 511,518 790,580 

Gross total of holdings with positive fair values............................. 1,190,029 1,238,995 1,255,575 1,546,712 1,720,605 2,284,581 

Total over-the-counter (OTC) contracts..................................... 1,171,172 1,213,354 1,232,097 1,516,672 1,687,484 2,251,340 

Single-currency interest rate contracts.................................. 853,993 793,057 798,480 1,004,345 960,242 1,321,630 

Forwards ............................................................................ 1,132 1,027 1,003 2,312 1,646 1,047 

Swaps ................................................................................ 768,817 702,386 703,564 902,124 839,023 1,168,805 

Options............................................................................... 84,044 89,644 93,913 99,909 119,573 151,778 

Foreign exchange contracts .................................................. 147,057 176,267 169,301 196,449 279,826 279,695 

Forwards ............................................................................ 37,635 44,941 38,584 47,015 79,290 69,624 

Swaps ................................................................................ 84,581 102,795 101,064 114,228 153,116 157,772 

Options............................................................................... 24,841 28,531 29,653 35,206 47,420 52,299 

Other contracts ...................................................................... 170,122 244,030 264,316 315,878 447,416 650,015 

Total exchange-traded contracts ............................................... 18,857 25,641 23,478 30,040 33,121 33,241 

Own contracts on foreign exchanges .................................... 3,557 4,590 4,724 6,005 5,063 4,557 

Customers’ contracts on foreign exchanges ......................... 3,582 2,882 2,709 2,192 3,109 3,407 

Foreign counterparty contracts on U.S. exchanges .............. 11,718 18,169 16,045 21,843 24,949 25,277 

Memorandum items: 

Contracts with own foreign office........................................... 290,693 318,870 337,374 427,383 479,632 597,010 

Contracts with foreign official institutions .............................. 12,281 10,385 9,846 10,821 11,017 12,633 

Contracts of U.S. depository institutions with foreigners....... 353,435 407,594 408,855 501,678 526,490 811,889 

 

 
 CAPITAL MOVEMENTS 

June 2008 

79

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2005 2006 2007 

Country Dec. Dec. Mar. r June r Sept. Dec. p 

Europe: 

Belgium.......................................................................... 11,388 9,338 8,696 9,409 9,699 10,940 

France............................................................................ 72,467 67,056 67,904 77,359 87,513 110,016 

Germany ........................................................................ 91,334 85,235 86,348 101,391 110,814 139,934 

Ireland ............................................................................ 34,382 115,002 106,725 128,092 121,036 158,351 

Italy................................................................................. 9,031 5,850 5,112 5,379 5,070 5,481 

Netherlands.................................................................... 19,773 21,114 21,285 24,152 26,644 19,626 

Switzerland .................................................................... 27,999 28,036 27,421 31,898 42,079 47,118 

United Kingdom ............................................................. 679,961 632,362 663,276 863,035 963,006 1,362,535 

All other Europe ............................................................. 30,659 30,383 31,124 37,320 41,971 54,228 

Total Europe .............................................................. 976,994 994,376 1,017,891 1,278,035 1,407,832 1,908,229 

Memo: Euro Area 1 ........................................................ 257,799 323,436 317,096 371,630 387,989 471,800 

Memo: European Union 2............................................... n.a. 963,045 986,853 1,241,915 1,360,096 1,843,966 

Canada............................................................................... 28,926 27,239 25,675 32,131 39,513 41,552 

Total Latin America............................................................ 10,497 13,299 11,914 14,668 13,908 13,725 

Caribbean: 

Cayman Islands ............................................................. 40,066 57,234 57,369 69,515 82,005 103,585 

All other Caribbean ........................................................ 10,849 15,655 14,361 16,607 18,331 21,773 

Total Caribbean ......................................................... 50,915 72,889 71,730 86,122 100,336 125,358 

Asia: 

Japan ............................................................................. 32,273 37,077 35,307 38,566 40,878 57,957 

All other Asia.................................................................. 14,443 16,367 17,454 22,725 23,546 32,325 

Total Asia ................................................................... 46,716 53,444 52,761 61,291 64,424 90,282 

Total Africa......................................................................... 3,013 2,153 1,929 2,251 2,794 3,018 

Other countries: 

Australia ......................................................................... 7,558 10,567 11,867 10,909 14,915 12,656 

All other.......................................................................... 1,121 576 585 841 801 847 

Total other countries .................................................. 8,679 11,143 12,452 11,750 15,716 13,503 

Total foreign countries ........................................... 1,125,740 1,174,543 1,194,352 1,486,248 1,644,523 2,195,667 

Total International and regional organizations .................. 6,370 4,616 4,250 3,650 5,135 5,389 

Grand total ................................................................. 1,132,114 1,179,159 1,198,603 1,489,898 1,649,656 2,201,052 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area 

also includes Slovenia; however, separate data for Slovenia are not available.

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania.
CAPITAL MOVEMENTS 

June 2008 

80 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 2005 2006 2007 

 Dec. Dec. Mar. r June r Sept. Dec. p 

 

Europe: 

Belgium ................................................................... 11,616 9,806 8,912 8,842 9,314 11,457 

France ..................................................................... 77,606 73,478 73,207 83,389 93,953 119,548 

Germany.................................................................. 101,760 97,012 98,356 117,155 121,413 149,431 

Ireland ..................................................................... 38,558 120,433 112,496 133,020 126,251 163,044 

Italy.......................................................................... 14,548 12,119 11,957 12,016 12,539 14,729 

Netherlands............................................................. 22,789 23,547 24,160 26,664 30,090 24,130 

Switzerland.............................................................. 27,298 29,175 29,596 34,479 47,315 54,792 

United Kingdom....................................................... 707,004 658,948 686,388 886,400 997,074 1,393,046 

All other Europe ...................................................... 22,931 23,466 23,938 29,745 31,943 45,570 

Total Europe........................................................ 1,024,110 1,047,984 1,069,011 1,331,710 1,469,891 1,975,747 

Memo: Euro Area 1.................................................. 280,163 349,741 342,463 396,621 409,853 499,683 

Memo: European Union 2........................................ n.a. 1,015,511 1,036,441 1,293,805 1,418,452 1,905,227 

Canada........................................................................ 33,094 31,611 29,244 37,100 45,346 49,642 

Total Latin America ..................................................... 10,593 14,278 13,204 16,905 16,055 16,035 

Caribbean: 

Cayman Islands ...................................................... 41,723 49,702 51,721 58,765 76,659 105,644 

All other Caribbean ................................................. 13,394 17,461 16,053 16,627 17,114 20,398 

Total Caribbean................................................... 55,117 67,163 67,774 75,392 93,773 126,042 

Asia: 

Japan....................................................................... 33,410 38,327 35,427 40,831 41,031 56,113 

All other Asia ........................................................... 15,608 19,560 19,752 22,538 26,414 35,948 

Total Asia ............................................................ 49,018 57,887 55,179 63,369 67,445 92,061 

Total Africa .................................................................. 3,590 3,088 3,127 3,075 3,579 4,253 

Other countries: 

Australia .................................................................. 9,663 13,509 14,605 15,424 20,397 16,748 

All other ................................................................... 1,758 762 766 968 865 951 

Total other countries ........................................... 11,421 14,271 15,371 16,392 21,262 17,699 

Total foreign countries .................................... 1,186,943 1,236,282 1,252,910 1,543,943 1,717,351 2,281,479 

Total international and regional organizations............ 3,087 2,713 2,665 2,770 3,253 3,104 

Grand total .......................................................... 1,190,029 1,238,995 1,255,575 1,546,712 1,720,605 2,284,581 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro 

area also includes Slovenia; however, separate data for Slovenia are not available.

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania.
CAPITAL MOVEMENTS 

June 2008 

81

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2006 2006 2007 

Type of Derivatives Contract Total Oct. - Dec Jan. - Mar. r Apr. - June r July - Sept. Oct. - Dec. p 

Total over-the-counter (OTC) contracts................................................. 15,516 -1,474 10,206 862 5,001 -8,943 

Single-currency interest rate contracts .............................................. 12,092 -1,830 507 6,557 3,849 -1,277 

Foreign exchange contracts............................................................... -231 122 2,053 -2,814 -2,229 -611 

Other contracts................................................................................... 3,655 234 7,646 -2,881 3,381 -7,055 

Total exchange-traded contracts ........................................................... 14,194 327 4,589 -1,869 941 -4,291 

Own contracts on foreign exchanges ................................................ 6,613 147 1,079 1,229 2,353 -1,092 

U.S. customers’ contracts on foreign exchanges .............................. 3,737 894 1,418 1,300 -627 535 

Foreign counterparty contacts on U.S. exchanges ........................... 3,844 -714 2,092 -4,398 -785 -3,734 

Total net cash settlements from foreigners ........................................... 29,710 -1,147 14,795 -1,007 5,942 -13,234 

Memorandum items: 

Contracts with foreign official institutions....................................... 2,120 211 -443 1,315 -309 958 

 

 Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. 
CAPITAL MOVEMENTS 

June 2008 

82 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

2006 2006 2007 

Country Total Oct. - Dec. Jan. - Mar. r Apr. - June r July - Sept. Oct. - Dec. p 

Europe: 

Belgium .............................................................................................. -317 -17 -503 139 381 -2,413

France................................................................................................ 776 -554 -728 -1,679 -1,175 -200

Germany ............................................................................................ -687 -1,515 1,974 -424 -1,804 153

Ireland ................................................................................................ 4,435 360 -3,114 1,103 605 1,148

Italy..................................................................................................... 216 -556 -269 55 641 314

Netherlands........................................................................................ 1,912 437 -56 928 -444 45

Switzerland ........................................................................................ 4,848 -1,372 3,458 1,847 2,080 -965

United Kingdom ................................................................................. 6,378 4,347 11,476 -1,185 8,408 -5,566

All other Europe ................................................................................. 2,164 -1,017 -507 3,057 1,432 -1,902

Total Europe .................................................................................. 19,724 113 11,731 3,841 10,123 -9,386

Memo: Euro area 1 ............................................................................. 9,200 -2,445 -3,380 3,462 -1,018 -2,324

Memo: European Union 2................................................................... n.a. 2,035 7,958 2,187 8,190 -8,317

Canada................................................................................................... -3,425 715 2,630 -3,865 -625 -1,093

Total Latin America................................................................................ -1,464 -1,369 -805 485 1,346 -2,343

Caribbean: 

Cayman Islands ................................................................................. 4,846 -699 1,073 -1,238 -3,732 2,701

All other Caribbean ............................................................................ 485 97 922 -33 -22 -1,121

Total Caribbean ............................................................................. 5,331 -602 1,995 -1,271 -3,754 1,580

Asia: 

Japan ................................................................................................. -355 -942 -14 -936 511 -2,051

All other Asia...................................................................................... 6,208 1,035 195 2,041 -1,885 -490

Total Asia ....................................................................................... 5,853 93 181 1,105 -1,374 -2,541

Total Africa............................................................................................. 610 243 -263 -212 329 -121

Other countries: 

Australia ............................................................................................. -2,494 -1,637 -649 -2,012 -36 1,080

All other.............................................................................................. 177 94 -136 -38 -65 9

Total other countries ...................................................................... -2,317 -1,543 -785 -2,050 -101 1,089

Total foreign countries ............................................................... 24,312 -2,350 14,684 -1,967 5,944 -12,815

Total international and regional organizations....................................... 5,396 1,203 112 959 -2 -418

Grand total ..................................................................................... 29,710 -1,147 14,795 -1,007 5,942 -13,234

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, 

Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, 

also includes Bulgaria and Romania. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the United 

States. 
 June 2008 

83

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 

June 2008 

84 

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) 

 

10/03/07 .................................................................... 785,623 796,438 130 0.9961 

10/10/07 .................................................................... 782,515 791,315 1,766 0.9813 

10/17/07 .................................................................... 795,303 805,020 2,444 0.9736 

10/24/07 .................................................................... 804,006 815,880 2,087 0.9710 

10/31/07 .................................................................... 820,874 830,492 2,259 0.9496 

 

11/07/07 .................................................................... 835,134 847,602 2,138 0.9168 

11/14/07 .................................................................... 871,344 884,736 1,441 0.9608 

11/21/07 .................................................................... 855,605 868,700 433 0.9894 

11/28/07 .................................................................... 869,136 879,966 1,137 0.9907 

 

12/05/07 .................................................................... 926,043 941,506 643 1.0127 

12/12/07 .................................................................... 939,764 955,689 190 1.0107 

12/19/07 .................................................................... 699,368 722,190 501 1.0056 

12/26/07 .................................................................... 675,272 696,853 721 0.9834 

 

01/02/08 .................................................................... 700,869 722,677 371 0.9922 

01/09/08 .................................................................... 701,156 724,611 61 1.0083 

01/16/08 .................................................................... 732,776 754,205 -676 1.0238 

01/23/08 .................................................................... 754,958 777,030 -506 1.0282 

01/30/08 .................................................................... 744,407 763,892 149 0.9936 

 

02/06/08 .................................................................... 755,483 773,545 382 1.0023 

02/13/08 .................................................................... 758,778 779,530 462 0.9992 

02/20/08 .................................................................... 772,108 792,160 152 1.0188 

02/27/08 .................................................................... 784,073 800,639 276 0.9776 

 

03/05/08 .................................................................... 800,588 818,259 346 0.9897 

03/12/08 .................................................................... 837,104 854,673 -1,199 0.9895 

03/19/08 .................................................................... 694,139 711,648 767 1.0027 

03/26/08 .................................................................... 682,899 702,909 n.a. 1.0180 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

85

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 

Foreign currency 

denominated 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) 

 

2005 - Dec................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

2007 - Apr ................... 703,335 705,891 197,081 183,494 100,272 101,973 103,892 99,343 -1,428 1.1068 

May.................. 835,516 843,140 198,097 184,884 103,663 103,304 94,983 92,435 -103 1.0701 

June................. 768,610 774,305 185,505 178,673 92,670 93,856 91,574 91,663 -625 1.0634 

July .................. 811,751 820,117 204,717 194,650 69,720 69,176 75,050 76,816 248 1.0656 

Aug.................. 913,249 916,582 189,997 189,500 76,818 76,789 87,481 89,594 667 1.0560 

Sept................. 782,885 797,555 207,260 189,165 77,656 73,218 78,891 86,866 346 0.9959 

Oct................... 825,912 834,311 212,025 192,486 81,806 80,320 83,153 87,385 2,267 0.9496 

Nov .................. 912,166 927,671 203,040 187,837 87,140 84,501 87,329 92,796 -590 1.0007 

Dec .................. 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - Jan ................... 776,057 792,881 192,919 185,603 74,299 70,702 82,617 86,425 -607 1.0018 

Feb .................. 813,057 828,410 203,219 186,880 70,622 67,515 78,337 82,716 34 0.9796 

Mar .................. 704,900 725,870 197,173 181,297 68,766 64,611 79,214 84,604 636 1.0275 

 

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 

Foreign currency 

denominated 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) 

 

2004 - Dec................... 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 25,265 32,4834 100,674 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

June ................. 28,178 39,883 136,087 86,970 507 n.a. 2,805 762 n.a. 1.2257 

Sept.................. 25,097 32,244 99,718 63,854 665 1,575 2,515 718 n.a. 1.1608 

Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

2006 - Mar................... 21,479 27,460 n.a. n.a. 662 824 2,870 905 -826 1.167 

 June ................. 22,757 27,397 n.a. n.a. 463 758 2,501 688 -700 1.115 

 Sept.................. 22,644 29,191 87,920 n.a. 419 460 2,269 882 -459 1.1151 

 Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 

2007 - Mar................... 13,129 21,573 67,774 32,113 444 n.a. n.a. n.a. n.a. 1.153 

 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 

Sept.................. 10,062 16,161 92,670 69,270 n.a. 256 1,450 n.a. -192 0.9959 

Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

86 

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) 

 

10/03/07 .................................................................. 405,655 406,458 859 116.74 

10/10/07 .................................................................. 402,122 401,953 n.a. 117.17 

10/17/07 .................................................................. 412,987 413,292 829 116.62 

10/24/07 .................................................................. 423,834 421,182 553 113.94 

10/31/07 .................................................................. 415,938 413,010 963 115.27 

 

11/07/07 .................................................................. 429,784 428,041 502 113.29 

11/14/07 .................................................................. 451,947 448,012 603 111.38 

11/21/07 .................................................................. 397,613 394,335 721 108.54 

11/28/07 .................................................................. 463,779 461,329 694 110.38 

 

12/05/07 .................................................................. 468,629 465,722 490 110.85 

12/12/07 .................................................................. 495,699 491,413 540 112.36 

12/19/07 .................................................................. 432,364 431,723 739 113.44 

12/26/07 .................................................................. 415,657 414,612 633 114.08 

 

01/02/08 .................................................................. 439,699 438,694 619 109.70 

01/09/08 .................................................................. 438,746 436,553 674 109.40 

01/16/08 .................................................................. 460,495 459,956 1,077 107.27 

01/23/08 .................................................................. 456,312 455,798 1,562 105.42 

01/30/08 .................................................................. 451,756 450,638 1,420 107.25 

 

02/06/08 .................................................................. 458,249 457,181 1,440 106.75 

02/13/08 .................................................................. 450,675 450,210 1,279 108.15 

02/20/08 .................................................................. 445,508 446,074 1,188 107.97 

02/27/08 .................................................................. 455,236 454,616 1,172 106.38 

 

03/05/08 .................................................................. 466,842 466,920 1,480 103.99 

03/12/08 .................................................................. 481,298 482,567 2,268 102.38 

03/19/08 .................................................................. 438,080 440,701 1,929 99.34 

03/26/08 .................................................................. 417,271 420,906 1,429 99.12 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

87

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 

Foreign currency 

denominated 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) 

 

2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1538 119.02 

2007 - Apr .................. 387,004 386,335 71,036 70,236 90,774 98,647 96,423 93,867 -12 119.44 

May................. 376,572 375,097 70,775 70,382 94,976 102,855 104,885 100,956 750 121.76 

June................ 411,301 408,609 74,830 71,898 101,024 110,200 108,797 103,767 1,184 123.39 

July ................. 460,613 460,112 71,939 71,388 104,491 113,062 110,260 107,607 1,492 119.13 

Aug ................. 434,288 427,589 66,653 67,865 120,413 127,160 118,776 116,538 998 115.83 

Sept................ 426,224 426,823 68,112 69,272 109,823 117,283 116,910 116,266 76 114.97 

Oct.................. 451,506 448,407 72,174 72,115 113,350 119,390 120,779 120,995 1,004 115.27 

Nov ................. 501,581 498,485 64,974 66,744 117,272 121,852 125,500 124,894 731 111.02 

Dec ................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.71 

2008 - Jan. ................. 490,030 488,827 71,259 73,450 126,369 131,195 126,880 124,954 1,454 106.74 

Feb ................. 495,368 494,130 69,639 71,944 101,084 108,656 122,855 117,542 1,301 104.19 

Mar ................. 443,854 446,334 72,918 75,250 97,540 104,402 120,219 115,041 1,795 99.85 

 

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 

Foreign currency 

denominated 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) 

 

2004 - Dec................... 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,612 7,331 5,507 3,017 307 297 544 264 n.a. 107.25 

June ................. 8,523 8,401 5,449 3,034 407 352 597 281 -406 110.92 

Sept.................. 8,014 8,909 6,213 3,353 373 368 734 291 -557 113.31 

Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

2006 - Mar................... 9,571 10,001 10,039 6,016 817 n.a. 1,041 n.a. -78 117.48 

June ................. 8,718 8,903 7,932 4,224 1,061 n.a. 505 n.a. 198 114.51 

Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 

Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 

2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 

June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 

Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 

Dec................... 4,816 5,798 6,369 2,942 761 711 988 896 38 111.71 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

88 

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) 

 

10/03/07 .................................................................. 1,046,626 1,046,531 2,454 1.1791 

10/10/07 .................................................................. 1,035,601 1,036,828 4,195 1.1808 

10/17/07 .................................................................. 1,057,362 1,060,683 7,529 1.1816 

10/24/07 .................................................................. 1,078,119 1,081,985 7,191 1.1726 

10/31/07 .................................................................. 1,114,801 1,119,677 7,578 1.1589 

 

11/07/07 .................................................................. 1,157,273 1,164,893 6,853 1.1335 

11/14/07 .................................................................. 1,165,473 1,174,270 7,173 1.1222 

11/21/07 .................................................................. 1,070,007 1,075,575 6,112 1.1037 

11/28/07 .................................................................. 1,241,542 1,246,126 4,730 1.1186 

 

12/05/07 .................................................................. 1,286,436 1,289,734 5,335 1.1249 

12/12/07 .................................................................. 1,379,863 1,385,369 3,933 1.1355 

12/19/07 .................................................................. 999,182 1,001,902 4,093 1.1563 

12/26/07 .................................................................. 954,456 958,782 4,317 1.1504 

 

01/02/08 .................................................................. 992,284 998,679 4,667 1.1174 

01/09/08 .................................................................. 1,023,360 1,025,007 2,210 1.1151 

01/16/08 .................................................................. 1,078,481 1,084,468 6,840 1.1008 

01/23/08 .................................................................. 1,148,891 1,152,833 6,689 1.0898 

01/30/08 .................................................................. 1,133,566 1,136,689 7,015 1.0927 

 

02/06/08 .................................................................. 1,167,618 1,170,007 n.a. 1.0977 

02/13/08 .................................................................. 1,185,082 1,184,780 6,365 1.1074 

02/20/08 .................................................................. 1,153,062 1,151,235 6,377 1.1003 

02/27/08 .................................................................. 1,186,220 1,183,420 4,365 1.0637 

 

03/05/08 .................................................................. 1,216,713 1,213,464 6,497 1.0364 

03/12/08 .................................................................. 1,291,061 1,285,147 5,916 1.0217 

03/19/08 .................................................................. 1,036,831 1,037,911 6,212 1.0006 

03/26/08 .................................................................. 992,124 990,606 4,894 0.9955 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

89

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 

Foreign currency 

denominated 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) 

 

2005 - Dec................... 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Dec................... 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

2007 - Apr ................... 795,507 805,325 206,498 204,926 197,326 189,969 223,565 228,300 n.a. 1.2064 

May.................. 1,010,928 1,015,254 95,282 97,760 324,014 316,357 275,758 273,750 -4,634 1.2252 

June................. 961,604 972,823 97,094 90,236 294,486 293,339 247,707 246,774 1,134 1.2240 

July .................. 1,133,989 1,144,688 n.a. n.a. 295,584 291,067 251,256 251,490 3,028 1.2021 

Aug .................. 1,167,250 1,161,001 79,217 81,849 316,811 315,049 279,324 272,879 4,092 1.2071 

Sept................. 1,069,553 1,068,660 93,438 95,560 313,725 314,888 264,687 255,240 2,460 1.1672 

Oct................... 1,177,725 1,184,422 97,481 98,900 308,071 311,637 271,207 262,912 7,223 1.1589 

Nov .................. 1,309,051 1,311,137 93,579 95,429 315,267 312,092 268,136 253,543 4,224 1.1287 

Dec .................. 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - Jan ................... 1,183,779 1,190,500 94,103 93,352 308,954 305,325 276,039 268,606 7,129 1.0845 

Feb .................. 1,247,179 1,246,541 98,182 103,160 303,261 296,929 272,978 261,076 6,329 1.0435 

Mar .................. 1,023,038 1,024,562 89,945 94,181 312,854 311,534 279,277 264,442 4,678 0.9921 

 

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 

Foreign currency 

denominated 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) 

 

2004 - Dec................... 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,723 29,650 33,587 10,119 491 658 1,623 493 n.a. 1.1956 

June ................. 17,342 30,911 37,253 10,156 538 n.a. 1,415 n.a. n.a. 1.2829 

Sept.................. 14,433 24,616 34,627 9,700 n.a. n.a. 460 230 n.a. 1.2891 

Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

2006 - Mar................... 19,986 28,587 41,674 11,025 n.a. n.a. 745 575 n.a. 1.3025 

June ................. 17,463 20,886 45,077 11,561 n.a. n.a. 623 479 n.a. 1.2247 

Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 

Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 

2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 

June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.224 

Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 

Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

90 

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) 

 

10/03/07 .................................................................. 1,069,935 1,078,853 4,290 2.0369 

10/10/07 .................................................................. 1,096,434 1,108,678 3,721 2.0432 

10/17/07 .................................................................. 1,116,609 1,131,809 3,934 2.0387 

10/24/07 .................................................................. 1,138,236 1,150,064 3,807 2.0491 

10/31/07 .................................................................. 1,145,014 1,157,528 4,598 2.0777 

 

11/07/07 .................................................................. 1,160,947 1,178,348 4,805 2.1045 

11/14/07 .................................................................. 1,261,877 1,282,817 4,663 2.0586 

11/21/07 .................................................................. 1,121,946 1,141,105 5,969 2.0585 

11/28/07 .................................................................. 1,270,466 1,287,436 6,403 2.0688 

 

12/05/07 .................................................................. 1,295,199 1,313,768 5,103 2.0288 

12/12/07 .................................................................. 1,324,348 1,342,641 5,318 2.0494 

12/19/07 .................................................................. 1,151,460 1,170,216 3,705 1.9931 

12/26/07 .................................................................. 1,085,526 1,105,487 3,356 1.9833 

 

01/02/08 .................................................................. 1,110,821 1,127,620 3,113 1.9824 

01/09/08 .................................................................. 1,149,718 1,163,332 1,994 1.9564 

01/16/08 .................................................................. 1,185,651 1,194,878 883 1.9638 

01/23/08 .................................................................. 1,161,398 1,166,056 651 1.9515 

01/30/08 .................................................................. 1,208,553 1,219,652 2,477 1.9880 

 

02/06/08 .................................................................. 1,179,018 1,187,002 1,678 1.9604 

02/13/08 .................................................................. 1,216,916 1,227,969 2,316 1.9618 

02/20/08 .................................................................. 1,190,102 1,195,039 1,887 1.9405 

02/27/08 .................................................................. 1,236,595 1,240,394 2,612 1.9923 

 

03/05/08 .................................................................. 1,234,023 1,238,711 2,191 1.9939 

03/12/08 .................................................................. 1,267,391 1,270,201 2,146 2.0211 

03/19/08 .................................................................. 1,141,245 1,151,164 1,871 1.9858 

03/26/08 .................................................................. 1,114,866 1,122,961 2,544 2.0019 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

91

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 

Foreign currency 

denominated 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) 

 

2005 - Dec................... 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Dec................... 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

2007 - Apr ................... 1,041,127 1,073,733 416,591 367,200 111,418 101,642 89,179 98,155 3,623 2.0000 

May.................. 1,112,998 1,140,624 435,440 380,683 98,265 94,329 84,704 97,460 5,203 1.9797 

June................. 1,080,044 1,108,259 483,216 409,532 103,416 96,207 102,690 108,345 3,381 2.0063 

July .................. 1,182,008 1,214,237 457,250 387,327 92,156 90,678 96,477 107,658 2,887 2.0364 

Aug .................. 1,111,865 1,136,913 401,821 357,969 98,705 93,872 104,946 117,804 2,650 2.0165 

Sept................. 1,137,887 1,150,885 443,238 363,358 86,357 80,897 96,692 109,324 3,593 2.0389 

Oct................... 1,186,907 1,199,999 468,682 398,002 80,558 75,506 92,091 104,966 4,037 2.0777 

Nov .................. 1,279,478 1,296,715 448,573 370,895 90,111 80,093 98,136 112,968 5,504 2.0567 

Dec .................. 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - Jan ................... 1,220,025 1,231,394 463,681 374,929 77,400 66,550 102,079 111,483 1,955 1.9895 

Feb .................. 1,245,182 1,249,918 471,218 368,666 78,323 67,643 114,945 125,253 1,878 1.9864 

Mar .................. 1,173,412 1,179,272 474,291 375,421 80,102 69,629 124,441 139,517 1,339 1.9855 

 

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 

Foreign currency 

denominated 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) 

 

2004 - Dec................... 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,407 41,451 43,540 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

June ................. 38,305 52,610 89,080 55,471 n.a. 553 3,874 3,555 n.a. 1.7930 

Sept.................. 23,415 35,163 53,991 24,250 n.a. 518 2,639 2,027 -754 1.7696 

Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

2006 - Mar................... 19,284 50,266 56,236 25,296 409 336 2,413 714 146 1.7393 

June ................. 26,222 46,526 60,738 26,947 394 336 2,559 667 182 1.8491 

Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 

Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 

2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 

June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 

Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 

Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

92 

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) 

 

10/03/07 ................................................................ 14,904,642 14,930,653 13,884 n.a. 

10/10/07 ................................................................ 14,933,038 14,960,775 5,030 n.a. 

10/17/07 ................................................................ 15,321,999 15,353,951 2,715 n.a. 

10/24/07 ................................................................ 15,609,233 15,637,161 10,180 n.a. 

10/31/07 ................................................................ 16,636,599 16,646,921 3,483 n.a. 

 

11/07/07 ................................................................ 16,358,992 16,340,274 12,582 n.a. 

11/14/07 ................................................................ 16,996,144 16,998,023 16,888 n.a. 

11/21/07 ................................................................ 15,200,567 15,204,322 7,011 n.a. 

11/28/07 ................................................................ 17,773,721 17,777,561 -1,970 n.a. 

 

12/05/07 ................................................................ 17,914,208 17,939,428 5,142 n.a. 

12/12/07 ................................................................ 18,569,909 18,580,278 -2,073 n.a. 

12/19/07 ................................................................ 16,249,826 16,225,678 -778 n.a. 

12/26/07 ................................................................ 15,622,443 15,575,769 -3,415 n.a. 

 

01/02/08 ................................................................ 16,024,198 15,967,415 3,177 n.a. 

01/09/08 ................................................................ 16,220,302 16,203,586 4,412 n.a. 

01/16/08 ................................................................ 16,968,109 16,938,050 -1,276 n.a. 

01/23/08 ................................................................ 17,050,088 17,011,655 -2,993 n.a. 

01/30/08 ................................................................ 17,440,829 17,432,498 267 n.a. 

 

02/06/08 ................................................................ 17,356,636 17,332,470 15,400 n.a. 

02/13/08 ................................................................ 17,531,073 17,517,461 -4,118 n.a. 

02/20/08 ................................................................ 17,371,745 17,365,703 -2,643 n.a. 

02/27/08 ................................................................ 18,104,540 18,127,842 3,152 n.a. 

 

03/05/08 ................................................................ 18,289,974 18,336,991 -2,479 n.a. 

03/12/08 ................................................................ 19,278,043 19,305,137 129 n.a. 

03/19/08 ................................................................ 17,454,366 17,490,102 143 n.a. 

03/26/08 ................................................................ 17,270,909 17,285,272 -3,186 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

93

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 

Foreign currency 

denominated 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) 

 

2005 - Dec.................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

2006 - Dec.................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 

2007 - Apr .................. 12,922,809 13,005,876 - - 2,210,881 2,195,463 2,236,207 2,320,622 -6,691 n.a. 

May................. 13,543,352 13,613,528 - - 3,897,815 3,102,531 2,957,423 4,116,365 -675 n.a. 

June................ 14,373,581 14,521,489 - - 2,389,015 2,308,366 2,356,054 2,353,096 8,902 n.a. 

July ................. 15,753,880 15,837,324 - - 3,753,809 2,581,925 4,075,030 4,066,175 5,014 n.a. 

Aug ................. 15,298,456 15,472,068 - - 2,506,587 2,424,323 2,452,767 2,504,774 20,960 n.a. 

Sept................ 15,739,511 15,790,032 - - 2,678,649 2,727,181 3,285,582 n.a. 6,443 n.a. 

Oct.................. 17,003,995 17,019,367 - - 2,656,709 2,590,575 2,620,663 n.a. 878 n.a. 

Nov ................. 18,964,405 18,978,000 - - 2,786,076 2,714,895 2,783,284 n.a. 5,738 n.a. 

Dec ................. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a. 

2008 - Jan. ................. 18,464,691 18,491,809 - - 2,793,001 2,602,573 2,802,835 n.a. 3,181 n.a. 

Feb ................. 19,324,891 19,377,598 - - 3,566,916 2,868,568 2,623,390 n.a. 12,050 n.a. 

Mar ................. 18,225,601 18,226,937 - - 2,797,478 2,527,739 2,632,024 n.a. 5,332 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 

Foreign currency 

denominated 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) 

 

2004 - Dec................... 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 444,804 440,894 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

June.................. 462,876 474,638 - - 13,864 12,139 15,821 10,600 10,440 n.a. 

Sept .................. 435,999 419,841 - - 12,9059 11,423 8,008 7,764 9,741 n.a. 

Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. 

June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. 

Sept. ................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. 

Dec ................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 

2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. 

June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. 

Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. 

Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

94 

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) 

 

10/03/07 ............................................................................. 3,855,421 3,805,848 1,716 0.7075 

10/10/07 ............................................................................. 3,883,621 3,823,956 2,966 0.7064 

10/17/07 ............................................................................. 3,963,572 3,901,083 1,647 0.7038 

10/24/07 ............................................................................. 3,995,337 3,938,692 -892 0.7024 

10/31/07 ............................................................................. 4,081,647 4,022,140 5,971 0.6912 

 

11/07/07 ............................................................................. 4,218,101 4,149,995 4,502 0.6818 

11/14/07 ............................................................................. 4,341,630 4,280,011 4,166 0.6817 

11/21/07 ............................................................................. 3,891,574 3,842,543 4,536 0.6744 

11/28/07 ............................................................................. 4,496,826 4,455,063 4,971 0.6780 

 

12/05/07 ............................................................................. 4,569,438 4,514,283 2,940 0.6819 

12/12/07 ............................................................................. 4,632,573 4,581,871 3,811 0.6802 

12/19/07 ............................................................................. 4,059,767 4,017,190 6,114 0.6972 

12/26/07 ............................................................................. 3,970,126 3,943,902 6,101 0.6897 

 

01/02/08 ............................................................................. 4,059,114 4,030,739 5,884 0.6785 

01/09/08 ............................................................................. 3,882,180 3,849,816 5,704 0.6820 

01/16/08 ............................................................................. 4,128,126 4,089,268 7,801 0.6829 

01/23/08 ............................................................................. 4,125,077 4,086,779 8,543 0.6862 

01/30/08 ............................................................................. 4,103,278 4,066,039 5,886 0.6765 

 

02/06/08 ............................................................................. 4,141,674 4,115,632 5,525 0.6827 

02/13/08 ............................................................................. 4,191,171 4,172,757 3,156 0.6864 

02/20/08 ............................................................................. 4,134,436 4,109,295 3,265 0.6820 

02/27/08 ............................................................................. 4,294,229 4,263,841 5,516 0.6609 

 

03/05/08 ............................................................................. 4,266,918 4,235,363 11,998 0.6544 

03/12/08 ............................................................................. 4,541,845 4,514,181 13,151 0.6454 

03/19/08 ............................................................................. 4,009,065 3,964,353 9,872 0.6393 

03/26/08 ............................................................................. 3,978,221 3,942,588 8,701 0.6345 

 
FOREIGN CURRENCY POSITIONS 

June 2008 

95

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 

Foreign currency 

denominated 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) 

 

2005 - Dec................... 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 

2007 - Apr ................... 3,423,871 3,388,202 1,730,245 1,686,731 635,961 628,625 557,077 627,086 -10,498 0.7321 

May.................. 3,551,428 3,511,700 2,033,874 1,989,201 652,850 685,623 566,224 608,515 -1,090 0.7433 

June................. 3,797,523 3,762,766 2,074,178 2,037,821 632,657 661,465 572,027 615,043 -1,382 0.7396 

July .................. 4,007,241 3,987,654 2,008,584 1,970,638 653,507 680,183 576,605 612,605 -2,108 0.7293 

Aug .................. 3,924,829 3,889,859 1,849,619 1,804,429 624,663 651,976 584,010 586,306 -2,883 0.7331 

Sept................. 3,955,184 3,917,424 1,984,769 1,953,872 645,472 654,971 559,351 577,244 -3,379 0.7033 

Oct................... 4,211,730 4,156,064 2,031,255 1,991,848 648,218 658,900 578,780 594,839 1,934 0.6912 

Nov .................. 4,695,167 4,651,424 1,976,694 1,952,169 667,478 669,233 589,421 591,722 1,923 0.6808 

Dec .................. 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - Jan ................... 4,277,929 4,233,068 1,915,363 1,880,082 603,032 590,979 594,233 598,972 3,098 0.6738 

Feb .................. 4,472,185 4,437,870 2,006,549 1,960,485 591,100 594,740 604,782 624,269 2,606 0.6585 

Mar .................. 4,012,145 3,997,837 2,040,102 1,971,843 590,344 587,194 593,820 625,854 7,609 0.6327 

 

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 

Foreign currency 

denominated 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) 

 

2004 - Dec................... 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 138,011 148,004 206,505 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

June ................. 158,930 176,765 268,363 175,607 9,419 6,000 8,969 8,659 -476 0.8266 

Sept.................. 123,785 150,408 211,076 160,009 6,319 4,585 7,799 6,168 245 0.8293 

Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

2006 - Mar................... 131,132 149,125 223,971 135,999 10,580 6,100 6,992 5,441 -1,532 0.8238 

June ................. 130,803 137,764 232,161 136,551 6,763 3,575 7,462 4,729 -934 0.7825 

Sept.................. 141,600 146,199 220,610 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 

Dec................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 

2007 - Mar................... 74,638 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 

June ................. 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 

Sept.................. 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 

Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

 
June 2008 

96 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Sept. 30, 2007, and Dec. 31, 2007 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital Sept. 30, 2007 

Oct. 1, 2007, 

through 

Dec. 31, 2007 Dec. 31, 2007 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 16,436,114 166,691 16,602,805 

Special drawing rights 1 ........................................................... 9,300,550 175,875 9,476,425 

Foreign exchange and securities: 

European euro ..................................................................... 13,707,101 505,827 14,212,928 

Japanese yen....................................................................... 8,256,132 251,646 8,507,778 

Accounts receivable................................................................. 224,353 1,246 225,599 

Total assets.......................................................................... 47,924,250 1,101,285 49,025,535 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 51,454 -5,272 46,182 

Total current liabilities ...................................................... 51,454 -5,272 46,182 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,626,853 115,629 7,742,482 

Total other liabilities ......................................................... 9,826,853 115,629 9,942,482 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 37,845,943 990,928 38,836,871 

Total capital...................................................................... 38,045,943 990,928 39,036,871 

Total liabilities and capital............................................ 47,924,250 1,101,285 49,025,535 

See footnote on the following page. 
 EXCHANGE STABILIZATION FUND 97 

June 2008 

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Oct. 1, 2007, 

through 

Dec. 31, 2007 

Fiscal year to date 

Oct. 1, 2007, 

through 

Dec. 31, 2007 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 615,680 615,680 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... 25,678 25,678 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 15,869 15,869 

U.S. Government securities......................................................... 180,797 180,797 

Foreign exchange ........................................................................ 152,904 152,904 

Commissions ............................................................................... - - 

Income from operations............................................................... 990,928 990,928 

Net income (+) or loss (-)............................................................. 990,928 990,928 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

June 2008 

101

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2008. 

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 2008. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2009) .............................................................................................................. 88 

less: 

 

Cash balance (fiscal year 2009) ......................................................................................................................................................................................... 6 

Unfunded authorizations (fiscal year 2009)........................................................................................................................................................................ 82 

48-month revenue estimate (fiscal years 2010, 2011, 2012, and 2013)............................................................................................................................ 151 

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

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2009) .............................................................................................................. 12 

less: 

 

Cash balance (fiscal year 2009) ......................................................................................................................................................................................... 6 

Unfunded authorizations (fiscal year 2009)........................................................................................................................................................................ 6 

48-month revenue estimate (fiscal years 2010, 2011, 2012, and 2013)............................................................................................................................ 21 
102 

June 2008 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001.
RESEARCH PAPER SERIES 

June 2008 

103

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
June 2008 

104

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

 Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of March 2008-, the debt 

limit was $9,815,000 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-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

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 
GLOSSARY 

June 2008 

105

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

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, 
GLOSSARY 

June 2008 

106

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).